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80 Cards in this Set
- Front
- Back
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a tax accessed against real property based on its value; revenue from such taxes is used to pay the general operational expenses of the taxing authority
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ad valorem tax
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the formal legislative enactment of how a taxing authority intends to acquired funds through taxation, along with a detailed account of how much of the money is intended to be used
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appropriation
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an amount used for tax purposes and arrived at by multiplying a fixed percentage multiplied by the property's fair market value; the percentage is predetermined by the taxing authority and in some cases by law
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assessed value
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percentage, when multiplied times the market value, determines the assessed value
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assessment rate
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the illegal practice of inducing homeowners in a neighborhood to sell their properties by calling attention to the possibility that a minority family may be moving in, resulting in lessening of property values, a decline in the quality of education, and an increase in crime
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blockbusting
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a parcel of land that separates other land for different purposes; for instance, a playground may be used to separate a residential area from commercially used land
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buffer zone
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regulations, either state or local, that set construction standards for material, method, and safety procedures
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building codes
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authorization from a building inspector that construction has been completed in compliance with building codes and is ready for habitation
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certificate of occupancy; certificate of completion
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the first federal legislation intended to prohibit racial discrimination in the sale or rental of all types of property
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Civil Rights Act of 1866
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the technical name of this legislation is Title VIII of the Federal Civil Rights Act of 1868; federal legislation that establishes a national policy of equal housing opportunity throughout the United States, by making it illegal to discriminate based on race, color, sex, religion, national origin, familial status, handicapped status, or other local or federally adopted characteristics in connection with the sale or rental of a dwelling
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Fair Housing Act of 1968
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an ad valorem tax reduction for persons who own the home they occupy
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homestead exemption
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a landmark discrimination case where the U.S. Supreme Court in August, 1968 upheld the Civil Rights Act of 1866 in its ruling that discrimination on racial grounds is unlawful
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Jones v. Mayer
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areas in a community that are classified (zoned) according to their intended use; such as residential, commercial and/or industrial
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land-use districts
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a comprehensive, long-range plan to guide growth and development of a community
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master plan
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one-tenth of one percent (.001); used in property taxation
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mill
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any person or persons who can be identified by race, color, sex, religion, national origin, familial status, handicap status, or other local or federal adopted characteristics
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minority
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land-use in existence prior to the enactment of a zoning ordinance because zoning is not retroactive, the use is allowed to continue even though it does not conform to the new ordinance; if the existing building is destroyed in any way, or abandoned, the use will terminate and the building, even if rebuilt, must conform to the current zoning ordinaces
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non-conforming use
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active member of the National Association of REALTORS
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REALTORS
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an imaginary line that denotes the space required between any improvement and the front, sides, and rear of the lot; also called the building line
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setback
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a tax levied against real property owners who benefit from certain improvements
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special assessment
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advertisement of a specific property listed with the brokerage firm
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specific advertising
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zoning that designates certain areas for use that differs from the general requirements in the area
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spot zoning
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limiting a prospects choice of certain neighborhoods because of race, color, sex, religion, national origin, familial status, handicapped status; also called slanting or channeling
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steering
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a parcel of land divided into a number of smaller lots, generally for the purpose of building new structures
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subdivision
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a document that entitles the successful bidder in a tax sale to receive a deed once the original owners period of redemption has lapsed
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tax certificate
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authorization from a zoning board, or similar body, for a property owner to deviate from the existing required use of the land; this right is generally granted only to property owners who are successful in demonstrating that the required zoning creates a hardship and normally within the same zoning classification
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variance
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a procedure where a local government divides its communities into districts with each district having a designated use
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zoning
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a buyer whose offer is acceptable to the seller, though different from the terms in a broker's listing agreement
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acceptable buyer
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an agency established by agreement, either written or verbal
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actual agency
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per BRRETA, every relationship in which a real estate broker acts or represents another by that person's expressed authority in a real estate transaction
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agency
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an agency in which the agent has a legal interest in the property of the principal; it cannot be revoked by the principal
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agency coupled with interest
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a person authorized to act on behalf of another
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agent
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term used to describe property offered for sale in tis present condition with no warranty provided by the owner; it does not confer immunity from liability or fraud
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as is
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one who has authority to act on behalf of another under power of attorney
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attorney-in-fact
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a provision in a listing agreement that allows the listing to automatically renew indefinitely until the property is either sold or the agreement is cancelled by the owner; not allowed in Georgia
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automatic renewal date
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an individual or legal entity licensed to act as the agent of another in buying, selling, renting, leasing, managing, or auctioning real estate for another
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broker
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under BRRETA, is a relationship that is formed as a result of the parties entering into a brokerage agreement
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brokerage
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under BRRETA, is an expressed contract, written or oral, where the client (principal) agrees to give to the real estate broker valuable consideration when the broker produces a ready, willing, and able buyer, tenant, or landlord to buy or rent the property
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brokerage engagement
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under BRRETA, is a relationship that is formed as a result of the parties entering into a brokerage agreement
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brokerage relationship
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let the buyer beware
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caveat emptor
