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Real Est. Test #1 Test

Enter the letter for the matching
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1.
DUTY OF AN APPRAISER
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2.
EXAMPLES OF REAL ESTATE AS AN OCCUPATION
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3.
DURABILITY
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4.
TITLE THEORY
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5.
"FURTHER ASSURANCE"
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6.
"SEIZIN"
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7.
DEFINITION OF REAL ESTATE
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8.
FEE SIMPLE DETERMINABLE
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9.
IMMOBILITY
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10.
SPECIALTIES OF APPRAISAL
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11.
FREEHOLD
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12.
BROKERS AS BUSINESS PEOPLE
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13.
THREE TYPES OF REAL ESTATE
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14.
EMINENT DOMAIN
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15.
FEE SIMPLE CONDITIONAL
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16.
ADVERSE POSSESSION
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17.
"WARRANTY FOREVER"
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18.
LIEN THEORY
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19.
FEE ESTATE
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20.
TITLE INSURANCE
A.
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)
B.
Should title someday list a pre-existing defect grantor will compensate grantee
C.
Cannot be moved
D.
Actual possession of realty by a person claiming ownership; has the right to transfer property/sell
E.
Land itself cannot be destroyed
F.
Residential, commercial, agricultural
G.
Ownership interest for an indefinite period of time; ex: fee estates/life estates
H.
Government can take ownership w/o owner's consent; gov't MUST compensate accordingly.
I.
Transferred temporarily for a purpose; i.e. a school being donated to stay a school
J.
To give an opinion of value for a fee
K.
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
L.
Grantor agrees to execute documents for grantee to receive good title
M.
State lender holds the lien; Nebraska is a lien theory state
N.
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.
O.
State lender holds title
P.
Apartments, farms, industrial, shopping centers
Q.
Transferred unless triggering event occurs; i.e. alcohol sold on property
R.
An insurance policy that will reimburse a property owner or mortgage lender for losses caused by title defects or encumbrances.
S.
Brokerage, finance, property management, appraisal, development, law, title
T.
A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance
Type the that corresponds to the displayed .
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21.
SCARCITY
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22.
Most complete ownership/most typical
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23.
Ownership interest for a definite period of time; example: 1 year apartment lease
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24.
Any claim, lien, or charge against a property that would reduce it's value.
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25.
Personal property that is moveable and not part of the real estate. Also called personalty.
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26.
A right to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time.
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27.
1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary
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28.
Location, location, location
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29.
The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions
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30.
Contracts MUST be in writing

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