Real Est. Test #1 Word Scramble
N F A R S T N E Y L R T O R V I A U N
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| INVOLUNTARY TRANSFER | |
| DEFINITION OF REAL ESTATE | 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 |
| FIDUCIARY RESPONSIBILITY | The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions |
| DURABILITY | Land itself cannot be destroyed |
| PERSONAL PROPERTY | Personal property that is moveable and not part of the real estate. Also called personalty. |
| FEE SIMPLE CONDITIONAL | Transferred unless triggering event occurs; i.e. alcohol sold on property |
| FEE ESTATE | A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance |
| TITLE THEORY | State lender holds title |
| DUTY OF AN APPRAISER | To give an opinion of value for a fee |
| ADVERSE POSSESSION | 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. |
| "ENCUMBRANCES" | Any claim, lien, or charge against a property that would reduce it's value. |
| HETEROGENEOUS | Uniqueness |
| FREEHOLD | Ownership interest for an indefinite period of time; ex: fee estates/life estates |
| IMMOBILITY | Cannot be moved |
| DEFINITION OF APPRAISAL | An estimate of value; Skill, experience, and judgment of the appraiser is important. |
| THREE TYPES OF REAL ESTATE | Residential, commercial, agricultural |
| EXAMPLES OF REAL ESTATE | Occupation, field of study, assets |
| LIEN POSITIONS | 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary |
| "SEIZIN" | Actual possession of realty by a person claiming ownership; has the right to transfer property/sell |
| BROKERS AS BUSINESS PEOPLE | 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) |
| EXAMPLES OF REAL ESTATE AS AN OCCUPATION | Brokerage, finance, property management, appraisal, development, law, title |
| DEFINITION OF A BROKER | Facilitators of buying, selling, and leasing real estate; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others |
| MECHANIC'S LIEN/CONTRACTOR'S LIEN | Lien placed for work done but possibly not paid for or not completely paid for; normally in exchange for payment, a contractor signs a lien waiver which "waives" his/her right to place a lien on your property |
| "FURTHER ASSURANCE" | Grantor agrees to execute documents for grantee to receive good title |
| TITLE INSURANCE | An insurance policy that will reimburse a property owner or mortgage lender for losses caused by title defects or encumbrances. |
| SITUS: | Location, location, location |
| EMINENT DOMAIN | Government can take ownership w/o owner's consent; gov't MUST compensate accordingly. |
| HOW TO GET YOUR LICENSE REVOKED | Misleading advertising, failure to account for principal's $, co-mingling funds, failure to maintain separate accounts, accepting undisclosed commission, acting as agent AND undisclosed principle |
| "WARRANTY FOREVER" | Should title someday list a pre-existing defect grantor will compensate grantee |
| 5 ELEMENTS OF A CONTRACT | Compentent parties, legal subject matter, offer, acceptance, consideration |
| STATUTE OF FRAUDS | Contracts MUST be in writing |
| PRESCRIPTIVE RIGHTS | A right to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time. |
| LIEN THEORY | State lender holds the lien; Nebraska is a lien theory state |
| "QUIET ENJOYMENT" | An owner's right to peaceable possession and not to be subject to adverse ownership claims by others. |
| SCARCITY | Limited supply |
| LEASEHOLD | Ownership interest for a definite period of time; example: 1 year apartment lease |
| TYPICAL BUSINESS OWNERSHIP TYPES | LLC (most typical), C Corporations, partnership, general partnership: full liability, limited partnership: limited liability |
| SPECIALTIES OF APPRAISAL | Apartments, farms, industrial, shopping centers |
| MODIFICATION | Improvements |
| FEE SIMPLE ASBOLUTE | Most complete ownership/most typical |
| FEE SIMPLE DETERMINABLE | Transferred temporarily for a purpose; i.e. a school being donated to stay a school |
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