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Real Estate Exam > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

A fee charged to the borrower by the lender for making a mortgage loan.

A

LOAN ORIGINATION FEE

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2
Q

The first level as a real estate licensee in the state of Florida. Is employed by the broker to perform brokerage activities on behalf of the broker.

A

SALES ASSOCIATE

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3
Q

One who acts as an intermediary on behalf of others for a fee or commission working with buyers, sellers, lessors or lessees.

A

BROKER

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4
Q

The amount of the mortgage loan as compared to the total value of the real estate being pledged as collateral.

A

LOAN-TO-VALUE RATIO (LTV)

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5
Q

A Latin phrase meaning “let the buyer beware.”

A

CAVEAT EMPTOR

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6
Q

Standards for ethical conduct.

A

CODE OF ETHICS

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7
Q

The total amount of money actually paid for products or services.

A

COST

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8
Q

The amount of goods people are willing and able to purchase.

A

DEMAND

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9
Q

A premium added to the index rate representing the lender’s cost of doing business. Associated with Variable Rate Mortgages. Also called “Spread.”

A

MARGIN

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10
Q

A thorough analysis of a property’s structure, systems, and site conditions.

A

HOME INSPECTION

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11
Q

A place where goods are bought and sold.

A

MARKET

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12
Q

The amount of money paid for an item or service.

A

PRICE

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13
Q

A registered trademarked term reserved for the sole use of active members of the state and local REALTOR®associations affiliated with the National Association of REALTORS®.

A

REALTOR®

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14
Q

A lender in a loan transaction.

A

MORTGAGEE

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15
Q

The amount of goods available for sale in the market.

A

SUPPLY

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16
Q

In real estate, real property is subject to the market factors and fluctuations including the availability of real estate and the desire and ability of purchasers.

A

SUPPLY AND DEMAND

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17
Q

The largest real estate organization in the world; members subscribe to a strict code of ethics. Membership is voluntary and not tied to licensing.

A

NATIONAL ASSOCIATION OF REALTORS® (NAR)

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18
Q

A borrower in a mortgage loan transaction.

A

MORTGAGOR

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19
Q

A loan that doesn’t meet loan standards set by Fannie Mae or Freddie Mac. Often exceeding loan limits.

A

NONCONFORMING LOAN

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20
Q

P&I

A

PRINCIPAL & INTEREST

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21
Q

A required form indicating the appraised value of property being financed with a VA loan.

A

CERTIFICATE OF REASONABLE VALUE (CRV)

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22
Q

Laws designed to encourage the open market by making it illegal to conspire to eliminate competition. Price fixing - Market allocation - Boycott

A

ANTITRUST LAWS

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23
Q

Setting rates across competitors.

A

PRICE FIXING

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24
Q

Agreeing not to compete in specific areas.

A

MARKET ALLOCATION

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25
Q

Refusing to patronage a business as a protest or to reduce competition.

A

BOYCOTT

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26
Q

A place of business apart from the principal or main office from which real estate business is conducted.

A

BRANCH OFFICE

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27
Q

The bringing together of parties interested in making a real estate transaction and legally collecting a fee to do so.

A

BROKERAGE

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28
Q

The illegal act of placing client or customer funds with personal funds.

A

COMMINGLING

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29
Q

Payment to a real estate professional for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.

A

COMMISSION

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30
Q

The illegal use of money received on behalf of the principal.

A

CONVERSION

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31
Q

PITI

A

Mortgage payment including the principal and interest, real estate taxes, and hazard insurance.

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32
Q

A national or state registry listing the phone numbers of consumers who have indicated their preference to not receive marketing calls.

A

DO NOT CALL REGISTRY

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33
Q

The acts of a real estate licensee that created the sale of property despite who has written the contract.

A

PROCURING CAUSE

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34
Q

A traditional loan that the lender deems low enough risk as to not require federally-sponsored insurance or guarantees.

