Aceable: Principles of Real Estate A - C Flashcards
What is an abbreviated history of a property, including information of any transfers, grants, wills, conveyances, liens, and encumbrances?
L9, C13; L13, C1
a. assignment
b. encroachment
c. abstract of title
Abstract of Title
What is the process that results in the gradual increase in land area through deposits of soil by natural forces? L13, C6
a. easement
b. accretion
c. novation
Accretion
What is a measurement of land equal to 43,560 square feet? L11, C2
Acre
What is a tax calculated according to the assessed value of a piece of real estate? L3, C2
ad valorem taxes
What are the additions to a completed contract that specify supplementary information to the contract called? L12, C2
addenda
What is a relationship where one party is authorized to act on behalf of the other?
L4, C1
agency
What is an unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact in real estate called? L4, C1
a______ by r____________
agent by ratification
What is the area above parcels of land that are defined by elevation boundaries called? L11, C3
a. air rights
b. air lot
c. arrears
air lot
Who is an individual with authority to act on behalf of another; a state license if required to operate as an agent in real estate? L4, C2
a. broker
b. agent
agent
What is the right to use the airspace above the surface of land called? L2, C1
air rights
What is a change or modification to an already agreed-upon contract called? L12, C2
amendment
What is a federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities called? L7, C1
A. Americans with Disabilities Act
B. Civil Rights Act of 1866
C. Community Reinvestment Act (CRA)
ADA: Americans with Disabilities Act
What is the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule? L3, C4
Amortization
What is a real estate license holder who locates dwelling units for prospective tenants called? L1, C2
a. broker
b. cooperating broker
c. apartment locator
Apartment Locator
What is a license holder designated to work with a client as part of an intermediary transaction called? L4, C1
Clue: A__________ License Holder
Appointed License Holder
What is the payment that occurs at the end of a period to compensate for charges accrued during that time called? L3, C4
a. avulsion
b. arrears
c. cloud
Arrears
What is the transference of rights and obligations in a contract from one party to another called? L12, C4
a. conveyance
b. assignment
Assignment
Who is a person who is licensed to give legal advice? L9, C2
Attorney
What is the sudden loss of land by flood or when a stream or river changes course?
L13, C6
a. conveyance
b. avulsion
Avulsion
What is a contract wherein both parties are obligated to perform in an exchange of promises? L12, C2
a. bilateral contract
b. universal contract
c. executed contract
d. executory contract
Bilateral Contract
What is the illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area; aka panic peddling? L7, C3
a. redlining
b. blockbusting
Blockbusting
Who is a licensee who holds a broker license and who engages in an activity enumerated in the license law for a commission or other valuable consideration? L1, C2; L9, C2
Broker
What is a broker’s opinion of the value of a piece of real property, given in writing? L1, C7
Broker Price Opinion (BPO)
What is the ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition? L13, C6
Bundle of Rights
What is an agency agreement between a broker and a buyer wherein the broker represents the buyer in their effort to purchase or lease a property? L15, C3
Buyer Representation Agreement
What is the ethical and professional standard for the real estate industry in Texas called?
L8, C1
C______ of P_______ E______ and C________
Canons of Professional Ethics and Conduct
What is a federal law that prohibits discrimination in housing based on race? L7, C1
C______ R_______ A______ of 18__
Civil Rights Act of 1866
What is any claim to or encumbrance on the title to a property that affects transferability? L1, C8
Cloud
What is a report that stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties? L3, C4
CLUE Reports
What is an ownership of a property by more than one person? L14, C2
Co-Ownership
What is the illegal act of mixing personal funds with a client’s funds? L1, C8; L9, C15
Commingling
What type of elements are: portions of a shared ownership property not controlled by any one owner or tenant; examples
include parking lots, lobbies, fitness centers, elevators, etc.? L3, C1
Common Elements
What is property owned by a married couple in which each spouse has 1/2 ownership of any property obtained during the marriage, plus a right of survivorship ownership after the death of either spouse? L14, C2
-The type of estate that is created by c_________ p_______ also referred to as a statutory estate since it’s an estate that was established by law in the legal union of marriage.
Community Property
What is the legislation that seeks to enable all parts of a community to have access to credit?L7, C5
C___________ R___________ Act
Community Reinvestment Act (CRA)
What is a report that compares the prices of recently sold or listed homes (“comparables”) in order to estimate the market value of a similar property (the “subject property”) located in the same area? L1, C7
Comparative Market Analysis (CMA)
The fourth main type of estate is a c________ e______, which is an estate that is owned by 2 or more individuals (ex. co-ownership). Three subcategory estates fall under:
1. Joint Tenancy
2. Tenants in Common
3. Community Property
Concurrent Estates
Which type? property where each owner has a separate interest in their own unit and undivided interest in the common areas L3, C1
Condominium
What is a provision (supplying something) within a contract that makes performance conditional upon the occurrence of a stated event? L12, C4… when you have to do something before so that the deals goes through
Contingency
Which type? a map in which curved lines (contour lines) connect contiguous parts of equal elevation to define the contours of the land; aka topographic map L11, C3
Contour Map
What is an instrument that transfers a grantor’s interest in real property? a transfer of ownership of a piece of real estate from one person to another
L13, C3
Conveyance
What is a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration? L12, C1
Contract
What is a life estate in which the measuring life is that of the life tenant; an estate created by a deed that lasts for the duration of the tenant’s life? L13, C2
C_____________ L_______ E________
Conventional Life Estate
Which type? the broker who assists another broker in showing the listed property to a buyer who subsequently purchases the property L15, C1
Cooperating Broker
What type of property is where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit? L3, C1
Cooperative
What is a legally created business entity representing the interests of more than one person? L14, C4
Corporation (INC)
