Vocabulary Flashcards
(242 cards)
1
Q
A fee charged to the borrower by the lender for making a mortgage loan.
A
LOAN ORIGINATION FEE
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
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
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)
5
Q
A Latin phrase meaning “let the buyer beware.”
A
CAVEAT EMPTOR
6
Q
Standards for ethical conduct.
A
CODE OF ETHICS
7
Q
The total amount of money actually paid for products or services.
A
COST
8
Q
The amount of goods people are willing and able to purchase.
A
DEMAND
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
10
Q
A thorough analysis of a property’s structure, systems, and site conditions.
A
HOME INSPECTION
11
Q
A place where goods are bought and sold.
A
MARKET
12
Q
The amount of money paid for an item or service.
A
PRICE
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®
14
Q
A lender in a loan transaction.
A
MORTGAGEE
15
Q
The amount of goods available for sale in the market.
A
SUPPLY
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
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)
18
Q
A borrower in a mortgage loan transaction.
A
MORTGAGOR
19
Q
A loan that doesn’t meet loan standards set by Fannie Mae or Freddie Mac. Often exceeding loan limits.
A
NONCONFORMING LOAN
20
Q
P&I
A
PRINCIPAL & INTEREST
21
Q
A required form indicating the appraised value of property being financed with a VA loan.
A
CERTIFICATE OF REASONABLE VALUE (CRV)
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
23
Q
Setting rates across competitors.
A
PRICE FIXING
24
Q
Agreeing not to compete in specific areas.
A
MARKET ALLOCATION
25
Refusing to patronage a business as a protest or to reduce competition.
BOYCOTT
26
A place of business apart from the principal or main office from which real estate business is conducted.
BRANCH OFFICE
27
The bringing together of parties interested in making a real estate transaction and legally collecting a fee to do so.
BROKERAGE
28
The illegal act of placing client or customer funds with personal funds.
COMMINGLING
29
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.
COMMISSION
30
The illegal use of money received on behalf of the principal.
CONVERSION
31
PITI
Mortgage payment including the principal and interest, real estate taxes, and hazard insurance.
32
A national or state registry listing the phone numbers of consumers who have indicated their preference to not receive marketing calls.
DO NOT CALL REGISTRY
33
The acts of a real estate licensee that created the sale of property despite who has written the contract.
PROCURING CAUSE
34
A traditional loan that the lender deems low enough risk as to not require federally-sponsored insurance or guarantees.
CONVENTIONAL LOAN
35
Members of the real estate profession who agree to share their listing information to produce a ready, willing, and able buyer.
MULTIPLE LISTING SERVICE (MLS)
36
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.
INDEPENDENT CONTRACTOR
37
A term used for a percentage of the principal loan amount charged by the lender. Each ___ is equal to 1% of the loan amount.
DISCOUNT POINT
38
A loan insured by the Federal Housing Administration and made by an approved lender in accordance with FHA regulations.
FHA-INSURED LOAN
39
Sale of property in which the sales price is less than the remaining unpaid balance of the mortgage debt.
SHORT SALE
40
A clause in a contract specifying exceptions or contingencies of a purchase.
“SUBJECT TO”
41
The process of estimating the value of a property by examining and comparing sales and listings of comparable properties.
SALES COMPARISON APPROACH
42
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.
POSSESSION
43
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.
REAL ESTATE
44
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.
REAL ESTATE RECOVERY FUND
45
Real estate plus the interests, benefits, and rights inherent in property ownership.
REAL PROPERTY
46
Cancelling or annulling license privileges or rights.
REVOCATION
47
The act that prohibits racial discrimination in the sale and rental of housing –without exception.
CIVIL RIGHTS ACT OF 1866
48
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.
BLOCKBUSTING
49
Act addresses rights of individuals with disabilities in employment and public accommodations.
AMERICANS WITH DISABILITIES ACT (ADA)
50
The federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, and national origin.
FAIR HOUSING ACT
51
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.
FAMILIAL STATUS
52
The target marketing of specific demographic populations, within the bounds of fair housing laws.
