the legal process by which someone is expelled from a property and prevented from re-entry

a tax calculated according to the assessed value of a piece of real estate

a mortgage with an interest rate that can be adjusted based on fluctuations in the cost of money

involuntary transfer of title from an owner who does not use or inspect their land for a number of years to another person who has some claim to the land and takes possession

a mutually binding understanding between two parties that authorizes another party to act on their behalf

an individual with authority to act on behalf of another; a state license is required to operate as an agent in real estate

the right to use the air space above the surface of land

the area above ground that is owned along with a property; could include space above a piece of land, or the space owned inside a condominium unit

the transfer of ownership (title) to real property. alienation may be voluntary or involuntary

a federal civil rights law passed in 1990 which prohibits discrimination against and create standards for people with disabilities

the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule

how much the borrower will pay in interest over the course of a year

an official valuation given to a property by a licensed appraiser

an individual who is trained and licensed to perform appraisals, which estimate the value of real property

the increase in value of a property

rights that run with real property ownership; most often transferred with the property, but possible to sell separately

a payment that occurs at the end of a period to compensate for charges accrued during that time

a naturally occurring mineral fiber that is commonly used in insulation but if airborne or inhaled, can cause severe respiratory health issues

the combining of multiple contiguous pieces of real property into a single tract of land, often resulting in an increase in value

the value placed on a property by a governmental unit for use in calculating property taxes

the transference of rights and obligations in a contract from one party to another

an individual who meets the licensure requirements to be a real estate broker but provides real estate brokerage services as an independent contractor to a real estate broker

the sudden loss of land by flood or when a stream or river changes course

a payment at the end of a loan period which includes the total outstanding balance of the loan

a deed without any covenants or warranties against encumbrances that only implies the grantor has possession of the property and holds the right to convey title

a parallel used in reference to a meridian to identify ranges, tiers, and townships in the rectangular survey method of land description

permanent markers of known location and elevation above sea level as established by a government survey team (such as the USGS)

the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy

a loan for which more than one collateral property acts as security

an ad in which a license holder attempts to promote or solicit real estate activity without disclosing the fact that they are a license holder; illegal in Pennsylvania

the illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area

any fixed location in the Commonwealth of Pennsylvania, other than the main office, which is maintained by a broker or cemetery broker and devoted to the transaction of real estate business

short-term loan used to transition from one loan to another; can connect borrower from construction loan to eventual mortgage loan (or current home to their new home)

a person or business entity who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration

real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant

a set of regulations pertaining to building design, materials, safety, sanitation, and structure

ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber

the paying of money upfront to reduce a loan’s interest rate and monthly payments

any market that is experiencing an excess of sellers or supply, creating more favorable conditions for buyers

an expense paid in order to improve a property

upgrades or improvements to a property that fall outside the scope of normal repair and maintenance, usually with the intention of increasing value

a rate of return that calculates the percentage of expected annual income earned over a property’s value; the present value for expected future income earned

an odorless, colorless gas that occurs as a by-product due to incomplete combustion when burning such fuels as wood, oil, and natural gas

the comprehensive environmental response, compensation, and liability act, aka the superfund

legal document from a local authority that authorizes a building to be occupied; issued after the building has passed all required inspections

a document prepared by a title attorney detailing the chain of title and offering an opinion on the marketability of the seller’s title

the entire chronological record of a property’s ownership

a commonly used term for personal property in the world of real estate

a chemical compound formerly used in pesticides that is dangerous to human health

chemical compounds containing chlorine, fluorine, and carbon atoms that were once used in refrigerator coolant, air conditioners, and dehumidifiers

a federal law that prohibits discrimination in housing based on race

any claim to or encumbrance on the title to a property which affects transferability

property liened by a lender in order to assure payment of the loan and protect the lender’s investment

an unlawful agreement between competitors to monopolize a market, disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws

a title transfer that is defective in a way that is unknown to the new owner

the illegal act of mixing personal funds with a client’s funds

portions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, lobbies, fitness centers, elevators, etc.

