Reading...
Play button
Play button
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;
40 Cards in this Set
- Front
- Back
|
Factors (3) affecting demand
|
Population, demographics, employment
|
|
|
Area Preference/Situs
|
personal preference for given areas (northtown vs southbank)
|
|
|
7 reasons agency may be terminated
|
1. death of either party
2. destruction of property 3. expiration of contract 4. mutual agreement 5. breach of contract 6. Law (ie bankruptcy) 7. Completion of agency |
|
|
4 economic characteristics of real estate
|
1. Scarcity
2. Improvements 3. Permanence of Investment 4. Area Preference |
|
|
3 physical characteristics of real estate
|
1. Immobility
2. Indestructibility 3. Uniqueness |
|
|
5 categories of real property
|
1. Residential
2. Commercial 3. Industrial 4. agricultural 5. Special purpose |
|
|
Real property is conveyed by ___________, whereas Personal property is conveyed by _________.
|
1. Deed.
2. Bill of Sale |
|
|
Improvements
|
Any artificial thing attached to land.
|
|
|
Real Estate
|
Land at, above, or below the earths surface PLUS all things permanently attached
|
|
|
Annexation
|
Used to change personal property into real property
|
|
|
Trade fixture
|
An article owned by a tenant attached to a rented space
|
|
|
4 legal tests of a fixture
|
1. Intent
2. Method of annexation 3. Adaptation to real estate 4. Agreement |
|
|
Personal property
|
all property that is not real property.
also known as chattel |
|
|
Real property
|
Interests, benefits, and bundle of rights automatically included in ownership of land or real estate
|
|
|
Immobility
|
Land cannot be relocated to satisfy demand where supply is low.
|
|
|
4 factors affecting supply
|
1. labor force
2. construction costs 3. government controls 4. govt financial policies |
|
|
Severance
|
making real property into personal property (ie, cutting down a tree for firewoord. the tree was real property, but firewood is personal)
|
|
|
FIRREA
|
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
|
|
|
Basic Cost of Owning a home
|
PITI
Principle Interest Taxes Insurance |
|
|
Five Common Law Fiduciary Duties
(VERY IMPORTANT!) |
Obediance
Loyalty Disclosure Care Accounting Responsibility (OLDCAR) |
|
|
Broker is the SOLE agent and will get commission no matter how the house is sold
|
Right-to-sell listing
|
|
|
Lessee (Tenant) aquires right to use property by agreement
|
Leasehold estate
|
|
|
Agreement for INdefinite time. No expiration date / month to month
|
Periodic Tenancy
|
|
|
Right to use land for an indefinite period, with no restrictions on ownership
|
Fee simple estate
|
|
|
Tenant who stay without permission or landlords consent
|
Tenancy at sufferance
|
|
|
RESPA
|
Real Estate Settlement Procedures Act
|
|
|
Uses base lines and principal meridian
|
rectangular survey method
|
|
|
Multiple agents, only selling agents get commission and sell can sell independently also
|
Open Listing
|
|
|
anything associated with property, though not part of it (ie, water rights, easements)
|
Appurtenance
|
|
|
Estimating a properties market value (ON THAT DAY)
|
Appraisal
|
|
|
Tenants right to possess property for an indefinite period, but either party can terminate by giving notice
|
Tenancy at will
|
|
|
Rent based on percent of income
|
Percentage Lease
|
|
|
The system using feet, degrees, and markers to describe real estate
|
Metes & Bounds
|
|
|
1. Square inches in a square foot
2. Square feet in an acre |
1. 144 Inches
2. 43,560 sq feet |
|
|
A hidden structural defect that would not be discovered by an ordinary inspection
|
Latent defect
|
|
|
Interest that lasts as long as the life of stated person
|
Life estate
|
|
|
Person OR company licensed to buy, sell, or lease real property and charge for the services
|
broker
|
|
|
Lease that continues for a definite period, with a starting and ending date
|
estate for years
|
|
|
One broker, but seller retains the right to sell without a broker
|
exclusive agency listing
|
|
|
tenant pays some property charges plus rent
|
Net lease
|
