100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
PA Real Estate Principles and Practice Glossary Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution£9.32
Add to cart
PA Real Estate Principles and Practice Glossary Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution
4 views 0 purchase
Module
Tests 2025
Institution
Tests 2025
PA Real Estate Principles and Practice Glossary Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution
STUVIA 2024/2025
PA Real Estate Principles and Practice Glossary
( ARM ) A type of loan structure that permits the lender to periodically change or vary the interest rate
charged , based on a standard index . - ✔✔Adjustable Rate Mortgage
1. A right or share in something , such as a parcel of real estate . 2. A charge a borrower pays to a
lender for the use of the lender's money . - ✔✔Interest
1. A separate account maintained by a broker for the deposit Eviction of clients ' money ( i.e. , good
faith deposits ) . Also called Trust Account 2. The account a lender maintains to hold a borrower's
monthly payments for property insurance and property tax until those bills are due . Also called
Reserve Account or Impound Account . - ✔✔Escrow Account
1. Conveyance of a leasehold estate from the fee owner to a tenant . 2. A contract for which one party
pays the other rent in exchange for possession of real estate . - ✔✔Lease
1. The maximum dollar amount of a loan guarantee to which an eligible veteran is entitled . 2. The
process of obtaining legal approvals for the right to develop property for a particular use . -
✔✔Entitlement
%
1. The transfer of rights or interests under a contract to another party . 2. A valuation service . that is
provided by an appraiser as a consequence of an agreement with a client . - ✔✔Assignment
A binding agreement reached before judgment in a court case by which the accused party consents
to change its behavior without admitting wrongdoing . - ✔✔Consent Decree
A binding, legally enforceable contract. It meets all of the legal requirements for contract formation. -
✔✔Valid Contract
A bluish - white metal added to both exterior and interior paint as a drying agent and for pigmentation
before 1978. Also , once used for pipes in plumbing systems in homes and businesses ; can cause
health issues , especially for children . - ✔✔Lead
A brief , chronological Actual summary of the recorded documents affecting title to a particular parcel
of real property . - ✔✔Abstract of Title
A brokerage relationship in which licensee provides only administrative services to buyers and sellers
to assist in a transaction, remaining neutral and having no fiduciary responsibility toward either party.
Also called Facilitational Brokerage, Transaction Broker, or Non-Agency. - ✔✔Transactional
Brokerage
stuvia
, STUVIA 2024/2025
A budget created to project the income and expenses for a property over a one - year period . -
✔✔Operating Budget
A business owned and managed by one person ( or for tax purposes , legally married spouses ) who
is personally liable for all business debts . It could be organized under a fictitious or assumed name . -
✔✔Sole Proprietorship
A business that serves as an intermediary between buyers and sellers and or lessees and lessors of
real estate . - ✔✔Brokerage
A certificate establishing the current market value of a property based on an approved VA appraisal .
