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
Real Est. Test #1
| DEFINITION OF APPRAISAL | An estimate of value; Skill, experience, and judgment of the appraiser is important. |
| DEFINITION OF REAL ESTATE | The earth's surface, from the center, upward in space, including all things permanently attached, whether natural or man-made; land and all permanent attachments |
| EXAMPLES OF REAL ESTATE | Occupation, field of study, assets |
| EXAMPLES OF REAL ESTATE AS AN OCCUPATION | Brokerage, finance, property management, appraisal, development, law, title |
| THREE TYPES OF REAL ESTATE | Residential, commercial, agricultural |
| DEFINITION OF A BROKER | Facilitators of buying, selling, and leasing real estate; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others |
| DUTY OF AN APPRAISER | To give an opinion of value for a fee |
| SPECIALTIES OF APPRAISAL | Apartments, farms, industrial, shopping centers |
| STATUTE OF FRAUDS | Contracts MUST be in writing |
| TITLE INSURANCE | An insurance policy that will reimburse a property owner or mortgage lender for losses caused by title defects or encumbrances. |
| PERSONAL PROPERTY | Personal property that is moveable and not part of the real estate. Also called personalty. |
| IMMOBILITY | Cannot be moved |
| SITUS: | Location, location, location |
| DURABILITY | Land itself cannot be destroyed |
| HETEROGENEOUS | Uniqueness |
| SCARCITY | Limited supply |
| MODIFICATION | Improvements |
| FIDUCIARY RESPONSIBILITY | The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions |
| BROKERS AS BUSINESS PEOPLE | Licensed by state, independent 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 LICENSE 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 principle |
| 5 ELEMENTS OF A CONTRACT | Compentent parties, legal subject matter, offer, acceptance, consideration |
| "SEIZIN" | Actual possession of realty by a person claiming ownership; has the right to transfer property/sell |
| "ENCUMBRANCES" | Any claim, lien, or charge against a property that would reduce it's value. |
| "QUIET ENJOYMENT" | An owner's right to peaceable possession and not to be subject to adverse ownership claims by others. |
| "FURTHER ASSURANCE" | Grantor agrees to execute documents for grantee to receive good title |
| "WARRANTY FOREVER" | Should title someday list a pre-existing defect grantor will compensate grantee |
| INVOLUNTARY TRANSFER | |
| ADVERSE POSSESSION | Known as "squatter's rights"; a set of legal rules under which property can be acquired or lost by possessing another's land for a set period of time, in accordance with state law. |
| PRESCRIPTIVE RIGHTS | A right to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time. |
| EMINENT DOMAIN | Government can take ownership w/o owner's consent; gov't MUST compensate accordingly. |
| MECHANIC'S LIEN/CONTRACTOR'S LIEN | Lien placed 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 |
| LEASEHOLD | Ownership interest for a definite period of time; example: 1 year apartment lease |
| FREEHOLD | Ownership interest for an indefinite period of time; ex: fee estates/life estates |
| FEE ESTATE | A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance |
| FEE SIMPLE ASBOLUTE | Most complete ownership/most typical |
| FEE SIMPLE DETERMINABLE | Transferred temporarily for a purpose; i.e. a school being donated to stay a school |
| FEE SIMPLE CONDITIONAL | Transferred unless triggering event occurs; i.e. alcohol sold on property |
| TYPICAL BUSINESS OWNERSHIP TYPES | LLC (most typical), C Corporations, partnership, general partnership: full liability, limited partnership: limited liability |
| TITLE THEORY | State lender holds title |
| LIEN THEORY | State lender holds the lien; Nebraska is a lien theory state |
| LIEN POSITIONS | 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary |
Created by:
63204265
Popular Real Estate sets