Free Real Estate Vocabulary Flashcards

An apartment within a single-family dwelling.

Structures used for the benefit of a central or main building, such as a tool shed, garage, or similar structure.

The use or occupancy incidental or subordinate to the principal use or occupancy of a property.

The annual number of hotel (or motel) rooms occupied in a given market area.

Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.

The recording of documents with the county recorder by a title insurance company, without liability (no insurance) on the part of the company, but merely as a convenience to a customer.

One who acts to facilitate an exchange under the rules of Section 1031 of the Internal Revenue Service Code. The proper terminology is a Qualified Intermediary, but accommodator, facilitator or intermediary are the common terms used.

An agreement by which one accepts something different (usually less) from what is owed as full satisfaction. The amount owed may be in dispute or simply accepted as full satisfaction by the creditor or claimant. The agreement and acceptance is called ‘Accord and Satisfaction’.

The agreement (accord) and acceptance (satisfaction) by creditors of less than the full amount owing on a debt.

In an agency relationship, the agent’s fiduciary duty to account to the principal.

Money owing. The term is generally used in business rather than personal finances. Usually represents services or materials, such as wood, bricks, payment of subcontractors, etc., to a builder.

Money owed to a business for goods or services. Accounts receivable may be sold or borrowed against. Many times the sale of accounts receivable is for less than face value (discounted).