A

CONVENTIONAL LOAN

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35
Q

Members of the real estate profession who agree to share their listing information to produce a ready, willing, and able buyer.

A

MULTIPLE LISTING SERVICE (MLS)

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36
Q

Pays all of his or her own expenses including social security and income taxes. No employee benefits are provided. Most real estate associates are this. Must meet IRS qualifications as the status.

A

INDEPENDENT CONTRACTOR

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37
Q

A term used for a percentage of the principal loan amount charged by the lender. Each ___ is equal to 1% of the loan amount.

A

DISCOUNT POINT

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38
Q

A loan insured by the Federal Housing Administration and made by an approved lender in accordance with FHA regulations.

A

FHA-INSURED LOAN

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39
Q

Sale of property in which the sales price is less than the remaining unpaid balance of the mortgage debt.

A

SHORT SALE

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40
Q

A clause in a contract specifying exceptions or contingencies of a purchase.

A

“SUBJECT TO”

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41
Q

The process of estimating the value of a property by examining and comparing sales and listings of comparable properties.

A

SALES COMPARISON APPROACH

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42
Q

When the owner has a right to occupy his or her own property, he or she is said to ___ it. This right can be given up temporarily through a lease.

A

POSSESSION

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43
Q

Land, plus extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether natural or built.

A

REAL ESTATE

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44
Q

A fund established to cover claims of aggrieved parties who have suffered monetary damage through the actions of real estate professionals. Conditions apply to collect from the fund.

A

REAL ESTATE RECOVERY FUND

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45
Q

Real estate plus the interests, benefits, and rights inherent in property ownership.

A

REAL PROPERTY

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46
Q

Cancelling or annulling license privileges or rights.

A

REVOCATION

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47
Q

The act that prohibits racial discrimination in the sale and rental of housing –without exception.

A

CIVIL RIGHTS ACT OF 1866

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48
Q

The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry of prospective entry of persons of a particular race or national origin into the neighborhood.

A

BLOCKBUSTING

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49
Q

Act addresses rights of individuals with disabilities in employment and public accommodations.

A

AMERICANS WITH DISABILITIES ACT (ADA)

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50
Q

The federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, and national origin.

A

FAIR HOUSING ACT

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51
Q

One or more individuals under the age 18 living with a parent or guardian; also includes a woman who is pregnant and anyone who is in the process of assuming custody of a child under age 18.

A

FAMILIAL STATUS

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52
Q

The target marketing of specific demographic populations, within the bounds of fair housing laws.

A

FARMING

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53
Q

An easement that is annexed to the ownership of one parcel and allows the owner use of the neighbor’s land.

A

APPURTENANT EASEMENT

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54
Q

A proceeding to exercise the power of eminent domain, through which a government agency takes ownership of private property for public use. Fair compensation is given to the owner.

A

CONDEMNATION

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55
Q

Clauses contained within a deed limiting the future use of the property. May impose a variety of limitations and conditions such as the size of buildings or the types of buildings that can be built.

A

DEED RESTRICTIONS

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56
Q

A property that includes in its ownership the rights to use an easement on another’s property.

A

DOMINANT TENEMENT

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57
Q

Charging interest at a higher rate than the maximum rate established by state law.

A

USURY

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58
Q

A right to use the land of another for a specific purpose, such as for right-of-way’s or utilities.

A

EASEMENT

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59
Q

Follows along with the land benefiting the adjourning property.

A

EASEMENT APPURTENANT

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60
Q

An easement allowed by law as necessary for the full access of a parcel of real estate.

A

EASEMENT BY NECESSITY

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61
Q

A court –selected person who assists with the settlement of an estate.

A

ADMINISTRATOR

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62
Q

Title ownership held by two or more persons.

A

CO-OWNERSHIP

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63
Q

The construction cost at current prices of an exact duplicate of the subject property.

A

REPRODUCTION COST

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64
Q

Parts of a property that are necessary or convenient for the common use by all the condominium residents. Each condominium owner has an undivided ownership interest in the ___.

