- obsolescence
- A loss in value of real property caused by changes either internal or external to the property. See economic obsolescence, functional obsolescence, and physical deterioration.
- offer
- A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.
- open house
- An opportunity for prospective buyers to view a house in a low pressure environment.
- open listing
- A listing under which the principal (owner) reserves the right to list his property with other brokers.
- option
- The right to purchase property within a definite time at a specified price. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercise the right to purchase. For the option to be valid, it must include consideration.
- ordinance
- A law adopted by a town or city council, county board of supervisors or other municipal governing board. Typically, local governments issue ordinances establishing zoning and parking rules and regulating noise, garbage removal, and the operation of parks and other areas that affect people who live or do business within the locality's borders.
- origination fee
- A fee charged by lenders, in addition to interest, for services in connection with granting of a loan. Usually a percentage of the loan amount.
- panic peddling
- The illegal practice of inducing panic selling in a neighborhood by making representations of the entry, or prospective entry, of members of a minority group; blockbusting. See Fair Housing.
- party wall
- Wall erected on line between adjoining properties for the use of both properties.
- patio home
- A single-family home that sits on a small lot, often with one outside wall of the structure sitting on the property line. Patio homes have no common structural walls with adjoining propeties, but their zero lot line wall may form part of their neighbors backyard fence/wall. These properties often have a small back or side yard large enough for a patio or garden area. Also known as a garden home.
- percentage lease
- Lease in which all or part of rental is a specified percentage of gross income from total sales made upon the premises.
- person
- An individual, a partnership, or a corporation, foreign or domestic.
- personal property
- Property which is tangible, movable, and not fixed to the land. Also called chattel and personalty. Contrast with real property.
- personalty
- Personal property; chattel. Contrast with Realty.
- physical deterioration
- The loss of value to real property from all causes due to the action of the elements and old age. Physical deterioration can be either curable or incurable.
- PITI
- Principal, Interest, Taxes and Insurance.
- planned unit development (PUD)
- In a PUD, the planned unit development association owns and maintains property in a real property development project for the benefit of its members, who are owners of individual parcels of real property in the development and are members of the association because of that ownership. The level of services and fees are similar to a condominium complex, but since each owner has title to a specific parcel of land, lenders may treat units as non-condominiums. This allows higher LTV loans and eliminates owner occupancy percentage requirements.
- plat book
- A record of recorded subdivisions of land.
- PMI
- Acronym - private mortgage insurance.
- points
- Fees paid to induce lenders to make mortgage loans at a particular interest rate. Each point is equal to one percent (1%) of the loan principal. Same as discount points.
- police power
- The authority of a government to adopt and enforce law governing the use of real estate based on the need to promote public safety, health, and general welfare.
- power of attorney (POA)
- A written authorization by a person to another person to act for him on his behalf.
- prepayment
- Paying off all or part of the mortgage before the scheduled date.
- prepayment clause in a mortgage
- Statement of the terms upon which the mortgagor (borrower) may pay the entire or stated amount on the mortgage principal at some time prior to the due date.
- prepayment penalty
- A fee paid to the lending institution for paying a loan prior to the scheduled maturity date.
- primary mortgage market
- Lenders who originate loans and makes funds available directly to the borrowers. Contrast with secondary mortgage market.
- prime rate
- The interest, or discount rate charged by a commercial bank to its largest and strongest customers.
- principal
- The amount of money owed to the lender not including interest.
- principle of conformity
- An appraisal principle which holds that the maximum value is realized when a reasonable degree of homogeneity (sameness) exists in a neighborhood.
- private mortgage insurance (PMI)
- Default insurance on conventional loans, normally insuring the top 20%-25% of the loan and not the whole loan.
- promulgated contracts
- The Texas Real Estate Commission has prepared and authorized various standard contracts which must be used by all licensees when acting as agents in real estate transactions with limited exceptions.
- property taxes
- Taxes that are paid yearly on real property. Property taxes are ad valorem, based on the assessed value of the real property. In Texas the assessed value is determined by the County Appraisal District. Each taxing authority multiplies this appraised value by its annual tax rate. Taxing authorities include local school districts, counties, cities, water districts(MUD's, PUD's, LID's, etc.), and other special tax districts.
- pro-rate
- To divide or distribute proportionally. At closing, various expenses such as taxes, insurance, interest, rents, etc. are prorated between the seller and buyer.
- Public Utility District (PUD)
- A water district, created by a city or county, promoting development of a designated area by providing water and sewer services. The PUD operates in the same manner as a Municipal Utility District, but is created by a local government, not a private developer.
- PUD
- Acronym - planned unit development.
- Acronym - Public Utility District.
- puffing
- Non-factual or extravagant statements and opinions made to enhance the perceived desirability of a property. The is a fine line between legal puffing and illegal misrepresentation, and puffing is best avoided. An example of puffing would be, "This home has the best view in the city". Also known as puffery.
- purchase offer
- A document that lists the price, terms and conditions under which a buyer is willing to purchase a property.
- qualifying ratios
- Comparisons of a borrower's debts and gross monthly income.
- quiet enjoyment
- The right of a property owner or tenant to enjoy his or her property without interference. Disruption of quiet enjoyment may constitute a nuisance. Leases and rental agreements often contain a "covenant of quiet enjoyment," expressly obligating the landlord to see that tenants have the opportunity to live undisturbed.
- quitclaim deed
- A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, including an actual ownership interest. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. A quit claim deed may also be used to clear up a cloud on the title to the property in cases where there is a question of a possible ownership claim. Compare with grant deed.
- ready, willing and able
- A buyer who is prepared to buy on the seller's terms and has the financial capacity to do so.
- real estate
- Refers to land and improvements and the rights to own or use them. "A leasehold, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or non-freehold, and whether the real estate is situated in this state or elsewhere."
real estate board
- A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community.
- real estate agent
- A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
- real property
- Refers to the right to own land and improvements. Commonly used interchangeably with Real Estate and Realty. Contrast with personal property.
- REALTOR®
- A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS®.
- realty
- Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty.
- receiver
- Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court.
- recorded plat
- A subdivision map filed with the county recorder's office that shows the location and boundaries (lot and block number) of individual parcels of land. Contrast with government survey method and metes and bounds.
- recording
- The act of entering in the public records, the written record of title to real property, thereby giving constructive notice to the public.
- recovery fund
- A fund maintained by the Texas Real Estate Commission which upon court order is used to reimburse the public for monetary loss due to illegal acts of licensees.
- redlining
- The illegal practice of refusing to originate mortgage loans, or limiting their number, in certain neighborhoods on the basis of racial or ethnic composition. See Fair Housing.
- refinancing
- To apply for a new mortgage in order to gain better terms, usually either a lower interest rate or a different principal amount.
- Regulation 'Z'
- Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan, including interest rates expressed as an annual percentage rate (APR).
- RELA
- Real Estate License Act.
- release
- To relinquish an interest or claim to a piece of property.
- remainder
- The future interest in an estate which takes effect after the termination of another estate, such as a life estate; what is left at the termination of a life estate.
- rent control
- Laws that limit the amount of rent landlords may charge, and that state when and by how much the rent can be raised. Most rent control laws also require a landlord to provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D.C.
- reserves
- Amounts of money set aside by a mortgage company to assure payment of property taxes, homeowners' association dues, and insurance premiums. The money is kept in an escrow account
- reservation
- A right reserved by a grantor in the sale or lease of a property. In a sale, the title of all property passes to the grantee, but the use may be reserved for the grantor. Contrast with exception.
- RESPA
- Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing, and is intended to make borrowers more knowledgeable about possible costs and charges.
- restrictions
- Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use.
- right of survivorship
- The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.
- riparian owner
- One who owns land bounding upon a river or water course (stream, creek, bayou, etc.).
- Road Utility District (RUD)
- A Road Utility District may be created to construct, acquire, improve and provide financing for a road facility. The term "road facility" is defined as a road constructed, acquired or improved by a district; or property, an easement, or work constructed, acquired, or improved by a district and necessary or appropriate for, or in aid of the improvement of, a river, creek, or stream to prevent overflow; or the construction and maintenance of a pool, lake, reservoir, dam, canal or waterway for the purpose of drainage, if the property, easement, or works is related to, or in furtherance of, the construction, acquisition, or improvement of a road.
- running with the land
- A phrase used in property law to describe a right or duty that remains with a piece of property no matter who owns it. For example, the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next.
