Brainscape's Knowledge GenomeTM

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


See full index

Real estate 1 > Principles of Real estate 1 > Flashcards

Principles of Real estate 1 Flashcards

1
Q

Specialize in income-producing properties, such as apartment and office buildings, retail stores and warehouses.

A

Commercial Brokers

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

Deal in land for farming and acquisition of rural land by cities for residential, commercial, and industrial expansion.

A

Land Brokers

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

Shows which active listings are currently for sale, expired listings, and SOLD listings.

A

Comparable Market Analysis (CMA)

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

One who maintains the property in order to produce the highest possible financial return over the longest period of time for the owner.

A

Property Manager

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

One who specialize in finding Apartments for tenants to lease. Also required to have a real estate license.

A

Apartment Locator

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

Committee created by amendments to TRELA. Reviews and revise curriculum standard, and course content requirements. Made up of 12 members.

A

The Education Standard Advisory Committee (ESAC)

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

A listing service that allows a member to share their listings with other members and to split the commission from the sale of the listing with the other brokers.

A

Multiple Listings Service (MLS)

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

A place where buyers and sellers convene for the exchange of goods and services.

A

Market

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

Properties must similar to the subject property that are actively being marketed for sale.

A

Active Listings

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

Properties most similar to the subject property that did not sell either because they were overpriced or under-marketed or both.

A

Expired Listings

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

Properties most similar to the subject property that have recently sold.

A

Sold Listings

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

Made up of 9 members. 6 are Brokers and 3 are members of the public.

A

The Texas Real Estate Commission

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

The largest professional association in the world.

A

National Association of Realtors (NAR)

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

Formally evaluates a property.

A

Appraiser

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

Any member of the National Association of REALTORS

A

Realtor

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

Means the surface of the earth.

A

Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Areas where land meets large bodies of water.

A

Coastal Zones

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Anything put on the land with the intent of improving the land.

A

Improvements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Things that are not attached to the land.

A

Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Personal Property.

A

Chattel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A tool to enforce zoning ordinances.

A

Zoning Permits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Laws or ordinances developed to specify what land uses and building types are allowed on certain areas.

A

Zoning Codes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Land that does not have a certain basic required services necessary to utilize I️t for other purposes.

A

Unimproved Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Personal property that cannot actually be moved.

A

Intangible Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Personal property that can generally be moved.

A

Tangible Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Something that was personal property and now has become real estate because it has been attached to the land. (Water heater, ceiling fan)

A

Fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

A formal legal binding agreement, written or oral, that is intended to be enforced by law.

A

Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

There are two types of Contracts

A

Implied or Expressed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Contract that can be in writing or oral. The parties state the terms and conditions of the contract.

A

Expressed Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

A contract that is not in writing or oral; it is an understanding between parties.

A

Implied Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

A promise in exchange for a promise contract.

A

Bilateral Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

A contract that has been completely performed.

A

Executed Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A contract that is in the process of being performed.

A

Executory Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

A contract that is binding against one party, but not against the other party.

A

Voidable Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

A good contract.

A

Valid Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

A contract that was never a contract and will never be one.

A

Void Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

A contract that cannot be enforced in a court of law.

A

Unenforceable Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

A contract between parties for the purchase and sale, exchange, or other conveyance of Real Estate.

A

Real Estate Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

A contract for the sale of real estate.

A

Real Estate Sales Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

A simple contract appealing to homebuyers who do not qualify for a mortgage, first time home buyers who lack experience in the market, etc.

A

Contract for Deed

41
Q

Agreement that combine the LEASE contract with the OPTION TO PURCHASE contract.

A

Lease Purchase Agreements

42
Q

The substitution of a contract for a contract.

A

Novation of Contracts

43
Q

The substitution of a party for a party.

A

Novation of Parties

44
Q

The most often used sales contract in real estate.

A

The One To Four Residential Contract

45
Q

An attorney-in-fact derives his powers from:

A

A power of attorney

46
Q

A contract based upon a promise exchanged for a promise.

A

Bilateral Contract

47
Q

Means the number of buyers in the market. Often affected by population growth, price of housing, unemployment, credit scores, etc.

A

Demand

48
Q

Is the number of properties for sale at any one time.

A

Supply

49
Q

A line running East and West from a given point on the principal meridian.

A

Baseline

50
Q

The permanent reference mark.

A

Benchmark

51
Q

Used when Land is divided into lots.

A

Recorded Plat

52
Q

Ownership of real property (land, building, and fixtures) that is independent of any superior landlord (the government).

