Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Final Exam Study Guide > Flashcards

Final Exam Study Guide Flashcards

1
Q

Describe the five types of real property

A

-Residential
-Commercial
-Industrial
-Agricultural
-Special Purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What does NAR stand for?

A

National Association of Realtors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What factors affect supply and what factors affect demand in the real estate market?

A

Supply: Labor Force, Construction Costs, Government Controls, Government Financial Polices
Demand: Population, Demographics, Employment and Wage Levels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the difference between land, Real Estate and Real property?

A

Land: The earth’s surface extending downward to the center of the earth and upward to infinity
Real Estate: Land at, above and below the earth’s surface, plus all things permanently attached to it.
Real Property: the interest, benefits and rights that are automatically included in the ownership of land and real estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Describe the bundle of legal rights (Sticks)

A

Mind You P’s and Q’s before I DEC(K) you.
Possession
Control
Enjoyment
Exclusion
Disposition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the differences between real and personal property?

A

Real property is the interest, benefits, and rights that are automatically included in the ownership of land and real estate.

Personal property (Chattels) that do not fit into the definition of real property, movable objects. (also called personalty)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the difference between a fixture and a trade fixture?

A

A fixture is personal property that has been so affixed to land or a building that, by law, it becomes part of the real property.

Trade fixture is an article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the economic and physical characteristics of land?

A

Economic: Scarcity, improvements, permanence of investment and location.

Physical: Immobility, Indestructibility and Uniqueness.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Illinois real estate governed by?

A

Real Estate License Act of 2000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Compare condominiums to cooperatives

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Compare PUD’s to MUD’s

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is a townhome?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is equity and how is it achieved?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the tax advantages of selling a home? Are there any exemptions?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What can a homeowner deduct from their gross income?

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Define coinsurance

A
17
Q

What is the difference between a client, consumer, and customer?

A
18
Q

What are the 6 common law Fiduciary Duties?

A
19
Q

What is a fiduciary relationship?

A
20
Q

What is puffing?

A
21
Q

Compare expressed to implied agency

A
22
Q

What are the three levels of power and what do they allow someone to do?

A
23
Q

What is the difference between single agency and dual agency?

A
24
Q

Define ministerial acts and gives examples?

A
25
Q

What do we owe customers?

A

Real Estate (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions