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!

Patent Defect

A defect plainly visible or as would be discovered by the exercise of ordinary care A patent defect in a legal description is one …

Patio

Originally, a courtyard, enclosed by columns, or an open courtyard Modernly, a paved area adjoining a house, used for relaxation, outdoor cooking, eating, etc

Payee

The party that receives payment

Payment Cap

A maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate If the payment is less …

Payoff

The payment in full of an existing loan or other lien

Payoff Escrow

An escrow, specifically for the purpose of paying off an existing lien Usually part of an existing escrow, and called a sub escrow

Payor

The party that makes payment to another

Pedestrian Overpass

A bridge over a highway, railway, etc, for pedestrian traffic

Pedestrian Traffic Count

See: Traffic Count

Pedestrian Underpass

A tunnel, under a highway, used for pedestrian traffic

Penalty

A punishment In a real estate contract containing a liquidated damage clause, the clause is not valid if construed as a penalty See: Liquidated …

Penny

Most popularly applied to nails A measure of length, symbolized by the letter “d”