Real Estate Glossary


Terms and concepts to improve your real estate understanding.
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B

BRRETA

is an acronym that stands for Brokers Relationship in Real Estate Transactions Act. The purpose is to define and regulate relationships between licensed real estate agents (brokers) and the general public through state statute rather than through the common law of agency which results from judicial decisions. In Georgia it is Title 10 Chapter 6A of the O.C.G.A. §.  

building line

is the zoning ordinance which establishes the front setback line. That distance is measured from the right of way (where the site begins) and not from the portion of the right of way which is paved. Governments will often impose other limitations on the building line such a minimum width at the building line.

bundle of legal rights

The concept of land ownership that includes ownership of all legal rights to the land - for example, possession, control within the law, and enjoyment.

bundle of rights

the variety of rights associated with the ownership of real estate. The concept of a “bundle” suggests that the rights are individual rights grouped in a bundle permitting some rights to be separated from the others.

buydown

cash up front to temporarily (or permanently) lower the interest rate or initial payments.

buyer agency agreement

is an employment contract. The broker is employed as the buyer's agent- the buyer. rather than the seller, is the principal.The purpose of this agreement is to find a suitable property.

buyer's agent

A residential real estate broker or salesperson who represents the prospective purchaser in a transaction. The buyer's agent owes the buyer-principal the common-law or statutory agency duties.

C

CAN-SPAM act of 2003

act pertaining to licensees who send commercial emails. Requirements of the CAN-SPAM Act of 2003 (Controlling the Assault of Non-Solicited Pornography and Marketing Act) prohibits deceptive subject lines and misleading or false header information, in addition the act requires that e-mail recipients have an opt-out method.

capitalization rate

is a one of the components, the Rate, within the Income Approach formula (V = I ÷ R) used to determine the value of an incoming producing property.

The Capitalization Rate is comprised of two rates: the interest rate and the capital recovery rate (often referred to as the recapture rate). The interest rate is the return "on" the investment. It is interest in its traditional sense and use. The capital recovery rate is actually the return "of" the investment. That is, the capital recovery rate reimburses the investor for the deterioration in value of the improvements which were paid for at the time of purchase, but deteriorate as time passes.

cash equivalency

refers to adjustments necessary to determine a subject's value when pricing has been affected by favorable (below market) financing terms provided by the seller in a transaction, or the assumption by the buyer of a below market mortgage.

The cash equivalency technique will reveal the maximum impact that the favorable financing may have had on the price paid; it will not necessarily reveal the actual impact on the sales price. It attempts to determine what the actual sale price would have been if the favorable financing or concessions had not been offered.

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