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under BRRETA, this person or entity has entered into a contractual relationship with the broker
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client
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a broker who assists the listing broker in securing a buyer
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co-broker
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the mingling of a principal's funds with the broker's personal or business funds
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commingling
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a broker's compensation for rendering a service to the principal as negotiated with the principal
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commission
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under BRRETA, someone who is working with a broker concerning real estate matters but has not entered into a brokerage engagement with the broker; this allows the broker to perform ministerial acts for this person while working with them in a specific real estate transaction
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customer
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under BRRETA, a broker who has entered into a brokerage engagement with both seller and buyer or landlord and tenant in the same trasaction
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dual agent
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representation by the same agent to more than one party in the same transaction
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dual agency
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a doctrine of law that stated the power of attorney or contract you use to appoint an agent; must have the same degree of formality as any other document or form the agent is expected to sign
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equal dignities rule
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a doctrine of law that prevents a person from exercising rights that is not consistent with their prior conduct or words
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estoppel
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a listing agreement in which the seller appoints only one broker to represent them in securing a purchaser; however, the seller reserves the right to sell the property themselves without being held liable to the broker for a commission
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exclusive agency listing
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a listing agreement that guarantees the broker a commission if the property is sold during the term of the listing, regardless of who sells it
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exclusive right to sell listing
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a relationship of trust and confidence between a principal and agent; a person in a position of trust and confidence, as between a broker and seller
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fiduciary
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a right to use the name, logo, and service of another broker
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franchise
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one who has authority to bind their principal in a particular business
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general agent
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a person authorized by the court to manage the affairs of another who is legally incapable of doing so for themselves
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guardian
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authority of an agent arising from customer, rather than expressed agreement
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implied authority
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one who is responsible only as to the results of their work, not how the work is performed; the employment relationship with the salespersons used most often by a broker
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independent contractor
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an honest mistake; misrepresentation without the intent to deceive
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innocent misrepresentation
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defects not readily apparent from an ordinary inspection of the property; concealed defects that affect the value of the property and must be disclosed by the seller and broker when known or apparent to them or third parties
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latent defects
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the body of law that governs the relationship between principal, agent, and third parties
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law of agency
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under BRRETA, a broker acting under a brokerage engagement agreement who solicits offers to purchase, sell, lease, or exchange real property without being subject to the control of the client, except as to the result of the work; since real estate covers so many areas in which a broker may be held liable, the General Assembly has attempted to limit the liability to specifically the result of work being performed by a broker
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limited agency
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a unique form of ownership not classified as a corporation, but an association similar to that of a limited partnership; management responsibilities are vested in its members and members are not personally liable for the debts of the company; members are not stockholders and therefore, profits are not taxed at the corporate level
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limited liability company
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to purchase the property according to the owner's terms
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listing agreement
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under BRRETA, these are acts the broker or affiliated licensee performs for a customer, which do not required discretion or the exercise of judgment on the part of the licensee; includes preparing and conveying offers, locating draftsmen, architects, attorneys, or possibly lenders
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ministerial acts
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a form of exclusive right to sell listing used by brokers who are members of a multiple listing service
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multiple listing
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an organization of brokers created for the purpose of exchanging listing information, thereby giving each property the widest exposure possible
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multiple listing service
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a listing agreement that authorizes the broker to sell the property for any price possible, while the seller agrees to accept a set amount; this type of listing is prohibited by law
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net listing
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a method of compensating salespersons where each salesperson pays the broker a monthly fee for the use of office space, support services, and the broker's name; in return, the salesperson keeps 100% of the commission earned
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100% commission plan
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a listing agreement that gives the broker a non-exclusive right to find a ready, willing, and able buyer
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open listing
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an agency agreement that is created when a third party relies on the principal's expressed or implied actions that a person is their agent; the principal cannot later deny the agency exists because of estoppel
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ostensible agency
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a working relationship of two or more persons where they unite skill, property or labor to carry on business and share the profits and losses
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partnership
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also called client; one who employs an agent to represent them
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principal
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the person whose action is the primary reason for a sale taking place
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procuring clause
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the acceptance of an agent's unauthorized acts by direct confirmation or implication
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ratification
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a provison in a listing agreement that entitles the broker to a commission after the listing expires, provided the owner sells to one of the broker's prospects and certain other conditions are met
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safety clause
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one who is appointed to act on a particular occasion or for a specific purpose; a person with limited autority
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special agent
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one who buys property from another in order to keep the identity of the real purchaser confidential
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straw purchaser
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a broker with another company that assists the listing broker with producing a ready, willing, and able buyer or an acceptable buyer; also called a co-broker
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sub-agent
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a method of terminating an agency due to a change of law causing the purpose of the agency to become illegal
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supervening illegality
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one who has the authority to perform any lawful act the principal could perform himself or herself; an agent, who has authority without limitations, usually granted by a general power of attorney
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universal agent
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