Legal: Pink Cards

Question 1

Someone licensed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.

Answer 1

Real Estate Agent

Question 2

The same as a real estate salesperson, holding a real estate license, employed by a broker

Answer 2

Real Estate Sales Associate

Question 3

Temporarily make ineffective

Answer 3

Suspend

Question 4

A survey line running east to west, and used as a reference when mapping land

Answer 4

Base Line

Question 5

The power of the state to pass laws, within lawful limits, that promote order, safety,health, morals and general welfare of its citizens.

Answer 5

Police Power

Question 6

He law that affects the licensing and conduct of real estate agents

Answer 6

Real Estate Law

Question 7

Recall and make void

Answer 7

Revoke

Question 8

Those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property.

Answer 8

Appurtenance

Question 9

A set of principles or values by which an individual guides his or her own behavior and judges that of others

Answer 9

Ethics

Question 10

Someone permitted by law to employ persons holding a salesperson’s license and who may also negotiate sales

Answer 10

Real Estate Broker

Question 11

Someone holding a real estate license and employed by a real estate broker, for pay, to perform any of the activities of a real estate broker.

Answer 11

Real Estate Salesperson

Question 12

A way to exit property

Answer 12

Egress

Question 13

A written agreement used to transfer ownership in personal property.

Answer 13

Bill of Sale

Question 14

An item of personal property which is connected to real estate,ie: A lease

Answer 14

Chattel Real

Question 15

Owner may use only a reasonable amount of the total water supply for beneficial use.

Answer 15

Doctrine of Correlative User

Question 16

A Freehold Estate can be passed by descent or by will after the owners death

Answer 16

Estate of Inheritance

Question 17

A ownership concept describing all the legal rights that attach to the ownership of real property.

The Right of Use. 
The Right of Possession.
The Right of Transfer.
The Right to Encumber
The right of Enjoyment

Answer 17

Bundle of Rights

Question 18

A condition which requires something to occur before a transition becomes absolute and enforceable : ie
A sale that is contingent on he buyer obtaining financing.

Answer 18

Condition Precedent

Question 19

Annual crops produced for sale, by a tenant using or occupying the property.

Answer 19

Emblements

Question 20

The most complete form of ownership of real property; also known as an estate of inheritance.

Answer 20

Estate in Fee

Question 21

Personal Property

Answer 21

Chattel

Question 22

A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: I.E

A requirement in a a grant deed that a buyer must never use the property for anything other than a private residence.

Answer 22

Condition Subsequent

Question 23

A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land.

Answer 23

Estate