Concise Encyclopedia of Real Estate Business Terms

by Stevens; Robert E

• ISBN13: 9780789023421
• ISBN10: 0789023423
• Format: Nonspecific Binding
• Copyright: 2006-06-14
• Publisher: Routledge

Summary

An invaluable resource for real estate professionals and students Concise Encyclopedia of Real Estate Business Terms puts the terms used every day in the marketing and study of real estate at your fingertips. With a simple A-to-Z format, this comprehensive reference guide gets right to the point, providing brief but clear definitions and understandable explanations for more than 300 current terms and concepts used in every aspect of the real estate industry. An essential communication tool for anyone working in real estate management, insurance, economics, and urban planning, this practical guide is equally valuable for libraries, academics, and students. Compiled by Bill and Ryan Roark, realtors and co-hosts of Taking Care of Business,” a live weekly real estate news and information talk radio program, the Concise Encyclopedia of Real Estate Business Terms provides quick and easy access to the terminology that's unique to the real estate industry. From A (AAA Tenant, absorption rate, abstract) to Z (zoning) and everything in between, this handy reference resource will ensure you're not at a loss for words when dealing with the legal and financial issues related to real estate and property. The book also includes an appendix of sample forms and contracts and another that covers measurements and conversions. The Concise Encyclopedia of Real Estate Business Terms explains: adjustable rate brokerage fee due diligence internal rate of return (IRR) loan to value (LTV) non-binding agreement planned unit development (PUD) recapture rate sale leaseback tertiary trade area upside/downside warranty deed and much more! The Concise Encyclopedia of Real Estate Business Terms is equally valuable as a professional reference guide and as a classroom and library resource.

