Podcast
Questions and Answers
What is a contract that grants a tenant the right to use a property for a specified period?
What is a contract that grants a tenant the right to use a property for a specified period?
What is the process of filing documents with the local government to make them public record?
What is the process of filing documents with the local government to make them public record?
What is the process of transferring ownership of a property called?
What is the process of transferring ownership of a property called?
What is the estimated price a buyer would pay for a property in the current market?
What is the estimated price a buyer would pay for a property in the current market?
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What is the estimate of a property's value usually performed by a licensed appraiser?
What is the estimate of a property's value usually performed by a licensed appraiser?
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What is insurance that protects against defects or errors in the title?
What is insurance that protects against defects or errors in the title?
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What are local regulations that govern how a property can be used?
What are local regulations that govern how a property can be used?
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What is the difference between the market value of a property and the amount still owed on the mortgage?
What is the difference between the market value of a property and the amount still owed on the mortgage?
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What is the right to use someone else's property for a specific purpose, such as access to a road?
What is the right to use someone else's property for a specific purpose, such as access to a road?
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What is a deposit made by a buyer to show their commitment to purchasing a property?
What is a deposit made by a buyer to show their commitment to purchasing a property?
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What is a property that needs repairs or renovation?
What is a property that needs repairs or renovation?
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What is the final step in a real estate transaction, where the ownership is transferred?
What is the final step in a real estate transaction, where the ownership is transferred?
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What is a legal document that transfers ownership of a property?
What is a legal document that transfers ownership of a property?
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Study Notes
Real Estate Terms
A
- Accelerated Depreciation: A method of depreciating property that allows for greater deductions in the early years of ownership.
- Abstract of Title: A summary of the public records related to a property's ownership.
A-R
- Appraisal: An estimate of a property's value, usually performed by a licensed appraiser.
- Appreciation: The increase in value of a property over time.
- Asking Price: The price a seller is asking for a property.
- Assessed Value: The value of a property as determined by a local government for taxation purposes.
- ** Assignment**: The transfer of a property or interest in a property from one person to another.
B-C
- Broker: A licensed real estate professional who represents buyers or sellers in a transaction.
- Buyer's Agent: A broker who represents the buyer in a transaction.
- Chain of Title: The sequence of ownership of a property from the present owner back to the original owner.
- Clear Title: A title that is free of any defects or encumbrances.
- Closing: The final step in a real estate transaction, where the ownership is transferred.
D-E
- Deed: A legal document that transfers ownership of a property.
- Default: Failure to fulfill a contractual obligation, such as making mortgage payments.
- Depreciation: The decrease in value of a property over time.
- Disclosure: The act of revealing information about a property's condition or other issues to potential buyers.
- Earnest Money: A deposit made by a buyer to show their commitment to purchasing a property.
E-L
- Easement: A right to use someone else's property for a specific purpose, such as access to a road.
- Equity: The difference between the market value of a property and the amount still owed on the mortgage.
- Escrow: A third-party account that holds funds or documents until certain conditions are met.
- Fixer-Upper: A property that needs repairs or renovation.
L-R
- Lease: A contract that grants a tenant the right to use a property for a specified period.
- Lien: A claim against a property for a debt or obligation.
- Listing: A contract between a seller and a broker to market and sell a property.
- Market Value: The estimated price a buyer would pay for a property in the current market.
R-Z
- Real Estate Agent: A licensed professional who represents buyers or sellers in a transaction.
- Recording: The process of filing documents with the local government to make them public record.
- Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better terms.
- Survey: A detailed analysis of a property's boundaries, dimensions, and features.
- Title Insurance: Insurance that protects against defects or errors in the title.
- Zoning: Local regulations that govern how a property can be used.
Real Estate Terms
A
- Accelerated Depreciation: Depreciation method that allows for greater deductions in the early years of ownership, reducing tax liability.
- Abstract of Title: A concise summary of public records related to a property's ownership, providing a brief history of the property.
A-R
- Appraisal: An estimate of a property's value performed by a licensed appraiser, often used to determine a property's value for lending or sales purposes.
- Appreciation: The increase in value of a property over time, often due to market conditions or property improvements.
- Asking Price: The initial price a seller sets for a property, which can be negotiated during the sales process.
- Assessed Value: The value of a property as determined by a local government for taxation purposes, which may not reflect the property's market value.
- Assignment: The transfer of a property or interest in a property from one person to another, often used in contracts or deeds.
B-C
- Broker: A licensed real estate professional who represents buyers or sellers in a transaction, earning a commission on the sale.
- Buyer's Agent: A broker who represents the buyer's interests in a transaction, responsible for finding properties and negotiating prices.
- Chain of Title: The sequence of ownership of a property from the present owner back to the original owner, important for verifying ownership.
- Clear Title: A title that is free of any defects or encumbrances, ensuring the buyer has full ownership rights.
- Closing: The final step in a real estate transaction, where ownership is transferred, and all parties fulfill their obligations.
D-E
- Deed: A legal document that transfers ownership of a property, specifying the buyer and seller, and any conditions of the sale.
- Default: Failure to fulfill a contractual obligation, such as making mortgage payments, which can lead to foreclosure.
- Depreciation: The decrease in value of a property over time, often due to wear and tear, or market changes.
- Disclosure: The act of revealing information about a property's condition or other issues to potential buyers, required by law in many jurisdictions.
- Earnest Money: A deposit made by a buyer to show their commitment to purchasing a property, often refundable if the sale falls through.
E-L
- Easement: A right to use someone else's property for a specific purpose, such as access to a road, which can impact property value.
- Equity: The difference between the market value of a property and the amount still owed on the mortgage, representing the owner's financial stake.
- Escrow: A third-party account that holds funds or documents until certain conditions are met, often used for secure transactions.
- Fixer-Upper: A property that needs repairs or renovation, often sold at a lower price due to the required work.
L-R
- Lease: A contract that grants a tenant the right to use a property for a specified period, often with conditions and rent obligations.
- Lien: A claim against a property for a debt or obligation, which can prevent the sale of the property until resolved.
- Listing: A contract between a seller and a broker to market and sell a property, specifying the commission and sale terms.
- Market Value: The estimated price a buyer would pay for a property in the current market, influenced by supply and demand.
R-Z
- Real Estate Agent: A licensed professional who represents buyers or sellers in a transaction, often working under a broker.
- Recording: The process of filing documents with the local government to make them public record, providing a permanent record of ownership and transactions.
- Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better interest rates or loan terms.
- Survey: A detailed analysis of a property's boundaries, dimensions, and features, often required for exact property mapping.
- Title Insurance: Insurance that protects against defects or errors in the title, providing financial protection and peace of mind.
- Zoning: Local regulations that govern how a property can be used, such as residential or commercial, to ensure compatible land use.
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Description
Test your knowledge of real estate terms from A to R, including accelerated depreciation, abstract of title, appraisal, appreciation, and more.