Issued by the VA , this certificate places a limit on the amount of a VA guaranteed loan . -
✔✔Certificate of Reasonable Value ( CRV )
A certificate issued by the Department of Veteran's Affairs to establish status and amount of a
veteran's eligibility to qualify for a loan guarantee . - ✔✔Certificate of Eligibility ( COE )
A characteristic Occupancy of real property ; each piece of land , each building , and each house is a
unique piece of real estate . Also called Uniqueness or Heterogeneity . - ✔✔Non - homogeneity
%
A characteristic of asbestos in which it can crumble easily or become powdery when manipulated by
hand , releasing particles into the air . - ✔✔Friable
A characteristic of real property; each piece of land, each building, and each house is a unique Also
called Non- piece of real estate. homogeneity or Heterogeneity - ✔✔Uniqueness
A characteristic of statutory survivorship tenancy , joint tenancy , and tenancy by the entirety ;
surviving co - tenants automatically acquire a deceased co tenant's interest in the property . -
✔✔Right of Survivorship
A claim , encumbrance , or defect that could make the title to real property unmarketable . -
✔✔Cloud on the Title
A clause , term , or condition in a contract that allows a party to that contract to avoid having to
perform the contract . - ✔✔Escape Clause
A clause added to a contract that voids the contract when the deadline passes. The party that fails to
perform by the deadline is in material breach of the contract. - ✔✔Agreement. Time is of the
Essence
stuvia
, STUVIA 2024/2025
A clause in a contract that states the agreement is contingent on the buyer obtaining approval for a
mortgage loan . - ✔✔Mortgage Contingency
A clause in a deed , usually beginning with " to have and to hold , " that describes the type of estate
granted . - ✔✔Habendum Clause
A clause that allows the trustee to sell trust deed property , without court supervision , when terms of
the trust deed are not kept . - ✔✔Power of Sale Clause
A clause used to defeat or cancel a certain right upon the occurrence of a specific event . -
✔✔Defeasance Clause
A co - op loan signifying a buyer is purchasing shares in a corporation rather than a mortgage for
ownership of property . - ✔✔Share Loan
A co-tenant's interest, giving him the right to possession of the whole property, rather than a particular
section of it. - ✔✔Undivided Interest
A company that owns and often operates income - producing real estate , it is organized as a trust
%
with the investors as the beneficiaries . - ✔✔Real Estate Investment Trust ( REIT )
A compensation strategy in which the seller sets a net amount that is acceptable for the property ; if
the actual selling price exceeds that amount , the broker is entitled to keep the excess as commission
. Net listings are illegal in many states and discouraged in others . - ✔✔Net Listing
A concerted refusal by two or more people to deal with a particular person or company . - ✔✔Boycott
A concrete foundation built directly on the ground . - ✔✔Slab - on - Grade Construction
A condition in which the grantor retains title to the estate until a specific condition occurs . - ✔✔Fee
Simple Subject to a Condition Precedent
A condition or occurrence that significantly and adversely affects the value of the real estate , reduces
the structural integrity of improvements to real estate , or presents a significant health risk to
occupants of the real estate ; or information that indicates . that a party to a transaction is not able to
or does not intend to meet an obligation under a contract or agreement made concerning the
transaction . - ✔✔Material Fact
stuvia
, STUVIA 2024/2025
A construction method in which the external walls have exposed wood framing constructed of timber
frames , with other materials such as plaster or brick filling the space between them . - ✔✔Half
Timbering
A consumer's personal financial information that would not be easily obtainable by the general public ,
such as credit reports , bank accounts transactions . - ✔✔Nonpublic Personal Information
A consumer's right to terminate future electronic communication from business and commercial
entities . - ✔✔Opt Out
A contiguous area labeled by similar traits or physical boundaries . Also called Market Area . -
✔✔Neighborhood
A contract , promise , or a guarantee ( express or implied ) in a document such as a deed or lease . -
✔✔Covenant
A contract between a buyer and a broker that grants the broker the right to represent the buyer in the
purchase or lease of property and that makes the buyer responsible for paying commission to the
broker . - ✔✔Buyer Agency Agreement
%
A contract between a buyer and broker in which the broker earns commission only if he is the Fair
broker who finds the property the buyer eventually purchases . - ✔✔Exclusive Agency Buyer Agency
Agreement
A contract between a buyer and broker in which the broker earns the negotiated fee even if the buyer
Fee purchases property through another broker or finds it on his own . - ✔✔Exclusive Buyer Agency
Agreement
A contract between a property owner and home warranty company that provides coverage for the
repair or replacement of named components in the home for a specified period of time , such as one
year . - ✔✔Home Warranty
A contract clause that gives a lender the right to charge the borrower a penalty for paying off a loan
early . - ✔✔Prepayment Clause
A contract clause that gives the lender the right to declare all outstanding payments immediately due
upon a default by the borrower . - ✔✔Acceleration Clause (in a mortgage)
A contract giving the optionee the right , but not the obligation , to buy property owned by the optionor
at an agreed - upon price during a specified period . - ✔✔Option to Purchase
stuvia
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXAMQA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.32. You're not tied to anything after your purchase.
