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Real Estate Exam > Terms > Flashcards

Terms Flashcards

0
Q

Exclusive right to sell listing

A

Most preferred among sellers. It obligates the client to pay the broker no matter who sells the property.

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1
Q

Brokerage Agreement

A

A written contract in which the seller or buyer becomes the client of the broker and promises to pay a commission.

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2
Q

Exclusive agency listing

A

One broker is authorized to act as the exclusive agent of the client however the Seller retains the right to sell the property on their own. Without paying the broker- if the broker doesn’t procure the sale.

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3
Q

Open listing

A

The seller retains the right to employ any number of brokers as agents. Whoever sells the property gets the commission.

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4
Q

MLS

A

Multiple listing service. Marketing organization whose broker members make their own exclusive listings available through other brokers and gain access to other brokers listings.

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5
Q

CMA

A

Competitive market analysis. Determining the value of a property before suggesting an appropriate range of listing prices. Done by comparing home prices in the area.

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6
Q

Net listing

A

A provision stating that the seller will receive a net amount of money from any sell with the excess going to the listing broker as commission. Illegal in ga.

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7
Q

Option listing

A

Provision that gives the broker the right, but not the obligation, to purchase the listed property within a certain period of time.

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8
Q

Market Value

A

The most probable price property would bring in an arms length transaction under normal conditions on the open market.

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9
Q

Buyer agency agreement

A

Employment contract to find the buyer a suitable property. Protected by breeta.

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10
Q

Police power

A

States power to enact legislation to preserve order, protect the public, and promote general welfare.

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11
Q

Enabling acts

A

States authority passed on to municipalities and counties thru legislation.

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12
Q

Eminent domain

A

The right of the government to acquire privately owned real estate for public use.

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13
Q

Condemnation

A

The process by which the government exercises eminent domain using judicial or administrative proceedings.

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14
Q

Taxation

A

Is a charge on real estate to raise funds to meet the public needs of government.

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15
Q

Escheat

A

When property is taken by the government bc the owner dies and leaves it to no one.

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16
Q

Estate in land

A

The degree, quantity, nature, and extent of an owners interest in real property. Movie theater example.

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17
Q

Freehold estate

A

Lasts forever.

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18
Q

Life estate

A

Based on the length of life. It ends when the person dies.

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19
Q

Leasehold estate

A

Lasts for a fixed period of time.

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20
Q

Fee simple estate

A

Also called estate of inheritance or fee ownership. It is absolute ownership- passes on to heirs when the owner dies. Runs forever.

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21
Q

Fee simple defisable

A

Qualified estate. When there is a condition on the property. Alcohol example. Previous owner cab take back possession if condition is broken thru court.

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22
Q

Fee simple determinable

A

When a property sold has a condition- like no alcohol on the premises. And it is broken- this law states that the property is returned with no court proceedings.

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23
Q

Life estate

A

Ownership ends when the person dies.

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24
Q

Conventional life estate

A

When a fee simple is passed on to a life tenant.

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25
Q

Pur autre vie

A

For the life of another. A life estate is given to someone as long as they take care of someone. When that someone dies the life estate ends.

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26
Q

Remainder man

A

The person the life estate is passed in to.

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27
Q

Escheat

A

State laws provide for ownership to transfer, or escheat, to the state when an owner dies leaving no heirs (as defined by the law) and no will that directs how the real estate is to be distributed.

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28
Q

estate in land

A

estate in land defines the degree, quantity, nature, and extent of an owner’s interest in real property.

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29
Q

freehold estate

A

A freehold estate lasts for an indeterminable length of time, such as for a lifetime or forever. They include fee simple (also called an indefeasible fee), defeasible fee, and life estates.

A fee simple estate continues for an indefinite period and may be passed along to the owner’s heirs.

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30
Q

life estate

A

life estate is based on the lifetime of a person and ends when that individual dies.

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31
Q

Leasehold estate

A

A leasehold estate lasts for a fixed period of time. These include estates for years and estates from period to period.

Estates at will and estates at sufferance are also leaseholds, though by their operation they are not generally viewed as being for fixed terms.

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32
Q

Fee simple

A

An estate in fee simple (or fee simple absolute) is the highest interest in real estate recognized by law.

Fee simple ownership is absolute ownership: the holder is entitled to all rights to the property. It is limited only by public and private restrictions, such as zoning laws and restrictive covenants.

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33
Q

Fee simple defeasible

A

A fee simple defeasible (or defeasible fee) estate is a qualified estate, that is, it is subject to the occurrence or nonoccurrence of some specified event. Two types of defeasible estates exist: those subject to a condition subsequent and those qualified by a special limitation.

A fee simple estate may be qualified by a condition subsequent, which means that the new owner must not perform some action or activity. The former owner retains a right of reentry so that if the condition is broken, the former owner can retake possession of the property through legal action. Conditions in a deed are different from restrictions or covenants because of the grantor’s right to reclaim ownership, a right that does not exist under private restrictions.

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34
Q

condition subsequent,

A

condition subsequent, which means that the new owner must not perform some action or activity

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35
Q

special limitation

A

special limitation. The estate ends automatically on the current owner’s failure to comply with the limitation. The former owner retains a possibility of reverter. If the limitation is violated, the former owner (or his or her heirs or successors) reacquires full ownership, with no need to reenter the land or go to court.

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36
Q

fee simple determinable

A

A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words, “so long as” or “while” or “during.”

37
Q

future interest

A

A person’s present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right of re-entry.