A

COMMON ELEMENTS

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65
Q

Ownership based on a legal description of the airspace the unit actually occupies.

A

CONDOMINIUM

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66
Q

Transferring title to real property.

A

CONVEYANCE

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67
Q

Residential property whose title is held by a trust or corporation that is owned by and operated for the benefit of the people living within in the property. Ownership is a piece of the whole. Owners possess a proprietary lease to a particular property unit.

A

COOPERATIVE

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68
Q

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.

A

CORPORATION

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69
Q

Land equal to 43,560 square feet.

A

ACRE

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70
Q

Designated airspace over a piece of land. An ___, like surface property, may be transferred.

A

AIR LOTS

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71
Q

The most probable price that a property would bring in an arm’s length transaction under normal conditions on the open market.

A

MARKET VALUE

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72
Q

The main imaginary line running east and west and crossing a principal meridian at a definite point in the government survey system of legal description.

A

BASE LINE

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73
Q

Permanent reference marks or points established for use by surveyors in measuring differences in elevation.

A

BENCHMARKS

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74
Q

A horizontal plane from which heights and depths are measured.

A

DATUM

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75
Q

A mortgage loan in which the interest rate varies depending on market conditions.

A

VARIABLE RATE MORTGAGE

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76
Q

The measurement of a parcel of land by the number of feet of street or road frontage.

A

FRONT FOOTAGE

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77
Q

Implements the Truth and Lending Act, requiring credit institutions to inform borrowers of the true cost of obtaining credit.

A

REGULATION Z

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78
Q

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

A

LEGAL DESCRIPTION

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79
Q

Measurement in a straight line.

A

LINEAR MEASUREMENT

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80
Q

A formal declaration made before a duly authorized officer, usually a notary public, by a person who signed a document.

A

ACKNOWLEDGEMENT

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81
Q

The actual, open, notorious, hostile, and continuous possession of another’s land under claim of title. Possession for a statutory period may be a means of acquiring title.

A

ADVERSE POSSESSION

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82
Q

The act of transferring property to another. May be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.

A

ALIENATION

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83
Q

A deed that carries with it no warranties against liens or other encumbrances, but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed.

A

BARGAIN AND SALE DEED

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84
Q

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

A

DEED

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85
Q

The return of the rights of possession and quiet enjoyment to the lessor at the expiration of the lease or at the end of a life estate.

A

REVERSIONARY RIGHT

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86
Q

An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement.

A

DEED IN TRUST

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87
Q

A transfer of real property by will. The decedent is the devisor and the recipient is the devisee.

A

DEVISE

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88
Q

Point at which additional property improvements do not increase the property’s income value; over improvements.

A

LAW OF DIMINISHING RETURNS

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89
Q

The signing and delivery of an instrument. Also, a legal order directing an official to enforce a judgment against the property of a debtor.

A

EXECUTION

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90
Q

The history of the recorded ownership of real estate.

A

ABSTRACT OF TITLE

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91
Q

A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title.

A

ACTION TO QUIET TITLE

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92
Q

Express information or fact; that which is known through direct knowledge such as being party to an act or “being served.”

A

ACTUAL NOTICE

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93
Q

An abstract of title that an attorney has examined and has certified to be, in the attorney’s opinion, an accurate statement of the facts concerning the property’s ownership.

A

ATTORNEY’S OPINION OF TITLE

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94
Q

A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records.

A

CERTIFICATE OF TITLE

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95
Q

The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.

A

CHAIN OF TITLE

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96
Q

Notice given by recorded documents.

A

CONSTRUCTIVE NOTICE

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97
Q

Good or clear title, reasonably free from the risk of litigation over possible defects.

A

MARKETABLE TITLE

98
Q

Proof of ownership of property; commonly a certificate of title, an abstract of title with lawyer’s opinion, title insurance, or a Torren’s registration certificate.