- Rural Fire Prevention District (RFPD)
- A special taxing district created to provide rural residents with fire-fighting, fire prevention and other emergency services.
- sales contract
- A written agreement stating the terms of the sale agreed to by both buyer and seller.
- Salesperson Annual Education (SAE)
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Kansas Real Estate License State Requirements
Requirements for Getting a License
Please be sure you understand the requirements before taking the pre-license education and licensing examination. If you have any questions, please contact the Commission office at (785) 296-3411.
Applicants must have a good reputation for honesty, trustworthiness, integrity and competence to transact the business of salesperson or broker in such manner as to safeguard the public interest.
Salesperson Applicants(not currently licensed in another state)
- 18 or more years of age
- high school diploma or its equivalent
- 30-hour Principles of Real Estate course approved by the Kansas Real Estate Commission
- Fingerprints, waiver form and $64 cashier's check or money order payable to KREC to obtain KBI/FBI background checks.
- Click the following link for FAQs regarding fingerprint/background checks
- 30-hour Kansas Practice course approved by the Kansas Real Estate Commission (file certificate of completion with license application to KREC within six months of course completion date)
- pass both parts (general and state) of the Kansas licensing exam within 12 months of the completion date of the Principles of Real Estate course
- file an application for license within six months of the exam pass date (if the two parts of the exam were passed on different dates, the six-month time period begins from the earlier exam date)
- license application signed by a supervising or branch broker who certifies that the applicant is honest, trustworthy and of good reputation and who will be responsible for supervising the applicant's real estate activities (an original license cannot be issued on inactive status)
- file a nonresident form with the license application, if applicable.
- file a current certification of license from any jurisdictions that have ever issued a real estate license to you with the license application
Broker Applicants
(not currently licensed in another state)- 18 or more years of age
- high school diploma or its equivalent
- Fingerprints, waiver form and $64 cashier's check or money order payable to KREC to obtain KBI/FBI background checks.
- 24-hour Broker Pre-License course approved by the Kansas Real Estate Commission
- pass both parts (general and state) of the Kansas licensing examination within 12 months of the course completion date
- file an application for license within six months of the exam pass date (if the two parts of the exam were passed on different dates, the six-month time period begins from the earlier examination date)
- license application signed by a supervising or branch broker if the applicant is not applying as a supervising broker
- If the applicant is applying to be the supervising or branch broker, include a $25.00 open office fee and a Trust Account Form
- include with the application for license, the experience pages to provide detailed information to demonstrate the applicant meets the experience requirement
- file a nonresident form with the license application, if applicable [Word] [PDF]
- file a current certification of license from any jurisdictions that have ever issued a real estate license to you with the license application
Experience Requirement for Broker's License
- licensed as a salesperson in Kansas, or as a salesperson or broker in another jurisdiction, and ACTIVELY ENGAGED in activities which require a license in Kansas for at least two years during the last five years
- experience in the real estate or a related business or a combination of such experience and education may be accepted if the Commission believes it qualifies the applicant to act as a broker. Only experience during the last five years will be considered. Experience will be evaluated on a case-by-case basis.
Continuing Education
Salespersons must meet a 12-hour continuing education requirement by their first renewal date and at each subsequent two-year renewal. An exception to the 12-hour requirement is provided for new salesperson's whose first license expiration date is five months or less from the issue date of the original license. Salespersons in this category have an "SA" for their license number prefix. All salespersons with an "SP" license number prefix must complete the 12-hour requirement. Brokers must meet a 12-hour continuing education requirement by their first renewal date and at each subsequent two-year renewal.. - Acronym - Salesperson Annual Education
- secondary mortgage market
- Buying and selling of existing mortgage loans, designed to provide additional liquidity for lenders. Contrast with primary mortgage market. Also see Fannie Mae, Freddie Mac and Ginnie Mae.
- security deposit
- A payment required by a landlord to ensure that a tenant pays rent on time and keeps the rental unit in good condition. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes.
- security interest
- An interest that a lender takes in the borrower's property to assure repayment of a debt.
- self amortized loan
- A loan which will retire the debt by systematic payments of principal and interest, so that at the end of the loan period, the balance will be zero.
