Real Estate Vocab
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Real Estate Vocab - Marcador
Real Estate Vocab - Detalles
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| A document that creates agency between a broker and a buyer | Buyer Representation Agreement |
| A district where property owners can decide on government financed and approved improvement projects for which they will be taxed | Public Improvement District (PID) |
| Rural districts of Texas with lower tax rates that exist to provide developers a way to finance or be reimbursed for utility improvements they make | Municipal Utility District (MUD) |
| The other broker or salesperson that shows the listed property to a buyer who subsequently purchases the property | Cooperating Broker |
| A contract between a principal and a broker created for the broker to sell or lease a property | Listing Agreement |
| A form of property ownership in which one person is the owner of a property and has absolute control over the distribution and use of the land | Individual Ownership |
| Describes undivided ownership of an estate, with an interest that is exclusive from other owners | In Severalty |
| Ownership of a property by more than one person | Co-Ownership |
| Co-ownership in which each co-owner of the property holds their individual portion of the ownership interest in severalty | Tenancy in Common |
| A trust created through the use of a will when someone dies | Testamentary Trust |
| An account in which 100 people or more place funds for the trust to invest in real property and then return the profits back to the investors | Real Estate Investment Trust (REIT) |
| An entity that is doing business | Corporation |
| Two or more people or companies that join together to create and run a real estate investment | Syndicate |
| A type of corporation in which none of the owners of the company can be held personally liable for debt | Limited Liability Corporation (LLC) |
| A condensed history of title to a tract of land that summarizes the transfers of ownership and encumbrances | Abstract of Title |
| An estate that is created as a matter of state law | Statutory Estate |
| A type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right | Leasehold Estate |
| A defeasible fee estate that will come to an end automatically and immediately upon the occurrence of a designated event, the time of which is uncertain | Fee Simple Determinable Estate |
| An interest in real estate that will end upon the death of the life tenant or the pur autre vie life | Life Estate |
| A type of freehold life estate created by a deed or will that lasts for the duration of the tenant’s life | Conventional Life Estate |
| A type of freehold life estate created by an act of law; a Texas homestead would be one example | Legal life estate |
| A type of freehold life estate that grants someone ownership of a property for the duration of another person’s life | Pur Autre Vie |
| The portion of an estate that will return to the original grantor when a life estate has ended | Reversion |
| Refers to an an estate wherein, upon the death of the life estate owner, full ownership reverts to the original fee simple owner; also known as a revisionary right | Reversionary Interest |
| A leased possession of property for a certain, specific period of time; also known as a tenancy for years | Estate for Years |
| A lien brought by a government entity such as a tax lien | Statutory Lien |
| A lien that is against only the real estate | Specific Lien |
| The order in which debts or taxes levied by the government will be paid off through a court sale | Priority of Liens |
| A lien that is created on purpose and with the agreement of the owner of the property in question, such as a mortgage | Voluntary Lien |
| A lien established by local, state, or federal law for a specific set of circumstances | Statutory Lien |
| A right that exists only in equity, with one party charging their property as security for a debt or loan | Equitable Lien |
| A lien filed by the government for failure to pay certain debts | Federal Judgment Lien |
| A lien the seller has against a buyer as a security for the unpaid balance of the purchase price | Vendor’s Lien |
| Ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition | Bundle of Legal Rights - |
| Property owned by either spouse prior to the marriage or by gift or inheritance during the marriage | Separate Property |
| Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises | Performance Agreement |
| Part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform | Forbearance Agreement |
| An agreement in which both parties give consideration and promise to perform the actions specified in a contract | Bilateral Contract |
| An agreement in which one party promises to perform and the other party accepts this promise, requiring only one party to act | Unilateral Contract |
| A contract in which all terms have been fulfilled by all parties | Executed Contract |
| A contract that is not completely executed or performed | Executory Contract |
| Documents containing additional terms, information, or obligations that are attached to a contract | Addenda |
| A legal concept stating that the court can only consider information that appears within the four corners of the documents | Four Corners Doctrine |
| A law which requires certain types of contracts to be in writing and to be signed by all parties who are bound by the contract | Statute of Frauds |
| This occurs when one or more of the contracting parties perform only a portion of the agreed-upon contractual duties | Partial Performance |
| Occurs when a party performs the majority of the contract’s requirements but does not perform according to the contract’s stipulations | Substantial Performance |
| The definite starting point for a metes and bounds description | Point of Beginning |
| A method to describe land by using principal meridians and base lines; also known as the government survey system | Rectangular Survey System |
| A column created by drawing a parallel line every six miles east and west of a principal meridian | Range |