a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property

a report that compares the prices of recently sold or listed homes to estimate the market value of a similar property in the same area

property where each owner has a separate interest in their own unit and undivided interest in the common areas

something of value exchanged by the parties as evidence of agreement to the terms of a contract

a temporary mortgage used to finance a construction project

the termination of a lease when the landlord’s acts or failures make the premises unusable

a provision in a contract making performance conditional upon a stated event

a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration

a sales contract in which the buyer pays the seller for the property in multiple installments for a predetermined length of time, and the seller holds title until the property has been fully paid for

the amount of market value added to a property by an addition or improvement; not necessarily the same as the cost of the improvement

any loan that is neither insured by the government nor guaranteed by the government

changing real property to personal property, and vice versa; also the illegal act of mixing a fiduciary’s funds with an agent’s personal funds

an instrument that transfers a grantor’s interest in real property

an agency arrangement in which two brokerages collaborate to achieve a real estate transaction for a specific piece of property

the repair of equipment after it has broken

method of estimating property value by determining replacement cost of improvements minus depreciation, plus land value

a protection in which the grantor states they hold the title conveyed in the deed, a.k.a. covenant of seizin

private restrictions similar to deed restrictions that dictate what homeowner may do with their property

contains information regarding an individual’s credit history (loan payments, etc.) as well as the present credit status of all open credit accounts

sum of money that is received

the right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower is the word used for women, curtesy for men

an individual with whom a license holder has no agency relationship nor fiduciary duties but to whom fairness and honesty are still required

a designated base reference point to elevation used by surveyors to determine the elevations of land or property in an area

sum of money that is owed

current debt obligations

used to evaluate income-producing properties; is calculated by dividing the net operating income (cash flow after all expenses and debts are paid) by total debt service (current debt obligations)

used to measure a borrower’s creditworthiness; calculated by dividing all debt (monthly payment + other debt) by monthly income

an alternative to foreclosure in which the defaulting borrower voluntarily transfers the property title to the lender and the borrower cancels the foreclosure

a deed used to convey ownership interest to the trustee under a land trust

a provision in a deed that restricts the land use of a property

a clause in a security document that indicates that the loan has been satisfied and that either the title will be conveyed to the borrower or the lien on the borrower’s title will be removed

a measure of the general desire for an asset or commodity at a given time

the measure of the proportion of a given area used for residential purposes

a department in the federal government which is in charge of enforcing federal fair housing laws

a reduction in value for any reason

an agency arrangement wherein both parties to the transaction are represented by their own agent, but both agents are employed by the same brokerage; by necessity each client enjoys an agency relationship exclusively with the named agent within the brokerage

the transfer of real or personal property through a will

a physical or mental impairment that substantially limits one or more major life activities, the record of such impairment, or being regarded as having such an impairment

a loan fee used to decrease a loan’s interest rate

the unjust or prejudicial treatment of different categories of people, especially on the grounds of race, color, sex, national origin, religion, disability, or other classifications

the process of money flowing out of banks

a legal principle used to bar dated claims; used in conjunction with an unreasonable delay or negligence in asserting or defending one’s rights

the legal doctrine which grants states the power to control and regulate all water resources within their borders

a law passed in response to the subprime mortgage crisis that created the consumer finance protection bureau

the parcel of land that benefits from an easement appurtenant by having the right to cross another owner’s adjacent land

an agency relationship wherein both the buyer and the seller are represented by the same broker in an in-house real estate transaction; requires written consent from both parties

a legal term used to describe the reasonable steps a person must take in order to satisfy a legal requirement

a clause in the mortgage contract that triggers the right of the lender to demand payment in full of the loan upon the sale or conveyance of the property

funds paid to confirm or commit to a contract

an interest in, or a right to use, another individual’s land or property, generally for a specific, limited purpose

easement in which private property is taken for public use via eminent domain; declaration that a structure must be closed or demolished because it is unfit for occupants

an easement that applies to the person or entity, not the specific land

the length of time for which an improvement on property is expected to remain functional and useful

the total annual income that a property produces; does not account for any expenses

an invisible field of energy produced by electricity

the power of government to seize private property for public use; government must pay property owner just compensation for exercising power

physical property that crosses the boundary into a neighboring landowner’s property

possessing the essential elements necessary to be legally binding and obligate performance; used to describe the compelling nature of a valid contract

a report prepared for a real estate holding that identifies potential or existing environmental contamination liabilities

the agency charged with enforcing federal environmental protection laws and taking other actions to protect the environment

the equal credit opportunity act, a fair lending law that aims to bar discriminatory lending practices

