Real Estate

Front 1

Broker

Back 1

A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.

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Salesperson

Back 2

A person employed directly or indirectly by a licensed real estate broker to perform various tasks and responsibilities.

Front 3

Market

Back 3

A place where goods can be bought and sold and a price established.

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Market

Back 4

A place where goods can be bought and sold and a price established.

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Supply and Demand

Back 5

The appraisal principle that follows the interrelationship of the supply of and demand for real estate. As appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace just as is any other commodity.

Front 6

Land

Back 6

The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.

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Real estate

Back 7

Land and everything permanently attached to land; sometimes used interchangeably with the terms real property and realty.

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Accession

Back 8

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

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Fixture

Back 9

Personal property that becomes real property when attached in a permanent manner to real estate.

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Air rights

Back 10

Rights to the use of the open space or vertical plane above a property. Ownership of land includes the right to all air above the property.

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Annexation

Back 11

An addition to property by the act of joining or uniting one thing to another, as in attaching personal property to real property, thereby creating a fixture.

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Appurtenance

Back 12

A right, privilege or improvement belonging to, and passing with, the land.

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Bundle of legal rights

Back 13

The concept of land ownership that includes ownership of all legal rights to the land.

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Chattel

Back 14

Household goods, including personal property such as lamps, desks, and chairs.

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Emblements

Back 15

1) Growing crops producted by the labor of the cultivator. 2) The right to the profits from such crops.

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Fixture

Back 16

Personal property that becomes real property when attached in a permanent manner to real estate.

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Heterogeneity

Back 17

The quality or state of being heterogeneous; different in kind; unlike; incongruous.

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Improvement

Back 18

Valuable additions to property which raise the value of the property.

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Non-homogeneity

Back 19

A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.

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Personal property

Back 20

Any property which is not real property. Examples include furniture, clothing, and artwork.

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Personal property

Back 21

Any property which is not real property. Examples include furniture, clothing, and artwork.

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Real property

Back 22

Land and any capital improvements (e.g., buildings) erected on the property.

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Severance

Back 23

Changing an item of real estate to personal property by detaching it from the land.

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Situs

Back 24

The location of a property.

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Subsurface rights

Back 25

Ownership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property.

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Surface rights

Back 26

A right or easement granted with mineral rights, enabling the possessor of the mineral rights to drill or mine through the surface.

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Trade fixtures

Back 27

Personal property that is attached to a structure that is used in the business.

Front 28

Water rights

Back 28

Common Law rights held by owners of land adjacent to rivers, lakes, or oceans, and includes restrictions on those rights and land ownership.

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Co-insurance clause

Back 29

A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost.

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Equity

Back 30

The difference between the market value of a property and the amount still owed on the mortgage.

Front 31

Homeowner's insurance policy

Back 31

A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability and other common risks.

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Liability coverage

Back 32

Insurance coverage for injuries or losses sustained by the public when on an individual's property.

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Replacement cost

Back 33

The estimated current cost to construct a building with utility equivalent to the building being appraised, using modern materials and current standards, design and layout.

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Replacement cost

Back 34

The estimated current cost to construct a building with utility equivalent to the building being appraised, using modern materials and current standards, design and layout.

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Agency

Back 35

1) The relationship that exists when a person, known as the principal, contracts to another, the agent, to perform an act in that person's stead. 2) Common term for a firm offering representation.

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Agency coupled with an interest

Back 36

An agency relationship in which the agent is given an estate or interest in the subject of the agency (the property).

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Agent

Back 37

Person authorized to act on behalf of another in dealings with third parties.

Front 38

Buyer's agent

Back 38

An agent who represents the buyer in a real estate transaction.

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Client

Back 39

A buyer or seller who is represented by a real estate salesperson or broker as the buyer's or seller's agent and subject to that buyer's or seller's control.

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Customer

Back 40

The third party for whom some level of service is provided. Typically, the buyer (before buyer agency laws), as opposed to the principal (seller).

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Designated agent

Back 41

A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction.

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Dual agency

Back 42

An agency relationship in which the agent acts concurrently for both principals in a real estate transaction.

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Express agency

Back 43

A stated (written or verbal) agency agreement.

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Express agreement

Back 44

An oral or written contract in which the parties state the contract's terms and express their intentions in words.

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Fiduciary relationship

Back 45

A relationship of trust and confidence, as between trustee and beneficiary, attorney and client or principal and agent.

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Fraud

Back 46

Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.

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General agent

Back 47

One authorized by a principal to perform any and all acts associated with the continued operation of a particular job or a certain business of the principal.

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Implied agency

Back 48

An agency agreement created by the actions of the parties, and not a stated (written or verbal) agreement.

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Implied agreement

Back 49

A contract under which the agreement of the parties is demonstrated by their acts and conduct.

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Latent defect

Back 50

Hidden structural defect that could not be discovered by ordinary inspection and that threatens the property's soundness or the safety of its inhabitants.

Front 51

Law of agency

Back 51

A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent.

Front 52

Listing agreement

Back 52

Agreement between a property owner and a real estate broker, authorizing the broker to find a buyer for the property.