- servicing a loan
- The ongoing process of collecting your monthly mortgage payment, including accounting for and payment of your yearly tax and/or homeowners insurance bills.
- servient tenement
- Property that is subject to use by another for a specific purpose. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement.
- setback
- The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions.
- shared equity mortgage
- A home loan in which the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to a portion of the proceeds.
- short sale (of house)
- A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).
- simple interest
- Interest computed only on the principal balance. Contrast with compound interest.
- single-family home
- A free-standing, residential structure, designed to accomodate one family. Single-family homes include traditional houses, as well as patio homes.
- special warranty deed
- A warranty deed which, instead of warranting the title from sovereignty of the soil to the last grantee, merely warrants the title against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under the grantor.
- specific lien
- A claim that only applies to or affects a certain property or group of properties. Contrast with general lien.
- specific performance
- Carrying out of the precise terms agreed upon in a contract. Also see suit for specific performance.
- spite fence
- An unsightly fence erected for no other purpose than to irritate a neighbor. Such a fence may be illegal under local fence height and appearance regulations or state laws that specifically bar spite fences. Even if it doesn't violate regulation or laws, the fence may still be illegal if it was built with malicious intent.
- Statute of Frauds
- The law which requires among other things, that all contracts transferring real estate, or for the leasing of property for over one year, must be in writing to be enforceable.
- statutory year
- A year composed of twelve months, each with thirty (30) days, for a total of 360 days in a statutory year. Also known as a banker's year. Contrast with calendar year.
- steering
- The illegal practice of directing members of minority groups to, or away from, certain areas or neighborhoods; channeling. See Fair Housing.
- subject to mortgage
- The buyer of an already mortgaged property makes the payments, but does not take personal responsibility for the loan. Should the mortgage be foreclosed and the property sold for a lesser amount than is owed, the grantee-buyer is not personally liable for the deficiency, but the grantor-seller is. Contrast with assumption of mortgage.
- sublease
- A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. Compare with assignment.
- subpoena
- A legal process ordering a witness to appear and give testimony or to present documents under penalty of law. TREC has subpoena powers.
- substitution, principle of
- The principle which states that a buyer will pay no more for a property than the cost of an equally desirable alternative property.
- succession
- The passing of property or legal rights after death. The word commonly refers to the distribution of property under a state’s intestate succession laws, which determine who inherits property when someone dies without a valid will. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.
- suit for specific performance
- A legal action brought by either a buyer or a seller to enforce performance of the terms of a contract.
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- taking
- See eminent domain.
- tenancy by the entirety
- A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.
- tenancy in common
- A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy.
- tenant
- Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee."
- tenants in common
- See tenancy in common.
- tenement
- Everything that may be occupied under a lease by a tenant.
- term
- The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.
- time is of the essence
- A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract.
- timeshare
- An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties.
- title
- The right of ownership of a property.
- title company
- A company that provides title insurance policies. Title companies also act as escrow agents, conduct title searches and hold closings.
- title insurance
- Protection for lenders or homeowners against financial loss resulting from legal defects in the title.
- title search
- Checks all the records relating to the property to determine whether the seller can sell the property, and can do so free of liens.
- title theory state
- The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Texas is not a title theory state. Contrast with lien theory state.
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- torrens system
- A system of land registration in which clear title is established with a governmental authority, which issues title certificates to owners.
- townhouse
- A dwelling unit usually with two,three or four floors, and shared structural walls. It can be individually owned, a condominium, a cooperative, a planned unit development or a rental property.
- transaction fee
- A fee which may be charged each time you draw on a home equity credit line.
- triple net lease
- See net lease.
- trust deed
- The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee--often a title company--who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds.
- trustee
- One who as agent for others handles money or holds title to their land.
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URL : http://www.anitamcqueen.com Desc : For all your real estate needs, specializing in hunting ground, farm, ranch, residential and commercial. Anita McQueen can help you with both buying and selling your properties, working a specialized radius around Wichita. Anita McQueen , Associate Broker , RE/MAX Realty Professionals, 10100 W. Maple, Wichita, Ks. 67209, countryspecialist@kanokla.net, Toll Free: 866-418-9525, Cell 620-727-5647, Mobile 800-862-3923, and Fax 316-616-3868