Texas Principles of Real Estate 1 Vocabulary
"Time is of the essence" - ✔✔A condition of a contract expressing the essential nature of performance
of the contract by a party in a specified period of time.
Acre - ✔✔Equal to 43,560 sq. ft. or 160 rods
Agent - ✔✔A person authorized to act on behalf of another.
Air Rights - ✔✔The rights in real property to the reasonable use of the air space above the surface of the
land.
Americans with Disaabilities Act (ADA) - ✔✔A federal law protecting the rights of individuals with
physical or mental impairments.
Angency - ✔✔The relationship between the principal and the principal's agent which arises out of a
contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to
do certain acts dealing with a third party.
Appraised Value - ✔✔An evaluation of a property's value based on a given point in time that is
performed by a professional appraiser during the mortgage origination process.
Assessed Value - ✔✔A valuation placed on a piece of property by a public authority as a basis for levying
taxes on that property
Assignee - ✔✔Those to whom property or interests therein shall have been transferred.
Assignment - ✔✔A transfer of benefits and obligations within a contract to a 3rd party who is not
originally a party to the contract.
Assignor - ✔✔One who assigns or transfers property.
, Base Lines - ✔✔Imaginary east-west lines which intersect meridian lines to form a starting point for the
measurement of land.
Bench Mark - ✔✔A monument used to established the elevation of the point, usually relative to Mean
Sea Level, but often to some local datum.
Bilateral Contract - ✔✔A contract in which each party promises to do something.
Blockbusting - ✔✔The illegal practice of inducing homeowners to sell their properties by making
representations regarding the entry, or prospective entry of minority persons into the neighborhood.
Breach of Contract - ✔✔A violation of the terms or conditions of a contract without a legal excuse.
Brokerage - ✔✔the business of bringing buyers and sellers together and assisting in negotiations for the
terms of sale of real estate.
Budle of Rights - ✔✔The rights of an owner of a freehold estate to possession, enjoyment, control, and
disposition of real property.
Capital Gain - ✔✔The profit realized from the sale of real estate or other investment. Capital loss occurs
when an investment property or another type of investment is sold at a loss.
Caveat Emptor - ✔✔Let the buyer beware. The buyer must examine the goods or property and buy at
his or her own risk.
Chain - ✔✔Equal to 66'-0" in length or 4 rods
Chattel - ✔✔Personal property.
Civil Rights Act of 1866 - ✔✔A federal law that prohibits all discrimination on the basis of race.
"Time is of the essence" - ✔✔A condition of a contract expressing the essential nature of performance
of the contract by a party in a specified period of time.
Acre - ✔✔Equal to 43,560 sq. ft. or 160 rods
Agent - ✔✔A person authorized to act on behalf of another.
Air Rights - ✔✔The rights in real property to the reasonable use of the air space above the surface of the
land.
Americans with Disaabilities Act (ADA) - ✔✔A federal law protecting the rights of individuals with
physical or mental impairments.
Angency - ✔✔The relationship between the principal and the principal's agent which arises out of a
contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to
do certain acts dealing with a third party.
Appraised Value - ✔✔An evaluation of a property's value based on a given point in time that is
performed by a professional appraiser during the mortgage origination process.
Assessed Value - ✔✔A valuation placed on a piece of property by a public authority as a basis for levying
taxes on that property
Assignee - ✔✔Those to whom property or interests therein shall have been transferred.
Assignment - ✔✔A transfer of benefits and obligations within a contract to a 3rd party who is not
originally a party to the contract.
Assignor - ✔✔One who assigns or transfers property.
, Base Lines - ✔✔Imaginary east-west lines which intersect meridian lines to form a starting point for the
measurement of land.
Bench Mark - ✔✔A monument used to established the elevation of the point, usually relative to Mean
Sea Level, but often to some local datum.
Bilateral Contract - ✔✔A contract in which each party promises to do something.
Blockbusting - ✔✔The illegal practice of inducing homeowners to sell their properties by making
representations regarding the entry, or prospective entry of minority persons into the neighborhood.
Breach of Contract - ✔✔A violation of the terms or conditions of a contract without a legal excuse.
Brokerage - ✔✔the business of bringing buyers and sellers together and assisting in negotiations for the
terms of sale of real estate.
Budle of Rights - ✔✔The rights of an owner of a freehold estate to possession, enjoyment, control, and
disposition of real property.
Capital Gain - ✔✔The profit realized from the sale of real estate or other investment. Capital loss occurs
when an investment property or another type of investment is sold at a loss.
Caveat Emptor - ✔✔Let the buyer beware. The buyer must examine the goods or property and buy at
his or her own risk.
Chain - ✔✔Equal to 66'-0" in length or 4 rods
Chattel - ✔✔Personal property.
Civil Rights Act of 1866 - ✔✔A federal law that prohibits all discrimination on the basis of race.