a theoretical market condition in which levels of supply and demand are balanced

the portion of a property’s total value owned outright by the holder to title

the gradual loss of land over time

the legal doctrine by which the decedent’s property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs

a process in which funds and/or financial documents are held by a disinterested third party on behalf of the other two parties in the real estate transaction until specific conditions are satisfied

a tenant’s occupancy of a property beyond their lease’s terms and without the landlord’s consent, also called tenancy at sufferance

a tenant’s occupancy of a property with the landlord’s consent

a lease with a specific starting and ending date, also called a tenancy for years

the legal principle that prevents an individual from asserting something contrary to that which was implied by previous words or deeds by that individual

standards of conduct agreed upon and recognized by a particular group or culture

forced removal of a tenant due to a default under the terms of the lease

constructive or actual notice of real property ownership

an agreement in which the seller has an exclusive relationship with a broker but retains the right to sell the property to named prospects

an agreement in which the seller guarantees the named broker receives a commission if the property is sold, even if the seller brings the buyer themselves

a contract that has not yet been fully performed (both sides have not yet completed their obligations)

loss of property value caused by negative forces outside the property which are beyond the control of the owner

a federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status

under the fair housing act, a protected class composed of families who have children under 18, pregnant women, and people in the process of obtaining legal custody of a child

a government-sponsored enterprise created in 1970 to further support the secondary mortgage market, and specifically, to support smaller thrift banks

a government-sponsored enterprise created to act as a secondary mortgage market facility that could purchase, hold, and sell fha-insured loans

a defeasible fee estate that comes with specific requirements (or conditions)

a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. ownership reverts back to the original owner if these stipulations are violated.

a type of fee simple defeasible estate which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated

maximum ownership of real property; also called a fee or fee simple absolute and is of indefinite duration, freely transferable, and freely inheritable

the federal housing administration; government agency charged with insuring mortgages

a credit scoring system created by the Fair Isaac Corporation

an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another

the full sum of obligations owed to the client in an agency relationship that ensure that the agent always acts in the best interest of the client

the critical point at which agency disclosure is required by a license holder; generally occurs at the first face-to-face meeting with the customer and prior to the sharing of any confidential information or initiation of any action in regards to a specific property

refers to the fact that real estate exists in a fixed location and cannot be moved; describes this truth about land from an economic viewpoint

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property

the legal process whereby a lender takes control of a property held by a borrower in default and sells it to recover the lender’s losses

wrongful or criminal deception intended to result in financial or personal gain

a form of ownership with an indeterminate length

the trademarked name of a harmful chlorofluorocarbon found in older air conditioning units

plants or crops intended for harvest and treated as personal property, a.k.a. emblements

trees, perennial plants, and uncultivated plants usually treated as real property because of their permanence

loss of value because a property's function or appearance has gone out of style or has been replaced by a more appealing or effective version

a form of agency relationship that authorizes an agent to manage all of a principal's affairs within certain specified areas; provides broader authority than that of special agency but less than that of universal agency

a lien for which the real estate and personal property may be sold to satisfy the debt

a business entity in which all co-owners actively share power, responsibilities, and profit

the act of documenting any transfer or claim of interest in the title to real property in public records per state law

good consideration, such as love and affection, that can be exchanged for valuable consideration in a contract or agreement; the exchange of which is generally seen as a gift on the part of the party giving up the valuable consideration

a government-owned entity that supports the secondary mortgage market by guaranteeing mortgage-backed securities (MBS) insured by the U.S. government

a lease in which the rental rate increases over time in specific increments

a fixed-rate mortgage that has a lower initial interest rate in its first years, but includes gradual increases each year

the person who receives a conveyance of real property in a transaction

lease in which the tenant will be responsible for the payment of a fixed monthly charge, while the landlord is responsible for paying all operating expenses, a.k.a. full service lease

the ratio of the price of investment property to its annual rental income before considering expenses like taxes and insurance, etc

also known as a land lease, it is the lease of bare, undeveloped land

water held underground in the soil or in pores and crevices in rock

a clause within a deed that clarifies the type and extent of interest conveyed by the granting clause

the use of a property which is legal, physically possible, financially viable, and produces the greatest yield

a handwritten will created solely by the testator and not witnessed

a loan in which funds are borrowed using the homeowner’s equity for collateral; the funds can be used for any purpose

