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Real Estate Exam > Principles of Real Estate I > Flashcards

Principles of Real Estate I Flashcards

1
Q

This act prohibits only and all racial discrimination

A

Civil Rights Act of 1866

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2
Q

Directing home seekers to a particular neighborhood based on the fair housing protected classes

A

Steering

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3
Q

Real estate agents creating fear in a neighborhood in order to induce the owner of the houses to sell the properties at a loss to the agents

A

Blockbustering

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4
Q

This act prohibits discrimination based on race, color, etc. and receipt of income from a public assistance program.

A

Equal Credit Opportunity Act of 1974

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5
Q

Land, improvements and the rights to own them is known as

A

Real property/real estate

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6
Q

Anything put on the land with the intent of making the land better

A

Improvements

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7
Q

This is the formal name for personal property

A

Chattel

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8
Q

The right or privilege attached to the land that goes with the land when the ownership of the land changes

A

Appurtenance

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9
Q
  1. Method of annexation
  2. Fitness or adaptation to the property
  3. Intention of the parties
A

Three tests of a fixture

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10
Q

Something that is attached to a property under a commercial lease

A

Trade Fixture

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11
Q

Uses distance and directions to define and describe the shape and boundaries of the property

A

Metes and Bounds

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12
Q

Used to mark elevation

A

Datum

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13
Q

Uses latitude, longitude, standard, and baselines to divide earth into areas

A

Rectangular Survey System

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14
Q

Areas of Earth = 36 sq. miles

A

Townships

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15
Q

1 sq. mile or 640 acres

A

Unit

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16
Q

1 acre

A

43,560 feet

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17
Q

Land is increased in size because of the natural deposit of rock and soil

A

Accretion

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18
Q

Sudden removal of land by water

A

Avulsion

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19
Q

Gradual wearing away of land or rock by water

A

Erosion

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20
Q

This separates the use of the property

A

Zoning

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21
Q

The right the government has to take privately owned property for public use

A

Eminent Domain

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22
Q

Process the government uses to TAKE the land through eminent domain

A

Condemnation

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23
Q

What the owner receives through eminent domain

A

Severance Damages

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24
Q

When a person dies without a will and no heirs, their property will (blank) to the state

A

Escheat

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25
Q

Taxing “according to value”

A

Ad Valorem

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26
Q

Centralized agency established in each county to appraise each property in the county for ad valorem taxes

A

Central Appraisal District (CAD)

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27
Q

Lowers tax bill by lowering the value of the property

A

Exemption

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28
Q

Exemption for people who live or will live in the property they own (up to $15K)

A

Homestead exemption

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29
Q

Exemption for being over 65 (up to $10K)

A

Age Exemption

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30
Q

Exemption for people with a disability (up to $10K)

A

Disability Exemption

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31
Q

This act reduced several federal income taxes on capital gains

A

Taxpayer Relief Act of 1997

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32
Q

This gives the owner many rights to the property. Said to be the greatest type of ownership interest that can be held in real property.

A

Fee Simple Absolute

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33
Q

Fee Simple Estates, life estates, and estates created by statute are all

A

Freehold estates

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34
Q

Person who gives land as a gift but decides how it is used.

A

Grantor

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35
Q

Conveys an estate in land for the duration of someone’s life

A

Life Estate

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36
Q

The person whose life is how long they have the land for

A

Life tenant

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37
Q

If the life tenant dies, the land reverts back to you, making you the (blank)

A

Reversionary Interest

38
Q

Claim on a property that limits the fee simple estate, a stick that has been removed from the bundle

A

Encumbrance

39
Q

A right or privilege one person has to the use of a property that belongs to another person

A

Easement

40
Q

Example: Utility easement is the right the utility company has to place utility poles, lines, and pipes across private property

A

Easement of Gross

41
Q

When a property has become landlocked and there is no ingress or egress to the property, the owner has a right to an easement across the other property to a road or street

A

Easement by Necessity

42
Q

Used between two lots to allow the owner of one lot to cross the other’s property

