Real Estate Exam Things to Remember
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| Exclusive right to sell listing | show 🗑
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| show | Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property.
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| Open listing | show 🗑
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| show | This type of agreement may be illegal in your state. The agent gets to keep everything he can get that's more than the sale price the owner wants.
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| Condominium | show 🗑
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| show | the owner owns shares in a corporation that owns a building. The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit.
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| Foreclosure | show 🗑
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| Forfeiture | show 🗑
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| Grantor | show 🗑
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| Grantee | show 🗑
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| show | the tenant's interest in the property. The tenant holds the lease.
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| show | the owner or landlord's interest.
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| Mortgagor | show 🗑
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| show | owes the lender.
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| show | These terms are associated with the cost approach to valuing a property. Replacement cost is the cost to produce a structure that is essentially the same as the existing structure but using modern materials and standards.
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| show | an estimate of the cost to produce exactly the same structure with the same materials.
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| show | subtracted from taxes due.
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| Tax deduction | show 🗑
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| Tenancy in severalty | show 🗑
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| show | Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. If an owner dies, the deceased person's share is conveyed to his or her heirs, not the other owners.
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| show | Available only to married couples. This means that property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse.
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| Dedication | show 🗑
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| show | the government actually is giving property to private individuals.
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| show | When someone uses your property, you may end up losing the property or having your rights to the property restricted.
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| Avulsion | show 🗑
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| Erosion | show 🗑
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| show | a legal proceeding to divide property owned by two or more people.
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| show | When the broker produces a ready, willing and able buyer.
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| show | Protects against racial discrimination.
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| show | Protects race, color, religion, and national origin.
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| show | Protects against sex or gender bias.
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| 1988 Fair Housing Amendments Act | show 🗑
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| show | Ownership with the greatest bundle of rights - the owner has all available rights to the property and can always pass it to his heirs
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| Fee Simple Estate | show 🗑
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| show | Ownership for the duration of one's life - cannot be willed to heirs; The three parties are the Grantor, Grantee and Remainder man.
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| Life Estate With Reversion | show 🗑
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| Conventional Life Estate | show 🗑
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| Community Property | show 🗑
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| Homestead | show 🗑
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| show | A leasehold with a specific starting and ending date - it survives death or the sale of the property
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| Leasehold Estate | show 🗑
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| show | Stationary body of water
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| show | Flowing body of water
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| Tenancy In Severalty (to sever) | show 🗑
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| show | The unities that must exist for this type of ownership to exist areL
Interest, Possession, Time and Title.
If one owner of a joint tenancy dies, that owner’s interest reverts to the other owners. This right of survivorship may vary by state.
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| Syndicate | show 🗑
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| Fixity | show 🗑
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| show | promote competition in an open marketplace
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| Modification | show 🗑
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| show | an officer of a corporation
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| show | a manager of the company
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| show | a general partner
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| show | property
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| show | A right, privilege or improvement associated with land but not part of the land
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| show | Trade fixtures and emblements (crops)
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| Chattel Real Intangible Property | show 🗑
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| Concurrent ownership | show 🗑
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| show | Definition of "rights of ownership"
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| Feudal | show 🗑
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| Alloidal | show 🗑
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| Escheat | show 🗑
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| show | Attachment, adaption, agreement
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