A

EVIDENCE OF TITLE

99
Q

The FHA insurance that is a percentage of the loan amount that the borrower is charged as a premium.

A

MORTGAGE INSURANCE PREMIUM (MIP)

100
Q

Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party. Duties are specifically regulated through license law.

A

TRANSACTION BROKER

101
Q

The leasing of premises by a lessee to a third party for part of lessee’s remaining term (or part of the property).

A

SUBLETTING

102
Q

A figure used as a multiplier of the gross annual income of a property to produce an estimate of the property’s value usually used for commercial property.

A

GROSS INCOME MULTIPLIER (GIM)

103
Q

Insurance provided by a private carrier that protects a lender against loss in the event of a foreclosure and deficiency.

A

PRIVATE MORTGAGE INSURANCE (PMI)

104
Q

Agency relationship in which the agent represents only one party to the transaction. Involves fiduciary duties.

A

SINGLE AGENCY

105
Q

Occurs when the real estate professional “should have” known that a statement about a material fact was false.

A

NEGLIGENT MISREPRESENTATION

106
Q

The broker from whose office a listing agreement is initiated.

A

LISTING BROKER

107
Q

A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.

A

FIDUCIARY RELATIONSHIP

108
Q

Representing both parties to a transaction as their “fiduciary agent.” It is illegal in the state of Florida.

A

DUAL AGENCY

109
Q

The principal in an agency relationship or other form of representation.

A

CLIENT

110
Q

The third party or non-represented consumer for whom some level of service is provided.

A

CUSTOMER

111
Q

The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

A

AGENCY

112
Q

A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction.

A

BUYER’S AGENT

113
Q

The number of years during which an improvement will add value to land.

A

ECONOMIC LIFE

114
Q

Provisions in a contract that require a certain act to be done or a certain event to occur before the contract becomes binding.

A

CONTINGENCIES

115
Q

A new offer made in response to an offer received. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by the offeror.

A

COUNTEROFFER

116
Q

Relevant information or facts that are known or should have been known.

A

DISCLOSURE

117
Q

Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults but to be applied to the purchase price if the sale is closed.

A

EARNEST MONEY

118
Q

The federal law that requires certain disclosures to be given to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks and certain kind of referral fees.

A

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

119
Q

The transfer in writing of interest in a bond, mortgage, lease, or other instrument.

A

ASSIGNMENT

120
Q

An agreement to keep open for a set period an offer to sell or purchase property. Are a unilateral contract as they only obligate the seller to the terms during the offer period. Must be in writing.

A

OPTION

121
Q

A legal action to compel a party to carry out the terms of a contract.

A

SPECIFIC PERFORMANCE

122
Q

State law that requires certain instruments, such as deeds, real estate sales contracts, and certain leases, to be in writing to be legally enforceable.

A

STATUTE OF FRAUDS

123
Q

Law pertaining to the period of time within which certain actions must be brought to court.

A

STATUTE OF LIMITATIONS

124
Q

A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.

A

VALID CONTRACT

125
Q

A contract that has no legal force or effect because it does not meet the essential elements of a contract.

A

VOID CONTRACT

126
Q

A contract that seems to be valid on the surface but may be rejected or canceled by one or both parties.

A

VOIDABLE CONTRACT

127
Q

The right of a defaulted property owner to recover property by curing the default.

A

REDEMPTION

128
Q

A lien or charge on the property of a mortgagor that secures the underlying debt obligation.

A

MORTGAGE LIEN

129
Q

A fee imposed against specific parcels of real estate that will benefit from a proposed public improvement like a street or a sewer.

A

SPECIAL ASSESSMENT

130
Q

A legal process to oust a person from possession of real estate.

A

EVICTION

131
Q

Properties used in an appraisal report that are substantially equivalent to the subject property.

A

COMPARABLES

132
Q

A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.

A

NET LEASE

133
Q

Specific credit terms such as down payment, monthly payment, and amount of finance charge or term of loan that when used in an advertisement means that specific disclosures must be made per the Truth in Lending Act.

