SUBJECT CLASSIFICATION OF TERMS Accounting (see also Taxation) account payable account receivable accrual method accrued accrued depreciation acquisition cost asset balance sheet book value capitalize cash method credit debit depreciation allowance disbursement double entry income statement liability modified accelerated cost recovery system (MARCS) net worth profit and loss statement pro forma statement quick assets write-off Agency (see also Brokerage) agency agency coupled with an interest agent attorney-in-fact broker Code of Ethics commingling designated agent dual agency (limited agency) durable power of attorney equal dignities rule ethics facilitator fiduciary full disclosure general agent gratuitous agent implied agency imputed notice informed consent inspection limited power of attorney limited referral agent ministerial acts ostensible agency partially disclosed principal power of attorney principal ratification real estate agent respondeat superior scope of authority special agent subagent transaction broker trustee undisclosed agency Appraisal abnormal sale abstraction acceleration principle accessibility acquisition appraisal actual age adjustments aesthetic value age-life depreciation amenities appointments appraisal Appraisal Foundation, e appraisal report appraiser appraiser independence requirements appreciation assemblage assessed valuation axial growth band of investment (BOI) before-and-after method building residual technique built-up method capitalization capitalization (CAP) rate cash equivalency certified appraiser change comparables comparative unit method concession x SAMPLE
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SAMPLE · Appraisal abnormal sale abstraction acceleration principle accessibility acquisition appraisal actual age ... SAMPLE. conformity contract rent contribution corner influence
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SUBJECT CLASSIFICATION OF TERMS
Accounting (see also Taxation)account payableaccount receivableaccrual methodaccruedaccrued depreciationacquisition costassetbalance sheetbook valuecapitalizecash methodcreditdebitdepreciation allowancedisbursementdouble entryincome statementliabilitymodified accelerated cost
recovery system (MARCS)net worthprofit and loss statementpro forma statementquick assetswrite-off
Agency (see also Brokerage)agencyagency coupled with an
interestagentattorney-in-fact
brokerCode of Ethicscomminglingdesignated agentdual agency (limited agency)durable power of attorneyequal dignities ruleethicsfacilitatorfiduciaryfull disclosuregeneral agentgratuitous agentimplied agencyimputed noticeinformed consentinspectionlimited power of attorneylimited referral agentministerial actsostensible agencypartially disclosed principalpower of attorneyprincipalratificationreal estate agentrespondeat superiorscope of authorityspecial agentsubagenttransaction brokertrusteeundisclosed agency
Bankingaccommodation partycashier’s checkcertified checkcheckclearing accountdemand notediscount rateendorsementholder in due courseletter of creditline of creditmakernegotiable instrument
Subject Classification of Terms xi
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notice of dishonorpayeepostdated checksetoffunderwritingwithout recourse
Brokerage (see also Agency, Listing)advance feeadvertisingasking priceauctionbird dogblind adblue bookboiler roomBoard of REALTORS®branch officebrokerbrokeragebroker-dealerbroker-in-chargebroker price opinion (BPO)business opportunitybuyer’s brokerbuyer’s marketcaravanclient trust accountcold callcold canvasscommissionconsultantcooperating brokercounselingcourtesy to brokerscustomerdeferred commissionDINK (dual income, no kids)discount brokerdrawemployee
empty nesterexposurefalse advertisingfarm areafees for servicefloor dutyfor sale by ownerfranchisegeneration Xguaranteed sale program
(GSP)independent contractorindustrial brokerin-house salelimited service brokerlockboxlotterymiddlemanNational Do Not Call Registryone hundred percent
