Term
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Definition
| The increase in market value of real estate. |
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Definition
| A California trade association representing REALTORS® statewide. |
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Definition
| An economic system in which most of the economy’s resources are privately owned. |
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Definition
| Information from a variety of sources used to create a broad profile of any community. |
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Definition
| A large migration of people to a newly discovered gold field. |
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Term
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Definition
| Housing units that are available for sale or in the process of being made ready for sale. |
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Term
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Definition
| The increase in the general price level of goods and services. |
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Term
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Definition
| The price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above. |
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Term
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Definition
| The value of all assets minus all liabilities. |
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Term
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Definition
| The percentage of the people classified as unemployed as compared to the total labor force. |
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Term
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Definition
| A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary. |
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Term
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Definition
| Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property. |
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Term
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Definition
| An ownership concept describing all the legal rights that attach to the ownership of real property. |
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Term
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Definition
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Term
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Definition
| Notice given by recording a document or taking possession of the property. |
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Term
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Definition
| Interest owned by one person in the land of another person. |
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Term
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Definition
| Annual crops produced for sale by tenant farmers |
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Term
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Definition
| A legal interest in land; defines the nature, degree, extent, and duration of a person’s ownership in land. |
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Term
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Definition
| 1.The most complete form of ownership of property. 2.Freehold estate that's passed by descent or by will after an owner’s death. 3.Also known as estate of inheritance or fee simple estate. |
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Term
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Definition
| 1.The largest, most complete ownership recognized by law. 2.An estate in fee with no restrictions on its use. 3.Property transferred or sold with no conditions or limits on its use. |
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Term
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Definition
| 1.An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs. 2.Also known as fee simple defeasible. |
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Term
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Definition
| Personal property that has become affixed to real estate. |
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Term
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Definition
| An estate in real property which continues for an indefinite period of time. |
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Term
| less-than-freehold estate |
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Definition
| A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination. |
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Term
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Definition
| An estate that is limited in duration to the life of its owner or the life of some other chosen person. |
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Term
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Definition
| Land bordering a lake, ocean, or sea. |
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Term
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Definition
| The legal document that transmits real property from the state or federal government to a person. |
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Term
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Definition
| Anything movable that is not real property. |
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Term
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Definition
| The process of acquiring an interest, not ownership, in a certain property. |
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Term
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Definition
| The right to peace without aggravation by others. |
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Term
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Definition
| Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law. |
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Term
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Definition
| The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property. |
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Term
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Definition
| Ownership of real property by one person or entity. |
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Term
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Definition
| Evidence of land ownership. |
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Term
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Definition
| Personal property that has become affixed to real estate. |
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Term
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Definition
| The obvious and intentional surrender of the easement. |
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Term
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Definition
| Process by which there is an addition or reduction to property by the efforts natural forces. |
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Term
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Definition
| Gradual buildup of alluvium by natural causes on property bordering a river, lake, or ocean. |
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Term
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Definition
| The act of transferring ownership, title, or interest. |
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Term
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Definition
| The sudden washing or tearing of land by the action of water. |
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Term
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Definition
| A gift of personal property by will. |
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Term
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Definition
| A change in a will before the maker’s death. |
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Term
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Definition
| An easement that is not appurtenant to any one parcel. |
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Term
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Definition
| The unauthorized placement of permanent improvements that intrude on adjacent property owned by another. |
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Term
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Definition
| A person named in a will to handle the affairs of the deceased. |
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Term
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Definition
| The person receiving the property, or to whom it is being conveyed. |
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Term
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Definition
| The person conveying or transferring the property. |
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Term
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Definition
| Status provided to a homeowner’s principal residence that protects the home against judgments up to specified amounts. |
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Term
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Definition
| A document in real estate. |
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Term
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Definition
| Dying without leaving a will. |
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Term
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Definition
| Permission to use a property which may be revoked at any time. |
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Term
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Definition
| Notice that indicates pending litigation affecting title on a property |
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Term
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Definition
| It is a court proceeding to clear a cloud on the title of real property. |
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Term
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Definition
| Occurs when land that has been covered by water is exposed by receding of the water. |
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Term
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Definition
| The legal transfer of a person’s interest in real and personal property under the laws of descent. |
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Term
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Definition
| (1)The rescission or annulling of a contract. (2) The revocation or repealing of a contract by mutual consent of parties to the contract. |
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Term
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Definition
| Additional documents attached to and made part of a contract. |
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Term
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Definition
| Party to whom a lease is assigned or transferred. |
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Term
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Definition
| The person transferring a claim, benefit, or right in property to another. |
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Term
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Definition
| Something of value—such as money, a promise, property, or personal services. |
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Term
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Definition
| The rejection of an original offer that becomes a new offer. |
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Term
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Definition
| A contract in which obligation to perform exists on one or both sides. |
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Term
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Definition
| Parties declare the terms and put their intentions in oral or written words. |
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Term
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Definition
| (1) Refraining from action by a creditor against a debt or after the debt has become due. (2) Forgiving a debt or obligation. |
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Term
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Definition
| The substitution by agreement of a new obligation for an existing one. |
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Term
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Definition
| A presentation or proposal for acceptance to form a contract. |
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Term
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Definition
| The party receiving an offer. |
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Term
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Definition
| The party making an offer. |
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Term
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Definition
| Legal action taken to repeal a contract either by mutual consent of theparties or by one party when the other party has breached a contract. |
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Term
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Definition
| The canceling of an offer to contract by the person making the original offer. |
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Term
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Definition
| A court action brought to compel a party to carry out the terms of a contract. |
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Term
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Definition
| The law that requires contracts to be in writing. |
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Term
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Definition
| The period of time limited by statute within which certain court actions must be brought by one party against another. |
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Term
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Definition
| An offer by one of the parties to carry out his or her part of the contract. |
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Term
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Definition
| The relinquishment or refusal to accept a right. |
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Term
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Definition
| A special relationship of trust by which one person (agent) is authorized to conduct business, sign papers, or otherwise act on behalf of another person (principal). This relationship may be created by expressed agreement, ratification, or estoppel. |
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Term
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Definition
| A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons. |
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Term
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Definition
| Another term used for a licensed real estate salesperson employed by a licensed real estate broker. |
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Term
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Definition
| 1.The person holding the power of attorney. 2.A competent & disinterested person who is authorized by another person to act in his or her place in legal matters. |
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Term
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Definition
| Depositing client funds in the broker’s personal account or general business account. |
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Term
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Definition
| The appropriation of property belonging to another as in a broker using a client’s funds. |
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Term
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Definition
| A prospective buyer of real estate; not to be confused with a property seller, who is the listing broker’s client. |
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Term
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Definition
| A broker who represents both parties in a transaction. |
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Term
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Definition
| A relationship that implies a position of trust or confidence. |
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Term
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Definition
| A person authorized by a principal to perform any and all tasks associated with the continued operation of a particular project. |
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Term
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Definition
| A written contract by which a principal, or seller, employs a broker to sell real estate. |
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Term
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Definition
| 1.Making a false statement or concealing a material fact. 2.A false statement of fact. |
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Term
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Definition
| An employment contract in which the commission is not definite. |
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Term
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Definition
| In a real estate transaction, the one (seller) who hires the broker to represent him or her in the sale of the property. |
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Term
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Definition
| The broker who produces a buyer ready, willing, and able to purchase the property for the price and on the terms specified by the seller, regardless of whether the sale is completed. |
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Term
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Definition
| Exaggerated comments or opinions not made as representations of fact, thus not grounds for misrepresentation. |
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Term
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Definition
| The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding. |
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Term
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Definition
| A buyer who is prepared to enter a purchase contract, who really wants to buy, and who meets the financing requirements of purchase. |
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Term
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Definition
| A person with a real estate license and employed by a real estate broker-agent of the broker-not the seller or buyer. |
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Term
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Definition
| The new C.A.R. name for the Exclusive Authorization and Right to Sell Listing Agreement. |
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Term
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Definition
| Clause that protects the listing broker’s commission, if the owner personally sells the property to someone who was shown the property or made an offer during the term of the listing. |
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Term
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Definition
| When a broker represents only the buyer or only the seller in the transaction. |
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Term
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Definition
| A person employed to perform a specific task. |
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Term
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Definition
| A broker delegated by the listing agent (if authorized by the seller) who represents the seller in finding a buyer for the listed property. |
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Term
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Definition
| A person who would be considered the customer in an agency relationship. |
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Term
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Definition
| Party to whom a lease is assigned or transferred. |
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Term
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Definition
| The transfer of the entire leasehold estate to a new person. |
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Term
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Definition
| The rejection of an original purchase offer and the submission of a new and different offer. |
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Term
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Definition
| An index used for rent adjustments on commercial leases. |
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Term
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Definition
| Contract that acts as the receipt for earnest money given by the buyer to secure an offer, as well as being the basic agreement, between the buyer and seller. |
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Term
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Definition
| A type of commercial lease where the landlord pays for the building's property taxes, insurance and maintenance. A gross lease can be modified to meet the needs of a particular building's tenants. It may require the tenant to pay the utility bills |
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Term
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Definition
| A lease for only the land. |
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Term
| implied warranty of habitability |
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Definition
| The property will be maintained to meet bare living requirements |
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Term
| interim occupancy agreement |
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Definition
| An agreement used if a buyer takes possession of a property prior to close of escrow. |
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Term
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Definition
| A contract between an owner and tenant. |
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Term
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Definition
| The interest of the lessor. |
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Term
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Definition
| (1) Tenant. (2) The one to whom property is rented or leased. |
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Term
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Definition
| The person who owns the property and signs the lease to give possession and use to the tenant. |
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Term
| liquidated damages clause |
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Definition
| Clause in a contract that allows parties to the contract to decide in advance the amount of damages to be paid, should either party breach the contract. |
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Term
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Definition
| The tenant pays an agreed-upon sum as rent, plus certain agreed-upon expenses per month (i.e., taxes, insurance, and repairs). |
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Term
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Definition
| A contract to keep open, for a set period of time, an offer to purchase real property. |
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Term
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Definition
| The tenant pays a percentage of gross monthly receipts in addition to a base rent. |
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Term
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Definition
| A lease used on co-op apartment buildings |
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Term
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Definition
| Payment for the use of a property. |
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Term
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Definition
| A lease is used for single-family homes and duplexes. |
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Term
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Definition
| An eviction that occurs in revenge for some complaint made by the tenant. |
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Term
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Definition
| Money given to a landlord to prepay for any damage that might occur to a property during a lease term that is more than just normal wear and tear. |
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Term
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Definition
| Transfers less than the entire leasehold, with the original lessee being primarily liable for the rental agreement |
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Term
| time is of the essence clause |
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Definition
| A clause in a contract that emphasizes punctual performance as a requirement of the contract. |
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Term
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Definition
| The legal remedy to remove a tenant. |
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Term
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Definition
| Boundary indicating areas of special flood zone areas. |
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Term
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Definition
| Term stating the seller is not responsible for repairing any defect. |
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Term
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Definition
| Mineral fiber used in construction materials that causes cancer. |
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Term
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Definition
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Term
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Definition
| An area delineated by state officials to have an active fault with the potential for surface rupture |
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Term
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Definition
| The California Court of Appeals addressed, whether a broker is negligent if he fails to disclose defects which he should have discovered through visual inspection or reasonable diligence. |
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Term
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Definition
| Tax withholding requirement if the seller is a foreign person. |
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Term
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Definition
| Chemical organic, carcinogenesis compound found in building materials. |
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Term
| hazardous household waste |
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Definition
| Consumer products such as paints, cleaners, stains, varnishes, car batteries, motor oil, and pesticides that contain hazardous components. |
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Term
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Definition
| Materials whose disposal is regulated by the EPA. |
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Term
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Definition
| Special tax is imposed on real property owners within a Community Facilities District. |
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Term
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Definition
| Fungus that reproduces by means of spores. |
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Term
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Definition
| A document disclosing all important facts about a subdivision such as marketing & financing as well as any negative aspects to a potential buyer (e.g., natural or environmental hazards, unusual costs, restrictions, easements, or financing arrangements). |
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Term
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Definition
| Colorless, odorless, carcinogenesis gas that is detectable by a spectrometer. |
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Term
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Definition
| Something that alerts a reasonably observant person of a problem. |
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Term
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Definition
| 1. Property buyers or tenants may avoid for reasons unrelated to physical conditions or features. The most common are those in which there have been murders, suicides, or criminal activity. (2) Also known as psychologically impacted property. |
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Term
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Definition
| State law that protects buyers when buying homes in new subdivisions. |
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Term
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Definition
| Housing not exempt from the lead based paint disclosure. |
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Term
| Transfer Disclosure Statement (TDS) |
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Definition
| Detailed statement from the seller describing the condition of the property. |
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Term
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Definition
| Written summary of all useful documents discovered in a title search. |
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Term
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Definition
| A Latin phrase meaning according to value. |
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Term
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Definition
| A list of all taxable property showing the assessed value of each parcel;establishes the tax base. |
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Term
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Definition
| A statement of the unpaid condition of a loan and describes the condition of the debt. |
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Term
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Definition
| Begins on January 1 and continues through December 31 of the same year. |
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Term
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Definition
| All terms of the escrow instructions have been met. |
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Term
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Definition
| A small and short-lived trust arrangement. |
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Term
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Definition
| Acts as a neutral agent of both buyer and seller. |
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Term
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Definition
| Starts on July 1 and runs through June 30 of the following year; used for real property tax purposes. |
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Term
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Definition
| A trust account set up for funds set aside for future costs relating to a property. |
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Term
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Definition
| Good or clear saleable title reasonably free from risk of litigation over possible defects. |
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Term
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Definition
| Land description that delineates boundaries and measures distances between landmarks to identify property. |
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Term
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Definition
| Map of a subdivision indicating the location and boundaries of individual lots. |
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Term
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Definition
| An offer to issue a policy of title insurance in the future for a specific fee. |
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Term
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Definition
| Taxes used to operate the government in general. |
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Term
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Definition
| The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement. |
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Term
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Definition
| An area of land, one square mile, or 640 acres; 1/36 of a township. |
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Term
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Definition
| Taxes used for specific local purposes |
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Term
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Definition
| An insurance policy that protects the insured against loss or damage due to defects in the property’s title. |
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Term
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Definition
| The way title will be taken. |
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Term
| acceleration clause mortgage |
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Definition
| A clause in a loan document describing certain events that would cause the entire loan to be due. |
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Term
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Definition
| A note whose interest rate is tied to a movable economic index. |
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Term
| adjustable-rate mortgage (ARM) |
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Definition
| Is one whose interest rate is tied to a movable economic index. |
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Term
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Definition
| A clause in a loan document that would allow the lender to call the entire loan due upon the sale of the property. |
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Term
| all-inclusive trust deed (AITD) |
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Definition
| A purchase money deed of trust subordinate to but still including the original loan. |
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Term
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Definition
| The liquidation of a financial obligation. |
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Term
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Definition
| A clause in a document that allows a buyer to take over the existing loan and agree to be liable for the repayment of the loan. |
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Term
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Definition
| The lender under a deed of trust. |
