REB-FC Vocabulary 1

Another name for personal property

• Chattel

• Real estate

• Intangible assets

• Fixed assets

Means "let the buyer beware." The buyer must examine the goods or property and buy at his own risk.

• Caveat Emptor

• Caveat Venditor

• Caveat Lector

• Caveat Actor

A person in a position of trust and confidence as between a principal and a broker; owes loyalty.

• Agent

• Fiduciary

• Trustee

• Representative

An unconditional, unlimited estate of inheritance. It is of perpetual duration.

• Fee Simple Estate

• Life Estate

• Leasehold Estate

• Joint Tenancy

An party's consent to enter into a contract and be bound by the terms of the offer.

• Acceptance

• Rejection

• Counteroffer

• Negotiation

An addition to land from natural causes, such as gradual action of the ocean or river waters.

• Erosion

• Accretion

• Sedimentation

• Deposition

Insurance coverage for physical damage to a property from fire, wind, vandalism, or other hazards.

• Hazard Insurance

• Property Insurance

• Liability Insurance

• Comprehensive Insurance

A summary of a title's, conveyances, transfers, liens and other facts on record.

• Abstract of Title

• Title Report

• Property Summary

• Title Deed

Declining area affected by adverse economic forces such as informal settlers, crime, deteriorating buildings.

• Blighted Area

• Gentrified Zone

• Urban Renewal District

• Economic Development Area

That which is given by the terms of a will.

• Bequest

• Legacy

• Donation

• Gift