Designated Broker

By law, a real estate firm must have a designated broker. This person has a managing broker license and is legally responsible for the firm to the Department of Licensing. The designated broker must have a degree of control over the real estate firm.  In Washington, Designated Broker is the legal term and is defined by statute.

Contingency

A contractual term that requires a certain act or event before the contract becomes binding on one party, usually the buyer.  Common contingencies include the Financing Contingency, the Title Contingency, and the Inspection Contingency.

Depending on the terms, the contingency may allow the buyer to walk away with a return of the earnest money (most commonly the inspection contingency). Other contingencies allow the seller an opportunity to cure the objection (title contingency) or allows the buyer to walk if something else happens (like a failure of financing).

Conditions, Covenants, and Restrictions (CC&Rs)

Terms that apply to the owner of a property that is subject to them. CC&Rs are set out by a written document that is recorded with the county. Common restrictions include the exterior appearance of the home (remodels may be subject to a Architectural Review Committee's approval) and how the home may be used (e.g. no clothes lines). CC&Rs often create a homeowner's association as well with some responsibility for maintenance of common areas (e.g. gardening, a club house, etc.). These terms are legally enforceable, although you may be able to avoid the obligation if the term at issue has not been enforced before (the law won't allow for discriminatory or random enforcement).

Community Property

When two or more people unmarried to each other co-own real estate, they own either as tenants in common, or joint tenants. When married, they own as community property.

“Community property” is a legal concept in Spanish law. For this very obvious reason, it is more common in Western states*, i.e. the those states previously part of Mexico, and before that Spain.

Unlike tenants in common and joint tenants, community property includes both real property (land and things attached to it, like houses) and personal property (everything else). Owners of community property own it jointly, and when one dies ownership automatically passes to the surviving spouse (like joint tenants).

If people own real property, and then get married, their spouse will likely become part owner as a result of community property. Under this law, the earnings of one spouse belong one-half to the other. So if a paycheck is used for the mortgage after marriage, then the spouse will quickly become a co-owner, regardless of intent.

* The complete list of community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.