Land Use & Property Rights
This is the right to use water from a nearby river or stream.
What are riparian rights?
This happens when one party fails to perform in a contract.
What is default?
This score measures a borrower’s creditworthiness.
What is a credit score?
This is the relationship where an agent represents a client.
What is agency?
This step happens when a buyer makes an offer on a home.
What is submitting an offer?
This type of property is used for businesses like stores or offices.
What is commercial property?
Money given to show a buyer is serious about purchasing a home.
What is earnest money?
This ratio compares a borrower’s debt to their income.
What is debt-to-income ratio (DTI)?
This duty requires agents to act in the best interest of their client.
What is fiduciary duty?
This is the period when the buyer checks the property condition.
What is the option period (or inspection period)?
This term refers to the physical characteristics of land like trees and water.
What are natural features?
This clause allows a buyer to back out if certain conditions aren’t met.
What is a contingency?
This loan is backed by the government and often used by first-time buyers.
What is an FHA loan?
This occurs when an agent represents both buyer and seller.
What is dual agency?
This document transfers ownership of property from seller to buyer.
What is a deed?
This is a right to use someone else’s land for a specific purpose.
What is an easement?
This type of contract can be enforced by either party in court.
What is a valid contract?
This is the total amount paid each month for a mortgage.
What is a monthly mortgage payment?
This duty means keeping client information confidential.
What is confidentiality?
This is money paid to a lender for processing a loan.
What are closing costs?
This government power allows land to be taken for public use with compensation.
What is eminent domain?
This occurs when a contract is signed under pressure or threat.
What is duress?
This term means paying off a loan over time with regular payments.
What is amortization?
This duty means being honest with all parties in a transaction.
What is disclosure (or honesty)?
This is the last step before closing to ensure the property is in agreed condition.
What is the final walkthrough?