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