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;
38 Cards in this Set
- Front
- Back
|
5 Categories of Real Property |
1. Residential 2. Commercial 3. Industrial 4. Agricultural 5. Special Purpose |
|
|
Factors That Affect the Supply of Real Estate |
Labor Force Construction Costs Government Controls Government Financial Policies |
|
|
Factors That Affect the Demand of Real Estate |
Population Demographics Employment and Wage Levels |
|
|
Land, Real Estate & Real Property |
Land: No Improvements
Real Estate: Land with Improvements
Real Property: Land with Improvements plus Rights |
|
|
Bundle of Legal Rights |
Right of Possession Right to Control the Property Right of Enjoyment (use as owner wishes) Right of Exclusion (to keep others from entering or using property) Right to Diposition (to sell, will, transfer or otherwise dispose of or encumber the property) |
|
|
Chattels |
Items of personal property such as chairs, tables, clothing, money, bonds and bank accounts. |
|
|
Personal Property |
Personalty |
|
|
Manufactured Housing |
Dwellings that are built off site and trucked to a building lot where they are installed or assembled. |
|
|
Emblements |
Annually cultivated crops such as wheat, corn, vegetables and fruit. |
|
|
Real Property |
Conveyed by deed |
|
|
Personal Property |
Conveyed by bill of sale |
|
|
Trade Fixture (Chattel Fixture) |
An article owned by a tenant and attached to a rented space or building or used in conducting business |
|
|
Accession |
Trade fixtures that are not removed become the real property of the landlord |
|
|
Attachment |
Personal property that turns into real property |
|
|
Economic Characteristics of Real Estate |
Scarcity Location Improvements Permanence of Investment |
|
|
Physical Characteristics of Real Estate |
Immobility Indestructibility Uniqueness
|
|
|
Seven Sources of Law |
U.S. Constitution Laws passed by Congress Rules of the regulatory agencies State constitutions State statutes Local ordinances Common Law |
|
|
Types of Housing |
Apartment Complexes Condominiums Cooperative Planned Unit Developments (PUDs) Retirement Communities Highrise Developments (MUDs) Converted Use Properties Manufactures Housing Modular Homes Time-Shares |
|
|
Basic Costs of Owning a Home |
PITI
Principal Interest Taxes Insurance |
|
|
Current market value - property debt = |
Equity |
|
|
Basic form policy |
fire and lightning; glass breakage; windstorm and hail; explosion; riot and civil commotion; damage by aircraft; damage by aircraft; damage from vehicles; damage from smoke; vandalism and malicious mischief; theft; and loss of property removed from the premises when it is endangered by fire or other perils. |
|
|
Coinsurance Clause |
This provision requires that the owner of the policy maintain insurance equal to a specified percentage (usually 80%) of the replacement cost of the dwelling (not including the price of the land) |
|
|
An agent works for the___________ |
client |
|
|
An agent works with the____________ |
customer |
|
|
Common-law fiduciary duties |
COLD AC
Care Obedience Loyalty Disclosure Accounting Confidentiality |
|
|
Brokerage agreement |
Is an agreement for an agent or firm to provide brokerage services to a consumer and to receive compensation for providing those services.
In Illinois - any exclusive brokerage agreement must be in writing. |
|
|
Puffing |
Generalized, vague exaggerations of a property's benefits. |
|
|
Fraud |
The intentional misrepresentation of material fact as to harm or take advantage of another person. |
|
|
Latent Defect |
A structural defect that would not normally be uncovered over the course of an ordinary inspection (due to the placement or type of defect) |
|
|
Express Agency |
A formal agreement between the parties |
|
|
Implied Agency |
Agreement as a result of the parties' behaviors |
|
|
Express Contract (Express Agreement) |
Parties formally express their intention to establish an agency relationship and state its terms and conditions |
|
|
Listing Agreement |
An agency relationship between a seller and a sponsoring broker is generally created by a written employment contract. |
|
|
General Agent |
Represents the principal generally |
|
|
Special Agent |
Represents the principal only for a specific act, such as selling a house. |
|
|
Designated Agent |
Is a person authorized by the sponsoring broker to act as the agent of a specific principal.
(Julie acting as buyer agent for Ed, Brandon's buyer) |
|
|
Antitrust violations include |
price-fixing group boycotting allocation of customers allocation of markets tie-in agreements |
|
|
Price-fixing |
The practice of setting prices for products or services rather than letting competition in the open market establish those prices. |
