Glossary of Real Estate Terms PDF

Term Definition Acceptance by Ratification The acceptance of lease terms that occurs when a tenant Accord and Satisfaction When all parties have agreed to a change in one or more Actual Eviction Court action initiated by the l...

Term Definition Acceptance by Ratification The acceptance of lease terms that occurs when a tenant Accord and Satisfaction When all parties have agreed to a change in one or more Actual Eviction Court action initiated by the lessor to have a tenant remo Administrative Law Judge (ALJ) A judge who hears complaints and considers evidence reg Agency The legal relationship created when one person represent Air Rights Rights to use the space above the surface of land upward Airspace The space above the surface extending into infinity. Americans with Disabilities Act of 1990 A comprehensive civil rights law for the protection of pers Assignment The act of one party to a contract allowing someone else Bilateral Contract A contract in which two parties exchange promises. Blockbusting Inducing an owner to sell or rent a dwelling by making rep Breach of Contract The action or lack of action of one party to a contract whi Brokerage Agreement The relationship created between a sponsoring broker an Chattel Personal property, or objects which are not permanently Civil Rights Act of 1866 Guaranteed property rights to all citizens regardless of rac Client A person who is being represented by a licensee. Commingling Depositing personal funds in a special escrow account est Compensation Anything of value that is given in exchange for real estate Compensatory Damages Money paid with the intent to return the injured party of Competent Parties Parties to a contract who are of legal age, sane, and sobe Concurrent Ownership Ownership of property by two or more individuals or enti Condemnation Action The court action used to exercise the power of eminent d Confidential Information Information that could harm the client's negotiating posit Consideration The promise offered in exchange for an action, something Constructive Eviction A defense used by the lessee to avoid paying rent and vac Consumer A person or entity seeking or receiving real estate brokera Contract A legally binding promise or set of promises, generally set Customer A consumer who is not being represented by a licensee. Designated Agency Representation of either the purchaser/lessee or the selle Designated Managing Broker A managing broker who has supervisory responsibilities fo Destruction Clause A lease clause that describes what rights and responsibilit Discharged Contract A contract in which all the terms have been fulfilled, also Dual Agency The practice of representing both the buyer/lessee and th Duress The use of force to induce another to act against his/her w Eminent Domain Government police power that allows the taking of privat Exclusive Brokerage Agreement A written agreement between a sponsoring broker and a Executed Contract A contract in which all of the terms have been fulfilled. Executory Contract A contract in which all of the terms have not been fulfilled Express Contract Specific oral or written agreements of two or more partie Fair Housing Act Title VIII of the Civil Rights Act of 1968. This act bans discr Fair Housing Amendments Act of 1988 Enacted to expand coverage of the Fair Housing Act and t Fixture Personal property that becomes real property when it is p Fraud When one party intentionally misrepresents or conceals f Holdover Tenancy A lease that is created when a lessor accepts rent from a t IDFPR The Illinois Department of Financial and Professional Regu Implied Contract A contract that is formed by the actions of the parties and Improvement Clause A lease clause that states which rights the lessor will have Improvements Man-made objects directly attached to the land. Injunction A court order that forces someone to stop doing a specifi Involuntary Termination The cancellation of a lease against the tenant's wishes thr Joint Tenancy A form of co-ownership in which ownership interests of a Land The surface, subsurface, and airspace, along with that wh Lease A bilateral contract in which the lessor (landlord) promise Leasehold Estate or Interest The rights a tenant acquires in the lessor's property, also Legal Purpose An act or use that is allowed by law. Lessee The person receiving the lease, also known as the 'tenant Lessor The owner or landlord providing the lease. Menace The threat to use force to induce another to act against h Misrepresentation The omission or distortion of facts. Monetary Damages Money awarded to the injured party of a breached contra Novation All parties to the contract agree to a substitution of one o Offer and Acceptance The parties' agreement to the terms of a contract. A 'mee Offeree A person receiving the offer. Offeror A person making an offer. Option A contract to hold an offer open for a specified period of Ownership in Severalty Individual ownership of property by one person or entity Panic Peddling Inducing an owner to sell or rent a dwelling by making rep Parol Evidence Rule The legal rule that prohibits courts from allowing oral evid Periodic Tenancy A lease that has no specific ending date, will automatically Personal Property Property not permanently affixed to the land, also called Place of Public Accommodation A privately owned business or facility that affects comme Protected Class A group of individuals protected under the Fair Housing A Provisions of Law Statements required by local, state, and federal laws. Punitive Damages Money awarded by the court to an injured party of a brea Purchase Option A lease clause that gives the lessee the right to purchase t Radon A colorless, odorless, radioactive gas that comes from nat Real Estate Land and all leaseholds and other interest in land. Real Property Land and improvements that are permanently attached to Realty See Land. Renewal Option A lease clause that gives the lessee the right to extend the Rent Money paid for use of leased property. Repair and Maintenance A lease clause that clearly states which repairs or mainten Rescind An agreement between parties that a contract is to be ca Security Deposit Money deposited for or by the tenant with the lessor to b Source of Income Earnings from non-wage income. Specific Performance Legal remedy for breach of contract that forces the party Statute of Frauds Law requiring that all real estate contracts be in writing in Statute of Limitations A law limiting the amount of time a party can wait before Steering The action of an agent/licensee to direct a prospective bu Stigmatized Property Property that might be undesirable because it was the sit Subagency The practice of a listing agent allowing other agents to bri Sublet The transfer of a portion of the lease term, with reversion Subsurface The space beneath the surface extending to the center of Subsurface Rights The rights to use the space beneath the surface of land. Surrender and Acceptance Mutual agreement between parties to terminate a lease o Tenancy The rights a tenant acquires in the lessor's property. Tenancy At Sufferance A lease created by law when a tenant continues to occupy Tenancy At Will A lease with no definite duration. Tenancy For Years A lease that has a specific ending date. Tenancy in Common A form of co-ownership in which ownership interests of a Tenant The person receiving the lease, also known as the 'lessee. Termination Clause A lease clause stating the method and procedure for endi Testers People who pose as prospective tenants to test for discrim Trade Fixtures An item of personal property that is attached to real prop Undue Influence The use of a position of trust to cause a party to enter int Unenforceable Clause A lease clause that makes each clause separate. Unenforceable Contract A contract that has all the necessary elements for a bindin Unilateral Contract A contract in which one party makes a promise to induce Valid Contract A contract that fulfills all the requirements of the law. Void Contract A contract that lacks legally required provisions. Voidable Contract A contract that has the elements of a valid contract but o Voluntary Termination The cancellation of a lease at the end of its term.  takes possession of the property but does not sign a lease. This form of acceptance is recognizable by th sons with physical and mental disabilities. This law mandates equal access to jobs, public accommodatio presentations regarding entry of persons of a protected class, also referred to as 'panic peddling.' d any member of the public who is receiving real estate services through the sponsoring broker or the b ce. This act specifically provides that all citizens shall have the same right to inherit, purchase, sell, or lea cate the property when the lessor allows the premises to become uninhabitable for an unreasonable am rimination on the basis of race, color, sex, religion, national origin, disability, and familial status. rough actual eviction, constructive eviction, eminent domain, mortgage foreclosure, or bankruptcy proce es to provide exclusive possession of the property in return for the lessee's (tenant's) promise to pay ren e bringing action against another party who has committed fraud or violated the terms of a contract. ons, government services, public transportation, and telecommunications.