Table of Contents

Authors' Note	xv
AAA Tenant	1	(1)
Absorption Rate	1	(1)
Abstract	2	(1)
Acquisitive Prescription	2	(1)
Acre	3	(1)
Ad Valorem	3	(1)
Add-On Charges	4	(1)
Adjustable Rate	4	(1)
Agency	5	(1)
Alternative Mortgage	6	(1)
Amortized Lease	6	(1)
Appraisal	7	(2)
Appurtenances	9	(1)
As Is--Where is	9	(1)
Assessment	10	(1)
Assessor	10	(1)
Assignment	11	(1)
Assumption of Mortgage	11	(1)
Authentic Act	12	(1)
Average Daily Room Rate	12	(1)
Average Daily Traffic	13	(1)
Balloon Mortgage	14	(1)
Binding Effect	14	(1)
Bond for Deed	15	(1)
Breakpoint	16	(1)
Brokerage Fee	16	(1)
Bulk Sales Law	17	(1)
Buy/Sell Agreement	17	(2)
Buyer's Agent	19	(1)
Call	20	(1)
Capitalization Rate	20	(1)
Capital Gains	21	(1)
Cash Flow	22	(1)
Chattel Property	22	(1)
Closings	23	(1)
Cloud	23	(1)
Collateral	24	(1)
Collateral Mortgage	24	(1)
Commission	25	(1)
Comparables	25	(1)
Condominium	26	(1)
Confidentiality Agreement	27	(1)
Consideration	28	(1)
Constructive Notice	28	(1)
Contingency	29	(1)
Contract for Deed	29	(1)
Counteroffer	30	(1)
Covenants	30	(1)
Cross-Easement	31	(1)
Curative Work	31	(1)
Customer	32	(1)
Dation	33	(1)
Debt Service	33	(1)
Default	34	(1)
Defect	34	(1)
Demographics	35	(1)
Depreciation	36	(1)
Designated Agency	37	(1)
Discrimination	37	(1)
Dismemberment of Ownership	38	(1)
Dominate Estate	38	(1)
Down Payment	39	(1)
Dual Agency	40	(1)
Due Diligence	40	(1)
Due on Sale Clause	41	(1)
Durrett Rule	41	(2)
Earnest Money	43	(1)
Economic Feasibility	43	(1)
Encroachment	44	(1)
Encumbrances	45	(1)
Equity	45	(1)
Escalation Clause	46	(1)
Escheat	46	(1)
Estate at Will	47	(1)
Estoppel	47	(1)
Et Al	48	(1)
Et Ux	48	(1)
Eviction	48	(1)
Exclusive Listing	49	(1)
Exclusive Right to Sell	49	(1)
Execution	50	(1)
Expropriation	51	(1)
Extrapolation	51	(2)
Fair Market Value	53	(1)
Fee Simple	53	(1)
Fiduciary	54	(1)
Fixed Rent	54	(1)
Fixed Term	55	(1)
For Sale By Owner	55	(1)
Force Majeure	56	(1)
Foreclosure	56	(1)
Free-Standing Store	57	(1)
General Partnership	58	(1)
Graduated Payment Mortgage	58	(1)
Grantee	59	(1)
Grantor	59	(1)
Gross Lease	60	(1)
Ground Lease	60	(1)
Ground Rent	61	(1)
Habendum Clause	62	(1)
Hard Costs	62	(1)
Hazardous Waste	63	(1)
Heat, Ventilation, and Air-Conditioning System	63	(1)
Highest and Best Use	64	(1)
Home Inspection	64	(1)
Homestead Exemption	65	(1)
Improvements	66	(1)
Imputed Income	66	(1)
In Rem Mortgage	67	(1)
Indemnify	67	(1)
Infrastructure	68	(1)
Ingress/Egress	68	(1)
Internal Rate of Return	69	(1)
Land Capability Classification System	70	(1)
Land Contract	70	(1)
Lease	71	(1)
Legal Description	72	(1)
Lesion	72	(1)
Lessee	72	(1)
Lessor	73	(1)
Letter of Intent	73	(1)
License	73	(1)
Lien	74	(1)
Life Estate	74	(1)
Limited Partnership	75	(1)
Liquid Investment	76	(1)
Liquidated Damages	76	(1)
Liquidation	76	(1)
Listing Term	77	(1)
Litigation	78	(1)
Loan Prequalification	78	(1)
Loan to Value	79	(1)
Market Rent	80	(1)
Market Value	81	(1)
Marketability	81	(1)
Marketing Plan	82	(1)
Merchantable Title	83	(1)
Meridan	83	(1)
Metes and Bounds	84	(1)
Metropolitan Statistical Area	84	(1)
Millage Rate	85	(1)
Mineral Rights	85	(1)
Mitigation	86	(1)
Mortgage	86	(1)
Mortgage Broker	86	(1)
Mortgage Cancellation	87	(1)
Mortgage Insurance	87	(1)
Mortgage Satisfaction	88	(1)
Movable Property	88	(2)
Negative Amortization	90	(1)
Negotiate	90	(1)
Net Listing	91	(1)
Net Operating Income	91	(1)
Net Present Value	92	(1)
Nonbinding Agreement	92	(1)
Nonexclusive Listing	93	(1)