A

Easement Appurtenant

43
Q

Estate that benefits from the easement

A

Dominant Estate

44
Q

Estate that is burdened by the easement

A

Servient Estate

45
Q

A restriction placed by the developer of a property and are a private control

A

Deed Restrictions/Deed Covenants

46
Q

Something that extends across a property line onto the property line of another

A

Encroachment

47
Q

Legal claim on someone’s property as security for debt

A

Lien

48
Q

Lien placed on the property by the owner of the property

A

Voluntary Lien

49
Q

Placed on the property by the operation of law

A

Involuntary Lien

50
Q

Lien only on one specific property

A

Specific Lien

51
Q

Lien against all of the properties the person owns

A

General Lien

52
Q

Lien that is placed against a property when the property owner borrows money on the property

A

Mortgage Lien

53
Q

Lien placed on all properties at the beginning of the year and is superior to any other lien.

A

Property tax lien

54
Q

Lien placed on the property by anyone who furnished labor or materials for the property if payment was not received.

A

Mechanics Lien

55
Q

Lien placed on the property for money damages

A

Judgment Lien

56
Q

Personal privilege given to someone to use the land

A

License

57
Q

A title to a property held by only one owner

A

Estate in Severalty

58
Q

When a property is owned by more than one person. The owners may have unequal shares. Also, two or more people who acquire a property and do not state how they will take ownership.

A

Tenancy in Common

59
Q

The owners do not have unequal shares in the property and they may not sell, give away, or leave the property to someone upon their death. The remaining owners own the property upon the death of one of the owners.

A

Joint Tenancy with the Right of Survivorship

60
Q

Form of ownership used for married couples that do not have community property. The four unities plus the unity of person.

A

Tenancy by the Entirety

61
Q

Flexible form of a company that blends elements of partnership and corporation ownership

A

Limited Liability Company

62
Q

Contract that is in writing or oral where the parties state the terms and conditions of the contract as well as the duties each will carry out

A

Expressed contracts

63
Q

An understanding between parties

A

Implied contract

64
Q

A promise in exchange for a promise. (Ex: Seller and agent)

A

Bilateral contracts

65
Q

Promise in exchange for an act. (Ex: Seller and buyer)

A

Unilateral contract

66
Q

Contract that has been completely performed

A

Executed contract

67
Q

Contract that is being carried out

A

Executory contract

68
Q

A good contract that meets all of the legal requirements for a contract and is enforceable in a court of law

A

Valid contract

69
Q

Was never a contract and will never be a contract

A

Void contract

70
Q

Binding against one part but not against the other party

A

Voidable contract

71
Q

One that cannot be enforced in a court of law

A

Unenforceable contract

72
Q
  • Competent Parties
  • Legal Objective
  • Consideration
  • Offer and Acceptance
  • Contract in writing and signed
A

Five essential elements that make a contract valid

73
Q

The substitution of a contract for a contract

A

Novation of Contracts

74
Q

Most often used sales contract in real estate

A

One-to-four Family Residential Contract

75
Q

The broker will receive a commission if the property sells while the listing is in effect no matter who produces the buyer

A

Exclusive Right to Sell Listing

76
Q

The seller may sell the property himself and not pay a commission to the broker

A

Exclusive Agency Listing

77
Q

No exclusive right

A

Open listing

78
Q

Seller states the amount of money they require from the sale of the property and allows the broker to keep all money above this amount received from the sale

A

Net Listing

79
Q

Legal relationship involving a person and another who acts for the person

A

Agency

80
Q

The agent can represent the client in any matter

A

Universal Agency

81
Q

Has the power to bind the principal

A

General Agency

82
Q

Allows the agent to do only specific acts

A

Special Agency

83
Q

All parties to the agreements know who the agent represents

A

Expressed Agency

84
Q

Created by actions and customs

A

Implied Agency

85
Q

Relationship based off of trust

A

Fiduciary Relationship

86
Q

Act of using or spending the commingled money

A

Conversion

87
Q

Exaggerating praise of something

A

Puffing

88
Q

Landmark statute of competition law. Prohibits certain business activities that reduce competition in the market place

A

Sherman Antitrust Act

89
Q

Several brokers all agree to set a commission rate that will be charged for their services

A

Price fixing

90
Q

Refusing to deal with other brokers or organizations

A

Boycotting

91
Q

Dividing the market between companies and not competing with each other

A

Allocation of customers

Real Estate Exam (6 decks)

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