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Term
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Definition
| A loan secured by several properties. The security instrument used can be a blanket deed of trust or a blanket mortgage. |
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Term
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Definition
| A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces. |
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Term
| certificate of eligibility |
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Definition
| Issued by Department of Veterans Affairs; evidence of individual’s eligibility to obtain VA loan. |
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Term
| certificate of reasonable value (CRV) |
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Definition
| The Federal VA appraisal commitment of property value. |
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Term
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Definition
| Something of value given as security for a debt. |
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Term
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Definition
| Have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These loans are called “A” paper loans, or prime loans, and can be made to purchase or refinance homes (one-to-four residential units). |
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Term
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Definition
| An interim loan made to finance the actual construction or improvement on land. Funds are usually disbursed in increments as the construction progresses. |
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Term
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Definition
| For the sale of property where the seller gives up possession but retains title until the total purchase price is paid. Also called installment sales contract, a contract of sale, an agreement of sale, a conditional sale contract, or a land sales contract |
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Term
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Definition
| Any loan made by lenders without any governmental guarantees. |
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Term
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Definition
| Is a three party security instrument guaranteeing loan repayment and conveying naked legal title to land from a trustor (borrower) to a trustee (titleholder) to be held as security for the beneficiary (lender) for payment of a debt in case of default on the loan.(Also called trust deed). |
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Term
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Definition
| A judgment against a borrower for the balance of a debt owed when the security or the loan is not sufficient enough to pay the debt. |
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Term
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Definition
| Selling a note for less than the face amount or the current balance. |
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Term
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Definition
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Term
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Definition
| The interest held by the trustor under a trust deed and gives the borrower the equitable right to obtain absolute ownership to the property when the terms of the trust deed are met. |
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Term
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Definition
| The difference between the appraised value and the loan. |
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Term
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Definition
| Recorded trust deed containing details that apply to later loan documents. |
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Term
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Definition
| The trust deed recorded first against a property with first priority over all other claims and is superior to any other. |
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Term
| fully amortized fixed-rate note |
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Definition
| Describes a loan with an interest rate that is fixed and payments that are level for the life of the loan. It is characterized by regular, periodic payments of fixed amounts, to include both interest and principal, which pay off the debt completely by the end of the term. |
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Term
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Definition
| Any loan made on real property in exchange for cash. The borrower gets the entire loan balance at one time. It is a fixed-rate second mortgage with principal and interest payments remaining the same over the life of the loan. |
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Term
| home equity line of credit (HELOC) |
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Definition
| The borrower takes money as it is needed-up to the credit limit. It has a low starting interest rate, with a variable monthly rate based on outstanding balance. |
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Term
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Definition
| The borrower gets the entire loan balance at one time. It is a fixed-rate second mortgage with principal and interest payments remaining the same over the life of the loan. |
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Term
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Definition
| A process which allows a borrower to remain in possession of the property while using it to secure a loan. |
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Term
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Definition
| A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan. |
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Term
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Definition
| The charge for the use of money. |
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Term
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Definition
| A straight loan or term loan, non-amortizing loan in which the interest rate is generally higher and the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity. |
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Term
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Definition
| Foreclosure by court action. |
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Term
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Definition
| Secondary financing for a loan that has subordinate or inferior priority to another loan. |
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Term
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Definition
| The lender under a mortgage. |
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Term
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Definition
| The borrower under a mortgage. |
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Term
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Definition
| Title lacking the rights and privileges commonly associated with ownership may be held by trustee under a trust deed. |
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Term
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Definition
| A portion of the interest is not paid each month. The difference between what should be paid and what is actually paid is added to the unpaid principal balance of the loan and the principal increases instead of decreases. |
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Term
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Definition
| Is a written unconditional promise or order to pay a certain amount of money at a definite time or on demand. |
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Term
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Definition
| The interest rate stated in the note. |
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Term
| nontraditional mortgage product |
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Definition
| Is any loan other than a fixed-rate, 30-year, fully amortized loan. |
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Term
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Definition
| A notice to a defaulting party that there has been a non-payment of a debt. |
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Term
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Definition
| Is essentially a revolving line of credit. |
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Term
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Definition
| A loan on real property secured by more than the land and structure. It includes fixtures attached to the building (appliances, carpeting, drapes, air conditioning) and other personal property. |