Nonrecourse Loan	93	(1)
Notary Public	94	(1)
Nuisance	95	(1)
Null and Void	95	(1)
Occupancy	96	(1)
Open-End Mortgage	96	(1)
Open Listing	97	(1)
Operating Statement	97	(1)
Option	98	(1)
Ordinance	98	(1)
Other Conditions	99	(1)
Partial Release	100	(1)
Participation Mortgage	100	(1)
Partition	101	(1)
Percentage Lease	102	(1)
Percolation	102	(1)
Perpetual Easement	103	(1)
Physical Life	104	(1)
Planned Unit Development	104	(1)
Potential Gross Income	105	(1)
Power Center	105	(1)
Power of Attorney	106	(1)
Predial Servitudes	106	(1)
Prepayment Penalty	107	(1)
Prescription	107	(1)
Prescriptive Easement	108	(1)
Pretax Cash Flow	109	(1)
Price Level Adjusted Mortgage	109	(1)
Private Mortgage Insurance	110	(1)
Pro Forma	110	(1)
Pro Rata Share	111	(1)
Property Condition Disclosure	112	(1)
Property Inspection	112	(1)
Purchase Agreement	113	(1)
Purchase Money Mortgage	113	(1)
Purchase Proposal	114	(1)
Range Line	115	(1)
Rate of Return	115	(1)
Real Estate Investment Trust	116	(1)
Real Estate Owned	116	(1)
Real Property	117	(1)
Realtor	117	(1)
Realtor Compensation	118	(1)
Recapture Rate	118	(1)
Reciprocal Easement Agreement	119	(1)
Recognized Gain	119	(1)
Recording	120	(1)
Redhibition	121	(1)
Redlining	121	(1)
Regional Shopping Center	122	(1)
Renewable Mortgage	122	(1)
Renewal Option	123	(1)
Rescission	124	(1)
Resort Properties	125	(1)
Restrictions	125	(1)
Restrictive Covenant	126	(1)
Resubdivision	126	(1)
Retail Map	127	(1)
Reverse Mortgage	127	(1)
Revpar	128	(1)
Right of First Refusal	128	(1)
Right-of-Way	129	(1)
Riparian Rights	129	(1)
Risk Analysis	130	(1)
Royalty	131	(1)
Rule of 72	131	(1)
S Corporation	132	(1)
Sale Leaseback	132	(1)
Secondary Easement	133	(1)
Section 8 Housing	133	(1)
Sector Theory	134	(1)
Secured Lender	135	(1)
Security Deposit	135	(1)
Seller in Bad Faith	136	(1)
Setback	136	(1)
Settlement Statement	137	(1)
Shared Appreciation Mortgage	138	(1)
Shopping Center	138	(1)
Short-Term Lease	139	(1)
Soft Costs	140	(1)
Special-Purpose Property	140	(1)
Specialty Shopping Center	141	(1)
Specific Performance	141	(1)
Specifications	142	(1)
Square Foot Cost	143	(1)
Stabilized Occupancy	143	(1)
Stabilized Value	144	(1)
Straight Line Depreciation	144	(1)
Strip Development	145	(1)
Subdivision	146	(1)
Subject to the Mortgage	146	(1)
Sublease	146	(1)
Subordination	147	(1)
Subrogation	147	(1)
Subsurface Rights	148	(1)
Succession	149	(1)
Successors	149	(1)
Superfund	150	(1)
Survey	150	(1)
Survival	150	(1)
Suscipient Business	151	(1)
Syndication	152	(1)
Target Market	153	(1)
Tax-Deferred Exchange	153	(1)
Tax Sale	154	(1)
Tenancy at Will	155	(1)
Tenancy in Common	155	(1)
Tenant	156	(1)
Tenant Improvements	156	(1)
Tenant Work Letter	157	(1)
Tender	158	(1)
Termite Certificate	158	(1)
Tertiary Trade Area	158	(1)
Testate	159	(1)
Time of Essence	159	(1)
Timeshare	160	(1)
Title	160	(1)
Title Insurance Policy	161	(1)
Torrens System	161	(1)
Tort	161	(1)
Total Net Lease	162	(1)
Township	162	(1)
Trade Area	163	(1)
Triple Net	164	(1)
Trustee	165	(1)
Undivided Interest	166	(1)
Unit Value	166	(1)
Unsecured Mortgage	167	(1)
Upside/Downside	167	(1)
Usable Area	168	(1)
Use Value	169	(1)
Use Variance	169	(1)
Usufruct	170	(1)
Usury	170	(1)
Vacancy Rate	171	(1)
Vendor's Privilege	171	(1)
Warranty Deed	172	(1)
Wetlands	172	(1)
Wrap Mortgage	173	(1)
Zoning	174	(1)
Appendix A. Sample Forms and Contracts	175	(82)
Appendix B. Measurements and Conversions	257	(3)
Bibliography	260	(1)
Index	261