Real Estate Exam Things to Remember
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| Exclusive right to sell listing | In this agreement, the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller.
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| Exclusive agency listing | 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 | 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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| Net listing | 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 | the owner actually owns real estate. This ownership is usually the air space and an interest as a tenant in common of the land.
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| Cooperative | 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 | the loss of property to pay off a debt.
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| Forfeiture | losing the property because of disobeying a condition in the deed.
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| Grantor | gives, sells, or transfers the property to the grantee.
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| Grantee | receives the property.
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| Leasehold | the tenant's interest in the property. The tenant holds the lease.
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| Leased fee | the owner or landlord's interest.
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| Mortgagor | the borrower.
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| Mortgagee | owes the lender.
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| Replacement cost | 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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| Reproduction cast | an estimate of the cost to produce exactly the same structure with the same materials.
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| Tax credit | subtracted from taxes due.
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| Tax deduction | subtracted from income.
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| Tenancy in severalty | 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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| Tenancy in common | 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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| Tenancy by the entirety | 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 | give up property voluntarily to the government. An example is a developer giving up streets in a subdivision.
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| Public grant | the government actually is giving property to private individuals.
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| Adverse possession | 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 | the sudden loss of land by an act of nature like a landslide.
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| Erosion | the gradual loss of land by an act of nature, like property lost along the bank of a river.
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| Partition | a legal proceeding to divide property owned by two or more people.
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| When do real estate agents earn their fees? | When the broker produces a ready, willing and able buyer.
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| 1866 Civil Rights Act | Protects against racial discrimination.
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| 1968 Federal Fair Housing Act | Protects race, color, religion, and national origin.
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| 1974 Housing and Community Development Act | Protects against sex or gender bias.
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| 1988 Fair Housing Amendments Act | Protects the handicapped and familial status.
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| Fee Simple | 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 | Absolute ownership with all the rights associated with ownership of real property
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| Life Estate | 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 | Set up so that at the end the property goes back to the original owner
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| Conventional Life Estate | 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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| Community Property | All property acquired by a husband and wife after marriage unless it is acquired by gift, will or inheritance.
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| Homestead | The residence property of a landowner; protected from forced sale by general creditors.
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| Estate For Years | A leasehold with a specific starting and ending date - it survives death or the sale of the property
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| Leasehold Estate | An interest in real property giving a party possession without ownership
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| Littoral Rights | Stationary body of water
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| Riparian Rights | Flowing body of water
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| Tenancy In Severalty (to sever) | Only one owner
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| Tenancy In Common or Joint Tenancy | 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 | Two or more parties join together to create and operate a real estate investment
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| Fixity | the time is takes to repay the costs of land, buildings or improvements (investment permanence)
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| Anti-trust Laws | promote competition in an open marketplace
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| Modification | refers to change in property value due to improvements made to nearby parcels
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| To be eligible for a broker's license, if the business is a corporation, the designated person must be | 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 | a manager of the company
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| To be eligible for a broker's license, if the business is a partnership, the designated person must be | a general partner
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| The right of ownership is the definition of | property
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| Appurtenance | A right, privilege or improvement associated with land but not part of the land
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| Chattel Real Tangible Property | Trade fixtures and emblements (crops)
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| Chattel Real Intangible Property | Mortgages, leases, options and easements
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| Concurrent ownership | co-owners hold title to undivided interest in the property
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| Property | Definition of "rights of ownership"
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| Feudal | A system in which individuals can own land for their lifetime but not pass it on to their heirs
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| Alloidal | A system in which individuals can own land for their lifetime and pass it on to their heirs
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| Escheat | The right of the state to assume ownership of property when an owner dies without a valid will or heirs
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| Personal property may become real property | Attachment, adaption, agreement
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