laws which protect a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance

the pledging of an asset as collateral to secure a loan without delivery of title, possession, or other ownership rights

agency that is created by the actions, conduct, and words of either or both parties without ever being expressly requested

a contract created by the actions of the parties rather than by an express agreement

any nonnatural structure built on or affixed to land

method of estimating the value of a property by applying a rate of return to the net income it produces

one who contracts to do work according to their own methods, and is responsible to their employer only as to the results of that work

the principle that a client or customer must understand and agree to certain actions or agency relationships prior to implementation

a tool that transfers a grantor’s interest in real property

additional money paid to a lender for the use of their money

the facilitation by a third party of a financial transaction between two parties

the name for conditions in which the owner of a property dies without having left a valid will

the purchase of an asset with the intention of profiting from it in the future

transfer of title to property without the owner’s consent, usually carried out by operation of law

co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance

a foreclosure that is processed through the court

a lien that has another (senior) lien superseding it in priority; also called an inferior lien

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

a piece of land which is is not accessible by any public means

regulations that specify how the owners of individual parcels of real estate in a given area may use property

any structural defects that cannot be detected by ordinary inspection

the body of laws affecting agency that have come about as result of custom and/or case law, as opposed to statutory law introduced at the state or federal level

a set of laws that sets out the process of passing an estate to heirs when the owner dies intestate

a naturally occurring mineral that has been used in the manufacturing of paint and water pipes and is toxic to humans

a contract in which one party conveys property to another for a specific predetermined period of time, generally in return for periodic payment

an interest in the occupation of a property, established through a lease, a.k.a. non-freehold or less-than-freehold

a form of ownership with an indeterminate length

a description of a property that is distinct and precise enough to distinguish it from all other properties

any life estate created by a function of law as opposed to the actions or desires of a property owner

the party to whom the lease is granted, also known as the tenant

the party granting the lease, also known as the landlord

the use of a financial instrument or borrowed money to increase a return on investment

the state of being responsible for something

the claim made by a creditor against real or personal property pledged by a debtor as collateral

the order in which liens against a property will be settled

states that employ security instruments allowing the borrower to retain title while the lender places a lien on the property to secure the loan

a type of estate limited to the duration of a measuring life

a business entity composed of both general and limited partners; the general partners manage the business and limited partners are passive investors

assets that can be quickly converted to cash without losing their value

damages established by the contract to be paid as compensation in the event of default

the relative difficulty of converting an asset to cash without loss of value

a document recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property

rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

a trust established by a living trustor in order to convey legal title of property to a trustee for the benefit of a named beneficiary

a lender’s approval of a specific loan for a specific property; occurs upon completion of final loan approval step

combines and replaces the good faith estimate and the initial truth-in-lending (til) statement; highlights the most important elements of the transaction

a mortgage fraud scheme that involves an inflated appraisal and a straw buyer

the process through which a buyer obtains a mortgage loan from a lender

the amount of money being loaned compared to the value of the property

financial obligations often paid as installments over a predetermined time frame, which can extend for years

a system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision; a.k.a. the recorded plat method

a plan that a property manager creates for managing the property that includes an analysis of the market along with the financial standing, operating budget, and other important factors of the property

refers to whether a person is married, single, divorced, or widowed

a theoretical construct that isolates the selling and purchasing of any one particular commodity from the economy as a whole

a violation of antitrust laws in which competitors agree to divide markets amongst themselves

the price for which a property will theoretically sell under typical conditions

a title that is free from significant encumbrances or defects that might otherwise prevent a purchaser from enjoying or eventually selling the property

a plan created to secure the other party needed to carry out a real estate transaction that includes sales and advertising

a deed used to convey land to a condominium developer

a written document created by the local planning board to guide the future growth and development of a community

a fact that, if known, could cause someone to take a different course of action or make a different decision regarding the property to be purchased

a type of involuntary, specific lien that a mechanic or materialman can impose upon a property if the property owner fails to pay for materials or work done on the property

a land survey process in which a licensed land surveyor starts at a readily identifiable point of beginning and defines the boundaries of a property in terms of distances and compass directions, finally returning to the point of beginning

an action performed for another according to established procedures or guidelines and without the need for discretion or individual judgment

a statement, written or spoken, that is false or misleading; can be actionable if also found to be fraudulent

a type of fungus found in damp building materials that can release toxins into the environment

a fixed landmark, whether natural or human-made, used as a reference point in a metes and bounds legal description

a legal agreement between a creditor and borrower in which the creditor lends money with interest to the borrower for the purchase of property with the condition that the creditor takes ownership of the title if the borrower defaults in repayment of the loan

a borrower-paid insurance required for FHA loans, in order to insure lender in case of borrower default/foreclosure

the lender of the funds in a loan

the borrower of the funds in a loan

a database in which local member brokers share listings so that fellow member brokers can procure buyers for those properties and establish compensation for properties sold jointly

agreement by all parties to either create, amend, or terminate a contract

when a borrower’s payment is not large enough to cover the interest due on a loan, the unpaid interest is added to the principal balance

misrepresentation that occurs when the licensee either knows or should have known that a material fact is not accurate, that certain information should be disclosed, or unknowingly makes a false statement that is not reasonable to believe

a note that is transferable and assignable

a lease in which the tenant pays a base rent rate plus all or part of the operating expenses

a property’s annual income that remains after paying its operating expenses

any property use with is inconsistent with the land use controls for that area, regardless of legality

closing costs that are not split between the parties

the duty of a real estate owner to make their claim or interest on a subject property publicly accessible

lacking legal or binding force; invalid

a property’s loss of value due to economic or functional factors

a proposition made by an offeror to an offeree to agree to the terms of a binding contract; becomes a contract upon acceptance

the mutual understanding and agreement of the parties of a contract to that contract’s terms; process that changes an offer into a contract when the offeree communicates acceptance to the offeror

a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell the property

an occasional or continuous expense required for the operation of an income-producing property

the official opinion of an attorney regarding the condition of a property’s title

gives one party the right to perform a non-obligatory action within a time period (ex: terminating a contract or the right of first refusal)

fees pay for the cost of issuing the loan

a line of latitude

an orally created contract or the oral modification of a written contract; enforceability depends on circumstances surrounding creation

legal action brought with the purpose of terminating the ownership interest of a co-owner to real property

a wall shared by two separate properties; the owners on each side share the right of use, often as an easement

any structural defects that are easily discoverable upon inspection

used to measure a borrower’s creditworthiness; calculated by dividing monthly payment by monthly income

type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord

the fulfillment of an obligation, duty, or contract

a leasehold estate which automatically renews until canceled by either party; a.k.a. estate from period-to-period, periodic tenancy, estate from year to year

an unattached, moveable asset not considered real estate; a.k.a. personalty

the loss of value caused by physical wear and tear over time

a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by pud lot owners as tenants in common

a map indicating the locations and dimensions of lots in a lot and block system

an increase in overall value resulting from the successful assemblage of multiple plots

the starting point for a metes and bounds legal description

the government right to regulate and restrict land use in order to protect the public; right includes the power to enforce zoning and building codes

a group of human-made organic chemicals made of carbon, hydrogen, and chlorine atoms that were used in hundreds of industrial and commercial applications prior to 1979 and can cause a variety of adverse health effects

the total rental income a property would receive if the property was 100% leased

a legal instrument used to confer the right of one individual to act on behalf of another

imposing unfair and abusive loan terms on borrowers

conducting periodic inspections to catch minor issues before they become major failures

the client of a broker in an agency relationship; the parties to a contract in a real estate transaction; also, the amount borrowed in a loan which interest is accrued

a meridian used in reference to a baseline to identify ranges, tiers, and townships in the rectangular survey method of land description

insurance that protects the lender if a borrower defaults on a conventional loan; usually required when the borrower has less than 20% equity

a process by which courts determine and grant the appropriate ownership interest of an estate to creditors, taxing entities, and heirs of an owner who dies intestate

the defining action or actions that brought a buyer to purchase a property

a negotiable financial instrument that is evidence of a debt and a promise to pay that debt; often referred to as “the note”

any item which may be owned, including the rights associated with ownership

an inspection conducted to discover material facts or defects that exist within a property

the vocation of renting or leasing someone else’s real property on their behalf in exchange for compensation and in accordance with a property management employee contract

long-term and exclusive lease given to resident and stock owner of a cooperative

the act of dividing or allocating expenses between buyers and sellers based on the actual period of usage of the item or service

a limited time frame after an agency agreement ends during which an agent can be owed compensation if certain situations occur

the making of exaggerated claims (technically opinions) in order to achieve a sale or some other objective; also known as puffery

a life estate characterized by ownership lasting only for the duration of a designated party’s lifetime

instrument given by the purchaser to a seller who takes back a note for part or all of the purchase price

a type of deed that conveys any interest, title, or right to a parcel of land the grantor has at the time the deed is executed

an odorless, radioactive gas produced by the decay of other radioactive materials in rocks under the surface of the earth; can cause lung cancer

the area of land between two consecutive range lines

an unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal

land plus improvements

a trust that invests in, owns, or acquires real property and is owned by investors who share the trust’s profits according to shares

bank-owned properties that have been through the foreclosure process

land from the surface to the center of the earth and upward into space, all attachments, and the bundle of legal rights of ownership

the act of documenting any transfer or claim of interest in the title to real property in public records per state law

a system of legal land description that uses the global lines of longitude and latitude to create a surveyed grid of meridians, base lines, townships, and ranges to describe a piece of land; a.k.a. the government survey system

the illegal act of a lender refusing to issue mortgages in a specific area

the process of obtaining a new mortgage in an effort to reduce monthly payments, lower interest rates, take cash out of a home for large purchases, or change mortgage companies

the part of the truth in lending act (tila) that seeks to protect consumers by requiring proper disclosures and fair lending practices

a gradual increase in land area when water gradually withdraws

the interest in an estate that will pass to another party (other than the grantor) at the death of the person upon whom the life estate is base

the real estate settlement procedures act, passed to eliminate kickbacks in lending and disclose the costs of closing a loan.

a financial arrangement where a homeowner pledges equity to a lender in exchange for periodic payments of the pledged equity; essentially selling off equity in their home in exchange for monthly payments

the interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to the original fee simple owner (grantor)

the termination of an agreement by the person who granted it, such as when as when a principal terminates an agency relationship or withdraws an offer

an ongoing line of credit, as with a credit card, where the amount of debt can fluctuate as the borrower uses it to manage cash flow issues

the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners

rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

monitoring, assessing, and attending to the needs of a facility’s most necessary features

property appraisal method that estimates value by comparing the subject property to the sales prices of similar properties in the same market area

a contract used in the sale of real property that outlines the responsibilities of the parties and terms of the sale

a real estate license holder who is associated with a licensed broker for the purpose of performing real estate brokerage acts on the broker’s behalf

the superfund amendments and reauthorization act

the economic characteristic that informs the economic principle of supply and demand

one of 36 equal square miles in a township

the collateral for a loan

a loan provided by the seller to the purchaser of the property

a market condition in which the number of properties for sale does not meet the demand (number of people looking to buy)

a lien that comes first on the priority of liens, often a tax lien; also called a superior lien

the written form of an agency agreement between a client and a broker

describes the parcel of land that must allow an adjacent owner to cross; an easement appurtenant exists at the expense of this party

undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty

the act of converting real property into personal property

a landmark law passed in 1890 that prohibits the formation of trusts, or monopolies, in the marketplace; this law governs business by regulating anti-competitive conduct to promote fair competition on behalf of american consumers

an agency arrangement in which one agent represents one party in a real estate transaction; the party may be either a seller or a buyer

the economic significance of a property's location

ownership of a business by a lone individual

a form of agency relationship in which agents are limited in scope and are only authorized to perform acts permitted by their principal

a lien placed against property to collect taxes for a specific improvement benefiting the property

a variance that allows an out-of-zone use that benefits the community, and is included as a permitted special use in a zoning ordinance

a deed that only protects against defects that occurred while the grantor held title

a lien that applies to a certain property only

a legal remedy that requires the party in breach of contract to perform in accordance with the terms of the contract (as opposed to paying damages)

a measurement of land equal to 640 acres

the regulatory body responsible for regulating the brokerage industry and licensing real estate practitioners in Pennsylvania

a law which requires certain types of contracts, including those conveying interest in real property, to be in writing to be enforceable

a legal concept that establishes time limits for bringing certain kinds of legal actions

the illegal act of guiding prospective home buyers toward or away from certain neighborhoods because of their membership in a protected class

property with suppressed market value unrelated to its physical condition or features; frequently as result of death of an occupant, murder, suicide, or a belief the property is haunted

an accounting method in which depreciation expenses are deducted from a property's income

a form of agency that arises when an agent enlists the use of other agents to accomplish a client's goal

this provision in a sales contract refers to the purchase of a property that is subject to the existing mortgage; in such a sale, the title changes hands, so the buyer owns the house legally, but the seller’s old mortgage stays in place

a tenant’s transfer of part of their right of possession in a leased property to another person for a period of the lease term

a contract that gives a mortgage recorded at a later date priority over a previously recorded mortgage

a mortgage with an interest rate higher than prime mortgages due to the higher risk associated with a less qualified borrower

an economic principle stating that the value of a good or service is affected by the cost of getting a similar (substitute) item elsewhere

ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth, also known as mineral rights

a higher priority lien

in real estate, the amount of properties that are vacant or are available for sale or rent

the rights to access the surface area of a parcel of real property

the process and physical product of finding and measuring the boundaries of a piece of real estate, including the location of improvements, encroachments, and easements

the total taxable assets available in a specific area

the forced sale or auction of a property to cover outstanding debts

the value placed on a property by a governmental unit for use in calculating property taxes, minus any exemptions

co-ownership with individual, undivided interest in the property; includes rights of inheritance rather than survivorship

the name for conditions in which the owner of a property dies having left a valid will

the party who makes a will

an individual who, without any bona fide intent to rent or purchase a home, apartment, or other dwelling, poses as a prospective buyer or renter for the purpose of gathering information, which may indicate whether a housing provider is complying with fair housing laws

any person involved in a real estate transaction who is not your client; includes not only customers but also all other non-client participants such as title officers, lenders, appraisers, etc.

the area of land between two consecutive baselines

a phrase that communicates to parties of a contract that they must perform their contractual duties by a specific date and time in order to avoid a breach of contract

a form of co-ownership where each owner has use of the property at a different prescribed period of time, also known as interval ownership

the actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document

a policy that protects homeowners (and likewise, lenders) from certain financial losses due to title issues, such as defects, encumbrances, and liens

states that convey the title to the lender or, more commonly, to a third-party trustee (operating on behalf of the lender) for the life of the loan

a recording system used in some states in which the state holds all records of land and title ownership, evidenced by a certificate of title

a square area of land with sides of 6 miles each, consisting of 36 square-mile sections and identified in reference to a meridian and baseline in the rectangular survey system

personal property that is owned by and needed for a tenant’s business

an agent who facilitates a transaction absent of any agency relationship with either party to the contract; has no fiduciary duties for ministerial acts performed, a.k.a. transaction licensee, facilitator, or intermediary

one-time tax issued by the state that must be paid when a property is transferred from one owner to another

a type of lease requiring the tenant to pay a prorated portion of all of the operating expenses for the property

a legal entity where control of some asset or property is transferred by a grantor (trustor) to a third party (trustee) to be held for the benefit of another (beneficiary)

tanks located in the ground underneath properties that store chemicals, fuels, toxic wastes, and other potentially harmful substances

the process of determining the level of risk a lender is willing to take in extending a loan to a borrower

a contract wherein one party makes a promise and is obligated to perform if a second party chooses to accept the offer and perform in exchange for that which was promised

the most broad type of agency; gives agents the power to act and make decisions on behalf of the principal in all business matters of concern; often granted via a power of attorney

a human-made insulation material that becomes dangerous because of the gases released from the material after it hardens

illegally lending money at unfair interest rates

the measure of the degree to which something performs a desired function; serves as a component of the thing’s value

the amount of money that is guaranteed in a VA loan

possessing accuracy and, in context of contractual status, being legally binding and enforceable

the price for which a property will theoretically sell under typical conditions

permission granted by the government so that property may be used in a manner not allowed by the current zoning

lacking legal or binding force; used to describe a contract that is either illegal or impossible to complete

a contract lacking legal or binding force; often used with the phrase “null and void”

a contract wherein the wronged party has the option to perform, enforce, or void the contract

the right of a property owner on a waterfront to access and use that water

a written or verbal legal statement by an owner (testator) that prescribes the method of distribution of the owner’s estate to heirs

an arrangement in which the seller of a property extends a mortgage to a buyer; the seller maintains their original loan and continues to pay it while also receiving mortgage payments from the buyer