Practice

Question 1

A voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade, and formed to aid in the industry problems, promote its progress, and enhance its service

Answer 1

Trade Association

Question 2

Consideration paid for the use of a property

Answer 2

Rent

Question 3

A group of property owners in a common interest development that manages common areas, collects dues, and establishes property standards

Answer 3

Homeowner’s Association

Question 4

An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time

Answer 4

Leasehold or Lease

Question 5

Party to whom a lease is assigned or transferred

Answer 5

Assignee

Question 6

Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction

Answer 6

Indirect Costs

Question 7

An act whereby a landlord evicts a tenant in reponse to some complaint made by the tenant

Answer 7

Retaliatory Eviction

Question 8

Transfer less than the entire leasehold, with the original lessee being primarily liable

Answer 8

Sublease

Question 9

A renter

Answer 9

Tenant

Question 10

Liquid assets available for the conduct of daily business

Answer 10

Working Capital

Question 11

The impression gained, whether good or bad, of a property when it is first seen, usually from the street while driving by

Answer 11

Curb Appeal

Question 12

Advertising that fails to disclose that the party is a licensee acting as an agent

Answer 12

Blind Advertising

Question 13

A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent. A triple net lease is one in which the tenant pays all expenses of operating the property as well a a set amount for rent.

Answer 13

Net Lease

Question 14

Modification of an existing building or facility to include new systems or components

Answer 14

Retrofit

Question 15

Psychologically-impacted property that buyers or tenants may avoid, for reasons that are unrelated to its physical conditions or features

Answer 15

Stigmatized Property

Question 16

A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental

Answer 16

Estate from Period to Period

Question 17

A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment

Answer 17

Percentage Lease

Question 18

A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal

Answer 18

Estate at Sufferance

Question 19

Property from which 80% or more of the gross rental income is income from dwelling units

Answer 19

Residential Rental Property

Question 20

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage

Answer 20

Divided Interest

Question 21

A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease

Answer 21

Graduated Lease

Question 22

The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for a commission

Answer 22

Brokerage

Question 23

Any type of business for lease or sale

Answer 23

Business Opportunity

Question 24

A conveyance of an estate in real property to someone for a certain length of time; as in a lease

Answer 24

Demise

Question 25

The lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession after the lease's term has expired

Answer 25

Reversionary Rights

Question 26

The voluntary giving up of a lease

Answer 26

Surrender

Question 27

A lease agreement created when a tenant sublets the property to another person, thus creating a sub-lessor-sublessee relationship. The person in the "sandwich" is a lessee to one party and a lessor to another

Answer 27

Sandwich Lease

Question 28

A cooperative listing service conducted by a group of brokers for the purpose of marketing listings

Answer 28

Multiple Listing Service

Question 29

Restrictions are placed on certain types of real property and limit the activities of owners

Answer 29

CC&Rs (Covenants, Conditions & Restrictions)

Question 30

A home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report

Answer 30

Home Inspection

Question 31

The law concerning the transfer in bulk (not a sale in the ordinary course of the seller's business)

Answer 31

Bulk Transfer Law

Question 32

City growth that occurs outward along main transportation routes; usually star-shaped

Answer 32

Axial Growth

Question 33

The illegal practice of only showing clients property in certain areas

Answer 33

Steering

Question 34

Causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities

Answer 34

Blockbusting

Question 35

A court order directing the sheriff to remove the tenant and his or her possessions within five days

Answer 35

Writ of Possession

Question 36

A leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases

Answer 36

Estate for Years

Question 37

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage

Answer 37

Goodwill

Question 38

Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment

Answer 38

Earnest Money

Question 39

Lessor; property owner

Answer 39

Landlord

Question 40

The illegal use of using a property's location to deny financing

Answer 40

Redlining

Question 41

A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease

Answer 41

Unlawful Detainer Action

Question 42

The legal process of removing a tenant from the premises for some breach of the lease

Answer 42

Eviction

Question 43

Possession of real estate belonging to another, with their permission for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy

Answer 43

Estate of Will

Question 44

Landlord; property owner

Answer 44

Lessor

Question 45

A factory-built home fabricated prior to June 15, 1976, constructed on a chassis and wheels

Answer 45

Mobile Home

Question 46

Tenant; renter

Answer 46

Lessee

Question 47

A home built in a factory after June 15, 1976 and must conform to the federal Manufactured Home Construction and Safety Standards

Answer 47

Manufactured Home

Question 48

A court approved sale of the property of a deceased person

Answer 48

Probate Sale