Principles of Real Estate 2 – Key Terms
Use this to practice memorizing and recalling key terms and definitions from the Principles of Real Estate 2 class.
The legal procedure under which property may be sold to satisfy an unpaid promissory note.
The action of government seizure of land for the good of the public.
The loss in value of a property caused by factors outside of the property itself.
All or part of the rental is based on the gross receipts of the tenant's business.
The right of the government to take an individual's land if he or she dies without a will or heirs.
Landlord or owner
Any property, whether real or personal, that is capable of being inherited.
A property that is sold, with the consent of the lender, by an owner/borrower at a price that is not sufficient to pay off the existing mortgage.
Servicing a property and its equipment in order to prevent mechanical failure and keep property values high.
A building certification program for properties that are "green".
LEED is Leadership in Energy and Environmental Design
The process of creating a new mortgage loan.
The approach used as the best indicator of value for existing properties.
When a lease agreement comes to the end of the lease period and terminates.
A method of raising funds for the purpose of real estate
Money that is inherited.
Refers to the loss in desireability of style, layout, or function of an element of a property over time.
According to value
The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction.
A lease with definite beginning and ending dates.
An organization that advocates on the part of building owners and managers.
BOMA is Building Owners and Managers Association
This occurs when an individual acquires title from the rightful owner through hostile, actual, continuous occupation of the land for the statutory period.
The property manager's employment contract with the owner.
Payments in excess of the reasonable value of goods provided or services rendered.
One who receives property through a will.
Form that combines the elements of the Good Faith Estimate form and the initial Truth in Lending disclosure.
The duration of the agreement.
A return on property when it is sold for a profit.
The government's right to tax real estate.
The legal use for property that gives the greatest return in money and/or amenities.
The passive increase in the value of a parcel due to market forces.
The process of making a lending decision.
Deterioration of a property due to delayed maintenance.
The right of the government to regulate and control the way that an individual uses his or her land.
The practice of refusing to provide financing in a particular location.
;Potential income of a property in the amount of rent that would be collected in a year.
The price a willing seller will sell for and the price a willing buyer will pay.
Using borrowed money to make money.
An individual who dies without leaving a valid will.
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