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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.
Deterioration of a property due to delayed maintenance.
Landlord or owner
The legal use for property that gives the greatest return in money and/or amenities.
Servicing a property and its equipment in order to prevent mechanical failure and keep property values high.
Form that combines the elements of the Good Faith Estimate form and the initial Truth in Lending disclosure.
The property manager's employment contract with the owner.
This occurs when an individual acquires title from the rightful owner through hostile, actual, continuous occupation of the land for the statutory period.
A method of raising funds for the purpose of real estate
The approach used as the best indicator of value for existing properties.
The passive increase in the value of a parcel due to market forces.
The right of the government to take an individual's land if he or she dies without a will or heirs.
The legal procedure under which property may be sold to satisfy an unpaid promissory note.
An individual who dies without leaving a valid will.
Payments in excess of the reasonable value of goods provided or services rendered.
All or part of the rental is based on the gross receipts of the tenant's business.
The loss in value of a property caused by factors outside of the property itself.
The process of creating a new mortgage loan.
The right of the government to regulate and control the way that an individual uses his or her land.
The government's right to tax real estate.
Any property, whether real or personal, that is capable of being inherited.
A return on property when it is sold for a profit.
The market in which borrowers and lenders come together to create and negotiate the terms of a mortgage transaction.
A building certification program for properties that are "green".
LEED is Leadership in Energy and Environmental Design
Money that is inherited.
A lease with definite beginning and ending dates.
The process of making a lending decision.
When a lease agreement comes to the end of the lease period and terminates.
One who receives property through a will.
Using borrowed money to make money.
;Potential income of a property in the amount of rent that would be collected in a year.
The action of government seizure of land for the good of the public.
An organization that advocates on the part of building owners and managers.
BOMA is Building Owners and Managers Association
The duration of the agreement.
The practice of refusing to provide financing in a particular location.
Refers to the loss in desireability of style, layout, or function of an element of a property over time.
The price a willing seller will sell for and the price a willing buyer will pay.
According to value
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.
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