45 hour PA Real Estate Practices Vocab 100% Correct
1. Absorption The amount of property that becomes occupied over a period of time
2. Objective factors factors that add to the general value of the house
of supply & de-
mand
3. Subjective factors how a buyer views a certain upgrade
of supply & de-
mand
4. Price amount of money paid in a transaction (payment)
5. Cost expense needed to bring an improvement to life (creation)
6. Value item's ability to command goods/services in exchange for that item (worth)
7. Real Estate specialize in bank-owned properties in foreclosure
Owned (REO)
Agent
8. National Fair the only national organization dedicated solely to ending discrimination in housing
Housing Alliance
(NFHA)
9. Exclusionary Dis- excluding an individual or family from obtaining the housing of their choosing.
crimination
10. non-exclusionary harassment, intimidation, unfair terms or conditions to somebody who already
discrimination lives somewhere
11. Ministerial Acts performed by an agent for a customer who is interested in their client's properties
12. Basis a measurement of how much is invested in the property for TAX purposes
13.
1/5
, 45 hour PA Real Estate Practices Vocab 100% Correct
Broker Price probable selling price of a property, given location, condition, and comparison to
Opinion (BPO) alike properties; completely done online
14. Assemblage val- refers to overall price of a property that is made up of smaller properties (2 or
ue more)
15. Assessed value The property value determined by tax authorities for the purpose of calculating
taxes
16. Cost method uses substitution
17. Income method assumes value is equal to the present value of future rights to income
18. Sales comparison Uses comparables, like a CMA
method
19. Cap rate formula selling price/annual net income
20. Exclusive Buyer exclusive right to represent; means the broker gets paid no matter who find the
Agency property that the client buys
21. Exclusive agency exclusive contract where broker is entitled to payment only if they locate the
buyer agency property
22. Nonexclusive buyer may enter agreements with many brokers and must only pay commission to
buyer agency who find the property; open agency agreement
23. In house transac- A transaction for which one real estate brokerage acts as both the listing agent and
tion the selling agent (dual/designated agency)
24. Statute of Limita- requires lawsuits be filed within so long of a contract breach
tions
25. Doctrine of Lach- declares contracts unenforceable due to needless delay or neglect in filing a claim
es
2/5
1. Absorption The amount of property that becomes occupied over a period of time
2. Objective factors factors that add to the general value of the house
of supply & de-
mand
3. Subjective factors how a buyer views a certain upgrade
of supply & de-
mand
4. Price amount of money paid in a transaction (payment)
5. Cost expense needed to bring an improvement to life (creation)
6. Value item's ability to command goods/services in exchange for that item (worth)
7. Real Estate specialize in bank-owned properties in foreclosure
Owned (REO)
Agent
8. National Fair the only national organization dedicated solely to ending discrimination in housing
Housing Alliance
(NFHA)
9. Exclusionary Dis- excluding an individual or family from obtaining the housing of their choosing.
crimination
10. non-exclusionary harassment, intimidation, unfair terms or conditions to somebody who already
discrimination lives somewhere
11. Ministerial Acts performed by an agent for a customer who is interested in their client's properties
12. Basis a measurement of how much is invested in the property for TAX purposes
13.
1/5
, 45 hour PA Real Estate Practices Vocab 100% Correct
Broker Price probable selling price of a property, given location, condition, and comparison to
Opinion (BPO) alike properties; completely done online
14. Assemblage val- refers to overall price of a property that is made up of smaller properties (2 or
ue more)
15. Assessed value The property value determined by tax authorities for the purpose of calculating
taxes
16. Cost method uses substitution
17. Income method assumes value is equal to the present value of future rights to income
18. Sales comparison Uses comparables, like a CMA
method
19. Cap rate formula selling price/annual net income
20. Exclusive Buyer exclusive right to represent; means the broker gets paid no matter who find the
Agency property that the client buys
21. Exclusive agency exclusive contract where broker is entitled to payment only if they locate the
buyer agency property
22. Nonexclusive buyer may enter agreements with many brokers and must only pay commission to
buyer agency who find the property; open agency agreement
23. In house transac- A transaction for which one real estate brokerage acts as both the listing agent and
tion the selling agent (dual/designated agency)
24. Statute of Limita- requires lawsuits be filed within so long of a contract breach
tions
25. Doctrine of Lach- declares contracts unenforceable due to needless delay or neglect in filing a claim
es
2/5