A

TRIGGERING TERMS

134
Q

The point from which gains and losses are figured for tax purposes.

A

TAX BASIS

135
Q

A charge against property, created by operation of law. ___ and assessments take priority over all other liens.

A

TAX LIEN

136
Q

A court ordered sale of real property to raise money to cover delinquent taxes.

A

TAX SALE

137
Q

Federal government regulates the lending practices of mortgage lenders through this act.

A

TRUTH IN LENDING ACT (TILA)

138
Q

The rate of return a property will produce on the owner’s investment.

A

CAPITALIZATION RATE

139
Q

One who holds or possesses the right to use of property.

A

TENANT

140
Q

An opinion of real estate value commissioned by a bank or an attorney and provided by a broker.

A

BROKER’S PRICE OPINION (BPO)

141
Q

An independent person trained to provide an unbiased estimate of value.

A

APPRAISER

142
Q

Federal tax on decedent’s real and personal property.

A

ESTATE TAX

143
Q

Taxes that are unpaid and past due.

A

DELINQUENT TAXES

144
Q

The imposition of a tax, charge or levy.

A

ASSESSMENT

145
Q

The value set on a property for taxation purposes.

A

ASSESSED VALUE

146
Q

A tax levied according to value, generally used to refer to real estate tax. Also called a general tax.

A

AD VALOREM TAX

147
Q

An objective economic indicator to which the interest rate for an adjustable-rate mortgage is tied.

A

INDEX

148
Q

Regulations that help communities control how land is used.

A

ZONING

149
Q

One who buys undeveloped land, divides it into smaller, usable lots, and sells the lots to potential users.

A

SUBDIVIDER

150
Q

An owner who does not live on the property.

A

ABSENTEE OWNER

151
Q

Mortgage clause that causes the entire loan balance to become due.

A

ACCELERATION CLAUSE

152
Q

The process of additional land through deposits.

A

ACCRETION

153
Q

The taking of property without the owner’s consent. Conditions apply to become legal transfer of title.

A

ADVERSE POSSESSION

154
Q

Increased land through deposits –the land deposits; not the process.

A

ALLUVION

155
Q

The person who is authorized to perform an act for another through possessing power-of-attorney.

A

ATTORNEY-IN-FACT

156
Q

A large final payment due at the end of a loan that falls short of being able to fully pay off the balance based on the payments.

A

BALLOON PAYMENT

157
Q

One mortgage covering more than one parcel.

A

BLANKET MORTGAGE

158
Q

Scaring homeowners to sell by convincing them they will lose property values because members of a protected class are moving into the area.

A

BLOCKBUSTING

159
Q

Advertising property for sale or rent without properly disclosing the brokerage information.

A

BLIND ADVERTISING

160
Q

Failure to perform what has been promised.

A

BREACH OF TRUST

161
Q

Land separating one land use from another.

A

BUFFER ZONE

162
Q

Legal rights that attach to ownership of property: disposition, enjoyment, exclusion, possession and control.

A

BUNDLE OF LEGAL RIGHTS

163
Q

A licensee who qualifies as a broker but chooses to work under another broker.

A

BROKER ASSOCIATE

164
Q

Profit from a sale

A

CAPITAL GAIN

165
Q

Personal property.

A

CHATTEL

166
Q

Stipulation in Florida’s Growth Act that requires water and treatment provisions be in place prior to approval of growth.

A

CONCURRENCY

167
Q

The inducement of an offer (does not have to be money).

A

CONSIDERATION

168
Q

The amount of money necessary to cover the payment of a debt.

A

DEBT SERVICE

169
Q

Person who is an heir.

A

DECENDENT

170
Q

Giving of land by a developer to the government.

A

DEDICATION

171
Q

Obligates the lender to surrender the title once the terms of the loan have been met.

