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