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Term
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Definition
| A large (balloon) payment will be due at the end of the loan term. |
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Term
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Definition
| A clause in a trust deed or mortgage permitting the release of a parcel or part of a parcel from the lien of that security instrument. The release usually occurs upon the payment of a specified sum of money. |
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Term
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Definition
| A promissory note with a repayment schedule that is not sufficient to amortize the loan over its term. |
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Term
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Definition
| The evidence of the debt. |
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Term
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Definition
| Purchase money makes up part of the purchase price. Any loan made at the time of a sale, as part of that sale. |
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Term
|
Definition
| The initial interest rate determined by the current rate of the chosen index. |
|
|
Term
| renegotiable rate mortgage |
|
Definition
| Loan in which the interest rate is renegotiated periodically. |
|
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Term
|
Definition
| A legal document given by the borrower to hypothecate the property to the lender as collateral for a loan, creating a security interest. |
|
|
Term
| seller financing disclosure statement |
|
Definition
| It gives both the seller and buyer all the information needed to make an informed decision about using seller financing to complete the sale. |
|
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Term
|
Definition
| A letter that promises to deliver a takeout loan in the future. |
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Term
|
Definition
| A clause in which the holder of a trust deed permits a subsequent loan to take priority. Is used to change the priority of a financial instrument. |
|
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Term
|
Definition
| (1) A short-term loan used to enable the purchaser of a new property to buy that property on the strength of the equity from the property the purchaser is now selling. (2) Also known as a bridge loan. |
|
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Term
|
Definition
| The permanent loan that pays off a construction loan. |
|
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Term
|
Definition
| Is a three party security instrument guaranteeing loan repayment and conveying naked legal title to land from a trustor (borrower) to a trustee (titleholder) to be held as security for the beneficiary (lender) for payment of a debt in case of default on the loan.(Also called deed of trust). |
|
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Term
|
Definition
| A loan made to qualified veterans for the purchase of real property wherein the Department of Veterans Affairs guarantees the lender payment of the mortgage. |
|
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Term
|
Definition
| The buyer under a contract of sale (land contract). |
|
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Term
|
Definition
| The seller under a contract of sale (land contract). |
|
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Term
|
Definition
| Sometimes called "AITD", where a new loan is placed in a secondary position; the new loan includes the unpaid balance of 1st loan & the sums loaned by the lender of the 2nd loan. |
|
|
Term
| annual percentage rate (APR) |
|
Definition
| The relative cost of credit expressed as a yearly percentage rate. It is the relationship of the total amount financed, expressedas percentage. |
|
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Term
|
Definition
| An all purpose institutional lender that commonly makes short-term, or interim loans to finance construction. |
|
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Term
|
Definition
| A minimum credit balance that a bank requires a borrower to keep on deposit as a condition for granting a loan. |
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Term
|
Definition
| A statistical method lenders use to assess a borrower’s credit risk. |
|
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Term
|
Definition
| Lender whose members usually have the same type of occupation. |
|
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Term
|
Definition
| A process whereby regulatory restraints are gradually relaxed. |
|
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Term
|
Definition
| The process of depositors removing funds from savings. |
|
|
Term
| Equal Credit Opportunity Act Federal |
|
Definition
| An act ensuring that all consumer have an equal chance to obtain credit. |
|
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Term
|
Definition
| Corporation that insures deposits in all federally chartered banks and savings institutions up to $250,000 per depositor. |
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Term
|
Definition
| The dollar amount the credit will cost the borrower. |
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Term
|
Definition
| Document that lists the charges the buyer is likely to pay at settlement. |
|
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Term
|
Definition
| The percentage of appraised value to the loan. |
|
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Term
|
Definition
| Actions taken by the Fed to influence the availability and cost money and credit as a means of promoting national economic goals. |
|
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Term
|
Definition
| Real estate licensee who is a third party originator. |
|
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Term
|
Definition
| Lender whose principal business is the origination, closing, funding, selling, and servicing of loans secured by real property. |
|
|
Term
| Mortgage Loan Disclosure Statement California |
|
Definition
| Required statement that disclosed expected maximum costs and expenses of making the loan that are to be paid by the borrower. |
|
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Term
|
Definition
| The total interest, fees, and points earned by the lender expressed as a percentage. |
|
|
Term
| mortgage-backed securities |
|
Definition
| Pools of mortgages used as collateral for the issuance of securities in the secondary market. |
|
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Term
|
Definition
| Mortgage backed securities that pass through the principal and interest of the underlying loans to investors. |
|
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Term
|
Definition
| Market in which lenders make mortgage loans directly to borrowers. |
|
|
Term
| real estate investment trust |
|
Definition
| A company with a minimum of 100 shareholders that owns operates income-producing real estate or engages in financing real estate. |
|
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Term
|
Definition
| A discriminatory lending practice prohibited by the Holden Act. |
|
|
Term
| secondary mortgage market |
|
Definition
| A resale marketplace for mortgage loans. |
|
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Term
|
Definition
| An economic situation in which the supply of money is limited, and the demand for money is high, as evidenced by high interest rates. |
|
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Term
|
Definition
| Consumer-protection law passed to promote the informed use of consumer credit by requiring disclosures about its terms and costs. |
|
|
Term
|
Definition
| The process of evaluating a borrower’s risk factors before the lender will make a loan. |
|
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Term
|
Definition
| Revolving line of credit extended to a mortgage company from a warehouse lender. |
|
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Term
|
Definition
| Features that add value to a property. |
|
|
Term
|
Definition
| An act or process of developing an opinion of value. |
|
|
Term
|
Definition
| An orderly systematic method to arrive at an estimate of value. |
|
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Term
|
Definition
| A written statement where an appraiser gives his or her opinion of the property value, as of the date of appraisal. |
|
|
Term
|
Definition
| The process of putting several smaller less valuable lots together under one ownership. |
|
|
Term
|
Definition
| The process that can be employed to convert income to value. |
|
|
Term
|
Definition
