Free Real Estate Vocabulary Flashcards

Pass the real exam by knowing all of the vital real estate vocabulary terms that are crucial to passing the real estate licensing examination. Study all of the important real estate glossary terms and definitions, and pass with confidence!

“Ready, willing, and able” buyer

One who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction

“Time is of the essence”

A phrase in a contract that requires the performance of a certain act within a stated period of time

1031 Exchange (1031 tax deferred exchange)

Under Section 1031 of the IRS Code, some or all of the realized gain from the exchange of one property for a like kind …

A Horizon

Surface horizon (layer) of soil, the composition of which is effected by water which percolates through it

A-Frame

A type of construction usually found in resort areas The exterior framing of the building is shaped like the letter A

A.B.A. (American Bar Association)

A national organization composed of member state and local bar associations, which control the licensing of attorneys

A.I.R. (American Industrial Real Estate Association)

A specialized association of real estate brokers and salesmen who deal primarily in industrial properties The goal of the association is to further the …

A.L.T.A. (American Land Title Association)

An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis

AAA Tenant

See: Prime Tenant

Aba Number

Originated by the American Bankers Association, it is the number (usually in the upper right hand portion of the check) which identifies the bank …

Abandonment

The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one’s possession or interest May pertain to an …

Abandonment Of Homestead

A recorded document, executed by those claiming a homestead exemption, giving up said homestead Not applicable to all states and procedure must be according …