A

DEFEASANCE CLAUSE

172
Q

Allowable only with commercial sales where by both parties have assets of $1,000,000 or more and are represented by sales associates within the same brokerage as single agents.

A

DESIGNATED SALES ASSOCIATE

173
Q

Interest gained through the implication of future legal title.

A

EQUITABLE TITLE

174
Q

Ownership of property passes to the state when an owner dies without a will or heirs.

A

ESCHEAT

175
Q

A tenancy measured by a starting and ending date.

A

ESTATE FOR YEARS

176
Q

Husband and wife ownership of property.

A

ESTATE BY THE ENTIRETY

177
Q

Single ownership.

A

ESTATE IN SEVERALTY

178
Q

The most complete type of ownership of property.

A

FEE SIMPLE ESTATE

179
Q

Broad powers as an agent but only in one aspect of life such as to run a business

A

GENERAL AGENT

180
Q

Value that includes reputation as well as property.

A

GOING-CONCERN VALUE

181
Q

When a broker is unsure of whether earnest money should be returned to the buyer or the seller.

A

GOOD FAITH DOUBT

182
Q

Deed provision that specifies the parties involved in the transfer and includes the words of conveyance.

A

GRANTING CLAUSE

183
Q

Fractional piece of land by rivers, etc. owned by the government.

A

GOVERNMENT LOT

184
Q

When a developer owns property under different corporations but the sales associates obtain a license working for the entire group.

A

GROUP LICENSE

185
Q

To have and to hold…. Clause in the deed describing the interest being conveyed.

A

HABENDUM CLAUSE

186
Q

The pledging of property as security for a loan.

A

HYPOTHECATION

187
Q

When no property tax is paid on the property as it is owned by the government.

A

IMMUNE PROPERTY

188
Q

Deposits pooled together.

A

INTERMEDIATION

189
Q

To die without a will.

A

INTESTATE

190
Q

Non-interference by the government

A

LAISSEZ-FAIRE

191
Q

In real estate, it is the payment of money related to the real estate transaction –but not when paid to the buyer or seller.

A

KICKBACK

192
Q

When a legal action is pending.

A

LIS PENDENS

193
Q

Rights of owners of land abutting an ocean, sea, or lake –associated with tides.

A

LITTORAL RIGHTS

194
Q

Lien placed against a property due to work done by someone such as a roofer. Also called a construction lien.

A

MECHANICS LIEN

195
Q

An act considered vile and against society standards of behavior.

A

MORAL TURPITUDE

196
Q

The instrument that lays out the terms of a loan.

A

NOTE

197
Q

When a minor rule has been broken, the DBPR issues a notice to request a correction in behavior by a licensee.

A

NOTICE OF NONCOMPLIANCE

198
Q

The substitution of one party for another removing the original party from being liable.

A

NOVAITON

199
Q

Substantial decline in usefulness, competitiveness, or value of a property or an article.

A

OBSOLESCENCE

200
Q

When more than one broker is given a contract to list a property without guarantee of payment if another broker or the owner sells the property.

A

OPEN LISTING

201
Q

When a partnership appears to exist due to the behavior of the parties.

A

OBSTENSIBLE PARTNERSHIP

202
Q

A loan common in commercial real estate that covers both real property and personal property.

A

PACKAGE MORTGAGE

203
Q

When a tenant pays a base rent, plus a percentage of gross sales.

A

PERCENTAGE LEASE

204
Q

A type of development where mixed land use is carefully laid out and allows for high density of population.

A

PLANNED UNIT DEVELOPMENT (PUD)

205
Q

Value that is added by combining property.

A

PLOTTAGE

206
Q

Mortgage clause that allows for a mortgage to be paid early.

A

PREPAYMENT CLAUSE

207
Q

Mortgage clause that allows for a fee to be charged when a mortgage is paid off early.

A

PREPAYMENT PENALTY

208
Q

The market where the buyer secures a loan.

A

PRIMARY MORTGAGE MARKET

209
Q

The party using an agent to represent him or her.