commissionopen houseparticipating brokerpersonal assistantprincipal broker (PB)prospectpuffingqualified buyerrange of valueready, willing, and ablerebatereferralreferral agencyrelocation companyresidualsales associatesales kitsalesperson(s)selling brokershoppingsignssite office
splitting feesstagingStandards of Practicesubmittal noticetrade-intrade usagetrust fund accountturnoverunethicalworkers’ compensation lawyuppie
Building Terms (see also Construction, Development, Subdivision)absorberabutmentaccessory buildinganchor boltapartment buildingarcadeasbestosash dumpatticbackfillbalconybalusterband or box sillbaseboardbasementbase shoebase top moldingbattenbaybay windowbeambearing wallbedrockbermblacktopboard footbracing
(HOA)horizontal property actshouse ruleslimited common elementsmaintenance feemaster deedmixed useproprietary leaseproxyquadrominiumunit
Construction (see also Building Terms)absorption bedadaptabilityadditionA-frame constructionarchitectural drawingsarchitectureartesian wellas-built drawingsbidblueprintbrownstonebuilding linebuilding permitbuilding standardsbungalowcarportcertificate of completion (CC)cesspoolchaletchange ordercisternclosed-wall constructioncompactionconcrete basement floorcontractorcost-plus contract
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crawlspacecushiondeckdisposal fielddormerdrainagedry rotdrywall constructionduplexdwellingefficiency unit or apartmenteffluenceescarpmentfactory-built constructionfast-track constructionfire sprinkler systemfire stopfire wallfire yardflatfloor area ratiofloor planfrost linegablegambrel roofgazebogeneral contractorgranny flatshabitable roomheight, buildinghighriseInternational Code Council
Contractsacceptanceaccord and satisfactionactual damagesaddendumadditional depositadhesion contract
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agreement of salealeatory contractantenuptial agreementanticipatory breacharm’s-length transaction“as is”assignmentbackup offerbenefit-of-bargain rulebilateral contractboilerplatebreach of contractbuy-back agreementcapacity of partiescompetent partyconditional sales contractconsequential damagesconsiderationconstructive fraudconsummatecontingencycontractcontract for deedcontract of salecooling-off periodcounteroffercounterpartcovenants and conditionsdamagesdatedefaultdepositdisaffirmdischarge of contractdisclaimerdisclosuredisclosure statementdown paymentdual contractdummyduressearly occupancy
earnest moneyelection of remedieselectronic signatureequitable conversionescape clauseexecuted contractexecutory contractexhibitextensionfirst papersforbearanceforce majeureforfeitureforum shopping clausefraudgood considerationgrace periodhold-harmless clausehome inspectionilliterateimplied contractincorporation by referenceinnocent misrepresentationinstrumentironclad agreementlatent defectsliquidated damageslove and affectionmarkmeasure of damagesmeeting of the mindsmenaceminormisrepresentationmistakemodificationmutual agreementmutuality of consentnatural affectionnetting outnomineenondisclosure
noticeoccupancy agreementofferoffer and acceptanceofferoron or beforeoptionoral contractparty to be chargedplain language lawprivitypropositionqualified acceptancereceiptreformationreleaserescindrescissionreservation moneyrisk of lossroof inspection clausesale by the acreshort-form documentsignaturespecial conditionsspecific performancestatute of fraudsstraw man“subject to” clausetendertermite inspectionthird party“time is of the essence”trading on the equityunconscionabilityundue influenceunenforceable contractUniform Vendor and
Conveyancealienationassignment of leaseconveyancecounterpartdescriptiondocumentary tax stampsdocumentexceptionexecutegovernment patentgrantinitialslivery of seisinlocus sigillimaster form instrumentmesne conveyancemisnomermortmainpatentrevenue stampright, title, and interestrule against perpetuitiessealed and deliveredsubscribesuccessors and assignstestimonium clausetransfer tax (conveyance fee)undersignedUniform Land Transactions
Act (ULTA)
