• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/208

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

208 Cards in this Set

  • Front
  • Back

What best describes personal property?

Chattel

Monthly rent is not corporeal property.

True

Lumber is not realty

True

Real estate is best defined as

Land and all permanent atachments

What is a freehold estate

An estate with an uncertain duration

What is a personal item that is affixed to realty

A fixture

What is not considered a permanent atachment to land

Chattels

A person who has some rights in land but not all possessory rights has

An interest in land

A person who only has permission to use land has

License to use

Adverse possession

A person receives title of land by virtue of having occupied it for a certain period of time w/o paying

A person who dies with no will

Intestate

Right of survivorship/ undivided intrest

Joint tenants

Tenancy in severalty

Ownership by one person or 1 entity

What are dower rights

Rights that allow spouse to receive a portion of deceased spouses estate

Easement

The right to use property of another for specific purchase

Foreclosure

Person holding a claim against property can sell property to pay claim

A person that appears to own property bit does not is said to have

Color of title

Fee simple estate =

Freehold estate

Color of title=

Appearance of title

Pur autre vie life estate is

A life estate based on life of someone besides tenant

T/F A one month lease is not real property

T

Adverse possession might establish

Claim to title

An easement by prescription might establish

Use of a property

Accretion

Land added because of receding water

Avulsion

Land removed because of water rising

Riparian land borders

Any body of water. River, stream, watercourse etc

A person holding title to real property in severalty would most likely have

Sole ownership

Joint tenancy w/o survivorship

Tenancy in common

Government taking land=

Eminent domain

Bought apartment and receiving property tax=

Condominium

Real property

Land, improvements, bundle of rights

Fixtures are included in contract chattels are not

T

Land owned apart from buildings on it is

Ground lease

Abstract of title includes

Summary of title search

In order to reach the beach the smith's have permanent right of way across neighbors beachfront property this is an example of

An easement

A cooperation usually owns property in

Tenancy in severalty

Littoral rights for property's on ocean give ownership up to

The mean high water mark

Lumber for a deck that has not yet been built is

Personal property

Intestate personal property is passed by

Succession

Tenancy in common leaves property's to

Heirs

Property that can become real estate through physical attachment is

Fixture

What gives the state the right of property left by one who died with no will or heirs

Escheat

A fee simple estate is

Complete ownership

Process of using eminent domain

Condemnation

Tenancy in common

Heirs

T/F A devisee inherits real estate under will

T

Grandpa died and u get land

Inherited by decent

Proprietary lease is unique to what kind of ownership

Cooperative

At the expiration of a life estate it passes to

Remainderman

Typical relationship of broker to principal is

Special agent

Listing contract says broker will receive commission no mater who sells

Exclusive right to sell

Principal is required to

Compensate agent for services

A special agent

Powers limited to specific functions

Rate of commission is

Negotiable

An unlicensed person who makes advertisement must

Have broker written approval

In a transaction broker relationship

Seller or buyer are not responsible for brokers acts

In transaction relationship there is no

Undivided loyalty from broker

No agency relationship may assist

Buyer and/or seller

A sales person is ____________ of the broker

An agent

Prima facie evidence

Establishes a given fact

When a broker is the agent of the owner the salesperson is

A subagent

Single agent=

Fiduciary

If a real estate attorney wants commission

Must obtain license

Is it good practice for a broker to prequalify prospective buyer

Yes

If a broker dies his listings are

Terminated

A salesperson may receive compensation from

Broker only

Brokers role when working for the seller is to

Bring a ready willing and able buyer

If a salesperson goes to a new brokerage what happens to his listings

They stay with the original broker

A licensee license must be posted

In a public place in brokers office

Does an apartment complex manager need a real estate license

No

What kind of listing creates conflict of interest

Net listing

When working for a buyer the broker does not have to disclose

Buyers motavation

You must have an escrow account if

U hold earnest money

Role of a broker who seeks buyer

Special agent

How is a buyers broker typically paid

By the listing broker through a commission split

Can a salesperson working for a broker be classified as an independent contractor

Yes

A contract in which an owner employs broker to find buyer is

A listing

Contract in which ownership of real property is transferred is

A deed

2 parties to a lease contract are

Lessor and lessee

A person who is too young to be held to a contract is

Incompetent

A person that lies on order to mislead to a contract is

Fraud

Holding a gun to someone's head in order to make him sign is

Duress

A contract in which one agrees to purchase another real estate at a later date is

