Wi Real Estate Exam Study Cards

Front 1

Meeting of the minds

Back 1

A deliberate agreement between parties; offer and acceptance; "Meeting of the minds". A requirement of a legally enforceable contract.

Front 2

Time is of the essence

Back 2

a phrase in a contract that requires the performance of a certain act no later than the stated time or the non-compliant party is in breach and the contract may be voidable by the opposite party.

Front 3

10 reasons for terminating an easement

Back 3

1.) No longer exist 2.) Easement holder becomes owner 3.) Release right 4.) Abandonment 5.) Non-use of prescription 6.) Adverse possession 7.) Demolition of a party wall 8.) Nonrecordation 9.) Lawsuit (quiet title) 10.) Residential easement converted to commercial purposes.

Front 4

3 events in closing

Back 4

1.) The promises made in the sales contract are fulfilled 2.) Mortgage loans funds are distributed to the buyer for use 3.) Other settlement costs or funds are disbursed.

Front 5

3 physical characteristics of real property

Back 5

Immobility, indestructibility, uniqueness.

Front 6

4 economic characteristics of real property

Back 6

Scarcity, location, improvements, & permanence of investment. aka SLIP.

Front 7

5 categories of real property

Back 7

Residential, commercial, industrial, agricultural, special purpose.

Front 8

5 characteristics of ownership in severalty

Back 8

1.) One owner only 2.) Interest 100% 3.) one signature only one sold unless a married person-spouse signs to extinguish elective share rights 4.) Marriage of an owner does not automatically change to tenancy by entireties 5.) Heir shipwrights.

Front 9

A lease is said to have __ __ __ because it is a contract and it conveys an interest in real property.

Back 9

Duel legal personality.

Front 10

Abstract of title

Back 10

A condensed history of a title.

Front 11

Acceleration clause

Back 11

the clause in a mortgage or deed of trust that can be enforced to make the entire debt do immediately if the borrower defaults on an installment payment or another covenant.

Front 12

Acceptance

Back 12

occurs when the offeree signs the offer without making any changes to it, thereby evidencing his acceptance and willingness to be bound by and perform all terms of the offer.

Front 13

Accession

Back 13

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the assertion of alluvial deposits along the banks of streams.

Front 14

Accertion

Back 14

acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the assertion of alluvial deposits along the banks of streams.

Front 15

Accrued items

Back 15

unpaid items to be prorated such as unpaid current real estate taxes or interest on an assumed mortgage that are owed by the seller but will be paid later by the buyer.

Front 16

Acre

Back 16

A measure of land equal to 43,560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods, or 0.0408 hectare.

Front 17

Actual eviction

Back 17

The legal process that results in the tenants being physically removed from the leased premises; summary ejectment.

Front 18

Ad valorem taxes

Back 18

General real estate taxes that are levied for the general support of the government agency authorized to impose the levy.

Front 19

Adjustable-rate mortgage (ARM)

Back 19

a type of mortgage that generally originates at one rate of interest, with the rate fluctuating up or down during the loan term based on the movement of a published index.

Front 20

Adjusted basis

Back 20

Cost of any physical capital improvements that add value to the property or prolong its life (added to the cost basis).

Front 21

Adverse possession

Back 21

The open, continuous, exclusive, adverse, notorious possession of another's land under a claim of title. Possession for a statutory. Of 20 years in North Carolina may be a means of acquiring title.