Corporationannual meetingannual reportarticles of incorporationassociationboard of directorsbuy-sell agreementclose corporationcorporate resolutioncorporationd/b/adouble taxationeleemosynary corporationfictitious company namefiscal yearforeign corporationholding companyincorporatename, reservation ofnonprofit corporationspersonal propertyS corporationsealSection 1244 corporationspin-offthin capitalizationultra viresunincorporated association
Deathadmeasurement of doweradministratoraugmented estatecodicilcollateral heirscurtesydecedentdescentdevisedowerelective shareescheat
executorheirheirs and assignsholographic willinheritance taxintestatejointurelegateelinealnuncupative willpersonal representativeper stirpesprobatetestatorwidow’s quarantinewillworthier title doctrine
Deedbargain and sale deedcession deedcorrection deedcovenantcovenants running with the
landdeeddeed in trustdeed polldeed restrictionsdeliveryestoppel by deedgift deedgrant deedgranteegrantorhabendum clauseindenture deedlegacylimited warranty deednominal considerationpremisesquitclaim deed
Development (see also Construction, Subdivision)affordable housingair parkbedroom communitybusiness parkbed-and-breakfastcarrying chargescluster developmentcommercial acrecommon area maintenance
declaration of restrictionsdominant estate (tenement)easementeasement by necessityeasement by prescriptioneasement in grosseave dripelectromagnetic fields (EMFs)equitable servitudeimplied easementlandlockedline-of-sight easementmeth labsNational Environmental
Protection Act (NEPA)negative easementparty drivewayparty wallreciprocal easementsright-of-way (R/W)run with the landscenic easementservient estatesolar easementsubsurface easementvisual rights
Environmental Response, Compensation, and Liability Act (CERCLA)
de minimis settlementEndangered Species Actenvironmental auditEnvironmental Protection
Agency (EPA)environmental regulations
environmental riskformaldehydehazardous substancehazardous wasteindoor air qualitylead poisoningmitigationPhase I auditradonremediationsick building syndrome (SBS)Superfundunderground storage tanks
(USTs)wetlands
Estate (see also Title)adjunctionautre vieconventional estatecurtesydowerestateestate at willestate of inheritanceexecutory interestfee simplefee simple defeasiblefee tailfreeholdfreeholderfuture interesthereditamenthomesteadinchoateincorporeal rightsland, tenements, and
messuagepossibility of reverterprofit a prendrepur autre viequalified feequantumquarter-sectionreentryremainder estateremaindermanreversionright of reentryright-to-useseisinservitudetenementtenureusufructuary rightvested interest
Federal GovernmentAgricultural Foreign
Investment Disclosure Act (AFIDA)
Bureau of Land Management (BLM)
Clayton Antitrust ActDepartment of Housing and
Urban Development (HUD)Drug Enforcement ActEnvironmental Protection
Agency (EPA)Farm Credit SystemFederal Housing
Administration (FHA)Federal Reserve System (the
Fed)Federal Trade Commission
(FTC)Foreign Investment in Real
Property Tax Act (FIRPTA)Freddie Mac
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General Services Administration (GSA)
Home Mortgage Disclosure Act
Lead-Based Paint Hazard Reduction Act (LBPHRA)
National Environmental Protection Act (NEPA)
Office of Equal Employment Opportunity Commission (EEOC)
Office of the Comptroller of the Currency (OCC)
Section 8 ProgramSection 203(b)Small Business Administration
(SBA)soil bankstandard metropolitan
statistical area (SMSA)
FinancingA, B, C, D paperADC loanadd-backadjustable-rate loanadvanceaffordability indexallotmentamortizationamortization scheduleannual debt serviceannual percentage rate (APR)annuityarranger of creditassumption of mortgageballoon paymentbasis pointbasket provisionbelly-upbondbonus clause
bridge loanbuilding and loan associationbullet loanbuydownCAP ratecarryback financingcarve outcertificate of claimcertificate of eligibilitycertificate of reasonable valuecollateralcollection reportcommercial bankcommitmentCommunity Reinvestment Actcompensating balancecomputerized loan origination
pledgepointspreapproved loanprepaymentprequalified loanpredatory lendingqualificationrecastingrefinanceRegulation Brescission clauseRule of 78sSavings Association Insurance
