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referral feemoney paid another broker for sending a client or customersalespersonone licensed to assist a broker in real estate transactionsTitle 11, Chapter 5law governing the practice of real estate in NJbranch officebroker's additional place of businesscomminglingmixing broker's money with that of othersduplicate originalcopy of a real estate contract with original signaturesescrow accountplace for money belonging to clients and customersguilty knowledgeawareness of wrongdoing with no attempt to stop itprobationleast severe discipline by the RE Commissionrevocationcancellation of a real estate licensesuspensiontemporary lifting of a real estate licensetrust accountanother name for escrow accountWaiver of Broker Cooperationform sellers must sign for an office-exclusive listingTitle VIIIsection of federal Civil Rights Act that covers housingLaw Against DiscriminationNJ's law governing discrimination in real estate transactionsCivil Rights Act of 1866federal law; protected classes are race and color; no exceptionsFederal Fair Housing Act of 1968federal law setting many protected classes; some exceptionsaccretionincrease of land caused by the gradual depositing of sold material by the action of wateralluvionsolid material deposited by a body of wateravulsionsudden change in the course of a streambundle of rightspossession, control, enjoyment, etc.improvementmanufactured attachments to landincorporealintangiblelandthe earth, including air abovelittoral rightsland bordering bodies of water affected by tidesmineral rightssubsurface rightsparcelspecific tract of landpersonal property;personaltyeverything that is not real propertyreal estateland, improvements, and bundle of rightsreal property, realtysynonyms for real estaterelictioncreation of dry land by the gradual withdrawal of waterriparian rightsuse of water by adjoining landownerssubsurface rightsownership of minerals, oil, and so ontrade fixtureremovable by tenantscurtesyhusband's rights in wife's propertydowerwife's rights in husband's propertydominant estateproperty that benefits from an easementeasementpermanent right to use another's landeasement appurtenantright that runs with the landeasement by necessityright of access to a landlocked parceleasement by prescriptionright sometimes acquired through usageeasement in grossright used for utility lines on another's landencroachmentbuilding intruding on another's landencumbranceany easement, encroachment, etc.estate in landamount of ownershipfee determinableownership "as long as"fee simplemost complete ownership of land possiblefreehold estateownership lasting indefinitelygeneral lienclaim against all property someone ownsinvoluntary lienproperty taxes are oneleasehold estateright to use and possess for limited timelicensetemporary permissionlienfinancial claim against real estatelife estatecomplete ownership until someone's deathlis pendensnotice that a lien may be filedmortgage lienlender's claim against real estateparty wallstructure owned by two adjoining landownersprioritythe order in which liens are paidremaindermanthird party who will gain eventual ownershipreversionary interestfuture interest of an ownerservient estatethe tract over which an easement runsspecific lienclaim against one parcel of REtackingadding successive periods of usagevoluntary lienmortgage or equity loan, for examplecorporationlegal entity considered to be an artificial persondeviseeperson named in a will to inherit real estategeneral partnershipgroup with each partner completely liablejoint tenancynonmarried persons with right of survivorshiplimited partnershipgroup with only general partner fully liablepartitioncourt-ordered sale and divisionpartnershipco-owners joined together to carry on a businessright of survivorshipprocess by which co-owner automatically receives share of co-owner who diessole proprietorshipbusiness owned by one person or entitytenancy by the entiretyspecial ownership by married coupletenancy in commonowners free to devise property to any heirtenancy in severaltyreal estate ownership by only onetitleownershipboard of directorsgroup elected to manage a cooperativecommon elementsstairwells, roofs, etc., owned by allcondominiumfee simple ownership of living unitconversionapartment house changed to condoscooperativeapartment whose buyer receives a proprietary lease/stock in corporationhomeowners associationall owners in one condominium complexHorizontal Properties Actregulates the creation of condominiumsproprietary leaseco-op owner's right to apartmentreservesmoney set aside for future repairstime-sharingownership for part of a yeartown housearchitectural termsad valorem taxtax set according to valueassessed valuevalue used for tax purposesassessment rolllist of all taxable propertyequalization factoradjust for assessment variationsfull-value assessmentestimate based on probable sales pricemillone-thousandths of a dollarratablea taxable propertyredemption periodtime in which a foreclosed owner can regain propertyrevaluationreassessment of all a municipality's ratablesspecial assessmenttax only on property directly benefiting from an improvementtax foreclosureseizing of property for unpaid taxestax lienmunicipality's financial claim against real propertytax salecollection of overdue taxes through public auction of property$160beginning license feepersonaltychattelsasbestosnow-banned hazardous mineral once used for insulationbuilding codesstandards for constructionbuilding permitpermission for constructionCERCLAComprehensive Environmental Response, Compensation and Liability Act of 1980certificate of occupancyinspector's approval for human habitationcondemnationcourt action by which government takes propertydeed restrictionlimit on use of property by sellerdepartment of environmental protectionNJ agency overseeing natural resourceseminent domaingovernment's power to take property for public useescheatreversion of property to the state when intestate owner dies without heirsexclusionary zoningdiscriminatory local regulationslead-based paintonce widely used wall covering containing a now-banned metalmaster planprimary method by which local governments recognize developmental goalsnonconforming useexisting use that doesn't meet current zoning standardspolice powergovernment's right to regulate for health and safetyradona naturally-occurring radioactive gas; easiest remediationvariancea use that does not meet zoning requirementszoning ordinancemunicipal restriction on uses of real estate in various areasassignmenttransfer of interest in a contract to a third partybilateral contractcontract with a promise by each partybreach of contractviolation of a contractcompetent partiesthose legally qualified to enter into contractsconsiderationsomething of value given in exchangecontingencycertain happening on which a contract dependscontractagreement between two parties to perform some legal act(s)counterofferoffer returned to buyer with changes by sellerearnest moneybuyer's deposit with purchase contractequitable titleinterest acquired by buyer with land contractescape clauseprotection for seller when buyer has another house to sellexecuted contractcontract that has been fulfilledexecutory contractcontract that has not yet been performedexpress contractcontract set down in so many wordsimplied contractcontract not put down in so many wordsland contractagreement under which buyer pays in installments and waits for deedliquidated damagessum agreed on to serve as damages in case of future defaultnovationsubstitution of a new contract for an existing oneoffer and acceptancemeeting of the mindsoptioncontract binding one party; other party free to act or notparol evidence ruleconvention that a written contract overrrides broken promisesrescissionreturn to the status quospecific performancecourt action usually asking that the seller be forced to sell as agreedstatute of fraudslaw requiring certain contracts to be in writingstatute of limitationstime within which one is allowed to assert a legal righttime is of the essencecontract clause requiring punctual performanceunenforceable contractseemingly valid contract but neither party can sue to force performanceunilateral contractone-sided promise, valid only if the other party actsvalid contractcontract that meets all legal requirementsvoid contractcontract that does not meet all legal requirementsvoidable contractcontract that is binding, but one party may disaffirm itactual evictionsuit for possession; legal removal of a tenantcertified property managerdesignation by the Institute of Real Estate Managementconstructive evictiontenant is forced to move because apartment becomes uninhabitabledemisea transfer of property by leaseestate for yearslease for a definite period of timegross leaselease under which landlord pays taxes, insurance and other expensesground leaserental of land on which tenant erect their own buildingsholdover tenancysituation when tenant remains after lease periodimplied warranty of habitabilitylandlord's responsibility for decent conditionleaseagreement transferring use of real estate for a period of timelesseetenantlessorlandlordmanagement agreementproperty manager's employment agreementnet leaselease in which tenant pays expenses like property taxes, insurance, etc.percentage leaselease in which landlord shares in gross receipts of tenant's businessperiodic estatelease with regular rent payments and no stated ending dateproperty managerperson who looks after another's rental real estatesubleaseagreement giving tenancy to another; original tenant still responsiblesuit for possessionlandlord's court action to evict tenantsummary proceedinganother term for dispossess proceedingtenancy at sufferancetenants remaining after lease term without landlord's consenttenancy at willtenancy that may be terminated whenever landlord wishestruth-in-rentingstate requirements that tenants be notified of their rightsacceleration clauseclause stating that in case of default, the whole debt is immediately payablealienation clauseclause stating that if property is sold, debt is immediately payablebondpersonal promise to repay money; similar to notedefaultfailure to live up to any part of a mortgage agreementdefeasance clauseclause ensuring that after repayment, lender hs no claim on propertydeficiency judgmentcourt order that borrower pay money lost by lender after foreclosureestoppel certificateborrower's statement of how much remains on mortgage debtforeclosureto seize and sell property pledged for a debthypothecationpledging of property as security without surrendering possessionmortgagewritten pledge of real estate as security for a loanmortgageelendermortgagorborrowernotepersonal promise to repay a loan; similar to a bondreduction certificatelender's statement of how much remains on a debtREOproperty acquired by lenderssatisfaction of mortgagelender's statement that debt has been repaid in fullsheriff's deeddocument given to purchaser of foreclosed propertysheriff's saleproceeding to auction foreclosed real estateshort salelender agrees to accept sale proceeds, even if less than the debtsubordination agreementarrangement by which mortgage holder gives up priorityusurycharging higher interest than is allowed by lawadjustable-rate mortgageplan with interest rate changed either up or down periodicallyamendatory clausestates that a buyer getting an FHA loan can rescind the contract if the appraisal is lower than the purchase priceamortization schedulelisting of each payment: interest, principal paid, remaining debtamortized loanrepayment plan including principal payments; gradually reduces debtassumablemortgage can be taken over by next buyerbiweekly mortgagerepayment plan, the equivalent of 13 monthly payments per yearBPOwritten estimate of value by a real estate licenseebudget loanloan with monthly payments including property taxes and insurancebuydownpayment of extra points in return for lower interest ratecappercentage beyond which interest cannot be raised at an adjustmentceilinghighest interest rate ever allowed on a specific adjustable loancertificate of reasonable valueVA appraisal statementfederal housing administrationUS agency that insures mortgage to protect lending institutionsFHA 203(b)low down-payment insured mortgage loanblanket loanmortgage covering more than one parcel of real estateconstruction loanstraight loan for short building periodcredit unioncooperative organization for members who save and borrowFannie Maea privately owned corporation that sets standards and buys mortgagesGinnie MaeGovernment National Mortgage Association; pools mortgages for investorshome equity loanadditional financing for homeowner; usually a type of second mortgageinterim financingbridge or swing loan for short term financing before a salejumbo loanloan higher than those usually bought by the secondary marketmortgage bankeragent who makes real estate loansmortgage brokeragent who brings together lender and borrower for a feeopen end mortgagemortgage that provides possibility for further borrowingpackage mortgagemortgage covering both real and personal propertyportfolio loanloan not intended for resale on the secondary marketprimary mortgage marketlending institution that makes mortgage loans to the publicpurchase money mortgageseller financingqualifying ratiopercentage of income borrower may spend on housing expenseRegulation Zimplements the Truth-in-Lending Actreverse mortgagemortgage in which lender sends regular checks building up debtsale-leasebackarrangement by which seller becomes tenantshared equity mortgageloan in which investor shares payments and profitstriggering termword in an ad that requires full disclosure of financing conditionsTruth-in-Lending Actregulates consumer loansunderwritingprocess of deciding whether to make specific loanswraparound mortgagelarger loan does not disturb underlying mortgageALIENSrequired items before lender can proceedTRIDmerges TILA and RESPA disclosureloan estimatedetailed loan costamenityextra that contributes to owner satisfaction, clear air, viewappraisalprocess of estimating valueappraiseran independent person trained to provide unbiased estimate of valuecapitalization raterate of return demanded by investors in a particular areacomparablessimilar nearby property recently soldcost approachappraisal technique that analyzes the cost to builddepreciationloss of value due to any causeexternal obsolescenceloss of value due to factors beyond the property boundariesfunctional obsolescenceloss of value due to worn or outmoded featuresgross income multiplieranalysis of income including rental and other factorsgross rent multiplieranalysis of rental income, used roughly in sales comparison approachhighest and best useuse of land that yields the most moneyincome approachanalysis of value of property using return on investmentmarket pricewhat a property actually sells formarket valueprice that would be paid by an informed buyerphysical deteriorationloss of value due to wear and tearreconciliationanalysis of values received by different appraisal approachesreplacement costcost to rebuild using today's materials and techniquesreproduction costcost to rebuild exactly, using materials like the originalsales comparison approachappraisal technique that analyzes sale prices of comparable propertiessituslocation; buyer's willingness to pay more for certain locationssubject propertyparcel of real estate being appraisedsubstitutionprinciple that no one pays more if the same can be had for lessvaluepresent worth of future benefitsclusteringputting living units close together to leave more open spaceconstruction permitlocal municipality's authorization for building plansdedicationturning over of private property to a municipalitydensity zoningzoning that allows more living units per acre than usualenvironmental impact statement (EIS)engineering reports often required before building permits are issuedimpact feescharged to developers for extra roads, schools, and so forthInterstate Land Sales Full Disclosure ActUS requirement for some developments to be registered with the CFPBmoratoriuma halt to developmentpercolation testtest of soils absorption and drainage capacitiesPlanned Real Estate Development Actlaw requiring registration of certain developments within NJplanned unit developmentcommunity with dense zoning and developer's plan for entire land useplanning boardgroup setting standards for local subdivisionplatmap of a town, section, or subdivisionsubdivisiondivision of property into more than one building lotUniform Construction CodeNJ's standards for buildingWarranty and Builders Registration Actstate regulations for builders of new homesacknowledgmentdeclaration to notary or other official; to prevent forgeriesbargain and sale deeddeed implying that grantor owns the propertybargain and sale deed with covenantsdeed stating grantor has not encumbered the propertybenchmarkmarker placed by US Geological Survey, stating elevationcovenantlegal promisedatummean sea level in NY harbor; also local zero-elevation pointdeeddocument used to transfer title to a parcel of real propertydelivery and acceptanceactions that actually transfer titlegranteeone who receives property through a deedgranting clauseclause in a deed that makes the transferhabendum clause"to have and to hold" clause that explains ownership being transferredlegal descriptiondescription sufficient to identify a parcel with certainty that is accepted by a court of lawmetes and boundsdescription using boundaries and directionsmonumentslandmark, metespoint of beginningspot at which a metes-and-bounds description commences and endsquitclaim deeddeed releasing any interest grantor may have without claiming seisinrectangular survey systemgovernment system for land description; used in western statessectionone mile squaretownshipsix mile squarewarranty deeddeed providing grantee with the most protectiongrantorone who transfers title by signing a deedadjusted basiscost plus improvements, minus depreciationappreciationincrease in valuebasisinitial cost of real estatebill of saledocument transferring ownership of personal propertybootextra money received by one party in an exchangeBulk Transfer Actlaw regulating sale and financing of business personal propertycapital gainprofit on the sale of an assetcash flowmoney left from rental income after expenses are paidexchangetax-deferred mutual transfers of income propertyincome propertyreal estate held for rental incomeinstallment salesale in which seller receives purchase price over period of yearsleverageextensive use of borrowed money for purchasesmarginal tax raterate at which investor's top dollar is taxedpyramidingrefinancing property to buy morereal estate investment syndicategroup pooling resources to buy real estatereal estate investment trustfund making real estate investments and selling sharesreturncash flow plus income tax savings plus appreciationsyndicatea joining together of two or more people to carry out business projectstax creditdirect deduction from income tax dueuniform commercial codelaw regulating transfer of business personal propertyair rightsbelong to owner of land belowhereditamentanything that can be inheritedagentone authorized to act for anotherantitrust lawsregulations prohibiting price fixingattorney-in-factperson authorized to act under a power of attorneybuyer's brokeragent who takes a buyer as the principalclientprincipal who engages an agentcommissionbroker's usual compensationconsumer information statementwritten explanation of a business relationshipcustomerthird party in a transaction, not the principaldisclosed dual agentone who works for both the seller and the buyerdisclosurerevealing to another any pertinent informationdual agencybrokers taking both parties as principalsemployeesalesperson whose broker pays SS, regulates hours, etc.fiduciaryone who owes special duties to anotherfiduciary relationshiptrust and confidence between partiesfraudintentional or unintentional misleading of another who is harmed therebygeneral agentone empowered for a wide range of actionsindependent contractorsalesperson who sets own hours, pays own estimated income taxes, etc.kickbackillegal sharing of a commission with a sellerlatent defectproblem not discoverable by normal prudent inspectionlaw of agencyrules governing conduct of agentslisting agreementcontract by which the owner retains a broker to find a buyermeeting of the mindsagreement between a buyer and seller on major pointsMegan's Lawlegislation requiring that communities be alerted to the presence of sex offenderpower of attorneywritten authorization of agencyprincipalthe one employing an agent; the clientprocuring causethe one who brings about a salepuffingharmless exaggeration as salesmanshipready, willing and able buyerone qualified and prepared to purchasespecial agentone authorized to act for another in a specific transactionsubagentagent of an agenttransaction brokerone who facilitates a transaction without functioning as an agentcode of ethicsstandard of conduct adopted by REALTORSconflict of interestproblem when serving both interests of both the client and oneselferrors and omissions insurancereal estate equivalent of malpractice coverageinnocent misrepresentationunintentional deception committed in ignorancenegligent misrepresentationfraud committed by someone who should have known betterstandard of carecompetence normally expectedattorney general's memorandumstatement about discrimination everyone listing property must receiveblockbustinginducing panic selling based on prejudiceDepartment of Housing and Urban Developmentfederal agency enforcing civil rights compliancelaw against discriminationNJ's law governing discrimination in real estate transactionsMount Laurel I and IIcourt case covering moderate-income housingprotected classspecific group that may not be discriminated againstredliningrefusal to lend in certain areas, usually inner-cityreverse discriminationcourt cases covering moderate-income housingsteeringchanneling homeseekers to or away from certain areastesterundercover checker who monitors fair housing complianceindexguide to national mortgage trends, used for adjustable mortgage rateinterestcharge for the use of other people's moneyloan-to-value ratiopercentage of a property's market value that may be borrowedmarginpercentage charged by lender above index rateNJ Housing and Mortgage Finance Agencylender of low-interest money in certain areasPITImortgage payment, including interest, amortization, and certain expensespoint1% of the laon amount, charged as extra up-front interest when loan is madeprivate mortgage insuranceprotection for the lender on a low-down-payment mortgage loanstraight loanmortgage with payments of interest onlytarget areaneighborhoods in which the state wishes to strengthen housing stockVA mortgageloan guaranteed by federal governmentequitydifference between current value and money owedtoolkitexplanation of financing termsrate locklender agrees to hold the interest rate for a certain period of time