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Real Estate Agent Dictionary ​ Bookmark this page as a resource for real estate terms. ​ A | B | C | D | E | F, G, H | I, J, K | L | M | N, O | P | Q, R | S | T | U, V, W, X, Y, Z F-H FAIR MARKET VALUE Legal term synonymous with MARKET VALUE. FEE When applied to property, an inheritable estate in land. FEE SIMPLE The most comprehensive ownership of real property known to law; the largest bundle of ownership rights possible in real estate. Fee simple title is sometimes referred to as "the fee". FEE TAIL An estate or interest in land which cannot be conveyed but which must descend to the heirs of the holder; abolished in most states. FIRST MORTGAGE The mortgage on property that is superior in right to any other mortgage. FIXTURE chattel which is affixed to and becomes a part of real property. FORECLOSURE Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms. FOREIGN EXCESS REAL ESTATE Excess real property located outside the U.S., Puerto Rico, American Samoa, Guam, the Trust Territory of Pacific Islands, or Virgin Islands. May not include timber or installed equipment. FORFEIT Loss of money, property, or the right to property by failure to act or by negligent or improper action. Property lost is called a forfeiture. FRAUD The intentional perversion of truth to deceive another person, whereby that person acts upon it to his legal injury. FREEHOLD An estate in fee simple or for life. FRONT FOOT One foot along the street frontage of a property. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. For example, functional obsolescence may be attributable to such things as outmoded plumbing or fixtures, inadequate closet space, poor floor plan. G GENERAL LIEN A lien which attaches to all property owned by the debtor. GENERAL WARRANTY A covenant in the deed whereby the grantor agrees to protect the grantee against the world. GRADUATED LEASE A lease that provides for the varying rental rate, often based upon future determination; sometimes rent is based upon result of periodic appraisals; used largely in long-term leases. GRADUATED RENTAL SYSTEM concession lease in which lessee's percentage rental fluctuates with the ratio of his gross income to gross fixed assets. Also provides for a nonrefundable Fixed Minimum Rental (FMR). Percentage rental is offset against the FMR. GRANT The act of conveying or transferring real property, the operative words in a conveyance of real estate are to "grant, bargain, and sell". The grantor (the person who conveys the real estate) delivers the grant, in the form of a deed, to the grantee. GRANTEE Entity to whom a grant is made, or to whom real estate is conveyed. The buyer. GRANTOR Entity who makes a grant, conveys real estate by deed. The seller. GROSS INCOME The projected annual income from operation of a business or from management of a property. GROSS RENT MULTIPLIER Ratio of sales price to monthly rental income for single family residential properties. GROUND LEASE A lease to use land for a stated period; may be secured by improvements which the tenant will provide. GUIDE ACQUISITION LINE A line on the map accompanying a design memorandum showing the tentative boundaries of the land to be acquired for a project. H HABENDUM CLAUSE The "to have and to hold" clause which defines or limits the quantity of the estate granted in the pre of the deed. HAZARDOUS MATERIALS See CONTAMINATION. HECTARE A metric surface measure: 10,000 square meters or 2.471 acres. HEREDITAMENTS Every sort of inheritable property, such as real, personal, corporeal, and incorporeal. HIGH WATERLINE The line of high water at ordinary tides. HOLDING AGENCY The Federal agency accountable for a piece of property. HOLDOVER TENANT A tenant who remains in possession of leased property after the expiration date of the lease term. HOME STEAD A home that is used as a personal residence. where there is homestead protection, the homeowner generally files a homestead declaration with the county recorder, setting forth his marital status.

Marketing Guide Park Place Realty Network Marketing Guide Get your CE education at a 40% discount by being a Park Place Agent All agents of Park Place (Florida, Georgia or North Carolina) get 40% off their Continuing Education or Post License education through the Top online real estate school in the United States, The CE Shop. You can also offer 40% off to any of your friends and family that you know that are in the process of getting their real estate license. We also offer this affiliated discount to our lender partners and other real estate brokerages that we work with. ​ ​ Use the link below to access your discounted CE. You can also forward this link to your friends and family looking to get their real estate license. Use the promo codes below to get 40% off. ​ ParkPla c e .TheCEShop.com ​ In order to get 40% off any course, pick the course you would like, proc eed to checkout and input the below promo code, click apply. Contact The CE Shop directly if you have any issues at 888-827-0777, or email resupport@theceshop.com let them know you are an active Park Place Realty Network a gent. ​ ​ Promo Code: ParkPlace40 Get 40% off your CE

Marketing Guide Get referrals from Lenders approved by USDA USDA home loans are a great niche market. If the home is in an eligible area, potential home buyers can purchase a home with ZERO money down, see more details here . Only certain lenders can qualify to provide these types of loans to buyers. The lenders that do qualify to offer these loans, they want to make sure they're working with a knowledgeable real estate agent that knows how to find these specific properties. Below we provide you with a list of all approved USDA lenders throughout the U.S. that you can contact to potentially get their business. Finding a USDA lender ​ Here is the full list of over 1,000 USDA approved lenders throughout the U.S. that you can contact. Pick and choose which lender you would like to call (businesses do not apply to the national do not call list registry). When calling, ask to speak to the mortgage broker in their office that handles USDA loans. Let them know that you are with Park Place Realty Network and that you work with other USDA lenders and you can connect buyers that they have with real estate agents that can help their buyers find a USDA property. Many of these brokers have buyers that are not working with a real estate agent. They want to know that their buyer is in the right hands with an agent that knows how to find USDA properties. Searching the USDA map ​ You can see here all of the eligible areas for USDA home loans. USDA approved areas apply to any area outside of a metropolitan area. With high speed access to the internet in rural areas now, low home prices with ZERO money down, and the great outdoors, home buyers have been expanding out to rural areas in big numbers lately. Finding a USDA Realtor ​ Once you have a buyer in place referred over by your lender, you can place the referral here on our website . The best way for us to find a USDA approved Realtor, is to research and find the top real estate companies in your buyer's market and ask them which agent do they have in their office that specializes in USDA homes. This route works better than finding the agent with the most sales in a 2-year period. There is a specific Realtor that specializes in USDA properties as they have certain guidelines, we have the resources to find out who that specific Realtor is. Offer a 15% real estate rebate ​ If you have not seen our 15% rebate program, you can get all the details on it here which is also in our marketing guide. When talking to the lender, let them know that our company can set their buyer up with a top USDA Realtor that can also offer them 15% of their commission back at closing to help with any extra costs. The 15% rebate along with a USDA loan with no money down is a pretty sweet deal for any buyer to take advantage of. It’s up to you if you want to offer the 15% rebate as you will be making much less overall, but you should be getting a higher volume of referrals. *If the lender refers you over a buyer and you offer the 15% rebate, the lender is not allowed to say that the rebate is only offered by using them as the lender, this violates RESPA law. We as real estate agents are not allowed to steer the buyer in any direction to which lender they decide to use. If the buyer decides to use a different lender, we will still offer them the 15% rebate regardless of which lender they go through. You have to be very careful with the RESPA law when working with lenders, you can view details on this law here .

Pay my annual administration fee. Please click on the PayPal "Buy Now" button below to pay the annual administration fee of $75 by credit card. This fee includes the $25 off rebate as the typical cost is $100 annually. We will notify you once we receive your payment. Please contact us if you have any questions. (You do not have to be a member of PayPal to make the payment.) ​ *You do not have to be a member of PayPal to make the payment, simply click pay with debit or credit card. *If you would like to pay by check or money order, please make it out to Park Place Realty Network, LLC. Please mail it to 2500 W. Lake Mary Blvd Suite 220, Lake Mary FL, 32746.

How to Verify CE Credits with DBPR -To view your Continuing Education Credits online through the website of the Department of Business and Professional Regulation (DBPR), you can visit their website here . ​ -Login to their system with your user ID and password. If you do not have a username and password, you can set one up on their page. ​ Your initial PIN number should be the last four digits of your Social Security number or Federal Tax ID number. If neither of those number work, call the Customer Contact Center at 850.487.1395 for assistance. The Customer Contact Center hours of operations are Monday-Friday, 8 a.m. - 6 p.m. and Saturday 10 a.m. - 2 p.m. EST. ​ -Once logged in, click on your license link on the right side. ​ -Then, click on view my continuing education. ​ -The continuing education requirement page will tell you what courses have been completed and have been submitted to the dbpr and what courses or hours that you still need to take. If you have already taken the required courses, it is very important that you keep all your continuing education letters to validate your coursework. These letters will tell you the course names and how many credits you received. If the credits did not get transmitted successfully to DBPR then you will be able to use the letters to correct the problem. Do you have a Florida Real Estate license that you are not currently using? Place your license with us and make a big portion of the Real Estate commission off of your referrals on Any type of Real Estate transaction Worldwide while another agent does ALL the work for you. Go to our website www.ParkPlaceNetwork.com to get all the details.

Get your Georgia Real Estate License through Reciprocity If you have a real estate license in any U.S. state that is in good standing, except for Florida, you can get a reciprocal real estate license in the state of Georgia without having to take a test. All you have to do is fill out their application, pay a small fee, and affiliate yourself with a licensed Georgia brokerage. Below are the steps to get your Georgia real estate license through reciprocity. ​ *Florida licenses would need to pass a supplemental exam, contact GREC (Georgia Real Estate Commission) at 404-656-3916 for the details on this. Step 1: Go to the the Georgia Real Estate Commission's (GREC) website here , scroll down to the bottom of the page under "reciprocity". Or, you can also print out their application here . Call GREC at 404-656-3916 (hit prompts 2, 1 & 0 to speak with someone) directly with any questions, let them know you have a real estate license in another state, and you want a Georgia real estate license through reciprocity. Step 2: The GREC requires a Georgia real estate company to sponsor you in order to get your license. We can sponsor your Georgia license as long as you fill out our application and pay our annual admin fee of $100, you can get all the details here . Once you have sent back our contract and paid our $100 annual fee, we can sign the GREC form in step 1. Step 3: Submit everything to GREC that they require in their application in step 1. Once the GREC issues you your new Georgia real estate license, you will then have a real estate license in the state of Georgia, active under Park Place Realty Network. You can stay active with us, or move it over to another brokerage at anytime. *If you are not getting a Georgia reciprocal license and are instead getting a new Georgia real estate license, you can get all the details on Park Place being your sponsoring broker here . Park Place Realty Network is a license holding company and activates the majority of new Georgia real estate licensees through reciprocity as the sponsoring brokerage.

