Real Estate Basics
What is the term for the legal right to use and enjoy property owned by another?
What is an easement?
What is the term for a heating system that uses hot water or steam circulated through pipes?
What is radiant heating?
What is the term for the income generated from a rental property after expenses are deducted?
What is net operating income (NOI)?
What is the term for a person who manages rental properties on behalf of the owner?
What is a property manager?
What is the term for the phenomenon where property values increase due to improvements in the surrounding area?
What is gentrification?
What is the term for the process of determining the value of a property for tax purposes?
What is an assessment?
What is the term for a type of window that swings outward on hinges?
What is a casement window?
What is the term for the ratio of rental income to the property's purchase price?
What is the capitalization rate (cap rate)?
What is the term for a person who specializes in finding tenants for rental properties?
What is a leasing agent?
What is the term for the economic cycle characterized by periods of rising and falling property values?
What is the real estate market cycle?
What is the term for the clause in a mortgage contract that allows the lender to demand full repayment if the borrower defaults?
What is an acceleration clause?
What is the term for a roof with two slopes on each side, with the lower slope steeper than the upper?
What is a gambrel roof?
What is the term for the strategy of buying properties in areas expected to experience significant growth?
What is speculative investing?
What is the term for a person who provides expert advice on real estate investments?
What is a real estate consultant?
What is the term for the practice of buying properties at a low price and selling them at a higher price within a short period?
What is flipping?
What is the term for the legal principle that requires certain contracts to be in writing to be enforceable?
What is the Statute of Frauds?
What is the term for a type of flooring made from compressed wood fibers and resin?
What is engineered wood flooring?
What is the term for the process of increasing the value of a property through improvements and renovations?
What is value-add investing?
What is the term for a person who oversees the construction of new buildings and renovations?
What is a general contractor?
What is the term for the measure of the number of homes available for sale in a given area?
What is housing inventory?
What is the term for the government power to take private property for public use, with compensation?
What is eminent domain?
What is the term for a bathroom fixture that combines a toilet and bidet?
What is a washlet?
What is the term for the tax benefit that allows investors to defer capital gains taxes on the sale of a property if they reinvest the proceeds in a similar property?
What is a 1031 exchange?
What is the term for a person who negotiates the sale of commercial properties?
What is a commercial real estate broker?
What is the term for the trend where people move from urban areas to suburban or rural areas?
What is urban sprawl?