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Real Estate Exam 2022 > Vocab > Flashcards

Vocab Flashcards

1
Q

Right & interest of having title such as possession, control, exclusion, sell, and of

enjoyment

A

Bundle of Rights

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2
Q
  • goes with the property

- Generally immovable

A

Real Property

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3
Q
  • goes with the person

- Generally movable

A

Personal Property

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4
Q
  • personal property
A

Chattel

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5
Q
  • was personal and is now real
A

Fixture

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6
Q

personal because it goes with a business

A

Trade Fixture

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7
Q

river - moving body of water

A

Riparian Rights

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8
Q

additional of land

A

Accretion

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9
Q

tearing away of land

A

Avulsion

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10
Q

gradual recession of water leaving land permanently uncovered.

A

Reliction

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11
Q

Runs with the land

A

Appurtenances

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12
Q

no fixed duration of ownership.

A

Freehold Estate

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13
Q
  • highest possible ownership..

- also know as fee simple absolute

A

Fee Simple Estate

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14
Q

ownership of land for the duration of a person’s life

A

Life Estate

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15
Q
  • defined period of time

- for example 6 months or july 3rd - september 8th

A

Estate for Years

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16
Q

landlord is suffering as tenant is in possession passed agreed upon time.

A

Estate at Sufferance

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17
Q

possession but not ownership from lessor to lessee

  • considered personal property
A

Lease

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18
Q

tenant pays taxes, insurance and maintenance

A

Net Lease

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19
Q

tenant pays fixed amount

A

gross lease

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20
Q

landlord fails to do something that he/she has a legal duty to provide.

A

Constructive Eviction

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21
Q

evidence of transfer

A

Deeds

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22
Q

Deed releasing a person’s interest with no warranties. Typically in non-sale situa-
tions

A

A Quitclaim Deed

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23
Q

deed that guarantees a clear title to the buyer of real property.

A

Warranty Deed

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24
Q

Seller only warrants or guarantees the title against defects that may have arisen dur-
ing the period of ownership of the property.

A

Special Warranty Deed

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25
Q

Seller warrants or guarantees the title against defects that may have arisen during

the entire life of the property.

A

General Warranty Deed

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26
Q

ownership

A

title

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27
Q

Defect in title ie.. single women married

A

Cloud on title

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28
Q

lawsuit in order to establish a party’s title

A

Quiet title action

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29
Q

sole ownership

A

Severalty

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30
Q

TTIP right of survivorship

A

Joint Tenancy

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31
Q

all parties have unity of possession

A

Tenancy in Common

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32
Q

Gaining the benefit of the easement

A

dominant tenement

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33
Q

Suffers the burden of an easement.

A

servient tenement

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34
Q

no dominent tenament

A

Easement in Gross

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35
Q

States ability to regulate for the betterment of the health, safety, morals, and general

welfare of community.

A

Police Power

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36
Q

Police power that divides and into areas for designated uses

A

Zoning

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37
Q

A type of zoning variance where a parcel of land may be given an exception from
current zoning ordinances due to improvements made by a prior owner or before the
current zoning ordinances made the desired use non-conforming under local law.

A

nonconforming use

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38
Q

codes that protect public health, safety and general welfare

A

Building codes

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39
Q

Reversion of property to the state when the owner dies without heirs.

A

Escheat

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40
Q

financial charge by a state to fund various public expenditures

A

taxation

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41
Q

Latin for according to value

A

Ad Valorem

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42
Q

Government ability to take private property for public use

A

Eminent Domain

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43
Q

Process of compensating a person when property is taken by eminent domain.

A

Condemnation

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44
Q

When a structure is built in part on a neighbor’s property.

A

Encroachment

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45
Q

money owned

A

Liens

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46
Q

lien against all personal property

A

General Liens

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47
Q

lien that is on a single property

A

Specific liens

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48
Q

lien that exists because of an action taken by a debtor

A

Voluntary Lien

49
Q

Liens that were imposed on a individual. i.e. .. taxes and judgment liens

A

Involuntary Lien

50
Q

Lien on behalf of those who have supplied labor or materials that improve the prop-
erty.

A

Mechanics lien

51
Q

Lien placed by the court

A

Judgment lien

52
Q

lawsuit pending involving either the title to the property or a claimed ownership in-
terest in it.

A

lis penden

53
Q

Signifies that a person should have known as a reasonable person would have.

A

constructive notice

54
Q

neutral third party

A

Escrow

55
Q

Eliminating kickbacks and referral fees which add unnecessary costs to settlement

services.

A

RESPA

56
Q

1968 act banning refusal to sell or rent a dwelling to any person because of race,

color, religion, sex, or national origin.

A

Fair Housing Act

57
Q

a fact that, if known, might have caused a buyer or seller of real estate to make a

different decision

A

Material fact

58
Q

buyers - You should live by “those” people

A

Steering

59
Q

sellers - You better sell because you do not want to live by “those” people

A

Blockbusting

60
Q

denying services such as a loan, either directly or through selectively raising prices,

to residents of certain areas based on race or ethnicity.

