Chapters 1 - 10 Review

Front 1

A formal declaration made by a person signing a document

Back 1

Acknowledgement

Front 2

Another term for continuation

Back 2

Run-Down Search

Front 3

A condensed historical record of the chain of title

Back 3

Abstract of Title

Front 4

True or false: The client represented by the broker is also the customer.

Back 4

False.

Front 5

Non factual or over stated comments are also called _________________________?

Back 5

Puffing.

Front 6

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 _____________?

Back 6

Attorney-in-fact

Front 7

Being the reason for accomplishing the sale objective makes you the __________________?

Back 7

Procuring cause.

Front 8

This insurance covers agents mistakes, errors, and negligence

Back 8

Errors & Omissions

Front 9

What are the 4 types of appurtenances?

Back 9

Water rights, air rights, mineral rights, and improvements

Front 10

What are other names of personal property?

Back 10

Personalty / Chattel

Front 11

Personal property is sold through a...

Back 11

Bill of sale

Front 12

If convicted of embezzlement, the Real Estate Commission will not grant a license within:

Back 12

5 years

Front 13

Ownership least likely to be considered real property

Back 13

Cooperative (co-op apartments)

Front 14

Type of property that does NOT border a stream

Back 14

Littoral land (borders large bodies of water)

Front 15

When title is gained because a portion of a water course permanently dries up, exposing land.

Back 15

Reliction

Front 16

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

Back 16

Dedication

Front 17

The right of the government to take private property for use upon payment of just compensation

Back 17

Eminent Domain

Front 18

Name 3 of the 5 most used agency relationships.

Back 18

Seller's Agent, Buyer's Agent & Disclosed Dual Agent.

Front 19

An agent must present this document before he or she discusses confidential aspects of a sale (like finances or motivation)

Back 19

Consumer Information Statement (CIS)

Front 20

Who is the principal in the Broker/Salesperson relationship?

Back 20

Broker

Front 21

Who is the principal in the Client/Broker relationship?

Back 21

Client

Front 22

The term real estate does not include which type of fixtures?

Back 22

Trade fixtures

Front 23

A salesperson may be compensated by

Back 23

his employing broker

Front 24

Jamie's neighbors fenced in their yard, but accidentally fenced in over the property line by 4 inches. This constitutes:

Back 24

An encroachment

Front 25

The word escheat refers to:

Back 25

Right of state to acquire title where owner dies with no will or heirs devise

Front 26

An owner of a life estate can do all the following except

Back 26

Devise his interest or Commit waste

Front 27

If you possessed a fee simple estate, the property could be:

Back 27

Sold, subdivided, leased, mortgaged, etc

Front 28

Articles attached by the tenant to the building for use in conducting a trade or business

Back 28

Trade fixtures

Front 29

The right to take legal action against a third party responsible for a loss to an issue for which a claim has been paid

Back 29

Subrogation

Front 30

An association of two or more persons to carry on a business for profit is which type of business ownership?

Back 30

Partnership

Front 31

When there is a first violation of the licenses act the REC is empowered to

Back 31

-impose monetary fines -revoke the license -suspend the license

Front 32

The return of land to the grantor or his heirs when the grant is over is

Back 32

Reversion

Front 33

Which of the following techniques would be used to determine whether or not an encroachment exists?

Back 33

Survey

Front 34

This type of tenancy is formed by a husband and wife or civil union couple. Upon death survivor acquires title in severalty.

Back 34

Tenancy by the Entirety

Front 35

When accretion occurs through deposits of additional soil it is called ____________.

Back 35

Alluvion

Front 36

When accretion occurs through the receding of waters it is called ________.

Back 36

Reliction

Front 37

When the wearing away of land occurs over a long period of time it is called __________.

Back 37

Erosion

Front 38

When the wearing away of land occurs suddenly it is called __________.

Back 38

Avulsion

Front 39

The process in which new land gained through accretion is conveyed to the new owner is ___________.

Back 39

Accession

Front 40

In a co-op, a person wishing to occupy a unit would sign a _________ __________ for stock.

Back 40

Subscription agreement

Front 41

In a co-op, the owner (shareholder) receives receive a ____________ _______ on a specific unit.

Back 41

Proprietary lease

Front 42

The system in which the people have the right to own full and complete property rights.

Back 42

Allodial

Front 43

How many members make up the REC?

Back 43

8 Members

Front 44

How many publics members of the REC are there?

Back 44

2 Public

Front 45

How many brokers are members of the REC?

Back 45

5 Brokers

Front 46

How many members of the REC are appointed by the governor?

Back 46

ALL of them (8)

Front 47

How many members of the REC are a direct government employee?

Back 47

1 Government liaison