Real Estate Flashcards
(25 cards)
What is the primary purpose of real estate law?
To regulate the rights and responsibilities of property ownership and real estate transactions.
True or False: Real estate laws are the same in every country.
False
Fill in the blank: The legal right to own and use property is known as __________.
property rights
What are zoning laws?
Regulations that define how property in specific geographic zones can be used.
Multiple Choice: Which of the following is NOT typically governed by real estate law? A) Property transfers B) Contract disputes C) Criminal law
C) Criminal law
What is an easement?
A legal right to use another person’s land for a specific purpose.
True or False: A lease is a legally binding contract between a landlord and tenant.
True
What is the difference between freehold and leasehold property?
Freehold property is owned outright, while leasehold property is owned for a fixed term under a lease agreement.
Fill in the blank: The __________ is the legal document that transfers ownership of real property.
deed
What is a title search?
An examination of public records to determine ownership and any claims against a property.
Multiple Choice: Which document is typically required to finalize a real estate transaction? A) Lease agreement B) Purchase agreement C) Rental application
B) Purchase agreement
What is a mortgage?
A loan specifically for purchasing real estate, secured by the property itself.
True or False: Real estate laws can vary significantly between states within the same country.
True
What does the term ‘eminent domain’ refer to?
The right of a government to take private property for public use, with compensation.
Fill in the blank: A __________ is a legal claim against a property for unpaid debts.
lien
What is the purpose of property disclosures?
To inform potential buyers of any known issues or defects with the property.
Multiple Choice: Which of the following is a common type of real estate investment? A) Stocks B) Bonds C) Rental properties
C) Rental properties
What does ‘foreclosure’ mean?
The legal process by which a lender takes possession of a property due to the borrower’s failure to make mortgage payments.
True or False: A buyer can legally withdraw from a real estate contract at any time without consequences.
False
What is a real estate agent’s primary role?
To facilitate the buying, selling, or renting of properties on behalf of clients.
Fill in the blank: A __________ is a document that outlines the terms of a rental agreement between a landlord and tenant.
lease
What is the Fair Housing Act?
A federal law that prohibits discrimination in housing based on race, color, religion, sex, or national origin.
Multiple Choice: Which of the following is a common reason for property disputes? A) Zoning laws B) Boundary lines C) Market trends
B) Boundary lines
What is the purpose of a closing statement?
To detail the final financial transactions between buyer and seller at the closing of a real estate deal.
