National Real Estate Vocabulary, Pennsylvania Real Estate

National Real Estate Vocabulary, Pennsylvania Real Estate Vocabulary Flashcards Adjustable-Rate Mortgage (ARM)A loan in which the interest rate is periodically increased or decreased to reflect changes in the cost of money Bilateral ContractA contract in which both parties have reciprocal obligations towards each other.Certificate of Reasonable ValueCommonly known as a C.R.V.; this is the appraisal commitment of the Veterans Administration used to fix the value of the property being proposed for purchase by a veteran under the GI bill of rights.BenchmarkA permanent reference mark or point established for the use in measuring differences in elevation.AssignmentThe method of manner by which a right, specialty, or contract is transferred from one person to another Blanket MortgageOne mortgage covering two or more specific parcels of realty.BrokerageA real estate broker's business CondemnationThe process by which property of a private owner is taken for public use, with just comensation to the owner, under the right of eminent domain.ContinuationAn update of a title search, covering the period from the preliminary title report to the time of the recording of the documents Closing StatementA statement of settlement made by the broker or an escrow company that reflects the financial position of the buyer and seller in that particular real estate transaction.BaselineImaginary lines used by surveyors in locating and describing land under the rectangular survey method. The East-west line Actual AuthoritySuch authority that a principal intentionally gives his agent ContractA legal agreement between competent parties for a consideration to perform or refrain from performing certain acts.AssessmentA charge against real estate made by a unit of government to cover the proportionate cost of improvements BeneficiaryA person who receives and benefits from the gifts or acts of another; one who receives the proceeds from a will, insurance policy, or trust.AppurtenanceThat which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed

Condominium OwnershipThe individual outright ownership of a single unit in a multi-unit property together with an inerestin the common elements of that property Action of EjectmentA legal action brought about to regain possession of real property; used when there is no relationship of landlord and tenant, such as re-entry by the actual owner against a claimant under adverse possession Adjoining OwnerOne whose property is contiguous; to be next to CompetitionAn appraisal principle which holds that profits tend to encourage it and excess profits tend to result in ruinous amounts of it.Air RightsThe rights vested by a grant of an estate in real property to all or any portion of the space above the ground Abutting OwnerAn owner whose land touches a highway or other public place.ContingentDependent upon an uncertain future event Certified Property managerCommonly known as C.P.M., this identification is bestowed upon any property manager who has met the requirements of the Institute of Property Management operated under the auspicesof the National Association of Realtors.Conditional Use PermitsA permit that allows a special use, such as a school or hospital, to operate in a neighborhood where it would otherwise be prohibited by the zoning. Also called a special use permit or special exception permit.Building RestrictionsRules concerning building size, placement, or type, they may be public restrictions (in zoning ordinance, for example) or private restrictions (CC&Rs for example) AmenitiesThose things which are marked by such qualities as pleasantness, comfortableness, and agreeableness. In appraising, the amenities of property are those qualities which increase the pleasure of ownership and are not necessarily related to monetary values ClientThe principal to a real estate transcation who emplys the agent.Bundle of RightsOwnership concept in real estate which embraces the rights of possession, use, enjoyment, and disposition.Competent PartiesThose who are qualified or mentally competent to enter into a contract AcreA measure of land equal to 60 square rods, 4,840 square yards, or 43,560 square feet Certificate of OccupancyA statement issued by a local government agency (such as the building department) verifying that a newly constructed building is in comliance with all building codes and may be occupied.

Access RightThe right of property owner to have ingress and egress to and from his property Appraisal by CapitalizationDetermining the value of property by dividing new annual income by the capitalization rate. Use on income producing properties AccessionThe acquisition of title to additional property by its annexation to real estate already owned. This can be the result of human actions (as in the case of fixtures) or natural processes (such as accretion or reliction) Cloud on TitleAny condition revealed by a title search which may affect or impair the owner's title to property because of their apparent of probable validity.Bargain and Sale DeedA deed used to convey title to real property, which may or may not include warranties; if any, they are generally limited to an assertion by the grantor that he has possession of the property.ConformityAn appraisal principal which holds that the maximum value of property is realized when there is a reasonable degree of social and economic homogeneity in the neighborhood Adverse PossessionThe means of acquiring title to land against the real owner, where possession has been actual, open, hostile, exclusive, continuous, and under claim of right for the statutory period AdministratorA person appointed by the court to administer the estate of a deceased person who died intestate, and left no will AnnexationThe act of attaching, adding, joining, or uniting one thing to another, converting personal property into real property BrokerA licensed person who negotiates the purchase and sale of real estate for another Capital ExperdinturesMoney spent on improvements and alterations that add to the value of property and/or prolong its life Attachmentis a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor or sold for the benefit of the creditor.AlluvionThat increase of soil on a shore or bank of a river as a result of accretion AcknowledgmentA formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed

AppraisalAn estimate of value of real estate: the report stating and

supporting the estimated value of realty Balloon PaymentThe final installment payment on a note which is greater than the preceding intallment payments and pays the note in full

Common InterestThe percentage of undivided interest in the common elements of a building appertaining to each apartment BalanceAn appraisal principal which holds that the maximum value of real estate is achieved when the agents in production (labor, coordination, capital, and land) are in proper harmony with each other Caveat EmptorLet the buyer beware; the buyer must examine the goods or property and buy at his own ristk.AffirmTo confirm or to ratify AssignorA party who assigns or transfers an agreement or contract to another Capital GainProfit realized from the sale of a property Certificate of SaleThe document given to the purchaser at a mortgage foreclosure sale; becomes a sheriff's deed only after the redemption period expires.Ad ValoremTax according to value Building codesRegulations defining materials and/or performance standards for structural components, as well as heights, safety features, sanitation and health requirements, and

setback and sideline restrictions. Also: Rules established

by local government to regulate construction standards.CondominiumProperty developed for common interest ownership, where each co-owner has a separate interest in an individual unit, combined with an undivided interest in the common elements of the property AgencyThe legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party Common ElementIn a condominium land and all parts of a building normally used by all of the owners for their mutual convenience or safety.Breach of ContractViolaton of any of the terms or conditions of contract; default; non-performance.CapitalizationThe act of converting future income into current equivalent value.BlockbustingThe discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood AssigneeThe person to whom an agreement or contract is transferred AlienationThe transferring of real property from one person to another