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36 Cards in this Set
- Front
- Back
- 3rd side (hint)
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adverse possession |
a method of acquiring a title to real property by a person other than the owner of record through open possession of a property for a 5 year statutory period and payment of property taxes |
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abandonment |
if the tenant relinquishes possession with no intent of returning, and without the agreement of the owner
a unilateral termination of a tenancy by forfeiture, delivered by the landlord based on notices from the landlord |
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absorption rate |
the estimate time required to sell or lease property within a designated area at its fair market value |
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abstract of title |
a summary or digest of all transfer, conveyance, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership together with any other elements of record which may impair title |
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acceleration |
a demand for immediate payment of all amounts remaining unpaid on a loan or extension of credit by a mortgage lender, or carry back seller |
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accession |
the physical addition to a property through man-made efforts or by natural forces |
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accretion |
accession by natural forces (e.g., alluvium) |
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acknowledgment |
a formal declaration made before an authorized person (a notary public, by a person who has signed an instrument stating that the signature was their free act…) |
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acre |
a measure of land equaling 43,560 sq feet (or 160 square rods or 4,840 sq yards or a tract about 208.7 feet sq ) |
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addendum |
an attachment to a contract, rental or lease agreement for incorporating any provision agreed to but not included in the boilerplate provision of the agreement |
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adjustable rate mortgage |
A variable interest rate note, often starting out with a introductory teaser rate, only to reset a much higher rate in a few months or years based on a particular index |
ARM can go up and down; ARM fluctuate |
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adobe |
- aka clay - adobe soil is a naturally occurring heavy material which readily cracks and is composed primarily of fine grained material |
soil |
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alienation |
the transfer of an interest in property to another the transfer of property and possession of land or other things from one person to another |
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alkaline |
- a soil with pH level above 7 |
soil |
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adjusted basis |
- the original cost of a property plus (+) improvements minus (-) depreciation |
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Unadjusted basis |
- the original cost of the property |
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appropriation |
the action of taking something for one’s own use such a water from a stream |
what’s appropriate |
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assemblage |
the combining of land parcels to create a value higher than the sum of their parts |
to assemble… put together.. sum up |
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deciduous |
a tree that loses its leaves each year |
Not soil condition … trees |
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expansive |
soils that expand when water added then shrink when they dry out |
soil/water |
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Zoning |
building and land use restrictions enacted by local policy makers to ensure a consistent flow of new improvements to meet the demand of population growth |
Residential = R multiple units will have numbers following (precise numbers determined by city or county) |
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Potable |
suitable for drinking |
A pot of … |
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plottage |
- the increase of value - A term used in appraising to designate the increase value of two or more continuous lots when they are joined under single ownership and available for use as a larger single lot (also called assemblage) |
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agent |
one who is authorized to act for or in place of another person |
Me |
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principal |
a person, an individual or entity acting as a buyer or seller represented by a broker or their agents |
Shellie or mama if they decide to buy or sell |
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finder |
an unlicensed individual who solicits, identifies and refers potential clients, brokers, agents or principles in exchange for a fee |
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Agency |
representation of others undertaken by a real estate broker |
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listing broker |
agent of the seller(seller’s broker) |
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buyer’s broker |
• aka buyer’s broker • peculiar to real estate brokerage aka selling broker |
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Dual agency |
arises when a broker represents both parties in a transaction concurrently—-both the seller & buyer (needs to be promptly disclosed to each client) |
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Single agent |
represents only one party, such as an individual buyer or seller |
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subagent |
an individual who has been delegated agency duties by another agent of the client not the client themselves |
like Mary Kay dovetail |
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Business and Professions Code |
the real estate law controlling the conduct of participants in the real estate industry |
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Department of Real Estate (DRE) |
oversees, regulates, administers and enforces the real estate law as practiced by licensees aka California Bureau of Real Estate (CalBRE) before July 2018 |
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Real Estate Recovery Fund aka Consumer Recovery Fund |
Available to individuals who have obtain a final court judgment against a real estate licensee for losses caused while acting as an agent, and are unable to recover the judgment from the licensee |
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Agency relationship |
Create it in a real estate transaction, when a principal employs a broker to act on their behalf |
principal (client) works together with a broker— broker works on clients behalf |
