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47 Cards in this Set
- Front
- Back
A formal declaration made by a person signing a document |
Acknowledgement |
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Another term for continuation |
Run-Down Search |
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A condensed historical record of the chain of title |
Abstract of Title |
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True or false: The client represented by the broker is also the customer. |
False. |
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Non factual or over stated comments are also called _________________________? |
Puffing. |
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When Mary gives her son Tom authority to act as the official agent of her home whilst abroad for a month through a power of attorney document, Tom is considered the _____________? |
Attorney-in-fact |
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Being the reason for accomplishing the sale objective makes you the __________________? |
Procuring cause. |
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This insurance covers agents mistakes, errors, and negligence |
Errors & Omissions |
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What are the 4 types of appurtenances? |
Water rights, air rights, mineral rights, and improvements |
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What are other names of personal property? |
Personalty / Chattel |
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Personal property is sold through a... |
Bill of sale |
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If convicted of embezzlement, the Real Estate Commission will not grant a license within: |
5 years |
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Ownership least likely to be considered real property |
Cooperative (co-op apartments) |
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Type of property that does NOT border a stream |
Littoral land (borders large bodies of water) |
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When title is gained because a portion of a water course permanently dries up, exposing land. |
Reliction |
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A gift of land for some public use made by the owner and accepted for such use by or on behalf of the public, as streets in a plotted subdivision |
Dedication |
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The right of the government to take private property for use upon payment of just compensation |
Eminent Domain |
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Name 3 of the 5 most used agency relationships. |
Seller's Agent, Buyer's Agent & Disclosed Dual Agent. |
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An agent must present this document before he or she discusses confidential aspects of a sale (like finances or motivation) |
Consumer Information Statement (CIS) |
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Who is the principal in the Broker/Salesperson relationship? |
Broker |
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Who is the principal in the Client/Broker relationship? |
Client |
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The term real estate does not include which type of fixtures? |
Trade fixtures |
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A salesperson may be compensated by |
his employing broker |
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Jamie's neighbors fenced in their yard, but accidentally fenced in over the property line by 4 inches. This constitutes: |
An encroachment |
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The word escheat refers to: |
Right of state to acquire title where owner dies with no will or heirs devise |
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An owner of a life estate can do all the following except |
Devise his interest or Commit waste |
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If you possessed a fee simple estate, the property could be: |
Sold, subdivided, leased, mortgaged, etc |
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Articles attached by the tenant to the building for use in conducting a trade or business |
Trade fixtures |
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The right to take legal action against a third party responsible for a loss to an issue for which a claim has been paid |
Subrogation |
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An association of two or more persons to carry on a business for profit is which type of business ownership? |
Partnership |
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When there is a first violation of the licenses act the REC is empowered to |
-impose monetary fines -revoke the license -suspend the license |
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The return of land to the grantor or his heirs when the grant is over is |
Reversion |
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Which of the following techniques would be used to determine whether or not an encroachment exists? |
Survey |
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This type of tenancy is formed by a husband and wife or civil union couple. Upon death survivor acquires title in severalty. |
Tenancy by the Entirety |
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When accretion occurs through deposits of additional soil it is called ____________. |
Alluvion |
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When accretion occurs through the receding of waters it is called ________. |
Reliction |
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When the wearing away of land occurs over a long period of time it is called __________. |
Erosion |
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When the wearing away of land occurs suddenly it is called __________. |
Avulsion |
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The process in which new land gained through accretion is conveyed to the new owner is ___________. |
Accession |
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In a co-op, a person wishing to occupy a unit would sign a _________ __________ for stock. |
Subscription agreement |
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In a co-op, the owner (shareholder) receives receive a ____________ _______ on a specific unit. |
Proprietary lease |
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The system in which the people have the right to own full and complete property rights. |
Allodial |
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How many members make up the REC? |
8 Members |
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How many publics members of the REC are there? |
2 Public |
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How many brokers are members of the REC? |
5 Brokers |
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How many members of the REC are appointed by the governor? |
ALL of them (8) |
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How many members of the REC are a direct government employee? |
1 Government liaison |