Real Estate Salesperson Exam

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Chattel

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Another name for personal property

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Defeasible Fee

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A title subject to being lost if certain conditions occur

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Fee Simple Absolute

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This estate provides the most complete form of ownership and bundle of rights in real property

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Freehold Estate

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Ownership for an undetermined length of time

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Holdover Tenant

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A tenant who does not leave upon expiration of the lease

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Illiquidity

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Investments in which one's assets are not readily convertible to cash

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Joint Tenancy

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A form of co-ownership requiring all four unities of time, title, interest, and possession

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Life Estate

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Possession and control of the remainder of someone's life

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Right of Survivorship

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When one (or more)of the co-owners of a property dies, the right of surviving co-owners to the interest of the deceased

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Tenancy in Common

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Tenancy characterized by two or more persons holding title to a property at the same time; the only required unity is that of the right to possession

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Trustee

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One who holds title to property for the benefit of a beneficiary

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Trustor

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One who conveys title to a trustee

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Full Covenant and Warranty Deed

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Contains the strongest and broadest form of guarantee of title of any type of deed and therefor the greatest protection to the grantee

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Grantee

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The person receiving title; does not need to have legal capacity; a minor or a mentally incompetent person can receive and hold title to real property

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Grantor

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The one conveying the title; must be legally competent

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Habendeum Clause

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A clause in a deed beginning with works, to have and to hold, which describes the estate granted and always must agree with the granting clause

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Quitclaim Deed

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Simply a deed of release; releases or conveys to the grantee any interest, including title, that the grantor may have; contains no warranties

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Estate for Years

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Exists for a fixed period, which can be as short as one day

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Federal National Mortgage Asssociation
(Fannie Mae)

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Fannie Mae is the oldest secondary mortgage institution and the single largest holder of home mortgages; taken over by the federal government in September, 2008, along with Freddie Mac

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Wraparound Mortgage

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A subordinate mortgage that "wraps around" the existing first mortgage, which stays in place and is superior to the wraparound

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Article 9-A

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Covers the sale or lease of vacant subdivided lands within and without New York only when sold through an installment land contract; covers a sale made by a salesperson, broker, owner, or any other individual empowered to sell the land

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Eminent Domain

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The right or power of government and its agencies to take private property for public use; must be fore the public good

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Escheat

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The power of the state to take title to a deceased person's property when no one else is qualified to receive the title.

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Flashing

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Metallic material used in certain areas of the roof to prevent water from seeping into the structure

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Footing

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The most important foundation building block; the concrete base below the frost line that supports a structure's foundation

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R-Factor

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The degree of a wall's resistance to heat transfer; used to rate insulation: the larger the R-factor, the greater the degree of insulation

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Rafters

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Long wood members fastened to the ends of the ceiling joists to form roof gables.

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Sheathing

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A plywood covering placed over exterior framing members; sheetrock or wallboard may be used

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Direct Cost

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Also called hard costs, they include the cost of labor and materials.

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Blockbusting

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When Real Estate Salesperson(s) induce owners to list property for sale or rent by telling them that persons of a particular race, color, national origin, sex, religion, disability, or familial status are moving into the area; also when a firm sells a home in a neighborhood to a person from one of the protected classes with the sole intent to cause property owners to panic and place their property for sale at reduced prices.

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Civil Rights Act of 1866

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The first significant statute affecting equal housing opportunity; it is interpreted to prohibit all racial discrimination

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Redlining

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Term applied to lending institutions' refusing to make loans to purchase, construct, or repair dwellings by discriminating on the basis of race color, religion, sex, national origin, handicap, or familial status

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Steering

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Illegal practice of directing prospective minority purchasers to presently integrated areas to avoid integration of nonintegrated areas.

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Acre = __?__ Square Feet

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43,560 Square Feet

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Bylaws

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The Shareholder's rights and obligations for a condominium

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House Rules

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Rules in a cooperative that cover issues as garbage disposal, maintenance, noise, and conflict resolution.

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Proprietary Lease

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A lease for a cooperative apartment

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Main difference between Cooperatives and Condominiums?

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Form of ownership. With a cooperative, a cooperative corporation usually owns the land, buildings, and property rights and all interests in the corporation.

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Capital Gain

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The profit realized from the sale of real estate or other investment

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Trustee

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One who holds title to property for the benefit of another, called a "beneficiary"

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Trustor

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One who conveys title to a trustee

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Lessee

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The tenant placed in possession of the leased premises

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Lessor

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The landlord or owner of the leased property