Real Estate Agent Dictionary ​ Bookmark this page as a resource for real estate terms. ​ A | B | C | D | E | F, G, H | I, J, K | L | M | N, O | P | Q, R | S | T | U, V, W, X, Y, Z D ​ DAMAGES Compensation or indemnity recovered through the courts by any person who has suffered loss, detriment or injury to person, property or rights. A sum of money awarded to a person injured by an act of another. May be compensatory or punitive. DEBT SERVICE Periodic payment on a debt, for interest on and retirement of the principal. DECLARATION OF TAKING Part of a condemnation package; a document stating the need for the property, describing the property, and stating that the property is being taken by eminent domain. DEDICATION The application of privately-owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. A landowner may dedicate the entire fee simple interest, or an easement such as a public right-of-way. DEED A legal instrument in writing, duly executed, sealed, and delivered, whereby the owner of real property (grantor) conveys to another (grantee) some right, title, or interest in real estate. DEED RESTRICTION A provision in a deed controlling or limiting the use of the land. DEFAULT Failure to perform a specific, required legal duty. DEFERRED MAINTENANCE Existing but unfulfilled requirements for repairs and rehabilitation, deferred until a later date. DEFICIENCY JUDGMENT At a foreclosure sale, the difference between the indebtedness sued upon and the sale price or market value of the real estate. See also DEFICIENCY PAYMENT. DEFICIENCY PAYMENT Additional compensation required in a final judgment in condemnation proceedings. See also DEFICIENCY JUDGMENT. DEPRECIATION A lowering of value. A reduction; lessening. The decline in value of property. Loss in market value. Deterioration over a period of time. The opposite of appreciation. DESCENT Succession to ownership of an estate by inheritance. Title by which one person, upon death of another, acquires real estate of the latter as an heir at law. The person who inherits is controlled by state statutes. DETERIORATION Impairment of condition. One of the causes of depreciation and reflecting the loss in value brought about by wear and tear, disintegration, use in service, and the action of the elements. DEVISE A transfer of real property under a will. The donor is the devisor and the recipient is the devisee. Where there is no will, the real property "descends" to the heirs. DISCOUNT (1) That which can be taken off the established amount. Mortgages, for example, are frequently discounted when paid in advance of maturity. (2) A sum paid to obtain certain preferred mortgages, as the payment of points to a lending institution for FHA. DISPOSAL An authorized method of permanently divesting the Government of control and responsibility for real and personal property. Sale of Government-owned property. DISPOSSESS To deprive a person of possession and/or use of real property. DOWER A common law estate in land given to the wife in her husband's real property upon his death, consisting of a life estate in one-third of all the real estate owned by the husband during the marriage. DURESS Forcing action or inaction against a person's will.

Real Estate Agent Dictionary ​ Bookmark this page as a resource for real estate terms. ​ A | B | C | D | E | F, G, H | I, J, K | L | M | N, O | P | Q, R | S | T | U, V, W, X, Y, Z B ​ BALLOON PAYMENT final payment on a note. It is usually substantially larger than any of the preceding installments. BASE LINE AND MERIDIAN Established lines used by surveyors to locate and describe land under the rectangular survey method of property description used in most states. The first north-south line is the principal meridian; the first east-west line is the base line. BASE MAP A map with reference points - such as state, county, township, or state and geodetic coordinate lines, or other features - on which land ownership data can be plotted. BATTURE LAND Land between low tide water's edge and river bank or levee. Batture land is generally in the same ownership as abutting land, but may be sold separately. BEARING The cardinal direction (North, South, East, West) of a line; e.g., North 50 degrees, 30 minutes West. BENCH MARK A mark of known elevation affixed to a permanent reference or monument, such as an iron post or brass marker, usually embedded in cement or a concrete structure and used to establish elevations over other surveys in the area. BENEFICIARY A person who receives and benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will or trust. BEQUEATH To leave personal property to another by will. To leave real property by will is to devise. BILL OF SALE A written instrument transferring title, right, and interest in personal property to another. BINDER An agreement to cover an earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intention to complete the transaction. BLANKET MORTGAGE A single mortgage which covets more than one piece of real estate. BOND Any obligation under seal. A real estate bond is a written obligation, usually issued on security of a mortgage or a trust deed. BORROW PIT Location where borrow material is removed; resulting depression. BREACH OF CONTRACT Violation of any of the terms or conditions of a contract without legal excuse. BUDGET AUTHORITY The authority to enter into obligations that will result in immediate or future expenditure of Federal funds. The three main kinds of budget authority ate appropriation, contract authority, and borrowing authority. BUNDLE OF RIGHTS Beneficial interests or rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

Pay my $100 Annual Administration Fee To pay the $100 annual administration fee, by any type of credit card, click on one of the options below. You do not need a PayPal account to make the payment, they only facilitate the transaction. If your payment is not going through, you can also try paying the fee here within the old platform. You can also pay by check or money order instead, please make it out for $100 to Park Place Realty Network LLC and mail it to our office address at 2500 W. Lake Mary Blvd Suite 220, Lake Mary FL, 32746. We will notify you as soon as we receive it. *If you are not active with us, or you have accidentally paid the fee several times above, we can refund you back $95 for each payment as PayPal charges a refund fee.