RE - Set 14

Question 1

ETHICS

Answer 1

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

Question 2

REAL ESTATE SALESPERSON

Answer 2

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.

Question 3

EGRESS

Answer 3

A way to exit property.

Question 4

REAL ESTATE LAW

Answer 4

The law that affects the licensing and conduct of real estate agents.

Question 5

POLICE POWER

Answer 5

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

Question 6

REVOKE

Answer 6

Recall and make void.

Question 7

APPURTENANCE

Answer 7

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.

Question 8

NOVATION

Answer 8

The substitution by agreement of a new obligation for an existing one.

Question 9

ASSIGNMENT

Answer 9

The transfer of a claim, benefit, or right in property from one person to another person.

Question 10

VALUABLE CONSIDERATION

Answer 10

Each party to a contract must give up something to make the agreement binding.

Question 11

NATURAL PERSON

Answer 11

An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership.

Question 12

LISTING

Answer 12

A contract by which a principal employs an agent to do certain things for the principal.

Question 13

BREACH OF CONTRACT

Answer 13

A failure to perform on part or all of the terms and conditions of a contract.

Question 14

LIQUIDATED DAMAGES

Answer 14

Sets in advance a specified amount of money as a penalty in the event of a breach of contract.

Question 15

MUTUAL CONSENT

Answer 15

Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract.

Question 16

REQUEST FOR NOTICE

Answer 16

A notice that is sent, upon request, to any parties interested in a trust deed informing them of a default.

Question 17

MORTGAGOR

Answer 17

The borrower under a mortgage.

Question 18

TRUSTEE’S DEED

Answer 18

A deed given to a buyer of real property at a trustee’s sale.

Question 19

RECONVEYANCE DEED

Answer 19

Conveys title to property from a trustee back to the borrower (trustor) upon payment in full of the debt secured by the trust deed.

Question 20

REINSTATE

Answer 20

Bring current and restore.

Question 21

HARD MONEY LOAN

Answer 21

The evidence of a debt given in exchange for cash.

Question 22

COMPS

Answer 22

A term used by real estate agents and appraisers to mean comparable properties.

Question 23

RECONCILIATION

Answer 23

Sometimes called correlation, this is the adjustment process of weighing the results of all three appraisal methods to arrive at a final estimate of market value for the subject property.

Question 24

FLAG LOT

Answer 24

Looks like a flag on a pole. The pole represents the access to the site, which is usually located to the rear of another lot fronting the main street.

Question 25

REPRODUCTION COST

Answer 25

The current cost of building a replica of the subject structure using similar quality materials; refers to exact duplication of the buildings; usually costs more than replacement costs.

Question 26

PRORATION

Answer 26

The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement.