Az Real Estate - Vocabulary

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If a Landlord acquires property that a tenant used in their business but was left in the leased space after the lease expired, the landlord acquired it by

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Accession

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The process of changing real property to personal property is called

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Severance

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The people's choice of a given area is a very important economic characteric and the term is

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situs

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the business of bringing buyers and sellers together in the markeplace for a fee is called

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brokerage

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this practice is considered a violation of the sherman anti trust act

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price fixing

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this term means personal property

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chattel

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the document used to transfer ownership of personal property

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bill of sale

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rights, privileges, or improvements that belong to and pass with a property

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appurtenances

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an item that was once tangible, personal properrty that has been attached to and made part of the land or improvement

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fixture

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the fee that is paird to real estate agents for bringing buyers and sellers together in a market place is called

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commission

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growing crops which are considered personal propery

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emblements

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items of personal property of a tenant or owner and used to conduct a business are called

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trade fixtures

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something of value

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asset

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no two parcels are alike

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non homogeniety

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document used to transfer ownership of real property

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deed

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A person who receives benefits from the acts of another as in the case of one desgnated to receive the proceeds from a trust

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beneficiary

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the legal document that the developer of a condominium must file and record in order to create a condo under state law

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enabling declaration

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The dividing of co owners interest in real property, action often taken when partis cannot reach agreement

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judicial partition - or partition action

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surviving co owners succeeds to all rights, title and interest of the decceased co owner without the need for probate proceedings

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right of survivorship

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laws that restrict transactions of business on sundays and certain religious holidays

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sky laws

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securities laws designed to protect the public from fraudelents practices in the promotion and sale of securities

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blue sky laws

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mingle or mix -

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commingling

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relationship that implies a position of trust and confidence

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fudiciary

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buffer

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area between two non compatible types of zoning

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set back

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area between the lot line and the building envelope

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condemnation

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legal process for taking tile to property under eminent domain

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variance

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an exception to the zoning law

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Ad Valorem

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taxes based on value

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grandfathered

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a non conforming use that is allowed to stay

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special assessments

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taxes based on benefit

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enabling acts

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states delegate authority to counties and local municipalities

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non conforming

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property that conformed with zoning befor it was changed

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intestate

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individual dying without a will in place

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arrears

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paid after use

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non conforming use

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land use that does not conform to the zoning ordinance

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full cash value

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a reflection of market value of a property

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limited cash value

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a value of property limited to maximum annual changes

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Suspended

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can't use license for a specified period of time

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revocation

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no longer have a real estate license

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comingling

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mixing clients funds with agents personal funds

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conversion

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spending clients funds

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statutory laws

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federal, state and local laws

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common law

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based on tradition and customs

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agent

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one who represents another called a principal

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client

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another name for a principal

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customer

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the third party to the transaction

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disclosure

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the agents duty to keep the principal informed of all facts or information that could materially affect a transaction

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caveat emptor

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let the buyer beware

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dual agency

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the representation of opposing principals by an agent at the same time

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capacity

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compentent party

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puffing

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agent making an exaggerated statement of opinoins, without intention to deceive

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latent defect

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a hidden or concealed defect that cannot be discovered by ordinary observation or inspection

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universal agent

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someone who is empowered to perform any act that can be lawfully authorized to an agent

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power of attorney

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the document that authorized a universal agent relationship

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attorney in fact

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the person who is authorized by a power of attorney

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due dilligence

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being informed and doing your homework

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general agent

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one who represents the principal in a specific range of mattters on an ongoing basis

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material fact

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a fact that would be likely to affect a persons decision in determining whether to enter into a particular transaction

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special agent

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authorized to represent the principal in one specific transaction

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commingling

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mixing of clients or customers funds with an agents personal funds

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conversion

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use of the funds by the broker for other than their stated purpose

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fraud

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deceitful practice or material misstatement known to be false and done with intent to deceive

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Lessee

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Individual who has a leasehold interest

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reversionary rights

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the right of the landlord to retake possession of the premises

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tenant

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another name for the lessee

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distraint

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seizing the tenants property to cover delinquent rent

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lessor

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the individual who has a leased fee interest

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breach

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violation of any terms or conditions in a contract without legal excuse

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actual eviction

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landlords remedy in the event of a tenant breach

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landlord

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another name for the lessor

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demise

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transfer of a leasehold estate

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hold over tenant

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the name for the tenant who refuses to surrender possession to the landlord

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novation

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total substitution of parties

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familial status

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a protected class under ffha, the presence of children the the household under the age of 18, including pregnant women

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lease

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agreement between two parties for possession and use of a space

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constructive eviction

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tenants remedy if the landlord fails to keep premises