Real Estate Exam Things to Remember
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| Exclusive right to sell listing | show 🗑
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| Exclusive agency listing | show 🗑
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| show | In this type of agreement,
sellers have the right to use as many brokers as they want.
The seller is not, however, obligated to pay any of them
if he or she sells the property without the broker's help.
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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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| show | gives, sells, or transfers the property to the grantee.
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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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| show | subtracted from income.
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| show | Although it may sound like more, this type of ownership is by one person or a corporation, and not being married has nothing to do with it.
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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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| show | the sudden loss of land by an act of nature like a landslide.
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| show | the gradual loss of land by an act of nature, like property lost along the bank of a river.
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| Partition | show 🗑
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| show | When the broker produces a ready, willing and able buyer.
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| 1866 Civil Rights Act | show 🗑
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| 1968 Federal Fair Housing Act | show 🗑
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| 1974 Housing and Community Development Act | show 🗑
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| show | Protects the handicapped and familial status.
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| Fee Simple | show 🗑
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| show | Absolute ownership with all the rights associated with ownership of real property
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| Life Estate | show 🗑
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| show | Set up so that at the end the property goes back to the original owner
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| show | A freehold estate limited in duration to the life of the grantee. the grantee enjoys just as fee. they pay taxes, maintenance
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| show | All property acquired by a husband and wife after marriage unless it is acquired by gift, will or inheritance.
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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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| show | An interest in real property giving a party possession without ownership
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| show | Stationary body of water
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| Riparian Rights | show 🗑
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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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| show | Two or more parties join together to create and operate a real estate investment
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| show | the time is takes to repay the costs of land, buildings or improvements (investment permanence)
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| show | promote competition in an open marketplace
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| show | refers to change in property value due to improvements made to nearby parcels
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| show | an officer of a corporation
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| To be eligible for a broker's license, if the business is a limited liability company, the designated person must be | show 🗑
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| show | a general partner
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| The right of ownership is the definition of | show 🗑
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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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| show | Mortgages, leases, options and easements
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| Concurrent ownership | show 🗑
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| show | Definition of "rights of ownership"
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| show | A system in which individuals can own land for their lifetime but not pass it on to their heirs
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| show | A system in which individuals can own land for their lifetime and pass it on to their heirs
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| show | The right of the state to assume ownership of property when an owner dies without a valid will or heirs
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| show | Attachment, adaption, agreement
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