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Principles of real estate > Principles of Real Estate > Flashcards

Principles of Real Estate Flashcards

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1
Q

Define: Appraisal

A

providing a professional opinion of value of real property

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2
Q

Define: Brokerage

A

overseeing the needs of the parties to a real estate transaction and seeing it to its completion

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3
Q

Define: Common Law

A

body of law based on common sense

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4
Q

Define: Statutory Law

A

body of laws enacted by federal and state legislative bodies

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5
Q

what is mortgage lending?

A

providing money to individuals or corporations for conditional transfer or pledge of real estate as a security for the payment of a debt

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6
Q

what is Property Management ?

A

involves the management of residential + commercial properties on behalf of the owner-investor. this is day to day operations of properties, maintenance, and tenant relations.

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7
Q

what is an apartment locators?

A

work for firms that specialize in locating units for tenants. must be familiar with all amenities of all complexes in the market

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8
Q

what is a home inspector?

A

licensed by (TREC) and inspects homes

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9
Q

what is real estate development?

A

acquisition of land for development into residential

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10
Q

What is petroleum landmen?

A

employed by oil and gas companies with a background in real estate. they make work on title work to determine mineral ownership

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11
Q

(IREM) Institute of Real Estate Management

A

dedicated to ethical business practices

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12
Q

(CCMI) Certified commercial member investment

A

established in 1954, helps further business practices through educations

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13
Q

(SIOR) Society of industrial and office realtors

A

is affiliated with the NAR as the designees

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14
Q

(ICSC) International council of shopping centers

A

to help advance the shopping industry to promote its role in commercial distribution of consumer goods and services

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15
Q

(BOMA) Building owners and managers associations

A
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16
Q

Year Federal Housing Administration was created

A

1934

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17
Q

3 physical properties of land

A

indestructibility/durability, immobility, non-homogeneity

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18
Q

4 Economical of lands

A

scarcity, modification, fixity, situs

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19
Q

What is land

A

anything on the surface that extends downward to the center earth or upward to the surface to infinity. plus natural things

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20
Q

What is real estate

A

all land encompasses and all man made additions to the land (improvements)

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21
Q

What is real property

A

rights to land that a person has “bundle of rights”

22
Q

land, real estate, real property all have what in common

A

these rights are severable

23
Q

Surface Water belongs to the state of Texas? T or F

24
Q

has the right to use water along owned land, rivers, streams

A

Riparian Rights

25
Q

Improvements are?

A

permanent manmade addition to land that are considered to be part of the land

26
Q

Personal property are?

A

temporary/movable nature are NOT part of the real property. to transfer “bill of sale” must be presented

27
Q

Fixture are?

A

personal property that becomes part of the land (carpet to wood)

28
Q

Emblements are?

A

personal property grown on the surface as improvements to property (shrubs, trees, landscapes)

29
Q

important terms| Greenfields

A

are parcels of land that have never been developed

30
Q

important terms| Greyfields

A

are parcels of lands capable of redevelopment

31
Q

important terms| Brownsfields

A

are sites known or suspected to be hazardous that usually are occupied by industrial manufacturers or chemical plants

32
Q

important terms| wetlands

A

mires, swamps, or marshes, serve as a link between land and water, where the water covers the soil, or is present at or near the surface of the soil all year or for varying period during the year

33
Q

Eminent domain

A

is the right of the government to take private land for public use. (condemnation)

34
Q

inverse condemnation

A

landowner sues the government to force it to buy his land

35
Q

Asbestos is

A

used to insulate pipes, chimneys, and roofs

36
Q

allodial systems

A

Individuals do not have to pay duties or fight in wars to own land

37
Q

PETE

A

this right exists on local, state, federal levels

38
Q

freehold estate

A

Individuals own real property and have certain rights and privileges

39
Q

life estate

A

ownership of duration of persons life “life tenant”

40
Q

leasehold estates

A

is the possession of personal property without ownership of the land

41
Q

statutory estates

A

are created by the statute or law

42
Q

Equitable Estate

A

lien and easements, these are rights by freeholders to grant rights in specific property to others

43
Q

lien

A

is a claim against property to secure payment for debt (encumbrance)

44
Q

easements

A

gives one the right to use or pass over another’s property for a specific purpose

45
Q

easements are created by

A

grant, reservation, implied grant, prescription, necessity, condemnation

46
Q

easements terminated by

A

merger, abandonment, death, releases

47
Q

Appurtenances

A

right or privilege or improvements that belong to passes with land but are not necessarily part of the land

48
Q

Encroachment

A

intrusions of ones property to another (fences to tree)

49
Q

Littoral Rights

A

allow an owner the right to use water but may not contaminate or stop the flow of streams

Principles of real estate (1 decks)

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