Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
RE Exam Prep
Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com
| Term | Definition |
|---|---|
| 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
Popular Real Estate sets