Fund (SAIF)sale-leasebacksatisfactionsavings and loan association
time-price differentialtime value of moneyTruth in Lending Actunderlying financingunderwater loanU.S. League of Savings
AssociationsusuryvendeevendorVA loanwarehousingyield to maturity
Government (see also Zoning)ambient airappropriationbenefitsbettermentcertificate of occupancycondemnationcountydedicationeminent domainenterprise zoneexcess condemnationexpropriationFederal Emergency
Management Agency (FEMA)
general improvement districtinverse condemnationirrigation districtsjust compensationland grantlarger parcelletter of patentlocal improvement districtoccupancy permitordinancespartial taking
and Tenant Act (URLTA)unlawful detainer actionusable areavacateveto clausewastewear and tearwork letteryear-to-year tenancy
Legal Terms (see also Contracts)abandonmentabatementabsoluteabstract of judgmentacknowledgment
act of Godactual noticeadjudicatedadministrative regulationsaffidavitaffirmationaggrievedamicus curiaeantitrust lawsapostilleappealarbitrationattachmentattestationattorney feesattractive nuisancebankruptcybenchmarkbeneficiaryblue lawsburden of proofbusiness dayby operation of lawcause of actioncaveat emptorcease and desist ordercertified copycertifycertiorarichange of namecommissionercommon lawcompensatory damagescomplainantconfession of judgmentconfirmation of saleconservatorconstructivecourtcoverturecram downdecree
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SAMPLE
de factodefault judgmentdefendantdeponentdepositiondisclosure statementdiscoverydomicileejectmentenabling legislationenjoinentitlementequityestoppelet al.et ux.et vir.executionexpert witnessfamilyfelonyforce and effect of lawforumgarnishmentgroup boycottguardianhearingholidayincompetentindemnificationinjunctioninterlocutory decreeinterpleaderinterstatejoint and several liabilityjudgmentjudgment-proofjudicial precedentjuratjurisdictionlacheslaw
legal agelegal namelevyliabilitylimitations of actionslis pendens (Lis/P)majoritymalfeasancemandamusmediationmisdemeanorname, change ofnatural personnotary publicnuisancenull and voidoathoperation of lawparol evidence rulepartiespenaltypersonpetitionplaintiffpractice of lawpreemptionpresumptionprevailing partyprice-fixingprima facie evidencepro formapromulgatepunitive damagesquantum meruitquashquasiquorumreasonable timereceiverrefereeregulationreplevin
residencerestraint of traderestraint on alienationresulting trustrevocationright of contributionsequestration orderservice of processshallshouldsmall claims courtspendthrift truststatutestatute of limitationssubpoenasubpoena duces tecumsubrogationsummonssuretytie-in contracttollingtorttreble damagestrespasstrustee in bankruptcyunfair and deceptive practicesuniform and model actsvalidvenueverifyvicarious liabilityviolationwrit of execution
Licensingadministrative regulationsassociate brokerAssociation of Real Estate
Lienabstract of judgmentagricultural liencommencement of workencumbranceequitable lienfloating liengeneral lieninvoluntary lienjudgment lienlienmaterialmanmechanic’s lienmortgage liennotice of completionnotice of liennotice of nonresponsibilityspecial lientax lienvendor’s lien
Listingable
asking priceauthorization to sellcash-outcontingency listingexclusive agencyexclusive listingexclusive right to sellextender clauseimplied listinglistinglistormultiple listingnegotiationnet listing“no deal/no commission”
clauseoffice exclusiveopen listingoption listingoverridepocket listingprocuring causetermination of listing
Mortgage/Deed of Trust (see also Interest, Lien, Financing)acceleration clauseadditional charge mortgageadverse financial change
conditionalienation clauseall-inclusive deed of trustallongealternative mortgage
instrumentanaconda mortgageannual mortgagor statementassignment of rentsbeneficiary statementbiweekly payment loanblanket mortgage
