Georgia Real Estate License Key Word Vocabulary Flashcards

Georgia Real Estate License Key Word Vocabulary Flashcards Area preferencePeople's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.Chlorofluorocarbons (CFCsNontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine, such as air conditioners and refrigerators. CFCs are safe in application but cause ozone depletion.Americans with Disabilities Act (ADA)An act addressing the rights of individuals with disabilities in employment and public accommodations.Buyer Agency AgreementA principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.Community association managementProvides a team of property managers, accounting staff, office staff, and property consultants to manage property.Carbon monoxide (CO)A colorless, odorless gas that occurs as a by-product of fuel combustion that may result in death in poorly ventilated areas.Buffer ZonesA strip of land, usually used as a park or designated for a similar use, separating land dedicated to one use from land dedicated to another use (e.g., residential from commercial).AttachmentThe act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.AgencyThe relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.AmendmentA change to the existing content of a contract (i.e., if words or provisions are added to or deleted from the body of the contract). Must be initialed by all parties Base LinesThe main imaginary line running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description.Certificate Of OccupancyPermission by the municipal inspector to occupy a completed building structure after it has been inspected and found in compliance with building codes.Antitrust LawsLaws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies

and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing (brokers conspiring to set fixed compensation rates) or allocation of customers or markets (brokers agreeing to limit their areas of trade or dealing to certain areas or properties).

Broker's Price Opinion (Bpo)An opinion of real estate value commissioned by a bank or an attorney and provided by a broker Balloon PaymentA final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.Capitalization RateThe rate of return a property will produce on the owner's investment.BuydownA financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the form of discount points are given to the lender by the builder or the seller to buy down or lower the effective interest rate paid by the buyer, thus reducing the monthly payments for a set time.ContractA legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed.Bilateral ContractA contract by which all parties to the instrument are legally bound to act as prescribed.AcknowledgmentA formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.Actual EvictionThe legal process that results in the tenant's being physically removed from the leased premises AssumeA buyer is personally obligated for the payment of the entire debt of a seller; that is, the buyer assumes the debt.The original seller is not liable for the debt if the property is foreclosed on.AgentOne who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent.Air rightsThe right to use the open space above a property, usually allowing the surface to be used for another purpose.Civil Rights Act of 1866An act that prohibits racial discrimination in the sale and rental of housing.CustomerThe third party or nonrepresented consumer for whom some level of service is provided.Chain of titleThe succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.

Competitive Market Analysis (Cma)A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities.Cost ApproachThe process of estimating the value of a property by adding to the estimated land value the appraiser's estimate of the reproduction or replacement cost of the building, less depreciation.Blanket LoanA mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.AccessionAcquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.Constructive EvictionActions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.Conventional loansA loan that requires no insurance or guarantee.Code Of EthicsA written system of standards for ethical conduct.ChangeThe appraisal principle that holds that no physical or economic condition remains constant.CondemnationA judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.Buyer's AgentA residential real estate broker or salesperson who represents the prospective purchaser in a transaction. The buyer's agent owes the buyer-principal the common-law or statutory agency duties.AssignmentThe transfer in writing of interest in a bond, mortgage, lease, or other instrument.Accrued DepreciationLoss in value resulting from the property's physical deterioration, external depreciation (decrease in price), and functional obsolescence.Coinsurance ClauseA clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost Ad Valorem TaxA tax levied according to value, generally used to refer to real estate tax. Also called the general tax.CorporationAn entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.