Real Estate Principles 11-12 – Flashcards

The CPM designation is achieved after meeting rigorous educational and experience requirements. Property management firms are usually paid a percentage of the rents collected. The percentage is negotiable and varies from firm to firm. For a large structure with many rental units, the fee may be as low as 1 percent or 2 percent of gross rents collected. On small units such as rental homes and duplexes, the fee may be 10 percent or more. The fee for renting resort properties may be 25 percent or more of rents collected. Some property managers may charge a flat rate rather than a percentage of rents collected.

An estate arising when the tenant wrongfully holds over after the expiration of his or her term. The landlord has the choice of evicting the tenant as a trespasser or accepting such tenant for a similar term under the conditions of the tenant's previous holding. Also called a tenancy at sufferance.

The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties without notice. Estates of will are not recognized in California.

An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. A lease may be said to be an estate for years.

An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.

Lease where the tenant pays a flat rental amount and the landlord is responsible for property taxes, hazard insurance, and maintenance.

Under this type of contract the property is rented for a period of time, at the end which the lessee is given the right to purchase per a set of agreed terms.

One who contracts to rent property under a lease contract.

An owner who enters into a lease with a tenant.

Sometimes referred as a triple net lease. The tenant pays rent along with the landlord's property taxes, hazard insurance, and maintenance.

Lease on the property, the rental for which is determined by the amount of business done by the lessee; usually, a percentage of gross receipts from the business with provision for a minimum rental.

A leasehold interest that lies between the primary lease and the operating lease.

A lease given by a lessee.

State law that forbids discrimination in the sale, rental, lease, or financing of practically all types of housing.

Clean Air Act Requires businesses (including real estate developers) to meet air quality standards.

Projects with individual ownership of buildings and common ownership of land; for example, condominiums and planned unit developments.

A system of individual fee ownership of units in a multifamily structure combined with joint ownership of common areas of the structure and the land. (Sometimes referred to as a vertical subdivision).

The right of the government to acquire property for necessary public or quasi-public use by condemnation; the owner must be fairly compensated. The right of the government to do this and the right of the private citizen to get paid is spelled out in the Fifth Amendment to the U.S. Constitution.

An ordinance that requires a builder of new housing to set aside a designated number of units for low- and moderate-income people.

Act requiring an environmental impact report on all projects using federal funding.

A land-use design that provides intensive utilization of the land through a combination of private and common areas with prearranged sharing of responsibilities for the common areas.

An appointed body of citizens charged with the responsibility of advising the elected board of supervisors or city council members in matters of land use.

Agencies within city and county government, staffed with professionally trained planners. The planning department employees provide technical services for planning commissions, elected officials, and citizens.

The right of the state to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public.

Report issued by the real estate commissioner which merely states that the sub-divider has conformed to all laws and regulations.

An alternative to subdividing recreational land into individual parcels is keeping the original large parcel intact and selling 12.3 Common Interest Developments (CIDs) 355 undivided interests or shares in the whole.

The unlawful directing of a perspective buyer or tenant to certain neighborhoods or the refusal to tell about the availability of housing in another neighborhood.

Corporation formed for the purpose of holding title to a building.

Defines a subdivision as the division of land into five or more lots for the purpose of sale, lease or financing, whether now or in the future.

Covers the division of land into two or more lots for the purpose of sale, lease or financing, whether now or in the future.

State law that makes it unlawful for people engaging in business in California, including real estate agents, to discriminate when providing business products and services

The act of city or county authorities specifying type of use to which property may be put in specific areas.