A

Redlining

61
Q

mixing of funds

A

Commingling

62
Q

gross exaggeration of facts

A

puffing

63
Q

promise for a promise example would be a exclusive listing

A

bilateral contract

64
Q

promise for a act example would be a open listing or a option contract

A

Unilateral contract

65
Q

states what contracts must be in writing

A

The Statute of Frauds

66
Q

States time frames for certain contracts

A

Statute of Limitations

67
Q

latin for new as it relates to contracts

A

Novation

68
Q

A position of trust, good faith and honesty

A

Fiduciary

69
Q

buyer & seller have the same BROKER

A

Dual agent

70
Q
  • authorized to perform any and all acts associated with the job.
  • A real estate licensee acting in the capacity of a property manager.
A

General agent

71
Q
  • Limited authority granted to him or her through a principal.
  • Relationship with the principal is not expected to be continuous.
  • Listing contract creates a special agency.
A

Special agent

72
Q

bileteral employment contract

A

Listing

73
Q
  • one broker can be paid

- no need to show procuring cause in order to be compensated.

A

Exclusive listing

74
Q
  • Owner sells agent gets nothing

- You need to show your are the procuring cause in order to be compensated

A

Exclusive Agency Listing

75
Q
  • Seller can hire multiple brokers

- Broker that proves procuring cause would be compensated

A

Open Listing

76
Q

Money received above and beyond a designated amount

A

Net listing

77
Q

Estimate of value

A

Appraisal

78
Q
  • Examination and comparison of actual sales of comparable properties.
  • Best used to find values of houses and vacant lots.
A

Market Data Approach

79
Q
  • Finding out how much would it cost to replace the building brand new
  • Better for new buildings not old.
A

Cost approach

80
Q
  • Converts Income into value.
  • A property that can prove to bring in more income will increase the value.
  • Most appropriate for a shopping center.
A

Capitalization approach

81
Q

price divided by rent

A

gross multiplier

82
Q

43,560

A

Acre

83
Q

wear and tear

A

Physical Deterioration

84
Q

poor planning

A

Functional Obsolescence

85
Q

outside causes

A

Economic Obsolescence

86
Q

a voluntary, specific lien

A

Mortgage

87
Q
  • Intermediary between consumers and lenders.

- Mortgage broker originates loans while the mortgage lender funds loans.

A

Mortgage brokers

88
Q

A direct mortgage lender.

A

Mortgage banker

89
Q

rent on money

A

Interest

90
Q

borrowed capital to increase the potential return of an investment

A

Leverage

91
Q

the paying off of debt

A

Amortization

92
Q

interest paid but debt increases

A

Negative Amortization

93
Q

loan that does not fully amortize over its term

A

Balloon loan

94
Q

increase in value over time

A

Appreciation

95
Q

short-term loan used to finance the building of a property.

A

Construction loan

96
Q

Current debts will take priority over debts made in the future.

A

Subordination Clause

97
Q

Balance of the loan may be called to repay in full upon sale

A

Due-on-sale clause

98
Q

Where Lenders make mortgage loans directly to borrowers

A

Primary Mortgage Market

99
Q

resale marketplace

A

Secondary mortgage market

100
Q
  • Small downpayment required
  • insures the lender, does not make loans.
  • unconventional loan because they are backed by the government.
  • no pre-payment penalty
  • Single family homes, one to four units owner occupied
A

FHA

101
Q
  • Does not require a down payment, however the lender can require one.
  • owner occupied house, condominium, or townhouse
A

VA loans

102
Q

A governmental part of the secondary market that deals primarily in recycling VA and

FHA mortgages.

A

GNMA

103
Q

federally sponsored private corporation which provides a secondary market for

housing mortgages.

A

FNMA

104
Q

Limitation

A

Encumbrances

105
Q

Personally given to someone

A

Actual Notice

106
Q

Money owed

A

Debit

107
Q

money received

A

credit

108
Q

inform use of consumer credit

require disclosures about its terms and cost to standardize the maker in which costs associated with borrowing are calculated and disclosed

A

TILA

109
Q

bans anti competitive behavior such as price fixing

A

Sherman anti trust act

110
Q

prohibits discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities

A

ADA

111
Q

lacks one of the 4 essential elements ( mutual consent, lawful object, consideration, capable parties)

A

Void contract

112
Q

open to rescind

A

voidable contract

113
Q

A contract that has been fully performed

A

Executed Contract

114
Q

broker gets paid if property sold regardless of procurance cause

A

Exclusive right to sell listing

115
Q

STUD- Scarcity, Transferability, Utility, Demand

A

Essential elements of value

116
Q

How much of a net return you can get by building on the property? If the use is temporary, it would then be considered the interim use

A

principal of highest and best use

117
Q

Higher cap rate represents higher risk

A

cap rate

118
Q

seller liable, buyer not liable

A

subject to

119
Q

relieves seller, buyer is liable

A

assume

Real Estate Exam 2022 (7 decks)

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