Real Estate

1
Real Estate
Terminology
2
Acre

• 4,840 Square Yards
• 43,560 Square Feet
• 4 Hectares
• Real Estate _______ are measured in acres.

3
Breach

• _________ of an obligation in a contract.

4
Caveat Emptor

• "Let the buyer _________." The buyer must examine
  the goods or property he/she is buying and
  he/she, therefore, buys at his/her own risk.

5
Commission

• Money paid to a real estate agent or broker by
  the seller as ____________ for finding a buyer
  and completing the sale. Usually it is a
  percentage of the sale price ________ percent on
  houses, 10 percent on land.

6
Condominium

• A condominium is a home in a shared building or
  development. The ______ gets title the space
  inside the unit, shares the common areas with
  other unit owners and pays a maintenance fee to
  the __________________ to pay for needed
  maintenance, repairs and improvements to the
  property.

7
Contract

• A contract is a ________________ agreement
  between two or more capable persons for
  consideration or value, to do or not to do some
  lawful and genuinely intended act. If affecting
  real estate it must be ____________.

8
Deed

• An instrument in writing, duly executed and
  delivered, that conveys title or an interest in
  real property.
• Serves as proof that you own the property and can
  be transferred from _________________________.

9
Default

• Failure to fulfill an obligation.

10
Duplex

• A two-family dwelling or house.
• Many of these south of Detroit in Lakewood.

11
Equity

• The interest an owner of real property has in its
  _____________ after allowing for encumbrances and
  creditors' claims.

12
Escrow

• An item of value, money, or documents deposited
  with ______________ to be delivered upon the
  fulfillment of a condition. For example, the
  deposit by a borrower with the lender of funds to
  pay taxes and insurance premiums when they become
  due, or the deposit of funds or documents with
  __________ or escrow agent to be disbursed upon
  the closing of a sale of real estate.

13
Fixtures

• ____________ improvements to property that may
  not be removed at the expiration of the term of
  lease or tenure.

14
Foreclosure

• Remedial court action taken by a ______________,
  when default occurs on a mortgage, to cause
  forfeiture of the equity of redemption of the
  mortgagor.

15
Landlord

• The person from whom another holds
  ______________.

16
Lease

• Contract between ___________ (lessor) and tenant
  (lessee) for the occupation or use of the
  landlord's property by the tenant for a specified
  time and for a specified consideration (rental).

17
___________

• A right, given to a creditor, creating an
  interest in the real property until the debt is
  discharged.

18
Market Value

• The __________________ in terms of money, which
  the property will bring to a willing seller if
  exposed for sale on the open market allowing a
  reasonable time to find a willing purchaser,
  buying with the knowledge of all the uses to
  which it is adapted and for which it is legally
  capable of being used, and with neither party
  acting under necessity, compulsion or peculiar
  and special circumstances.

19
Metropolitan Area

• That area which includes not only the entire
  chief urban core of a city (the central city) but
  also the __________ ___________ which are
  appended thereto.

20
Mill

• _____________ of one cent, a measure used to
  indicate the property tax rate.
• A tax rate of one mill per dollar is the same as
  0.10 per cent of the assessed value.

21
Mortgage

• A conveyance of property to a creditor as
  security for payment of a debt with a right of
  redemption upon payment of the debt.
• A loan taken against the property as
  ______________.

22
Refinance

• Obtaining a new mortgage loan on a ____________
  already owned. Often to replace existing loans on
  the property.

23
Survey

• The accurate _______________ measurement of land
  and buildings thereon, made with the aid of
  instruments.

24
Tenant

• One who occupies land or tenement under a
  landlord.

25
Zoning Ordinances

• The acts of an authorized ________ ______________
  establishing building codes, and setting forth
  regulations for property land usage.