A

Allodial

53
Q

The right the state government must enforce order and to protect the general welfare, health, safety, and morals of the public.

A

Police Power

54
Q

The right of the government to take privately-owned Real Estate for public use.

A

Eminent Domain

55
Q

The land plus all improvements created by man.

A

Real Estate

56
Q

The highest and greatest type of ownership interest that can be held in real property.

A

Fee Simple Absolute

57
Q

A right of title to land.

A

Freehold Estate

58
Q

A rental relationship between two parties that is of indefinite duration since either May end the relationship at any time.

A

Tenancy At Will

59
Q

A form of joint tenancy arising between husband and wife.

A

Tenancy By Entirety

60
Q

A person leasing land.

A

Tenant

61
Q

A legal contract allowing someone exclusive possession of another’s property for a specific period of time in return for payment.

A

Lease

62
Q

An estate that exists for some period of time determined by the term of the payment of rent.

A

Periodic Estate

63
Q

A claim on the property that limits the fee simple estate.

A

Encumbrance

64
Q

Non possessory interest in another persons land.

A

Easement

65
Q

A situation where a property owner violates the property rights of his neighbor by building something on the neighbors land.

A

Encroachment

66
Q

A lien placed on the property by anyone who furnished labor or materials for the property if payment has not been received.

A

Mechanics Lien

67
Q

A lien placed on the property for money damages, such as bad credit card debt.

A

Judgement Lien

68
Q

A lien that is placed against a property when the property owner borrowed money on the property.

A

Mortgage Lien

69
Q

A blighted area that is ripe for development.

A

Greyfield

70
Q

A history of all the insurance claims made on a property.

A

CLUE Report

71
Q

The effort to reduce the loss of life and property by lessening the impact of disasters. FEMA is very involved in this.

A

Mitigation

72
Q

Manages condos and is responsible for making sure the property is well maintained.

A

Homeowners Association (HOA)

73
Q

A situation which both buyer and seller are represented by the same agent.

A

Dual Agency Transaction

74
Q

The type of relationship formed between an agent and a client.

A

Fiduciary Relationship

75
Q

Involves a situation where a potential buyer would like to look at a property and his regular agent is unavailable.

A

Sub-Agency

76
Q

Prohibits certain business activities that reduce competition in the marketplace.

A

The Sherman Antitrust Act

77
Q

Occurs when several brokers all agree to a set commission rate that will be charged for their services. Illegal.

A

Price-fixing

78
Q

A change to the physical condition of the property.

A

Reasonable Modification

79
Q

A change in rules, policies, practices, or services that is feasible and practical under the circumstances.

A

Reasonable Accommodation

80
Q

The act of refusing home loans to areas or neighborhoods deemed poor financial risks is know as…

A

Redlining

81
Q

Act that deals primarily with Commercial Property.

A

The Americans with Disabilities Act

82
Q

The three Canons of Professional Ethics and Conduct:

A

Integrity, Fidelity, and Competency

83
Q

Property bought after marriage.

A

Community Property

84
Q

When Property is owned by one person.

A

Ownership

85
Q

A rental agreement where the owner gives another the right to occupy or use land for a period of time.

A

Leasehold Estate

86
Q

An agreement that can run year to year, month to month, or sometimes week to week.

A

Periodic Tenancy

87
Q

A title to property held by one owner.

A

Severalty

88
Q

When the concurrent owners own a partial interest in the property which may vary according to owner or I️t is divided equally.

A

Tenants in Common

89
Q

Means that each owner must acquire ownership at the same time.

A

Unity of Time

90
Q

Means that each owner must acquire title from the same source.

A

Unity of Title

91
Q

Means that the owners may not have an unequal interest in the property.

A

Unity of Interest

92
Q

Means that all owners have the right to possess the property.

A

Unity of Possession

93
Q

Firm of ownership used for married couples in states that do not have community property.

A

Tenancy By Entirety

94
Q

Any property or income received during marriage that is not separate property.

A

Community Property

95
Q

Property owned by one spouse and includes property acquired before marriage, property received from a gift or will, etc.

A

Separate Property

96
Q

An owner who owns a home as well as the land around the home.

A

Single-Family Home

97
Q

Is owned by a group of people who are allowed to run their business in the name of the corporation. Owned by stockholders.

A

Corporation

98
Q

An estimate that tells you the amount the seller may afford to borrow on a loan.

A

Pre-Qualification Letter

Real estate 1 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions