The process by which title to the property is conveyed from a seller to a purchaser
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Settlement or closing
,A contract between an owner (as Principal) and a real estate broker (as agent) by
which the broker is employed as agent to find a buyer for the owner's real estate on
the owner's terms, for which service the owner agrees to pay a commission
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Listing Agreement
The legal process of removing a tenant from rental property - the landlord's recourse
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Eviction
Rights that go along with real estate and include: easements, rights of way and water
rights
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Appurtenances
cost effective minor repairs
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, curable depreciation
The borrower buys down, or prepays, part of the interest in order to get a lower rate.
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Buy down mortgage
term by separating a fixture from real property becomes personal property
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Severance
A change of ownership. May be voluntary (sold the property) or involuntary
(foreclosure sale).
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alienation of title
Assessing value added improvements to house. Cost of added item versus actual
value added. Kitchen that cost 100K in a 150,000K is an over improvement.
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, Contribution (increasing diminishing returns)
The amount of rental income the property could produce with 100% occupancy and
with all tenants paying full rent; also called scheduled gross income.
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Potential Gross Income
The basic framework of law that governs the legal responsibilities of the broker to the
people the broker represents.
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Common law of agency
Used by the mortgagor (borrower) who is in default to convey the property to the
mortgagee (lender) in order to eliminate the need for a foreclosure.
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Deed in Lieu of Foreclosure
Tax only on property directly benefiting from an improvement
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Give this one a try later!
Settlement or closing
,A contract between an owner (as Principal) and a real estate broker (as agent) by
which the broker is employed as agent to find a buyer for the owner's real estate on
the owner's terms, for which service the owner agrees to pay a commission
Give this one a try later!
Listing Agreement
The legal process of removing a tenant from rental property - the landlord's recourse
Give this one a try later!
Eviction
Rights that go along with real estate and include: easements, rights of way and water
rights
Give this one a try later!
Appurtenances
cost effective minor repairs
Give this one a try later!
, curable depreciation
The borrower buys down, or prepays, part of the interest in order to get a lower rate.
Give this one a try later!
Buy down mortgage
term by separating a fixture from real property becomes personal property
Give this one a try later!
Severance
A change of ownership. May be voluntary (sold the property) or involuntary
(foreclosure sale).
Give this one a try later!
alienation of title
Assessing value added improvements to house. Cost of added item versus actual
value added. Kitchen that cost 100K in a 150,000K is an over improvement.
Give this one a try later!
, Contribution (increasing diminishing returns)
The amount of rental income the property could produce with 100% occupancy and
with all tenants paying full rent; also called scheduled gross income.
Give this one a try later!
Potential Gross Income
The basic framework of law that governs the legal responsibilities of the broker to the
people the broker represents.
Give this one a try later!
Common law of agency
Used by the mortgagor (borrower) who is in default to convey the property to the
mortgagee (lender) in order to eliminate the need for a foreclosure.
Give this one a try later!
Deed in Lieu of Foreclosure
Tax only on property directly benefiting from an improvement
Give this one a try later!