| When land uses are compatible and homes are similar in design and size, the maximum value is realized. |
|
|
Term
|
Definition
| The rent established by agreement or contract. |
|
|
Term
|
Definition
| Commercial properties benefit from more exposure on a corner lot. |
|
|
Term
|
Definition
| The expenses in money, labor, material, or sacrifices in acquiring or producing something. |
|
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Term
|
Definition
| A lot found on a dead-end street with same way for ingress and egress. |
|
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Term
|
Definition
| Loss in value from any cause. |
|
|
Term
|
Definition
| The estimated period over which a building may be profitably used. |
|
|
Term
|
Definition
| What a leased property would be expected to rent for under current market conditions if the property were vacant and available for rent. |
|
|
Term
|
Definition
| Age of a building determined by its condition and usefulness. |
|
|
Term
|
Definition
| Desire coupled with purchasing power. |
|
|
Term
|
Definition
| The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller. |
|
|
Term
|
Definition
| A lot that looks like a flag on a pole, which represents the access to the site; usually located to the rear of another lot fronting a main street. |
|
|
Term
|
Definition
| The width of a property on the side facing the street. |
|
|
Term
|
Definition
| The ability of a property to be useful and perform the function for which it is intended according to current market tastes and standards. |
|
|
Term
|
Definition
| Any buildings or structures on a lot. |
|
|
Term
|
Definition
| Short-term and temporary use of a property until it is ready for a more productive highest and best use. |
|
|
Term
|
Definition
| Lot that is the least desirable due to the lack of privacy because it is surrounded by the back yards of other lots. |
|
|
Term
|
Definition
| This may be the most important factor influencing value. |
|
|
Term
|
Definition
| What a property actually sold for. |
|
|
Term
|
Definition
| The rent a property should bring in the open market. |
|
|
Term
|
Definition
| Sometimes called the objective value. |
|
|
Term
|
Definition
| The placement of a building on its lot in relation to exposure to sun, prevailing wind, traffic, and privacy from the street. |
|
|
Term
|
Definition
| The increase in the value when several smaller parcels are combined together into one larger parcel. |
|
|
Term
|
Definition
| Anything that may be owned and gained lawfully. |
|
|
Term
|
Definition
| The final step in an appraisal is to examine the values derived by the various approaches. |
|
|
Term
|
Definition
| The cost of replacing improvements with modern materials and techniques. |
|
|
Term
|
Definition
| The availability or lack of availability of a commodity in the marketplace. |
|
|
Term
|
Definition
| A lot that is fronted head-on by a street; noise and glare from headlights may be detractors from this type of lot. |
|
|
Term
|
Definition
| Title to property must be marketable with an unclouded title. |
|
|
Term
|
Definition
| The ability of a property to satisfy a need or desire, such as shelter, income, or amenities. |
|
|
Term
|
Definition
| The usefulness of the property to its owner. This is subjective value orthe value given for personal reasons. |
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|
Term
|
Definition
| Loss of income because of a vacant unit is known. |
|
|
Term
|
Definition
| Is the number of vacant units expressed as a percentage. |
|
|
Term
|
Definition
| The power of goods or services to command other goods in exchange for the present worth of future brnefits arising from property ownership. |
|
|
Term
|
Definition
| Soil that is used to fill in holes or support a foundation-bearing wall. |
|
|
Term
|
Definition
| A wall that supports a vertical load as well as its own weight. |
|
|
Term
|
Definition
| Measurement of lumber equal to the volume of a board 12"x12"x1" (144 cubic inches). |
|
|
Term
|
Definition
| Measurement that calculates heat; the amount of heat needed to raise one pound of water one degree Fahrenheit. |
|
|
Term
|
Definition
| Common-interest development combining the individual ownership of private dwellings with the shared ownership of common facilities of the entire project. |
|
|
Term
|
Definition
| The proceeding to exercise the power of eminent domain. |
|
|
Term
|
Definition
| Flexible pipe in which electrical wiring is installed. |
|
|
Term
|
Definition
| Plants and trees that lose their leaves seasonally in the fall. |
|
|
Term
|
Definition
| Gypsum panels used in place of wet plaster to finish the inside of buildings. |
|
|
Term
|
Definition
| Measurement of the efficiency of energy; used to determine the effectiveness of appliances. |
|
|
Term
|
Definition
| Study of how development will affect the ecology of its surroundings. |
|
|
Term
|
Definition
| The right of the government to take private property from an owner, for public use, paying fair market value. |
|
|
Term
|
Definition
| A map indicating any changes required by the planning commission and is recorded in the county where the property is located. |
|
|
Term
|
Definition
| The long term physical development of a community that covers 7 major categories: land use, circulation, housing, conservation, open space, noise, & safety. Areas on the coast must address protection of natural resources and wetlands. |
|
|
Term
|
Definition
| A measurement of length, rather than area (square foot) or volume (cubic foot). |
|
|
Term
|
Definition
| Map showing a parcel of land that will be subdivided into less than five parcels or units and shows land boundaries, streets, and parcel number. |
|
|
Term
|
Definition
| Wall erected on the line between two adjoining properties, which are under different ownership, for the use of both parties. |
|
|
Term
|
Definition
| Underground water not flowing in a defined channel. |
|
|
Term
|
Definition
| Test used to determine the ability of the land to absorb and drain water and is frequently used when installing septic systems. |
|
|
Term
|
Definition
| (1) A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning. (2) Sometimes called a planned unit development (PUD). |
|
|
Term
|
Definition
| The power of the state to enact laws within constitutional limits to promote the order, safety, health, morals and general welfare of our society. |
|
|
Term
|
Definition
| Fresh water that is safe and agreeable for drinking. |
|
|
Term
|
Definition
| Rating that measures how well insulation resists heat. |
|
|
Term
|
Definition
| Preliminary drawings and sketches by an architect, such as site plans and elevations. |
|
|
Term
|
Definition
| The distance a building must be set back from the street; usually determined by local building code. |
|
|
Term
|
Definition
| State law protecting purchasers of property in new subdivisions from fraud, misrepresentation, or deceit in the marketing of subdivided property. |
|
|
Term
|
Definition
| The division of land into five or more lots for the purpose of sale, lease, or financing. |
|
|
Term
|
Definition
| The law that authorizes a city or county to control the orderly and proper development of the community. |
|
|
Term
|
Definition
| Map of the proposed subdivision that is submitted to a planning commission for approval or disapproval. |
|
|
Term
|
Definition
| Exception granted to existing zoning regulations for special reasons. |
|
|
Term
|
Definition
| The bottom portion of a wall that is covered with wood siding; the top part is treated with another material. |
|
|
Term
|
Definition
| The natural level at which water will be found, either above or below the surface of the ground. |
|
|
Term
|
Definition
| Water pressure can be tested by turning on all faucets and flushing all toilets at the same time. |
|
|
Term
|
Definition
| Areas where water covers the soil, or is present either at or near the surface of the soil all year or for varying periods of time during the year, including during the growing season. |
|
|
Term
|
Definition
| The regulation of structures and uses of property within selected districts. |
|
|
Term
| Americans with Disabilities Act |
|
Definition
| Federal law passed in 1990 that prohibits discrimination against individuals with disabilities. |
|
|
Term
|
Definition
| The illegal practice of telling people that property values in a neighborhood will decline because minorities purchase the homes. |
|
|
Term
|
Definition
| An intermediary who negotiates the transaction for payment. A negotiator and agent of the principal, expecting a commission at the end of the negotiation. |
|
|
Term
| California Fair Employment and Housing Act |
|
Definition
| State law that prohibits discrimination in the sale, rental or financing of practically all types of housing. |
|
|
Term
|
Definition
| Federal and state law regulating commercial e-mail messages. |
|
|
Term
|
Definition
