Free Real Estate Vocabulary Flashcards

A governmentact established by the EPA that sets qualitystandards for water intended for humanconsumption.

A clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the property is sold during a specified period after the expiration of the listing (or any extension thereof) to a buyer provided during the listing period by the broker, the commission shall be paid.

A compensation for services, usually paid at specified intervals, and of a set amount.

A transaction in which an owner sells her or his improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises.

A sale and subsequent lease from the buyer back to the seller. Although the lease actually follows the sale, both are agreed to as part of the same transaction.

See: Market Data Approach.

A contract containing the complete terms of the agreement between buyer and seller for the sale of a particular parcel or parcels of real estate.

Materials carried by a salesperson to aid in listings and sales. This is the “tool kit” of real estate, containing forms, maps, tape measure, amortization schedules, pens, paper, etc.

The ratio of the assessed value of a property to its selling price, which is presumed to be market value. This shows the percentage of assessed value to market value.

One who is licensed to work in real estate under a licensed broker.

A person who performs real estate activities while employed by or associated with a licensed real estate broker.

The value of a building or portion of a building to be moved from one location for use at another site. Most often occurs in condemnation, especially for highway purposes, where large areas must be cleared. See also: Scrap Value.