Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com
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| Bundle of Rights | [DeepC]
Disposition, Exclusion, Enjoyment, Possession, Control
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| Real Property | Immovable
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| Personal Property | Moveable
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| Fixture | [MARIA] Method, adaptability, relationship, intention, agreement
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| Trade Fixture | Personal Property for business. (i.e: Dentist chair)
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| Riparian Rights | Regarding property near moving water (i.e: river, creek, etc)
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| Appurtenances | Stay with the land. (I purrr when stuff comes with land :)
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| Chattle Real | Sounds like Cattle, and cattle MOVE. Moveable
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| Freehold Estate | Possession of Property, NOT limited by time
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| Littoral Rights | Regarding property near lake or ocean.
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| Estate for Years | Fixed period of Time
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| Estate at Sufferance | Deadbeat tenant
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| Title | About ownership
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| Severalty | Sole ownership
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| Concurrent Estate | Ownership w/ others
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| Join Tenancy | [TTIP] Time, title, interest, possession
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| Community Property | Own property w/ Spouse
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| Encumberances | Limitation. (i.e: Lien)
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| Lien | Money owed
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| Mechanics Lein | Involuntary lien based on work performed on property
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| General Lien | When they can come after everything like taxes, income, property, etc.
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| Police Power | State's protection of Welfare, Health, Morals, Saftey. (i.e: zoning, rent control, building codes)
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| Government Power | [PETE] Police Power, Eminent Domain, Taxation, Escheat
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| Escheat | Government property acquisition. No heirs. No will.
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| R1 - Zoning | Single Family
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| R3 - Zoning | Multifamily
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| Downzoning | Commercial residential
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| Variance | Exception
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| Encroching | Tresspassing
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| Lis Pendens | Lawsuit pending. Someone claims you aren't the owner. (i.e: Divorce)
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| Injunctions | Court order to stop.
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| Cloud on Title | Title is NOT clear
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| Eminent Domain | Gov takes property for public use.
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| Inverse Condemnation | Suing the gov, based on eminent domain
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| Condemnation | Compensation
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| Accretion |
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| Avulsion |
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| Probate Sale |
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| Intestate | No will
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| Deeds | Evidence of transfer of ownership
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| A Grant Deed |
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| A Quitclaim Deed |
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| Constructive Notice |
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| Testate | Have a will
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| Ownership | Title
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| Chain of Title | History of ownership
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| Abstract of Title | Summary
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| Title Insurance | Makes sure property has clear & marketable title.
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| Impounds | Taxes & insurance
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| Escrow | Neutral party
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| Missrepresentation | Without intention
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| RESPA Real Estate Settlement Procedures Act | 1-4 residential. To prevent kickbacks. Helps know what they're getting themselves into.
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| Abandonment | Voluntary
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| Sublease | Possession, but no responsibility.
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| Steering | Leading clients toward a specific neighborhood. Buyers
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| Blockbusting | Panic selling. Panic peddling. Sellers
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| Valid Contact | Capable, Mutual Consent, Consideration, Legal
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| Voidable Contract | Duress. Valid unless someone exercises cancelation. (i.e: Told to buy at gunpoint, but choose to anyway.)
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| Bilateral Contract | Promise for a Promise. (i.e: Listing agreement)
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| Unilateral Contract | Promise for an Act. (i.e: Option contract)
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| Executed Contract | Completely performed
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| The Statute of Frauds | Writing
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| Statute of Limitations | Timeframes
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| Novation | New
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| Listing | Bilateral employment contract (seller is employer, hiring broker to find a qualified buyer)
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| Exclusive Listing | One broker exclusive
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| Exclusive Agency Listing | One broker, but owner can also sell
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| Exclusive Authorization and Right to Sell Listing | No need to prove. Broker gets paid regardless.
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| Net listing | Agree on sale price with broker. Any sale above this amt goes to broker. Illegal in most states.
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| Puffing | Exaggerate
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| Actual Fraud | Intention
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| Value | [STUD] Scarcity, Transferability, Utility, Demand
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| Plottage | 1 + 1 = 3
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| Life Estate | For the life of a designated person
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| How many sq feet in one acre? | 43,560
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| 5,280 feet | How many feet in a mile
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| 640 acres | One Township Section
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| 640 acres | Number of acres in a square mile
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| Alienation | Transferring property to another.
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| FReSH CoRN | Protected Classes - Familial status, Race, Sex, Handicap, Color, Religion, Nationality
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