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!

Parol evidence rule

A law that states that no prior or contemporary oral or extraneously written agreement can change the terms of a contract

Parquet Floor

Patterned, hardwood flooring, especially parquetry (a geometric design)

Part Performance

The legal doctrine that allowsa court to enforce an oral agreement thatshould have been in writing when the promiseehas taken irrevocable steps to perform …

Partial Claim

A filing by a lender with the US Department of Housing and Urban Development requesting a one time, interest free, payment from the FHA …

Partial eviction

A case in which the landlord’s negligence deprives the tenant of the use of all or part of the premises

Partial Payment

A payment less than the agreed upon amount that is due

Partial Reconveyance

See: Partial Release

Partial Release

A release of a portion of property covered by a mortgage A subdivider will obtain a partial release as each lot is sold, upon …

Partial Taking

The taking of part of an owner’s property under the laws of eminent domain Compensation must be based on damages or benefits to the …

Participation

Lender involvement in property whereby the lender receives a portion of profits or income from the property as well as interest Usually occurs when …

Participation Certificates

Mortgage securities, rather than mortgages The advantage of the certificate is that it is readily marketable or pledgeable

Participation financing

A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the …