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Flashcards in real estate 3 Deck (25)
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1
Q

WHEN THE VALUE OF A SUPERIOR PROPERTY IS NEGATIVELY INFLUENCED BY THE SURROUNDING INFERIOR PROPERTY

A

REGRESSION

2
Q

EMPLOYMENT AGREEMENT BETWEEN THE OWNER AND THE RELATIONSHIP, SCOPE OF MANGEMENT DUTIES AND RESPONSIBILITIES

A

MANAGEMENT AGREEMENT

3
Q

NOTICE PRESUMED BY LAW AS A RESULT OF RECORDING DOCUMENTS

A

CONSTRUCTIVE NOTICE

4
Q

THE POTENTIAL USE OF THE PROPERTY THAT WOULD PRODUCE THE HIGHEST INCOME OR VALUE

A

HIGHTEST AND BEST USE

5
Q

THE MOST PROBABLE PRICE A PROPERTY WOLD SELL UNDER SPECIFIC CONDITIONS (ARM,S LENGHT, OPEN MARKET

A

MARKET VALUE

6
Q

WHEN A TENANT VACATES A PROPERTY THE LANDLORD FAILED TH PROVIDE ESSENTIAL SERVICE

A

CONSTRUCTIVE EVICTION

7
Q

A LEASEHOLD INTEREST FOR A FIXED PERIOD OF TIME WITH DEFINITE BEGINING AND ENDING DATES, MUCH LIKE A LEASE

A

ESTATE FOR YEARS

8
Q

THE CURRENT COST TO REBUILD THE STRUCTURE WITH A BUILDING OF SIMILAR UTILITY BUT WITH MODERN MATERIALS AND CONSTRUCTION STANDARDS

A

REPLACEMENT COST

9
Q

SOMETIMES CALLED BUILDERS TRADE BREAKDOWN OR THE COMPONENT METHOD, A METHOD OF ESTIMATING COST BY TRADES OR INDIVIDUAL BUILDING COMPONENT

A

UNIT IN PLACE

10
Q

SCHEDULED MAINTENANCE TO PREVENT COSTLY REPAIRS AND REPLACEMENTS, ANNUAL SERICING

A

PREVENTIVE MAINTENANCE

11
Q

AN INDEFINITE LEASEHOLD, VERY INFORMAL, DEATH OF EITHER PARTY WILL TERMINATE

A

ESTATE AT WILL

12
Q

THE INCOME APPROACH FOR SINGLE FAMILY RENTALS UP TO UNITS

GRM X MONTHLY RENT= VALUE

A

GROSS RENT MULTIPLIER

13
Q

THE INCREASE IN VALUE RESULTING FROM THE ASSEMBLAGE

A

PLOTTAGE

14
Q

AN OPINION OF VLUE

A

APPRAISAL

15
Q

ALTERATIONS TO A BUILDING OR SPACE TO SUIT THE TENANT NEEDS

A

TENANT IMPROVEMENT

16
Q

THE CURRENT COST TO REPRODUCE THE STRUCTURE WITH AN EXACT DUPLICATE USING THE SAME MATERIALS AND CONSTRUCTION STANDARDS

A

REPRODUCTION COST

17
Q

SOMETIMES CALLED THE SQUARE FOOT METHOD, A TECHNIQUE TO ESTIMATE COST NEW ON AN OVERALL COST PER SQUARE FOOT BASIS

A

COMPARISON METHOD

18
Q

MINOR REPAIRS INTENANDED TO KEEP EQUIPMENT FUNCTIONING,

A

CORRECTIVE MANTENANCE

19
Q

ALSO KNOW AS A PERIODIC TENANCY OR A TENANCY FROM YEARS TO YEARS, SIMILAR TO A MONTH TO MONTH RENTAL AGREEMENT

A

ESTATE FROM PERIOD TO PERIOD

20
Q

A LOSS IN VALUE AGAINST COST NEW CAUSED BY PHYSICAL DETERIORATION, FUNCTIONAL OR EXTERNAL OBSOLESCENCE

A

DEPRECIATION

21
Q

issued by the local building inspector after completion and prior to occupancy

A

certificate of occupancy

22
Q

inducing owners to sell by claiming that the entry of a protected class of people into the area might have a negative impact values

A

BLOCKBUSTING

23
Q

THE MATHEMATICAL DIVIDING OR SHARING OF FINANCIAL REPONSIBILITY BETWEEN THE BUYER AND SELLER WITH THE AMOUNTS ENTERED ONTO THE CLOSING STATEMENT

A

PRORATION

24
Q

ILLEGAL UNEARNED FEES FOR MAKING REFERRALS TO SETTLEMENT SERVICE PROVIDERS

A

KICBACK

25
Q

THE HISTORICAL AND FACTUAL SELLING PRICE OF A PROPERTY

A

MARKET PRICE