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Comprehensive Guide to Mastering Real Estate Vocabulary for Success in the PSI Real Estate Exam 2024/2025 $9.66
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Comprehensive Guide to Mastering Real Estate Vocabulary for Success in the PSI Real Estate Exam 2024/2025

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Comprehensive Guide to Mastering Real Estate Vocabulary for Success in the PSI Real Estate Exam 2024/2025 Chain of title An analysis of how ownership of a property has transferred over time, documenting each change in title. Chattels Movable personal property that is not permanent...

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  • December 8, 2024
  • 35
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • comprehensive guide to mastering real estate voca

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  • Real Estate
  • Real Estate

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Comprehensive Guide to Mastering Real
Estate Vocabulary for Success in the PSI
Real Estate Exam 2024/2025
Chain of title

An analysis of how ownership of a property has transferred over time, documenting each change
in title.



Chattels

Movable personal property that is not permanently attached to land or buildings.



City Planning Commission

A local governmental body responsible for overseeing and controlling the development of land
within a city or town.



Clear title

A property title that is free from any liens or disputes regarding ownership.



Closing

The term varies by state. In some, a real estate transaction is not considered "closed" until the
relevant documents are officially recorded. In others, it refers to the meeting where contracts are signed
and funds are exchanged.



Closing costs

Non-recurring costs are one-time expenses associated with purchasing property or securing a
loan. "Prepaids" are ongoing expenses like taxes and insurance. Lenders provide an estimate of these
costs in the Good Faith Estimate within three days of receiving the loan application.



Cloud on title



1

, Any issue revealed during a title search that may negatively affect the property title, often
requiring a deed, release, or legal action to resolve.



Codicil

A document that modifies or adds to an existing will without revoking it.



Commingling

An illegal practice where a real estate broker mixes their clients’ funds with their own personal
money, when brokers are required by law to maintain separate trust accounts for such funds.



Commission

The fee paid to a broker for facilitating the sale or purchase of a property, usually a percentage of
the transaction price.



Common area assessments

Charges levied by a Homeowners Association to individual property owners in a condominium or
planned unit development (PUD) for maintaining common property and facilities.



Common areas

Areas of a property owned or managed by a homeowners association, available for shared use by
all unit owners. These include amenities like pools, corridors, and parking spaces.



Common elements

Parts of a property that all condo residents share ownership of, such as hallways, elevators, and
the building’s exterior, necessary for its maintenance and safety.



Community property

Property acquired by a married couple during the marriage, where each spouse holds an equal
ownership share.



Comparable sales

2

, Sales of similar properties in the same or nearby areas, used to estimate the market value of a
property.



Condominium

A form of real estate ownership where individuals own their unit while sharing ownership of
common areas with other unit owners. It refers to the ownership type, not the physical structure.



Condemnation

A legal or administrative process where the government exercises eminent domain to seize
private property for public use.



Construction loan

A short-term loan provided to finance the costs of building a property, with funds disbursed to the
builder in stages as construction progresses.



Contingency

A condition that must be satisfied before a contract becomes legally binding, such as requiring a
satisfactory inspection before a home sale contract is finalized.



Contract

A formal agreement, either written or oral, where parties agree to do or refrain from doing
something.



Conventional loan

A loan that is not insured or guaranteed by the government, as opposed to FHA or VA loans.



Conventional Mortgage

A type of home loan that is not backed by any government program, typically issued by private
lenders.



Convertible ARM

3

, An adjustable-rate mortgage (ARM) that allows the borrower to convert it to a fixed-rate
mortgage at a set point in the future.



Conveyance

A legal document that formally transfers ownership or interest in real property from one party to
another.



Cooperative (Co-op)

A housing model where residents own shares in a corporation that owns the building, granting
them the right to occupy a specific unit.



Cost approach

A method for appraising property by adding the estimated replacement or reproduction cost of
the building (after depreciation) to the value of the land.



Credit

An agreement where a borrower receives funds or services with the promise to repay the lender
at a later date.



Credit history

A record detailing an individual’s repayment history for debts, used by lenders to assess credit risk
during loan applications.



Creditor

An entity or individual to whom money is owed.



Credit report

A detailed report prepared by a credit bureau that outlines an individual’s credit history, used by
lenders to evaluate their creditworthiness.



Credit repository

4

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