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Real Estate Abbreviations, Terms and Phrases
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implied warranty of habitability
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A legal doctrine that requires landlords to
offer and maintain livable premises for their tenants. If a landlord fails
to provide habitable housing, tenants in most states may legally withhold
rent or take other measures, including hiring someone to fix the problem
or moving out. See constructive
eviction.
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improvements
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Valuable additions to the land, such as buildings,
fences, roads, etc., which increase the value of the property.
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incidents of ownership
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Any control over property. If you give away
property but keep an incident of ownership--for example, you give away
an apartment building but retain the right to receive rent--then legally,
no gift has been made. This distinction can be important if you're making
large gifts to reduce your eventual estate tax.
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income approach to value
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An estimate of value based on the monetary
returns that a property can be expected to generate; capitalization. Contrast
with the cost approach to value
and the market data approach to value.
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Independent School District
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In Texas, all but one of the state's school
districts are considered "Independent" since they do not fall under the
direct control of any other local government, and their boundaries are
not constrained by any city or county border lines. Each district
is run by an elected school board, which appoints a superintendent and
sets budgets and tax rates. Only the State of Texas has the authority
to regulate and oversee the actions of an Independent School District.
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The one exception is the Stafford Municipal
School District, which de-annexed itself from the Fort Bend Independent
School District. Stafford MSD lies entirely within the city limits
of the City of Stafford, and shares its recreational and auditorium facilities.
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index
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A number, usually a percentage, upon which
future interest rates for adjustable rate mortgages are based.
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ingress
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An entrance, or the act of entering. Compare
egress.
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inspection clause
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A stipulation in an offer to purchase that
makes the sale contingent on the findings of a home inspector.
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insurable title
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A title which a title company will insure.
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interest
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(1) The sum paid in return for the
use of money; could be considered rent for the use of money.
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(2) The type and extent of ownership
in property.
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interest rate
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The periodic charge, expressed as a percentage,
for use of credit.
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intermediary
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As of January 1, 1996, a broker may act as
an intermediary between the parties if the broker complies with the The
Texas Real Estate License Act. The broker must obtain the written consent
of each party to the transaction to act as an intermediary. The written
consent must state who will pay the broker and, in conspicuous bold or
underlined print, set forth the broker's obligations as an intermediary.
The broker is required to treat each party honestly and fairly and to comply
with The Texas Real Estate License Act. A broker who acts as an intermediary
in a transaction:
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(1) shall treat all parties honestly;
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(2) may not disclose that the owner
will accept a price less than than the asking price unless authorized in
writing to do so by the owner;
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(3) may not disclose that the buyer
will pay a price greater than the price submitted in a written offer unless
authorized in writing to do so by the buyer; and
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(4) may not disclose any confidential
information or any information that a party specifically instructs the
broker in writing not to disclose unless authorized in writing to disclose
the information or required to do so by The Texas Real Estate License act
or a court order or if the information materially relates to the condition
of the property.
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With the parties' consent, a broker acting
as an intermediary between the parties may appoint a person who is licensed
under The Texas Real Estate License Act and associated with the broker
to communicate with and carry out instructions of one party and another
person who is licensed under the Act and associated with the broker to
communicate with and carry out instructions of the other party.
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intestate
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Legal designation of a person who has died
without leaving a valid will.
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intimidation
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As defined in the fair housing laws, it is
the illegal act of coercing, intimidating, threatening, or interfering
with a person in exercising or enjoying any right granted or protected
by federal, state or local fair housing laws.
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invitee
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A business guest, or someone who enters property
held open to members of the public, such as a visitor to a museum. Property
owners must protect invitees from dangers on the property. In an example
of the perversion of legalese, social guests that you invite into your
home are called "licensees."
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