Chapter 31 - The Listing Appointment

Question 1

Adjusted Basis

Answer 1

The original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures

Question 2

Antitrust

Answer 2

An area of law concerned with maintaining competition in private markets by prohibiting any restraint on trade

Question 3

Attachment

Answer 3

Things connected to the land, whether natural or man-made; generally considered to be real property

Question 4

Bill of Sale

Answer 4

A document used to transfer title to personal property from one person to another

Question 5

Chattel

Answer 5

Personal Property

Question 6

Comparative Market Analysis (CMA)

Answer 6

A method of determining the approximate market value of a home by comparing the subject property to other homes that have sold, are presently for sale, or did not sell in a given area

Question 7

Contribution

Answer 7

A value theory that says a particular item or feature of a home is only worth what it actually contributes in value to a piece of property

Question 8

Equity

Answer 8

An owner’s unencumbered interest in property, the difference between the value of property and the liens against it.

Question 9

Fixture

Answer 9

A man-made attachment; an item of personal property attached to or closely associated with real property in such a way that it has legally become part of the real property

Question 10

Homestead

Answer 10

a farm, personal residence, condominium, or cooperative that the property owners use as their primary residence

Question 11

Personal Property

Answer 11

Tangible items that are not permanently attached to or part of real estate; any proprty that is not real property, moveable property not affixed to land

Question 12

Procuring Cause

Answer 12

The real estate agent who is primarily responsible for bringing about a sale, such as by introducing the buyer to the property or by negotiating the agreemnet between the buyer and the seller. Sometimes more than one agent contributes to a sale

Question 13

Real Property

Answer 13

The physical land and everything attached to it, and the rights of ownership (bundle of rights)

Question 14

Seller’s Share

Answer 14

Is an estimate of the money a seller should receive from a real estate transaction based on a certain selling price after all costs and expenses ahve been paid

Question 15

Title

Answer 15

Lawful ownership of real property