A

PRINCIPAL

210
Q

Someone who handles all aspects of a rental property. In contrast to a rental agent who only secures a tenant.

A

PROPERTY MANAGER

211
Q

FREC powers which include the ability to discipline licensees.

A

QUASI-JUDICIAL

212
Q

FREC powers which include the ability to create rules and regulations.

A

QUASI-LEGISLATIVE

213
Q

To convey title without assurances except releasing any claim of ownership.

A

QUIT CLAIM DEED

214
Q

Pooling investment money to become property owners.

A

REAL ESTATE INVESTMENT TRUST(REIT)

215
Q

When one state acknowledges another state’s real estate license and allows for practice under that one license in both states.

A

RECIPROCITY

216
Q

Whereas deed restrictions may be placed on one parcel, ___ are restrictions on an entire development.

A

RESTRICTIVE COVENANTS

217
Q

Ownership along the banks of rivers and streams.

A

REPARIAN RIGHTS

218
Q

Certifying that a loan has been paid in full.

A

SATISFACTION OF MORTGAGE

219
Q

The affect of a buyer’s desire for location on a property’s value.

A

SITUS

220
Q

Directing buyers to or away from an area of town based on them being a member of a protected class.

A

STEERING

221
Q

An agreement between a licensee and the attorney for the DBPR as to a penalty a licensee faces –avoids having a hearing.

A

STIPULATION

222
Q

Investment in property to offset income taxes.

A

TAX SHELTER

223
Q

When a tenant continues to reside in a property after the lease has ended.

A

TENANCY AT SUFFERANCE

224
Q

When a tenancy can be terminated with notice.

A

TENANCY AT WILL

225
Q

Six miles by six miles divided into 36 sections.

A

TOWNSHIP

226
Q

Concept of title that conveys title to the lender.

A

TITLE THEORY

227
Q

Personal property that has become “attached” to the commercial real estate –yet still belongs to the tenant.

A

TRADE FIXTURE

228
Q

A lien created by the seller when a purchase money mortgage is provided by the seller.

A

VENDOR’S LIEN

229
Q

When the licensee requests that the DBPR cancel a license.

A

VOLUNTARY RELINQUISH

230
Q

The instrument that puts a stay of enforcement in place (which postpones the implementation of a decision by FREC).

A

WRIT OF SUPERSEDEAS

231
Q

The rate of return.

A

YIELD

232
Q

The five essential elements of an enforceable real estate contract are (COLIC):

A 
Competent parties
Offer and acceptance
Legality
In writing
Consideration
233
Q

Offers can be terminated by (WILD CARD):

A 
Withdrawal
Insanity
Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction of property
234
Q

Contracts can be terminated by (BRRLAP):

A 
Breach
Renunciation
Revocation
Lapse of time
Abandonment
Performance
235
Q

Exceptions to the Federal Fair Housing Act of 1968 are:

A

owner does not use a broker
private clubs
owner-occupied 1-4 units
owned by churches or frats

236
Q

Courts use 4 tests to determine whether something is real or personal property (IRMA):

A

Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)

237
Q

The “sticks” in the full bundle of rights to a property are: (DUPE

A

Disposition
Use
Possession
Exclusion

238
Q

The four methods used to legally describe property are:

A

Monuments method
Surveyor’s or metes and bounds method
Government survey method
Plat or lot and block method

239
Q

The four characteristics of value are: (DUST)

A

Demand
Utility
Scarcity
Transferrability

240
Q

The four agents of production are (CELL):

A

Capital
Entrepreneurial ability
Land
Labor

241
Q

Planning commissions have authority over:

A

Site plans
Subdivision plans
Signs
(I Sited a Sub with a Sign)

242
Q

The four governmental limitations on property ownership are (PETE):

A

Police Power
Eminent Domain
Taxation
Escheat - occurs when property reverts to state ownership after an individual dies without a will and without heirs.

Real Estate Exam (1 decks)

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