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One who acts as an intermediary on behalf of others for a fee or commission/n
Broker Protection Clause
Protects broker from buyer and seller making contract behind broker\\\'s back. Provides for commission if broker\\\'s buyer purchases a period after listing expires./n
Bringing together parties interested in a real estate transaction/n
Broker\\\'s Price Opinion
An opinion of real estate value commissioned by a bank or attorney and provided by a broker/n
Defunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes/n
Brownfields Legislation
Provides federal funding to states and localities to clean up brownfields sites./n
buffer zone
An area established by the zoning and planning commission to separate commercial and industrial areas from residential. Its purpose may be safety or economics./n
Buffer Zone
Strip of land separating one type of use from another; i.e., a park or running trails between the commercial buildings and the residential neighborhood/n
Build Related Illness BRI
An illness due to air quality problems, typically toxic substances or pathogens and is a clinically diagnosed condition. Symptoms include asthma, allergies, and hypersensitivity/n
Building Code
Ordinance that specifies minimum standards of construction for buildings to protect public safety and health/n
building codes
Rules set by government to establish minimum standards of construction./n
Building Permit
Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances/n
Bundle of Legal Rights
Ownership of all legal rights: control, possession, use, disposition, enjoyment/n
Bundle of Rights
All rights and interests that can be legally held in real property. They are separated in possession, use and control, quiet enjoyment and disposition./n
business plan
A written overview that reveals the basic philosophy and strategy for an investment property./n
a financing technique in which a borrower is able to obtain a lower interest rate by paying discount points at the time the loan is originated. 1point=1% of the loan amount. /n
A financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the format of discount points are given to the lender by the builder or seller to buy down or loser the effective interest rate paid buy the buyer, thus reducing the monthly payments for a set time/n
Buyer Agency Agreement
Employment contract in which the buyer hires the broker to find a property to buy. Broker owes fiduciary responsibilities to buyer/client/n
Buyer\\\'s Agent
A residential real estate broker or salesperson who represents the prospective purchaser in a transaction. The buyer\\\'s agent owes the buyer-principal the common law or statutory agency duties./n
Buyer\\\'s Broker
A residential real estate broker who represents prospective buyers exclusively. As the buyer\\\'s agent, the broker owes the the buyer-principal the common law or statutory agency duties./n
capital gain
The taxable profit derived from the sale of a capital asset, such as real property./n
Capital Gain
Profit earned from the sale of an asset/n
A mathematical process for estimating the value of a property using a proper rate of return on the investment and the annual net operating incomes expected to be produced by the property. The formula is expressed as: Income ÷ Rate = Value./n
Capitalization Rate
The rate of return a property will product on the owner\\\'s investment/n
capitalization rate or cap rate
The ratio created when the net operating income is divided by the value of the property. It is also called the rate of return./n
Process of laying two to four feet of soil over the top of a landfill site and planting grass to enhance aesthetic value and to prevent erosion/n
Carbon Monoxide
Colorless, odorless poisonous gas produced as a by-product of incomplete combustion; can be dangerous if not properly ventilate/n
Cash Flow
The net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income. When expenses exceed incomer, a negative cash flow results/n
Cash Rent
In an agricultural lease, the amount of money given as rent to the landowner at the outset of the lease, as opposed to sharecropping/n
Casualty Insurance
Coverage against theft, burglary, vandalism and machinery dames; health and accident insurance; often written for specific risks, i.e., theft, rather than all inclusive/n
Categories of Real Property
Residential, Commercial, Industrial, Agricultural, Special Projects/n
caveat emptor
the philosophy that says \\\"Let the buyer beware\\\"/n
Caveat Emptor
A Latin phrase meaning Let the Buyer Beware/n
CC & R\\\'s
The abbreviation given to restrictions and requirements created in the Uniform Declaration of restrictions for condominiums./n
certificate of eligibility
Endorsement from the veterans administration indicating the right of a veteran to obtain a VA loan and the amount of his eligibility./n
certificate of reasonable value
The document required for a VA loan that verifies the value of property being used as security for the/n
Certificate of Reasonable Value CRV
A form indicating the appraised value of a property being financed with a VA loan/n
certificate of sale
The document given to the individual who successfully bids and purchases a property at a sheriff’s sale. It does not convey title to the property./n
Certificate of Sale
The document generally given to the purchaser at a tax foreclosure sale. A Certificate of Sale does not convey title; normally it is an instrument certifying that the holder received title to the property after the redemption period passed and that the holder paid the property taxes for that interim period./n
Certificate of Title
Based on examination of public records, a statement of opinion on the status of the title to a parcel of real estate/n
Chain of Title
Succession of conveyances from some accepted starting point, whereby the present hold of title derives the title, there should be no “breaks” in the succession/n
chain of title or abstract of title
A historical record of land ownership and liens or encumbrances against the property./n
The appraisal principle that holds that no physical or economic conditions remains constant/n
change cycle of change
This appraisal principle involves activity which goes from growth or integration to equilibrium to disintegration and perhaps to growth again./n
A synonym for personal property. It comes for the word “cattle.”/n
chattel mortgage
a loan secured by personal property/n
Civil Rights Act of 1866
Act that prohibits any racial discrimination in the sale or rental of housing/n
34-27-81 6 A person who has an agency agreement with a broker for brokerage service, whether he or she be buyer or seller./n
When any loan funds are received from the lender and the applicable documents are recorded. This comes after the settlement./n
An event where promises made in a sales contract are fulfilled and mortgage loan funds if any are distributed to the buyer/n
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