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Real Estate Exam > Principles of Real Estate I > Flashcards

Principles of Real Estate I Flashcards

(91 cards)

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1
Q

This act prohibits only and all racial discrimination

A

Civil Rights Act of 1866

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2
Q

Directing home seekers to a particular neighborhood based on the fair housing protected classes

A

Steering

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3
Q

Real estate agents creating fear in a neighborhood in order to induce the owner of the houses to sell the properties at a loss to the agents

A

Blockbustering

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4
Q

This act prohibits discrimination based on race, color, etc. and receipt of income from a public assistance program.

A

Equal Credit Opportunity Act of 1974

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5
Q

Land, improvements and the rights to own them is known as

A

Real property/real estate

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6
Q

Anything put on the land with the intent of making the land better

A

Improvements

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7
Q

This is the formal name for personal property

A

Chattel

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8
Q

The right or privilege attached to the land that goes with the land when the ownership of the land changes

A

Appurtenance

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9
Q
  1. Method of annexation
  2. Fitness or adaptation to the property
  3. Intention of the parties
A

Three tests of a fixture

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10
Q

Something that is attached to a property under a commercial lease

A

Trade Fixture

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11
Q

Uses distance and directions to define and describe the shape and boundaries of the property

A

Metes and Bounds

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12
Q

Used to mark elevation

A

Datum

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13
Q

Uses latitude, longitude, standard, and baselines to divide earth into areas

A

Rectangular Survey System

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14
Q

Areas of Earth = 36 sq. miles

A

Townships

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15
Q

1 sq. mile or 640 acres

A

Unit

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16
Q

1 acre

A

43,560 feet

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17
Q

Land is increased in size because of the natural deposit of rock and soil

A

Accretion

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18
Q

Sudden removal of land by water

A

Avulsion

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19
Q

Gradual wearing away of land or rock by water

A

Erosion

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20
Q

This separates the use of the property

A

Zoning

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21
Q

The right the government has to take privately owned property for public use

A

Eminent Domain

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22
Q

Process the government uses to TAKE the land through eminent domain

A

Condemnation

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23
Q

What the owner receives through eminent domain

A

Severance Damages

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24
Q

When a person dies without a will and no heirs, their property will (blank) to the state

A

Escheat

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25
Taxing "according to value"
Ad Valorem
26
Centralized agency established in each county to appraise each property in the county for ad valorem taxes
Central Appraisal District (CAD)
27
Lowers tax bill by lowering the value of the property
Exemption
28
Exemption for people who live or will live in the property they own (up to $15K)
Homestead exemption
29
Exemption for being over 65 (up to $10K)
Age Exemption
30
Exemption for people with a disability (up to $10K)
Disability Exemption
31
This act reduced several federal income taxes on capital gains
Taxpayer Relief Act of 1997
32
This gives the owner many rights to the property. Said to be the greatest type of ownership interest that can be held in real property.
Fee Simple Absolute
33
Fee Simple Estates, life estates, and estates created by statute are all
Freehold estates
34
Person who gives land as a gift but decides how it is used.
Grantor
35
Conveys an estate in land for the duration of someone's life
Life Estate
36
The person whose life is how long they have the land for
Life tenant
37
If the life tenant dies, the land reverts back to you, making you the (blank)
Reversionary Interest
38
Claim on a property that limits the fee simple estate, a stick that has been removed from the bundle
Encumbrance
39
A right or privilege one person has to the use of a property that belongs to another person
Easement
40
Example: Utility easement is the right the utility company has to place utility poles, lines, and pipes across private property
Easement of Gross
41
When a property has become landlocked and there is no ingress or egress to the property, the owner has a right to an easement across the other property to a road or street
Easement by Necessity
42
Used between two lots to allow the owner of one lot to cross the other's property
Easement Appurtenant
43
Estate that benefits from the easement
Dominant Estate
44
Estate that is burdened by the easement
Servient Estate
45
A restriction placed by the developer of a property and are a private control
Deed Restrictions/Deed Covenants
46
Something that extends across a property line onto the property line of another
Encroachment
47
Legal claim on someone's property as security for debt
Lien
48
Lien placed on the property by the owner of the property
Voluntary Lien
49
Placed on the property by the operation of law
Involuntary Lien
50
Lien only on one specific property
Specific Lien
51
Lien against all of the properties the person owns
General Lien
52
Lien that is placed against a property when the property owner borrows money on the property
Mortgage Lien
53
Lien placed on all properties at the beginning of the year and is superior to any other lien.
Property tax lien
54
Lien placed on the property by anyone who furnished labor or materials for the property if payment was not received.
Mechanics Lien
55
Lien placed on the property for money damages
Judgment Lien
56
Personal privilege given to someone to use the land
License
57
A title to a property held by only one owner
Estate in Severalty
58
When a property is owned by more than one person. The owners may have unequal shares. Also, two or more people who acquire a property and do not state how they will take ownership.
Tenancy in Common
59
The owners do not have unequal shares in the property and they may not sell, give away, or leave the property to someone upon their death. The remaining owners own the property upon the death of one of the owners.
Joint Tenancy with the Right of Survivorship
60
Form of ownership used for married couples that do not have community property. The four unities plus the unity of person.
Tenancy by the Entirety
61
Flexible form of a company that blends elements of partnership and corporation ownership
Limited Liability Company
62
Contract that is in writing or oral where the parties state the terms and conditions of the contract as well as the duties each will carry out
Expressed contracts
63
An understanding between parties
Implied contract
64
A promise in exchange for a promise. (Ex: Seller and agent)
Bilateral contracts
65
Promise in exchange for an act. (Ex: Seller and buyer)
Unilateral contract
66
Contract that has been completely performed
Executed contract
67
Contract that is being carried out
Executory contract
68
A good contract that meets all of the legal requirements for a contract and is enforceable in a court of law
Valid contract
69
Was never a contract and will never be a contract
Void contract
70
Binding against one part but not against the other party
Voidable contract
71
One that cannot be enforced in a court of law
Unenforceable contract
72
- Competent Parties - Legal Objective - Consideration - Offer and Acceptance - Contract in writing and signed
Five essential elements that make a contract valid
73
The substitution of a contract for a contract
Novation of Contracts
74
Most often used sales contract in real estate
One-to-four Family Residential Contract
75
The broker will receive a commission if the property sells while the listing is in effect no matter who produces the buyer
Exclusive Right to Sell Listing
76
The seller may sell the property himself and not pay a commission to the broker
Exclusive Agency Listing
77
No exclusive right
Open listing
78
Seller states the amount of money they require from the sale of the property and allows the broker to keep all money above this amount received from the sale
Net Listing
79
Legal relationship involving a person and another who acts for the person
Agency
80
The agent can represent the client in any matter
Universal Agency
81
Has the power to bind the principal
General Agency
82
Allows the agent to do only specific acts
Special Agency
83
All parties to the agreements know who the agent represents
Expressed Agency
84
Created by actions and customs
Implied Agency
85
Relationship based off of trust
Fiduciary Relationship
86
Act of using or spending the commingled money
Conversion
87
Exaggerating praise of something
Puffing
88
Landmark statute of competition law. Prohibits certain business activities that reduce competition in the market place
Sherman Antitrust Act
89
Several brokers all agree to set a commission rate that will be charged for their services
Price fixing
90
Refusing to deal with other brokers or organizations
Boycotting
91
Dividing the market between companies and not competing with each other
Allocation of customers

Real Estate Exam (6 decks)

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