blended ratebudget mortgagecall provisioncall reportcertificate of no defenseclosed-end mortgageclosed mortgagecollateralized mortgagecosignercredit bidcross-defaulting clausedebt reliefdeed in lieu of foreclosuredeed of reconveyancedeed of trustdefeasance clausedeficiency judgmentdeflated mortgagedirect reduction mortgagedry mortgagedue datedue-on-sale clauseeffective rateentitlementequity mortgageequity of redemptionescalator clausefirst mortgageflexible-payment mortgageFLIPforeclosurefull reconveyancefunding feegift lettergraduated-payment mortgage
(REIT)real estate owned (REO)right of survivorshipseparate propertyseveraltysole proprietorshipsurvivorship, right ofsyndicationtackingtenancy at sufferancetenancy at willtenancy by the entirety
(entireties)tenancy for lifetenancy for yearstenancy in commontenancy in partnershiptenancy in severaltytime-share ownership plantime-sharingtrusttrust beneficiaryundivided interestUniform Simultaneous Death
Actunity (joint tenancy)
Personal Propertyassetbailmentbequeathbill of salecapitalchattel
Property Management (see also Leasing)budgetfidelity bondfixed expensesmanagement agreementmanagement surveynet spendable incomeoff-site managementon-site managementoperating budgetoperating expensesper-unit cost methodpositive cash flowproperty managementrent rollreserve for replacementsresident manager
Recording (see also Title Evidence)bona fideconstructive noticeconveyance taxdefect of recordfilegood faithgrantor-grantee indexinnocent purchaser for valueinquiry notice
legal noticeliberpriorityrecordingregistrar (recorder)regular system (REG)subsequent bona fide
Subdivisions (and Roads)air parkaliquotavenueboulevardbusiness parkCC&Rscircleconsolidatecontiguouscul-de-saccurvilineardeclaration of restrictionsdriveegressfreewayfrontagefrontage streetgradegradientgridironhighwayinfrastructureingressinside lotInterstate Land Sales Full
Disclosure Actkey lotlanelimited access highwayloopOffice of Interstate Land Sales
Registration (OILSR)orientation
parkwayplaceplanned unit development
(PUD)plat bookproperty reportpublic offering statementrestrictionresubdivisionstatement of recordstreetsubdividersubdivisionsubdivision registration lawway
Taxationaccelerated cost recovery
systemaccelerated depreciationaccommodating partyadjusted basisad valoremannual exclusion for gift taxassessed valuationassessmentassessment rollsassessorat-risk rulesbargain salebasisbootbusiness energy property tax
Title (see also Estates)accessionaccretionadverse possessionafter-acquiredannexation
appurtenanceavulsionbare titleclaim of rightclearing titleclear titlecloud on titlecolor of titlecontinuationdiluvionencroachmentencumbranceequitable titleerosionescheatfixturefree and clear titlegap in titlehostile possessionlost-grant doctrinemarketable titlemuniment of titlenaked titleopen and notorious possessionperfecting titlequiet title actionrecord ownerrecord titleroot titleslander of titletitletitle paramountunencumbered propertyunmarketable title
Title Evidence (see also Recording)abstracter’s certificateabstract of titleaffidavit of titleAmerican Land Title
Association (ALTA)
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bring-down searchcadastral mapcertificate of titlechain of titleclosing protection letterderaignevidence of titleextended coverageflyspeckingforgeryhiatushidden riskidem sonansinsurable titlelate date orderletter reportoff-record title defectopinion of titleowner’s duplicate certificateplantpreliminary reportpurchaser’s policyregistered landstartertax and lien searchtax searchtitle insurancetitle reporttitle searchTorrens systemtransfer certificate of title
(TCT)
Watercorrelative water rightdiffused surface watersgroundwatermutual water companynavigable watersoverflow rightpotable waterprior appropriation
Zoning (see also Government)acreage zoningairport zoningarea regulationsblighted areabuffer zonebuilding codesbuilding permitbuilding restrictionscemetery lotscentral business districtcluster zoningCoastal Zone Management
Actconditional-use zoningconservationdensitydensity zoningdownzoningdwelling unitexclusionary zoningfloating zonegeneral plangrandfather clauseheavy industryhotelinclusionary zoninginner cityland bankland-use intensityland-use maplight industrylivability space ratio