A contract of sale

Contracts made by a minor are voidable by

Minor only

Parties to a deed include

Grantor and grantee

T/F A broker must present all offers no matter what

T

In a legal sale contract the seller is referee to as

The vendor

To have a valid purchase and sale agreement it must contain

Purchase price and terms and conditions of sale

Person who has the right to act for another is

An attorney in fact

Due dates are not necessary for a valid contract

T

An attorney in fact can bind a principal to a contract

T

A bill of sale is used to convey

Retail store inventory

A contract that states the price and terms in writing is

Express

Is earnest money essential to a contact

No

Number of acres in 1 square mile

640

What is the best way to determine boundary line enroachment

A survey

A parcel of land is 1/2 a mile by 1/2 a mile how many acres does it contain

640 × 1/4= 160

A township is how many square miles

36

Base lines run east and west

T

Pob

Point of beginning

Principal meridians run north and south

T

Township is

36 square miles

Best method to determine enroachment is

Survey

Statute of frauds makes contacts enforceable

T

A valid contact of purchase mist be signed by

Buyer and seller

Earnest money

Hand money paid upon signing of agreement of sale

Seller of real estate

Vendor

In any contract of sale there must be

An offer and acceptance

Shaking hands for a transaction is

Unenforceable

A buyers final inspection is called

A walk through

A valid contract to purchase real estate must include

A legal description

In a contract of sale the closing date must be

Clearly stated

What is used to substitute an new borrower with lender approval

Novation

A signed purchase and sale agreement is

A binding contract

An option agreement is

When the buyer has the option to buy at a later date

A prospective purchaser has the right to demand

The ruturn Earnest money deposit before the seller accepts offer

Legal remedy to force the seller to close on a sale is called

Specific performamce

A valid real estate contract must be signed by

Buyer and seller

A contract form for sale of real estate that is not signed yet is

Executory

A contract of sale is signed by the buyer and seller. Before closing the buyer has

Equitable title

If a buyer defaults on a sale where does the earnest money go

Seller

When a buyer purchases personal property what document is prepared

Bill of sale

A quitclaim deed conveys the interest of the

Grantor

Habendum

Defines or limits the quantity of the estate granted

For a deed to be recorded it must be in writing and

Acknowledged

A quitclaim deed creates the least liability

T

What does the recording of a deed do

Gives constructive notice of ownership

Title to real property may pass by

Deed

Recordation of a deed is the reponsibility of the

Grantee

Deeds should always be recorded

As soon as possible

A deed of conveyance must be signed by

Only the grantor

A deed conveys real estate to

The grantee

Deeds are recorded in

The county courthouse

Property is identified in the deed by the

Description

Why is a deed recorded

To give notice of the transaction to the world

Ownership of property is transferred when

Delivery of the deed is made

A notary public

Provides acknowledgement

Alienation means

Transferring title

What is a trust deed

When the borrower gives deed to disinterested 3rd party

A quitclaim deed is given by

Grantor

Devisee

Receives real estate under a will

A deed is usually used to convey ownership

T

To be valid a deed must include

A legal description

A deed of trust is the voluntary alienation of real property

T

What clause defines the quantity of real estate being conveyed

Habendum clause

T/F tenant is the lessee

T

A percentage lease requires tenant to pay

Percentage of gross sale as rent

A lease that requires landlord to pay operating expense is

A gross lease

A lease for less than a year

May be oral

When a individual holds property after lease is up with out landlords consent

Tenancy at sufferance

Percentage lease is based on

Tenants gross sales

Vacancy

Does not terminate a lease

An estate at will is

A tenancy of uncertain duration

Property managers are required to be licensed in all states

True

A lease in which tenant pays maintenance expenses utility

Net lease

Right if a tenant to not be evicted by someone who claims superior rights

Covenant of quiet enjoyment

The interest of a tenant in a rented building is

A leasehold

A stores lease in a shopping center is often a percentage lease

T

Term that describes a tenants interest in a property is

A leasehold estate

A leasehold estate that has a definite beginning and ending date is known as

Estate for years

Upon expiration of a lease the tenant may remove

Trade fixtures

In a gross lease the lessor pays operating expenses

T

If one or more broker is employed to sell real estate there exists

An open listing

A brokers responsibility is regulated by

Law of agency

A listing agreement may not be terminated

Without compensation if the broker has found a buyer

If an agent has not located a buyer by the end of the listing period

Relationship terminates

What party establishes listing prices

Seller

Property that is used to equalize value of all property exchanges is called

Boot

Sale of land with a deed delivered at final payment is called

Land contract

Type of mortgage that requires lender to make periodic payments to borrower who is 62 or older in the fha is

Reverse mortgage

The lending of money at a rate of interest above legal rate is

Usury

One discount point is equal to

1% of the loan amount

Discount points in fha and va loans are paid by

Seller

Main appeal of VA mortgages is

Minimum down payments

When a loan is assumed on purchase who becomes liable

Purchaser

An estoppel certificate is required when

Mortgage is sold to investor

A second mortgage is

A lien

A large final payment on a mortgage is

A ballon

Amortization

Liquidation of debt

A mortgage is related of record by

Satisfaction peice

The borrower is

Mortgagor

Mortgage is characterized by

Interest only payments until maturity

REIT

Real estate investment trust

Refinancing

Arranging a new loan to replace an existing loan

REIT is like a

Mutual fund

Casualty insurance is

A fixed expense

Purchase money mortgage

Seller of realty takes a partial payment

FHA

Insures loans made by approved lender

PMI

Public money insurance

What is a VA loan based on

Certificate of reasonable value

A loan from the seller to the buyer is called

Purchase money mortgage

A blanket mortgage includes 2 or more properties

T

If a property is sold subject to the mortgage who is responsible

Seller

Fannie Mae

A purchaser of mortgage loans

P&I

Principal and interest

Exculpatory clause

Limits the owners liability to property

Lien with the first claim on real estate is

The one recorded first

Package mortgage

Both real and personal property as collateral

What is the definition of a mortgage

A pledge of property as collateral for debt

The borrower of mortgage is

The mortgagor

Adjustable rate mortgage is

Index plus margin

Ad valorem tax is based on

The value of the thing being taxed

Property tax

Ad valorem tax

A deduction for a business property that requires no cash outlay is

A depreciation expense

The report of sale to the irs is made by

Closing agent

RESPA applies to

First mortgage loan on one's home

RESPA requires good faith estimate within

3 days

RESPA applies to

Financing of 1-4 family residences