38
Q

life estate

A

life estate is a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons. Unlike other freehold estates, a life estate is not inheritable and cannot be devised. It passes to future owners according to the provisions of the life estate.

39
Q

life tenant

A

A life tenant is entitled to the rights of ownership, that is, the life tenant can enjoy both possession and the ordinary use and profits arising from ownership, just as if the individual were a fee owner. The ownership may be sold, mortgaged, or leased, but it is always subject to the limitation of the life estate.

A life tenant’s ownership rights, however, are not absolute. The life tenant may not injure the property, such as by destroying a building or allowing it to deteriorate. In legal terms, this injury is known as waste.

40
Q

conventional life estate

A

A conventional life estate is created intentionally by the owner. It may be established either by deed at the time the ownership is transferred during the owner’s life or by a provision of the owner’s will after his or her death.

The estate is conveyed to an individual who is called the life tenant.

The life tenant has full enjoyment of the ownership for the duration of his or her life. When the life tenant dies, the estate ends and its ownership passes to another designated individual or returns to the previous owner.

41
Q

Pur autre vie

A

A life estate also may be based on the lifetime of a person other than the life tenant. This is known as an estate pur autre vie (“for the life of another”).

42
Q

Remainder interest:

A
  1. Remainder interest: The creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends. (Remainderman is the legal term; neither the term remainderperson nor the term remainderwoman is used.) For Reference see the following figure:
43
Q

Reversionary interest

A

The remnant of an estate that the grantor holds after granting a life estate to another person.

44
Q

homestead

A

Land that is owned and occupied as the family home. In many states a portion of the area or value of this land is protected or exempt from judgments for debts.

45
Q

easement by condemnation

A

An easement created by the government or government agency that has exercised its right under eminent domain.

46
Q

license

A

(1) A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. (2) The revocable permission for a temporary use of land a personal right that cannot be sold.

47
Q

encroachment

A

A building or some portion of it—a wall or fence for instance—that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley.

48
Q

Riparian rights

A

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

49
Q

littoral rights

A

(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.

50
Q

accretion

A

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

51
Q

erosion

A

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements.

52
Q

Avulsion

A

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

53
Q

prior appropriation

A

A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.

54
Q

prior appropriation

A

A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.

55
Q

severalty

A

Ownership of real property by one person only, also called sole ownership.

56
Q

co-ownership

A

co-ownership

Title ownership held by two or more persons.

57
Q

trust

A

A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.

58
Q

tenancy in common

A

A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.

59
Q

joint tenancy

A

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.

60
Q

year’s support

A

Under year’s support (O.C.G.A. 53-3-1 et seq.), a surviving spouse and/or minor children can petition the probate court to have real and/or personal property set aside from the estate to provide for 12 months’ support from the date of the decedent’s death. The petition must be made within 24 months of the death.

Year’s support is virtually unique to Georgia. It is rare to have a law that allows the award of real property in a statutory proceeding.

61
Q

encumbrance

A

Anything—such as a mortgage, tax, or judgment lien, an easement, a restriction on the use of the land, or an outstanding dower right—that may diminish the value or use and enjoyment of a property.

62
Q

lien

A

A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.

63
Q

deed restrictions

A

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions—for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.

64
Q

easement

A

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land.

65
Q

appurtenant easement

A

An appurtenant easement is annexed to the ownership of one parcel and allows this owner the use of a neighbor’s land. For an appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties.

66
Q

easement in gross

A

easement in gross

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For example, a right granted by Eleanor Franks to Joe Fish to use a portion of her property for the rest of his life would be an easement in gross.

67
Q

party wall

A

A wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.

68
Q

easement by necessity

A

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor’s land.

69
Q

easement by prescription

A

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.

70
Q

easement by prescription

A

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.

71
Q

tacking

A

Adding or combining successive periods of con­tinuous occupation of real property by adverse possessors. This concept enables someone who has not been in pos­session for the entire statutory period to establish a claim of adverse possession.

72
Q

partition

A

The division of cotenants’ interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through court procedures.

73
Q

tenancy by the entirety

A

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse the survivor becomes the owner of the property.

74
Q

Separate Property

A

Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage.

75
Q

community property

A

A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A hold over of Spanish law found predominantly in Western U.S. states; the system was unknown under English common law.

76
Q

trust

A

A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.

77
Q

Partnership

A

partnership

An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law, a partnership is regarded as a group of individuals rather than as a single entity. A general partnership is a typical form of joint venture in which each general partner shares in the administration, profits, and losses of the operation. A limited partnership is a business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments.

78
Q

corporation

A

An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures

79
Q

syndicate

A

A combination of people or firms formed to accomplish a business venture of mutual interest by pooling resources. In a real estate investment syndicate, the parties own and/or develop property, with the main profit generally arising from the sale of the property.

80
Q

joint venture

A

The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.

81
Q

condominium

A

The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

82
Q

common elements

A

Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

83
Q

cooperative

A

cooperative

A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease.

84
Q

town house

A

A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall(s). Title to the unit and lot vest in the owner who shares a fractional interest with other owners for the common areas.

85
Q

time-share

A

A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.

86
Q

legal description

A

legal description

A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.

87
Q

rectangular (government) survey system

A

rectangular (government) survey system

A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.

88
Q

metes-and-bounds description

A

metes-and-bounds description

A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.

89
Q

lot-and-block (recorded plat) system

A

A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat.

90
Q

datum

A

A horizontal plane from which heights and depths are measured.

Real Estate Exam (1 decks)

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