Thats why we put together a glossary of real estate terms for investors to use as a resource throughout the propertybuying process. The same conveyancer cannot act for both, but a different conveyancer in the same firm can. The world of real estate comes with its own special jargon. Usually used for residential property and is very similar to gross internal area gia. Deed of trust one form of real estate security agreement granting a security interest in real estate which typically contains a power of sale allowing a. The real estate marketplace glossary federal trade commission. The goal was to provide a document that included standardized terminology for the. Glossary of investment terms agency securities securities issued by u. Nov 22, 2019 property jargon buster a glossary of terms posted by onthemarket november 22, 2019 5. The same firm is used by the seller and buyer which usually speeds up the transaction.
Any source of revenue derived from applying a property tax rate to the assessed value of property. Annexto join a smaller, subordinate property to a larger or more dominant property. Start studying real estate definitions glossary terms. The glossary of property terms free the glossary of property terms glossary for property appraisal and assessment 7. Consumer glossary national association of insurance.
As used in the real estate law, the term includes the sale or lease of the business and goodwill of an existing business enterprise or opportunity. This page provides a general meaning of tax terms and does not represent legal advice. A schedule listing the documents which set out the history of ownership of a property. The transfer of property from one party to another. Q qualifying widower a filing status claimed by a taxpayer whose spouse has died during the tax year. Property tax a tax paid for valuable property such as real estate and vehicles. This glossary can help you understand the terminology youll encounter during your home inspection and that you should generally know as a homeowner. Learn insurance industry vocabulary that will help you better understand your insurance policies. Abstract of auction a summary of the auction advertisements which appears in the property page of a newspaper.
The glossary contains terms commonly used in real estate by both tenants and home purchasers. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Every industry has its own jargon, and the property and casualty insurance business is no exception. Authorization issued by the department of budget and management dbm to an agency, permitting the. The glossary is not intended to be an exhaustive, detailed compilation of all terms used in industrial property information and documentation. Many terms in real estate are universal throughout the nation. This status entitles the taxpayer to the tax rates and benefits of a joint return. We have attempted to include the major terms and abbreviations used when discussing taxation issues. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
A listing contract, designated period of time to sell he specified property on the owners stated terms and agrees to pay the real estate professional a commission when the property is sold, whether by the real estate professional, the owner, or anther real estate professional. Common property is found in apartment blocks or multidwelling complexes. These securities have high credit ratings but are not backed by the full faith and credit of the u. An area devoted to agricultural use, recreational use, and open space use, or any combination. The most comprehensive investing glossary on the web. A brief explanation of some legal and other terms used in residential property. Market value the expected price that a property should bring if exposed for lease in the open market for a reasonable period of time and with market savvy landlords and tenants. Real estate glossary, property terms and definitions. Understanding this special terminology is essential for correctly interpreting the meaning and purpose of any individual. It contains only terms which are used frequently in documents and publications on matters of industrial property information and documentation or which are of major importance for readers of such texts. Value placed upon property for property tax purposes before deductions for partial exemptions and before the application of any factor prescribed by law or tradition. Glossary of real estate investing terms abstract a synopsis of the legal history of ownership of real property. Glossary of tax terms on this page you will find definitions and explanations of common tax words and acronyms for example.
Glossary of property terms term definition ad valorem property taxation. Acceleration clause a clause in a mortgage that provides, at the option of the lender, the entire unpaid balance of the note. Balanced fund mutual funds that seek both growth and income in a portfolio with a mix of common stock, preferred stock or bonds. If youre already a salesperson or broker, than this real estate glossary will help you brush up on phrases that you may not come in contact with on a day to day basis. Commercial real estate terms and definitions naiop.
The companies selected typically are in different industries and different geographic regions. The name of the borough in which the property is located. An independent agent represents more than one company. Glossary version areal property assessment guideline page 27 property record card abbreviations number of stories in a dwelling 1s one 1 story. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. Understanding this special terminology is essential for correctly interpreting the meaning and. Common property areas of a property used by and belonging jointly to all owners of a property.
The owners corporation will govern the use of the property. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Property24 has put together a comprehensive property glossary, for your complete home buying reference. Vip very important person used by the new jersey division of taxation. A course companion for studying for the real estate exam, for real estate. The amount payable by the seller for the work done on marketing and selling a property. Originally published in 1997, the glossary for property appraisal and assessment was. Real estate glossary investing terms biggerpockets. It consists of an 80% 30 year first lien at market rates, a 10% 15 year second lien at a slightly higher interest rate, and a 10% down payment. Absolute priority in most foreign countries, any publication before. However, words describing or relating to the same thing often differ considerably in various parts of the. Acceptance the act of agreeing or consenting to the terms of an offer thereby establishing the meeting of the minds that is an essential element of a contract. Reia consumer fact sheet glossary of terms absentee landlord an owner or sublessor who does not reside in the place or area in which heshe owns real estate from which heshe derives rental income. Submit the term you wish to see in the glossary here.
Glossary of property law terms designing buildings wiki. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Glossary of terms concerning industrial property information.
A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Property law glossary, most common and used terms argent law. We hope this article on property and casualty insurance glossary was informative. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.
In 1956, assessment terminology was revised and reissued. Occupation of land inconsistent with the rights of the owner, without the permission of the owner. A face, quoted, dollar amount representing the rate or rent in dollars per square foot per year and typically referred to as the base rate. Principal the property such as money, stock, and real estate contributed to or otherwise acquired by a trust to generate income and to be used for the benefit of trust beneficiaries according to the trusts terms. Glossary of property and home inspection terms inspect. Glossary of intellectual property terms abstract a brief 150 word or less summary of a patent, usually printed on the. Use this dictionary as a study guide for the real estate agent exam. This contrasts with the grace period in the us and a few other countries. The glossary spells out words ranging from real estate buying, renting, financing, mortgages, disposal, development and management of properties for. A professional analysis used a loan or other financing as an annual rate. A shortterm loan secured by the borrowers current home which is usually for sale that allows the pro ceeds to be used for building or closing on a. This glossary defines some of the more difficult terms used in property law. The property market comes with a language of its own.
Real estate glossary property terms and definitions in order to understand the real estate industry well, you need to read to know the various property terminologies regarding the industry. You might also like to have a look at our list of industry acronyms. The original glossary, assessment terminology, was published in 1937, shortly after the founding of the national association of assessing officers. A charge on specific property that is designed to secure payment of a debt or performance of an obligation. The ratio of the tax requirement to the assessed valuation. Power of appointment a power given to an individual usually a beneficiary under the terms of a trust to appoint property to certain persons upon termination of that individuals interest in the trust or other specified circumstances. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Decoding jargon can be a monumental task, especially for novice investors. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received. Glossary of commercial real estate terms boxer property. Many words, idioms, and phrases are based on the law, while others are more common words that have a certain meaning when used in relation to land and property records, either current or historical. A summary of recorded instruments, which affect title, arranged in the order of recording.
Types of construction materials art br artificial brick. A debtor may still be responsible for a lien after a discharge. Glossary of commercial property terms royds withy king. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. If you want to become a realtor, than these 497 real estate terms are for you. Glossary of property and home inspection terms inspectit 1st. A mortgage which, by its terms, allows a new owner to take over its. Page 1 a abandonment failure to occupy and use property. A document or deed used to transfer ownership of an unregistered property from. For example title insurance, which protects your property against hidden liens or potential ownership issues, always means title insurance. Annuity1 the right to receive money or its equivalent in usu ally fixed equal amounts and at regular. Access right the right of an owner to have ingress and egress to and from owners property over. Real estate terminology a course companion for studying for the real estate exam, for real estate home study courses, for real estate continuing education courses, for real estate statutory courses, and for any form of college real estate course.
The land and property industry has its own language. It includes all floor area including internal walls, mezzanines, hallways, bathrooms but excludes common spaces, patios, balconies. A course companion for studying for the real estate exam, for. Glossary of terms the following terms follow the column headings across the spreadsheet, from left to right. The individual given the power is usually referred to as. The sale of a debtors property with the proceeds to be used for the benefit of creditors. Some of the terms listed are identified by the abbreviation p. To accomplish this, naiop assembled a task force made up of. Bear market a bear market is a prolonged period of falling stock prices, usually marked by a decline of 20% or more.
How to power sort from excel glossary of terms for property sales files i. Government agencies, such as the federal home loan bank. Commercial property property zoned and used as office buildings, shops and retail premises. Instead of having to come up with a 20% down payment, a buyer. They include communal amenities and services, such as.
A course companion for studying for the real estate exam. Glossary of commercial real estate terms national association of. Boxers glossary of commercial real estate terms a b c e f g i l m n o p r s t u w abated rent rent that a tenant does not have to pay. Glossary of real estate terms 801010 a type of blended mortgage loan which avoids private mortgage insurance pmi. The irs codes section 1031 makes it possible for a real. The maximum amount of any ad valorem tax on real property shall not exceed one percent 1% of the full cash value of such property. Meeting of the minds when all individuals to a contract agree to the substance and terms of that contract. Stratum area sua the area shown on a registered plan of subdivision as calculated by a registered surveyor. Agent the insurance company representative who sells policies on behalf of the insurer.
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