| Making unsolicited calls to unknown people to get new business. |
|
|
Term
| commercial e-mail message |
|
Definition
| Electronic mail message whose primary purpose is the commercial advertisement or promotion of a commercial product or service. |
|
|
Term
|
Definition
| The illegal practice of depositing client’s funds in a broker’s personal or general business account.602California Real Estate Principles. |
|
|
Term
|
Definition
| A fee for services rendered usually based on a certain percentage of the sales price of a property. |
|
|
Term
|
Definition
| The amount a broker has left after all commissions have been paid. |
|
|
Term
|
Definition
| A legal entity whose rights in business are similar to that of an individual. |
|
|
Term
|
Definition
| Doing business as, another name for a fictitious business or trade name. |
|
|
Term
|
Definition
| Profitability measure calculated by dividing the total operating expenses of the firm by the number of licensed sales associates. |
|
|
Term
|
Definition
| Federal and state regulations regarding unsolicited phone calls. |
|
|
Term
|
Definition
| Someone who is under the control and direction of a broker. |
|
|
Term
|
Definition
| A set of principles or values by which an individual guides his or her own behavior and judges that of others. |
|
|
Term
|
Definition
| Business name that does not include the last name of the owner. |
|
|
Term
| Housing Financial Discrimination Act of 1977. |
|
Definition
| (1) A law designed primarily to eliminate discrimination in leading practices based upon the character of the neighborhood in which real property in located. (2) Also known as "Holden Act" (See redlining). |
|
|
Term
|
Definition
| A person who is hired to do work for another person but who is not an employee of that person. |
|
|
Term
| joint and several liability |
|
Definition
| A legal term used in reference to a debt or a judgment for negligence,in which each debtor or each judgment defendant is responsible for theentire amount of the debt or judgment. |
|
|
Term
|
Definition
| A case prohibiting racial discrimination by upholding the 1866 Civil Rights Act and the 13th Amendment to the U.S. Constitution. |
|
|
Term
| limited liability company |
|
Definition
| An alternative business entity that has characteristics of both corporations and limited partnerships. |
|
|
Term
|
Definition
| A form of business in which two or more persons join their money and skills in conducting the business. |
|
|
Term
|
Definition
| The process of identifying potential customers. |
|
|
Term
|
Definition
| The illegal use of a property’s location to deny financing. |
|
|
Term
|
Definition
| A corporation that operates like a corporation but is treated like a partnership for tax purposes. |
|
|
Term
|
Definition
| A business that is owned and operated by one person. |
|
|
Term
|
Definition
| The illegal practice of only showing clients property in certain areas. |
|
|
Term
|
Definition
| Money received by a broker to be used in a real estate transaction. |
|
|
Term
|
Definition
| State law that prohibits discrimination by businesses. |
|
|
Term
|
Definition
| Tax-deferred exchange used to defer tax liability. |
|
|
Term
|
Definition
| Property zoned for use in farming. |
|
|
Term
|
Definition
| An increase in property value with the passage of time. |
|
|
Term
|
Definition
| Extra cash or non like-kind property put into an exchange. |
|
|
Term
|
Definition
| An abandoned commercial or industrial site or under-utilized neighborhood where redevelopment is complicated by actual or perceived contamination. |
|
|
Term
|
Definition
| Person employed by a property manager or directly by an owner, and who usually manages a single, large building or office complex. |
|
|
Term
|
Definition
| The sale of a substantial part of the inventory of a business. |
|
|
Term
|
Definition
| Any type of business that is for lease or sale. |
|
|
Term
| clearance of tax liability |
|
Definition
| Certificate signed by the county tax collector in mobile home sales. |
|
|
Term
|
Definition
| Tax advantage of ownership of income property. |
|
|
Term
|
Definition
| The gradual increase of a borrower’s equity in a property caused by amortization of loan principal. |
|
|
Term
|
Definition
| Federal tax on the “taxable estate” of a decedent’s assets at the time of death. |
|
|
Term
|
Definition
| The document used to record the debt; it is not actual evidence of the debt. |
|
|
Term
|
Definition
| The expectation of the continued patronage of an existing business. |
|
|
Term
|
Definition
| Real property appreciation keeps pace or exceeds inflation rates. |
|
|
Term
|
Definition
| A barge that is designed and equipped for use as a dwelling. |
|
|
Term
|
Definition
| The development of vacant parcels in existing urban and suburban areas. |
|
|
Term
|
Definition
| Sale in which payments are made, by the buyer, to the seller, over a period of more than one year. |
|
|
Term
|
Definition
| The use of borrowed capital to buy real estate. |
|
|
Term
|
Definition
| Contract between the owner and the property manager. |
|
|
Term
|
Definition
| Building larger, more extravagant homes older neighborhoods with small to medium-sized homes. |
|
|
Term
|
Definition
| Home built in a factory after June 15, 1976 that conforms to the federal Manufactured Home Construction and Safety Standards. |
|
|
Term
|
Definition
| A factory-built home manufactured prior to June 15, 1976, constructed on a chassis and wheels. |
|
|
Term
|
Definition
| Any area or tract of land where two or more lots are rented to accommodate manufactured homes or mobile homes used for human habitation. |
|
|
Term
|
Definition
| A court-approved sale of the property of a person who is deceased.522 California Real Estate Principles. |
|
|
Term
|
Definition
| Person employed to manage an apartment building. |
|
|
Term
|
Definition
| Tax collected as a percentage of the retail sales of a product, by a retailer. |
|
|
Term
|
Definition
| The document commonly used to secure a loan on personal property. |
|
|
Term
|
Definition
| Permit used to collect sales tax from customers. |
|
|
Term
|
Definition
| Depreciation method where the same amount is deducted every year over the depreciable life of a property. |
|
|
Term
|
Definition
| Common ownership of a single piece of property by an association with each owner having the exclusive right to occupy a unit for a specified period each year. |
|
|
Term
|
Definition
| Projects that are ready for occupancy. |
|
|
Term
|
Definition
| The increase in value of a mortgaged property generally accrues to the benefit of the trustor. |
|
|
Term
|
Definition
| Code regulating security interests in personal property of businesses. |
|
|
Term
|
Definition
| The unplanned growth of an urban area into adjoining areas. |
|
|
Term
|
Definition
| Hours needed for subsequent renewal of broker or salesperson license. |
|
|
Term
|
Definition
| When a complaint is filed that appears to be of a serious nature and that a violation of law has occurred. |
|
|
Term
|
Definition
| CalBRE enforcement program that handles simple disputes. |
|
|
Term
|
Definition
| More than one place of business. |
|
|
Term
|
Definition
| Misappropriating and using principal’s funds. |
|
|
Term
|
Definition
| A false statement about what someone is going to do in the future. |
|
|
Term
|
Definition
| Another term for the Real Estate Law. |
|
|
Term
|
Definition
| A false statement of fact. |
|
|
Term
|
Definition
| A person listed by Child Support Services as delinquent in paying child support. |
|
|
Term
|
Definition
| An illegal practice of inducing people in a neighborhood to sell their homes, by making them believe that members of a minority group are likely to buy property in and around their residential area. |
|
|
Term
|
Definition
| Someone who holds a broker license issued by the Bureau of Real Estate. |
|
|
Term
|
Definition
| Person appointed by the governor to enforce the provisions of the Real Estate Law and the Subdivided Lands Law. |
|
|
Term
|
Definition
| Another name for the Business and Professions Code, Part 1 entitled Licensing of Persons. |
|
|
Term
| Real Estate Recovery Fund |
|
Definition
| A separate account funded through collection of a fixed amount from each license fee. |
|
|
Term
|
Definition
| Someone with real estate license who must be employed by a real estate broker in order to perform any of the activities that require a license. |
|
|
Term
|
Definition
| Designation used by active member of NAR. |
|
|
Term
|
Definition
| Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing. |
|
|
Term
|
Definition
| Undisclosed profit made by a broker at his or her principal’s expense. |
|
|
Term
|
Definition
| The period of time after a license that renewal is allowed, as long as all real estate activity has ceased during that time and a late fee is paid at the time of renewal. |
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