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Real Estate > Unit1&2 Intro To Real Estate Business& Real Property& The Law > Flashcards

Unit1&2 Intro To Real Estate Business& Real Property& The Law Flashcards

1
Q

Associate licensee

A

A licensed real estate person who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker

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2
Q

Broker

A

One who acts as an intermediary on behalf of others for a fee or commission

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3
Q

Code of ethics

A

A written system of standards for ethical conduct

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4
Q

A place where goods can be bought and sold and a price established

A

Market

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5
Q

In real estate practice a person who has the skills and knowledge to be licensed as a real estate broker or salesperson

A

Real estate licensee

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6
Q

A person who performs real estate activities while employed by a licensed real estate broker

A

Sales associate

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7
Q

The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity ….

A

Supply and demand

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8
Q

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams

A

Accession

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9
Q

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

A

Accretion

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10
Q

The right to use the open space above a property , usually allowing the surface to be used for another purpose

A

Air rights

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11
Q

Process of converting personal property into real property

A

Annexation

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12
Q

People’s desire for one area over another

A

Area preference

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13
Q

A right, a privilege, or improvement belonging to and passing with the land
“Runs with the land”

A

Appurtenance

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14
Q

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

A

Avulsion

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15
Q

The concept of land ownership that includes ownership of all legal rights to the land … possession control within the law , enjoyment , exclusion and disposition .

A

Bundle of legal rights

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16
Q

Includes the rights of possession , control, enjoyment, exclusion, and disposition.

A

Bundle of legal rights

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17
Q

Is the right to ownership of real property and the evidence of ownership provided by a written document, called a deed, by which title is transferred.

A

Title

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18
Q

Determined by common law and statue and include riparian rights, which belong to owners of land along a a flowing body of water (river) littoral rights belong to owners of land that borders commercially navigable lake or ocean. PRIOR APPROPRIATION - some states provide that water use aside from limited domestic use,
Is controlled by the state rather than the landowner adjacent to the water

A

Water rights

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19
Q

Moveable items , such as a chair or a sofa . Factory built homes including manufactured homes unless permanently affixed to the land .

A

Personal property (chattel)

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20
Q

Annual planting’s, or crops of grains , vegetables and fruit

A

Emblements (fructus industrials)

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21
Q

Changing an item of real estate to personal property by detaching it from the land (cutting down a tree)

A

Severance

22
Q

Is personal property that has been affixed to the land or to a building so that by law it becomes part of the real property.

A

Fixture

23
Q

The Method of annexation , adaptability of the thing for the lands ordinary use, relationship of the parties intent in placing the item on the land, and agreement of the parties.

A

Maria

24
Q

Property attached to the structure but used in the course of business, and can be personal property if removed by the tenant and the premises are returned to original condition before the lease expires , or real property if left behind the tenant.

A

Trade fixtures

25
Q

Includes the interest , benefits, and rights that are automatically included in the ownership of unimproved land and real estate.

A

Real property

26
Q

Includes the land as well as all things permanently attached or annexed to the land , both by nature and humans.

A

Real estate

27
Q

Includes the earths surface , it’s subsurface extending downward to the center of the earth and the air space above the surface ….. things naturally attached to it such as trees, and crops that don’t need cultivation…. perennial crops, orchards, and vineyards.

A

Land

28
Q

Include mineral rights and other natural resources that can be leased or sold separately from surface rights.

A

Subsurface rights

29
Q

Characteristics of land

A

Economic and physical . Economic characteristics of land include scarcity, improvements, permanence of the investment and area preference . Physical characteristics of land are . Immobility , indestructibility, and nonhomogeneity (uniqueness)

30
Q

Two meanings, the right to or ownership of the property , including the owners bundle of rights . 2 evidence of that ownership by a deed .

A

Title of real property

31
Q

The amount of land an individual owns may be affected by the natural action of water

A

Accretion-erosion- avulsion

32
Q

States where water is scarce, ownership and use of water are often determined by ….. blank ….. under this doctrine the right to use any water with the exception of limited domestic use , is controlled by the state rather than by the landowner adjacent to the water.

A

Prior appropriation

33
Q
  • method of annexation
  • adaptability of item to lands use
  • relationship of parties
  • intention in placing item on the land
  • agreement of the parties
A

Legal tests of a fixture

34
Q

4 economic characteristics of real estate

A

Scarcity , improvements , permanence of investment , area of preference or (situs)

35
Q

Immobility - indestructibility- uniqueness

A

3 physical characteristics of land

36
Q

The capital and labor used to build an improvement represent a large fixed investment

A

Permanence of investment

37
Q

The process of developing an opinion of a property’s market value, based on established methods and the appraisers professional judgement

A

Appraisal

38
Q

The business of bringing people together in real estate transaction

A

Brokerage

39
Q

A person or company hired to maintain and manage property on behalf of the property owner

A

Property management

40
Q

The business of providing the funds that make real estate transactions possible.

A

Financing

41
Q

The dividing of a single property into smaller parcels .

A

Subdivision

42
Q

Involves the construction of improvements that benefit the land

A

Development

43
Q

A profession that combines a practioners interest in real estate with skills and training in the construction trades

A

Home inspection

44
Q

Involves providing clients with competent independent advice based on sound professional judgment

A

Counseling

45
Q

Refers to a system of mortal principles, rules, and standards of conduct .

A

Ethics

46
Q

6 categories of……..

  • residential
  • commercial
  • mixed use
  • industrial
  • agriculture
  • special purpose
A

Real property

47
Q

A place where goods can be bought and sold

A

Market

48
Q

Supply and demand

A

When supply increases and demand remains stable, prices go down ……… when demand increases and supply remains stable , prices go up .

49
Q

Factors affecting real estate supply are

A
  • labor force, construction , and material cost
  • government controls and financial policies
  • local government factors
50
Q

Factors affecting real estate demand are

A
  • population
  • demographics
  • employment and wage levels
51
Q

Description of a population is called

A

Demographics

Real Estate (2 decks)

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