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RE Exam Prep

Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com

TermDefinition
Bundle of Rights [DeepC] Disposition, Exclusion, Enjoyment, Possession, Control
Real Property Immovable
Personal Property Moveable
Fixture [MARIA] Method, adaptability, relationship, intention, agreement
Trade Fixture Personal Property for business. (i.e: Dentist chair)
Riparian Rights Regarding property near moving water (i.e: river, creek, etc)
Appurtenances Stay with the land. (I purrr when stuff comes with land :)
Chattle Real Sounds like Cattle, and cattle MOVE. Moveable
Freehold Estate Possession of Property, NOT limited by time
Littoral Rights Regarding property near lake or ocean.
Estate for Years Fixed period of Time
Estate at Sufferance Deadbeat tenant
Title About ownership
Severalty Sole ownership
Concurrent Estate Ownership w/ others
Join Tenancy [TTIP] Time, title, interest, possession
Community Property Own property w/ Spouse
Encumberances Limitation. (i.e: Lien)
Lien Money owed
Mechanics Lein Involuntary lien based on work performed on property
General Lien When they can come after everything like taxes, income, property, etc.
Police Power State's protection of Welfare, Health, Morals, Saftey. (i.e: zoning, rent control, building codes)
Government Power [PETE] Police Power, Eminent Domain, Taxation, Escheat
Escheat Government property acquisition. No heirs. No will.
R1 - Zoning Single Family
R3 - Zoning Multifamily
Downzoning Commercial residential
Variance Exception
Encroching Tresspassing
Lis Pendens Lawsuit pending. Someone claims you aren't the owner. (i.e: Divorce)
Injunctions Court order to stop.
Cloud on Title Title is NOT clear
Eminent Domain Gov takes property for public use.
Inverse Condemnation Suing the gov, based on eminent domain
Condemnation Compensation
Accretion
Avulsion
Probate Sale
Intestate No will
Deeds Evidence of transfer of ownership
A Grant Deed
A Quitclaim Deed
Constructive Notice
Testate Have a will
Ownership Title
Chain of Title History of ownership
Abstract of Title Summary
Title Insurance Makes sure property has clear & marketable title.
Impounds Taxes & insurance
Escrow Neutral party
Missrepresentation Without intention
RESPA Real Estate Settlement Procedures Act 1-4 residential. To prevent kickbacks. Helps know what they're getting themselves into.
Abandonment Voluntary
Sublease Possession, but no responsibility.
Steering Leading clients toward a specific neighborhood. Buyers
Blockbusting Panic selling. Panic peddling. Sellers
Valid Contact Capable, Mutual Consent, Consideration, Legal
Voidable Contract Duress. Valid unless someone exercises cancelation. (i.e: Told to buy at gunpoint, but choose to anyway.)
Bilateral Contract Promise for a Promise. (i.e: Listing agreement)
Unilateral Contract Promise for an Act. (i.e: Option contract)
Executed Contract Completely performed
The Statute of Frauds Writing
Statute of Limitations Timeframes
Novation New
Listing Bilateral employment contract (seller is employer, hiring broker to find a qualified buyer)
Exclusive Listing One broker exclusive
Exclusive Agency Listing One broker, but owner can also sell
Exclusive Authorization and Right to Sell Listing No need to prove. Broker gets paid regardless.
Net listing Agree on sale price with broker. Any sale above this amt goes to broker. Illegal in most states.
Puffing Exaggerate
Actual Fraud Intention
Value [STUD] Scarcity, Transferability, Utility, Demand
Plottage 1 + 1 = 3
Life Estate For the life of a designated person
How many sq feet in one acre? 43,560
5,280 feet How many feet in a mile
640 acres One Township Section
640 acres Number of acres in a square mile
Alienation Transferring property to another.
FReSH CoRN Protected Classes - Familial status, Race, Sex, Handicap, Color, Religion, Nationality
Created by: Craggle