In each blank, try to type in the
word that is missing. If you've
typed in the correct word, the
blank will turn green.
If your not sure what answer should be entered, press the space bar and the next missing letter will be displayed. When you are all done, you should look back over all your answers and review the ones in red. These ones in red are the ones which you needed help on. : OF APPRAISAL: An of value; Skill, experience, and judgment of the appraiser is important. : DEFINITION OF REAL : The earth's surface, from the center, upward in space, including all things permanently attached, natural or man-made; land and all permanent attachments : EXAMPLES OF REAL : Occupation, field of , assets : EXAMPLES OF REAL ESTATE AS AN : Brokerage, finance, property , appraisal, development, law, title : TYPES OF REAL ESTATE: , commercial, agricultural : DEFINITION OF A : Facilitators of buying, selling, and leasing real ; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others : DUTY OF AN : To give an opinion of value for a : SPECIALTIES OF : Apartments, farms, industrial, shopping : STATUTE OF : Contracts MUST be in : INSURANCE: An insurance policy that will reimburse a property owner or mortgage lender for caused by title defects or encumbrances. : PROPERTY: Personal property that is moveable and not part of the real estate. Also personalty. : IMMOBILITY: Cannot be : SITUS: : , location, location : DURABILITY: Land itself be destroyed : : Uniqueness : SCARCITY: supply : MODIFICATION: : FIDUCIARY : The person (broker, real estate , etc) is required to present all offers to buyer and be morally responsible in transactions : AS BUSINESS PEOPLE: Licensed by state, or franchisee, can accept or reject agency relationship, duties limited to those under listing agreement, can't discriminate (must present all offers to client) : HOW TO GET YOUR REVOKED: Misleading advertising, failure to account for principal's $, co-mingling funds, failure to maintain separate accounts, accepting undisclosed commission, acting as agent AND undisclosed : 5 ELEMENTS OF A : Compentent parties, subject matter, offer, acceptance, consideration : "SEIZIN": Actual possession of realty by a person claiming ownership; has the right to property/sell : : Any claim, lien, or charge against a that would reduce it's value. : ENJOYMENT": An owner's right to peaceable possession and not to be subject to ownership claims by others. : "FURTHER : Grantor agrees to documents for grantee to receive good title : "WARRANTY : Should title someday list a pre-existing grantor will compensate grantee : TRANSFER: : ADVERSE : Known as "squatter's rights"; a set of legal rules under which property can be acquired or lost by another's land for a set period of time, in accordance with state law. : RIGHTS: A to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time. : DOMAIN: Government can take ownership w/o owner's consent; gov't MUST compensate . : MECHANIC'S LIEN/CONTRACTOR'S : Lien for work done but possibly not paid for or not completely paid for; normally in exchange for payment, a contractor signs a lien waiver which "waives" his/her right to place a lien on your property : : Ownership interest for a period of time; example: 1 year apartment lease : FREEHOLD: Ownership for an indefinite period of time; ex: fee estates/life estates : FEE : A freehold estate which the owner can upon death and in a property executed will; Inheritance : FEE ASBOLUTE: Most complete ownership/most : FEE DETERMINABLE: Transferred for a purpose; i.e. a school being donated to stay a school : FEE CONDITIONAL: unless triggering event occurs; i.e. alcohol sold on property : TYPICAL BUSINESS TYPES: LLC (most typical), C , partnership, general partnership: full liability, limited partnership: limited liability : THEORY: State lender holds : LIEN : State holds the lien; Nebraska is a lien theory state : LIEN : 1st position = lien to be filed and priority given in liquidation. Junior position = every position after primary |
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