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28 Cards in this Set

  • Front
  • Back

Types of specializations

Brokerage


Appraisal


Property management


Financing


Subdivision and Development


Home inspection


Counseling


Education


Types of real property

Residential


Commercial


Mixed use


Industrial


Agricultural


Special purpose

Types of housing

Single family detached


Apartment building


Condominium


Cooperative


Planned unit development


Mixed use developments


Converted use properties


Factory built housing


Simple and Demand Elements

Uniqueness and immobility

Factors affecting supply

Labor force


Construction


Material costs


Government controls


Monetary policy


Factors affecting demand

Population


Demographics


Employment


Wage levels


Real Estate Brokerage

Bringing people together in a real estate transaction conducted by a realestate broker who is a person or company licensed to buy sell exchange or lease property for others for compensation or by a real estate salesperson who conducts brokerage activities on behalf of the broker

Appraisal

Developing an opinion of a property's value based on established methods and an appraiser's professional judgment

Property management

Conducted by a property manager a person or company hired to maintain and manage property on behalf of the property owner

Financing

The business of providing the funds to make a real estate transactions possible through long secured by a mortgage or deed of trust on the property with funding provided by commercial banks thrifts credit unions mortgage bankers and mortgage brokerage companies

Definition of Land

Defined as the Earth's surface extending downward to the center of the earth and upward to infinity land includes natural attached objects such as trees as well as bodies of water found on or under it

Definition of Real Estate

Defined his land plus all human made improvements to the land that are permanently attached or annexed

Definition of Real Property

Defined as the interests benefits and rights they're automatically included in the ownership of real estate

Included in Bundle of Legal Rights

Right of possession, right to control the property within the framework of the law, right of enjoyment, right of exclusion, right of disposition

Meaning of Title

Write to or ownership of property including the owners bundle of legal rights, evidence of that ownership by a deed

Appurtence

Right or privilege associated with the property although not necessarily of physical part of it typical appurtenances includ parking spaces in multi unit buildings easements water rights and other improvements

Definition of Surface Rights

Ownership rights in a parcel of real estate that are limited to the surface of the Earth

Definition of Subsurface Rights

The rights to the natural resources below the Earth's surface

Definition of Riparian Rights

Common law rights granted to owners of land along the course of a river Commerce stream, or similar flowing body of water

Littoral Rights

Owners whose land borders commercially navigable lakes seas and oceans

Accretion

Increases in the land resulting from the deposit of soil by the waters action

Erosion

Gradual and sometimes imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water

Avulsion

Sudden removal of soil by an act of nature. It is an event that causes the loss of land in a much less subtle manner than erosion

Doctrine of Appropriation for Water

The right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the landowner adjacent to the water

Definition of Personal Property or Chattels

Movable items of a personal nature. Including such tangibles as chairs, tables, clothing, money, bonds, and bank accounts

Manufactured housing

Housing built specifically to the standards of the department of housing and urban development

Fixture

Personal property there's been so attached to land or a building That, by law, becomes part of the real property

Legal tests of a fixtures

Method of annexation or permanence


Adaptability of the item for the lands ordinary use


Relationship of the parties


Intention of the person in placing the item on the land


Agreement of the parties