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PA Real Estate Principles and Practice Glossary Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution$11.49
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PA Real Estate Principles and Practice Glossary Questions &Exam (elaborations) answers 100% satisfaction guarantee Latest update 2024/2025 with complete solution
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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
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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
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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
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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
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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
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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
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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
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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
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