Exam (elaborations)
REE 4103 Exam 1 (1).
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REE 4103 Exam 1 (1).
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REE 4103 Exam 1Equity - ANS-the value of an owner's interest in property in excess of all liens
Estoppel certificate - ANS-a statement of material facts or conditions on which another
can rely
Exaction - ANS-a requirement imposed by a local government that a developer
contributes to the community by providing an amenity, paying an impact fee, or making
some other monetary contribution as a condition of development
Fair Housing Laws - ANS-laws that guarantee persons the right to buy, sell, lease, hold,
and convey property without discrimination on the basis of race, color, religion, gender,
sexual preference, or national origin
Fudiciary - ANS-relationship between 2 individuals in which one has a duty to act for the
higher percentage of office
Flex Space - ANS-industrial space designed to allow flexible conversion of warehouse
to a higher percentage of office
Floor Area Ratio (FAR) - ANS-the relationship between the above-ground floor area of a
building and the area of the plot on which it stands - often expressed as a ratio (2.0
indicates the permissible floor area of a building is twice the total land area)
Foreclosure - ANS-a proceeding in or out of court, to extinguish all rights, title, and
interest of the owner of property in order to satisfy a lien against it
Force Majeure - ANS-an unavoidable cause of failure to perform a contract obligation
Fungible - ANS-capable of being exchanged or interchanged (relatively
indistinguishable from other items within the same category)
Damages - ANS-in condemnation, the loss in value to the remainder in a partial taking;
generally, the difference between the value of the whole property before the taking and
the value of the remainder after the taking
Dedication - ANS-a voluntary gift of private property made by the owner for some pubic
use, (dedication of land for a park or school)
,Deed in Lieu - ANS-a deed given by an owner or debtor in lieu of foreclosure
Deed Restriction - ANS-a limitation that passes with the land regardless of the owner
limiting the property's type or intensity of use
Density - ANS-the degree of crowding together of people or buildings
Document Stamps - ANS-the transfer tax stamps required to be affixed to a deed by
state or local law
Due Diligence - ANS-investigation of contractual terms and property and market
characteristics prior to closing the transaction
Due-on-sale Clause - ANS-a clause in the mortgage providing that the outstanding loan
balance is due when the mortgaged property is sold or transferred (precludes loan
assumption by a new buyer)
Encroachment - ANS-partial displacement of an existing use by another (trespassing)
ex. Fence
Entitlement - ANS-the right to receive governmental approvals for zoning, permits,
occupancy, etc... that may be transferable
Certificate of Title - ANS-attorneys examine abstracts or chains of title and provide a
written opinion that title is vested as stated in the abstract
Chattel - ANS-personal property
Class of office building - ANS-a subjective quality rating of buildings (class A,B, or C)
Client - ANS-the party who engages an appraiser
Closing Costs - ANS-the settlement costs incurred in the transferring of property
ownership (recording fees, attorney fees, title insurance, doc stamps, ect)
Concurrency laws - ANS-laws that hold developers financially responsible for the
installation of infrastructure and the cost of any environmental remediation
, Condemnation - ANS-the act or process of taking of private property for public use
without the consent of the owner, but payment of just compensation
Cost-to-cure - ANS-the cost to restore an item of deferred maintenance to new or
reasonably new condition
County - ANS-the largest division of local government in all states except Louisiana and
Alaska
Base Rent - ANS-a specific amount used as a minimum rent in a lease which uses a
percentage or overage for additional rent
Bill of Sale - ANS-an instrument by which one transfers personal property
Boundary Survey - ANS-a closed diagram that depicts the complete outer boundary of a
site, showing dimensions, compass bearings, angles-not improvements
Brownfield - ANS-a site that is abandoned or underused because it suffers from real or
perceived condemnation
Building Code - ANS-a local or state ordinance or regulation that controls the design,
construction, alteration, repair, use, and occupancy of all buildings in the jurisdiction;
enforced by police power
Common Area Maintenance (CAM) - ANS-expense of operating and maintaining
common areas such as hallways, elevators, bathrooms, lobby, grounds, ect
Capital Gains - ANS-the amount by which the net proceeds from the resale of an asset
exceed the adjusted cost basis of the item (generally the difference between cost and
selling price, less certain deductible expenses)
Caveat Emptor - ANS-"Buyer Beware" - meaning buyer takes the risk regarding quality
or condition of the item purchased, unless protected by warrenty
Certificate of Occupancy - ANS-approval from the governing authority to occupy and
use the premises for the intended purpose
Abandonment - ANS-the relinquishing of all interests in the property
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