FARMING
53
An easement that is annexed to the ownership of one parcel and allows the owner use of the neighbor’s land.
APPURTENANT EASEMENT
54
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.
CONDEMNATION
55
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.
DEED RESTRICTIONS
56
A property that includes in its ownership the rights to use an easement on another’s property.
DOMINANT TENEMENT
57
Charging interest at a higher rate than the maximum rate established by state law.
USURY
58
A right to use the land of another for a specific purpose, such as for right-of-way's or utilities.
EASEMENT
59
Follows along with the land benefiting the adjourning property.
EASEMENT APPURTENANT
60
An easement allowed by law as necessary for the full access of a parcel of real estate.
EASEMENT BY NECESSITY
61
A court –selected person who assists with the settlement of an estate.
ADMINISTRATOR
62
Title ownership held by two or more persons.
CO-OWNERSHIP
63
The construction cost at current prices of an exact duplicate of the subject property.
REPRODUCTION COST
64
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 ___.
COMMON ELEMENTS
65
Ownership based on a legal description of the airspace the unit actually occupies.
CONDOMINIUM
66
Transferring title to real property.
CONVEYANCE
67
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.
COOPERATIVE
68
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.
CORPORATION
69
Land equal to 43,560 square feet.
ACRE
70
Designated airspace over a piece of land. An ___, like surface property, may be transferred.
AIR LOTS
71
The most probable price that a property would bring in an arm’s length transaction under normal conditions on the open market.
MARKET VALUE
72
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.
BASE LINE
73
Permanent reference marks or points established for use by surveyors in measuring differences in elevation.
BENCHMARKS
74
A horizontal plane from which heights and depths are measured.
DATUM
75
A mortgage loan in which the interest rate varies depending on market conditions.
VARIABLE RATE MORTGAGE
76
The measurement of a parcel of land by the number of feet of street or road frontage.
FRONT FOOTAGE
77
Implements the Truth and Lending Act, requiring credit institutions to inform borrowers of the true cost of obtaining credit.
REGULATION Z
78
A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
LEGAL DESCRIPTION
79
Measurement in a straight line.
LINEAR MEASUREMENT
80
A formal declaration made before a duly authorized officer, usually a notary public, by a person who signed a document.
ACKNOWLEDGEMENT
81
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.
ADVERSE POSSESSION
82
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.
ALIENATION
83
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.
BARGAIN AND SALE DEED
84
A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
DEED
85
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.
REVERSIONARY RIGHT
86
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.
DEED IN TRUST
87
A transfer of real property by will. The decedent is the devisor and the recipient is the devisee.
DEVISE
88
Point at which additional property improvements do not increase the property’s income value; over improvements.
LAW OF DIMINISHING RETURNS
89
The signing and delivery of an instrument. Also, a legal order directing an official to enforce a judgment against the property of a debtor.
EXECUTION
90
The history of the recorded ownership of real estate.
ABSTRACT OF TITLE
91
A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title.
ACTION TO QUIET TITLE
92
Express information or fact; that which is known through direct knowledge such as being party to an act or “being served.”
ACTUAL NOTICE
93
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.
ATTORNEY’S OPINION OF TITLE
94
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records.
CERTIFICATE OF TITLE
95
The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.
CHAIN OF TITLE
96
Notice given by recorded documents.
CONSTRUCTIVE NOTICE
97
Good or clear title, reasonably free from the risk of litigation over possible defects.
MARKETABLE TITLE
98
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.
EVIDENCE OF TITLE
99
The FHA insurance that is a percentage of the loan amount that the borrower is charged as a premium.
MORTGAGE INSURANCE PREMIUM (MIP)
100
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.
TRANSACTION BROKER
101
The leasing of premises by a lessee to a third party for part of lessee’s remaining term (or part of the property).
SUBLETTING
102
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.
GROSS INCOME MULTIPLIER (GIM)
103
Insurance provided by a private carrier that protects a lender against loss in the event of a foreclosure and deficiency.
PRIVATE MORTGAGE INSURANCE (PMI)
104
Agency relationship in which the agent represents only one party to the transaction. Involves fiduciary duties.
