AZ REAL ESTATE VOCABULARY

AZ REAL ESTATE VOCABULARY QUESTIONS WITH CORRECT VERIFIED ANSWERS | 100% PASS (A+ CERTIFIED) Trade fixture Answer An article installed by a tenant under a commercial lease and is removable prior to the expiration of the lease Fixture Answer Personal property that is converted to real property by being permanently attached to the real estate Chattel Answer Another name for personal property Emblements Answer Annual growing crops, such as corn, that remains personal property Severance Answer The term for conversion of real property to personal property Trustee Answer The Deed of Reconveyance is signed by Cooperative Answer Multi-unit residential building owned by a corporation and operated on behalf of the stockholder/tenants who hold proprietary leases Condominium Answer Multi-unit development in which owners own their units separately and share ownership of common facilities Condominium/cooperative Answer A condominium owner actually owns real estate. This ownership is usually the airspace and an interest as a tenant in common of the land. A cooperative owner owns shares in the corporation that owns a building. The shareholder also gets a propriety lease, which enables the shareholder to occupy a unit. Townhomes Answer Non-profit organization, comprised of unit owners as members, owns the common areas Equity Answer Value an owner has in property over and above any indebtedness Special agency Answer Agent who has agreed to represent a principal in one business transaction has created which type of agency? Puffing Answer Non-fraudulent exaggeration of a property's benefits or features Principal Answer Individual who hires and delegates to the agent the responsibilities of representing his or her interests Client Answer Is another name for a principal. Implied agency Answer Establishment of an agency relationship as a result of the actions of the parties which indicates mutual consent Dual agency Answer Agent representing two parties simultaneously creates which type of agency? Stigmatized property Answer Discovery that a murder, suicide or death occurred on a property. Properties where events that make the property less desirable to some people have taken place. Latent defect Answer A house with a structural defect. problems that the buyer customers or buyer agents wouldn't find out about through a normal inspection. Material defects Answer Things that need to be revealed usually are called Conversion Answer When a broker misappropriates trust funds Procuring cause Answer Broker who starts an uninterrupted chain of events that results in the sale of a property