SINGLE AGENCY
105
Occurs when the real estate professional “should have” known that a statement about a material fact was false.
NEGLIGENT MISREPRESENTATION
106
The broker from whose office a listing agreement is initiated.
LISTING BROKER
107
A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.
FIDUCIARY RELATIONSHIP
108
Representing both parties to a transaction as their “fiduciary agent.” It is illegal in the state of Florida.
DUAL AGENCY
109
The principal in an agency relationship or other form of representation.
CLIENT
110
The third party or non-represented consumer for whom some level of service is provided.
CUSTOMER
111
The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.
AGENCY
112
A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction.
BUYER’S AGENT
113
The number of years during which an improvement will add value to land.
ECONOMIC LIFE
114
Provisions in a contract that require a certain act to be done or a certain event to occur before the contract becomes binding.
CONTINGENCIES
115
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.
COUNTEROFFER
116
Relevant information or facts that are known or should have been known.
DISCLOSURE
117
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.
EARNEST MONEY
118
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.
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
119
The transfer in writing of interest in a bond, mortgage, lease, or other instrument.
ASSIGNMENT
120
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.
OPTION
121
A legal action to compel a party to carry out the terms of a contract.
SPECIFIC PERFORMANCE
122
State law that requires certain instruments, such as deeds, real estate sales contracts, and certain leases, to be in writing to be legally enforceable.
STATUTE OF FRAUDS
123
Law pertaining to the period of time within which certain actions must be brought to court.
STATUTE OF LIMITATIONS
124
A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.
VALID CONTRACT
125
A contract that has no legal force or effect because it does not meet the essential elements of a contract.
VOID CONTRACT
126
A contract that seems to be valid on the surface but may be rejected or canceled by one or both parties.
VOIDABLE CONTRACT
127
The right of a defaulted property owner to recover property by curing the default.
REDEMPTION
128
A lien or charge on the property of a mortgagor that secures the underlying debt obligation.
MORTGAGE LIEN
129
A fee imposed against specific parcels of real estate that will benefit from a proposed public improvement like a street or a sewer.
SPECIAL ASSESSMENT
130
A legal process to oust a person from possession of real estate.
EVICTION
131
Properties used in an appraisal report that are substantially equivalent to the subject property.
COMPARABLES
132
A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
NET LEASE
133
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.
TRIGGERING TERMS
134
The point from which gains and losses are figured for tax purposes.
TAX BASIS
135
A charge against property, created by operation of law. ___ and assessments take priority over all other liens.
TAX LIEN
136
A court ordered sale of real property to raise money to cover delinquent taxes.
TAX SALE
137
Federal government regulates the lending practices of mortgage lenders through this act.
TRUTH IN LENDING ACT (TILA)
138
The rate of return a property will produce on the owner’s investment.
CAPITALIZATION RATE
139
One who holds or possesses the right to use of property.
TENANT
140
An opinion of real estate value commissioned by a bank or an attorney and provided by a broker.
BROKER’S PRICE OPINION (BPO)
141
An independent person trained to provide an unbiased estimate of value.
APPRAISER
142
Federal tax on decedent's real and personal property.
ESTATE TAX
143
Taxes that are unpaid and past due.
DELINQUENT TAXES
144
The imposition of a tax, charge or levy.
ASSESSMENT
145
The value set on a property for taxation purposes.
ASSESSED VALUE
146
A tax levied according to value, generally used to refer to real estate tax. Also called a general tax.
AD VALOREM TAX
147
An objective economic indicator to which the interest rate for an adjustable-rate mortgage is tied.
INDEX
148
Regulations that help communities control how land is used.
ZONING
149
One who buys undeveloped land, divides it into smaller, usable lots, and sells the lots to potential users.
SUBDIVIDER
150
An owner who does not live on the property.
ABSENTEE OWNER
151
Mortgage clause that causes the entire loan balance to become due.
ACCELERATION CLAUSE
152
The process of additional land through deposits.
ACCRETION
153
The taking of property without the owner’s consent. Conditions apply to become legal transfer of title.
ADVERSE POSSESSION
154
Increased land through deposits –the land deposits; not the process.
ALLUVION
155
The person who is authorized to perform an act for another through possessing power-of-attorney.
ATTORNEY-IN-FACT
156
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.
BALLOON PAYMENT
157
One mortgage covering more than one parcel.
BLANKET MORTGAGE
158
Scaring homeowners to sell by convincing them they will lose property values because members of a protected class are moving into the area.
BLOCKBUSTING
159
Advertising property for sale or rent without properly disclosing the brokerage information.
BLIND ADVERTISING
160
Failure to perform what has been promised.
BREACH OF TRUST
161
Land separating one land use from another.
BUFFER ZONE
162
Legal rights that attach to ownership of property: disposition, enjoyment, exclusion, possession and control.
BUNDLE OF LEGAL RIGHTS
163
A licensee who qualifies as a broker but chooses to work under another broker.
BROKER ASSOCIATE
164
Profit from a sale
CAPITAL GAIN
165
Personal property.
CHATTEL
166
Stipulation in Florida’s Growth Act that requires water and treatment provisions be in place prior to approval of growth.
CONCURRENCY
167
The inducement of an offer (does not have to be money).
CONSIDERATION
168
The amount of money necessary to cover the payment of a debt.
DEBT SERVICE
169
Person who is an heir.
DECENDENT
170
Giving of land by a developer to the government.
DEDICATION
171
Obligates the lender to surrender the title once the terms of the loan have been met.
DEFEASANCE CLAUSE
172
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.
DESIGNATED SALES ASSOCIATE
173
Interest gained through the implication of future legal title.
EQUITABLE TITLE
174
Ownership of property passes to the state when an owner dies without a will or heirs.
ESCHEAT
175
A tenancy measured by a starting and ending date.
ESTATE FOR YEARS
176
Husband and wife ownership of property.
ESTATE BY THE ENTIRETY
177
Single ownership.
ESTATE IN SEVERALTY
178
The most complete type of ownership of property.
FEE SIMPLE ESTATE
179
Broad powers as an agent but only in one aspect of life such as to run a business
GENERAL AGENT
180
Value that includes reputation as well as property.
GOING-CONCERN VALUE
181
When a broker is unsure of whether earnest money should be returned to the buyer or the seller.
GOOD FAITH DOUBT
182
Deed provision that specifies the parties involved in the transfer and includes the words of conveyance.
GRANTING CLAUSE
183
Fractional piece of land by rivers, etc. owned by the government.
GOVERNMENT LOT
184
When a developer owns property under different corporations but the sales associates obtain a license working for the entire group.
GROUP LICENSE
185
To have and to hold.... Clause in the deed describing the interest being conveyed.
HABENDUM CLAUSE
186
The pledging of property as security for a loan.
HYPOTHECATION
187
When no property tax is paid on the property as it is owned by the government.
IMMUNE PROPERTY
188
Deposits pooled together.
INTERMEDIATION
189
To die without a will.
INTESTATE
190
Non-interference by the government
LAISSEZ-FAIRE
191
In real estate, it is the payment of money related to the real estate transaction –but not when paid to the buyer or seller.
KICKBACK
192
When a legal action is pending.
LIS PENDENS
193
Rights of owners of land abutting an ocean, sea, or lake –associated with tides.
LITTORAL RIGHTS
194
Lien placed against a property due to work done by someone such as a roofer. Also called a construction lien.
MECHANICS LIEN
195
An act considered vile and against society standards of behavior.
MORAL TURPITUDE
196
The instrument that lays out the terms of a loan.
NOTE
197
When a minor rule has been broken, the DBPR issues a notice to request a correction in behavior by a licensee.
NOTICE OF NONCOMPLIANCE
198
The substitution of one party for another removing the original party from being liable.
NOVAITON
199
Substantial decline in usefulness, competitiveness, or value of a property or an article.
OBSOLESCENCE
200
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.
OPEN LISTING
201
When a partnership appears to exist due to the behavior of the parties.
OBSTENSIBLE PARTNERSHIP
202
A loan common in commercial real estate that covers both real property and personal property.
PACKAGE MORTGAGE
203
When a tenant pays a base rent, plus a percentage of gross sales.
PERCENTAGE LEASE
204
A type of development where mixed land use is carefully laid out and allows for high density of population.
PLANNED UNIT DEVELOPMENT (PUD)
205
Value that is added by combining property.
PLOTTAGE
206
Mortgage clause that allows for a mortgage to be paid early.
PREPAYMENT CLAUSE
207
Mortgage clause that allows for a fee to be charged when a mortgage is paid off early.
PREPAYMENT PENALTY
208
The market where the buyer secures a loan.
PRIMARY MORTGAGE MARKET
209
The party using an agent to represent him or her.
PRINCIPAL
210
Someone who handles all aspects of a rental property. In contrast to a rental agent who only secures a tenant.
PROPERTY MANAGER
211
FREC powers which include the ability to discipline licensees.
QUASI-JUDICIAL
212
FREC powers which include the ability to create rules and regulations.
QUASI-LEGISLATIVE
213
To convey title without assurances except releasing any claim of ownership.
QUIT CLAIM DEED
214
Pooling investment money to become property owners.
REAL ESTATE INVESTMENT TRUST(REIT)
215
When one state acknowledges another state’s real estate license and allows for practice under that one license in both states.
RECIPROCITY
216
Whereas deed restrictions may be placed on one parcel, ___ are restrictions on an entire development.
RESTRICTIVE COVENANTS
217
Ownership along the banks of rivers and streams.
REPARIAN RIGHTS
218
Certifying that a loan has been paid in full.
SATISFACTION OF MORTGAGE
219
The affect of a buyer’s desire for location on a property’s value.
SITUS
220
Directing buyers to or away from an area of town based on them being a member of a protected class.
STEERING
221
An agreement between a licensee and the attorney for the DBPR as to a penalty a licensee faces –avoids having a hearing.
STIPULATION
222
Investment in property to offset income taxes.
TAX SHELTER
223
When a tenant continues to reside in a property after the lease has ended.
TENANCY AT SUFFERANCE
224
When a tenancy can be terminated with notice.
TENANCY AT WILL
225
Six miles by six miles divided into 36 sections.
TOWNSHIP
226
Concept of title that conveys title to the lender.
TITLE THEORY
227
Personal property that has become “attached” to the commercial real estate –yet still belongs to the tenant.
TRADE FIXTURE
228
A lien created by the seller when a purchase money mortgage is provided by the seller.
VENDOR’S LIEN
229
When the licensee requests that the DBPR cancel a license.
VOLUNTARY RELINQUISH
230
The instrument that puts a stay of enforcement in place (which postpones the implementation of a decision by FREC).
WRIT OF SUPERSEDEAS
231
The rate of return.
YIELD
232
The five essential elements of an enforceable real estate contract are (COLIC):
```
Competent parties
Offer and acceptance
Legality
In writing
Consideration
```
233
Offers can be terminated by (WILD CARD):
```
Withdrawal
Insanity
Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction of property
```
234
Contracts can be terminated by (BRRLAP):
```
Breach
Renunciation
Revocation
Lapse of time
Abandonment
Performance
```
235
Exceptions to the Federal Fair Housing Act of 1968 are:
owner does not use a broker
private clubs
owner-occupied 1-4 units
owned by churches or frats
236
Courts use 4 tests to determine whether something is real or personal property (IRMA):
Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)
237
The "sticks" in the full bundle of rights to a property are: (DUPE
Disposition
Use
Possession
Exclusion
238
The four methods used to legally describe property are:
Monuments method
Surveyor's or metes and bounds method
Government survey method
Plat or lot and block method
239
The four characteristics of value are: (DUST)
Demand
Utility
Scarcity
Transferrability
240
The four agents of production are (CELL):
Capital
Entrepreneurial ability
Land
Labor
241
Planning commissions have authority over:
Site plans
Subdivision plans
Signs
(I Sited a Sub with a Sign)
242
The four governmental limitations on property ownership are (PETE):
Police Power
Eminent Domain
Taxation
Escheat - occurs when property reverts to state ownership after an individual dies without a will and without heirs.
