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RE Exam Prep
Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com
| Term | Definition |
|---|---|
| Bundle of Rights | [DeepC] Disposition, Exclusion, Enjoyment, Possession, Control |
| Real Property | Immovable |
| Personal Property | Moveable |
| Fixture | [MARIA] Method, adaptability, relationship, intention, agreement |
| Trade Fixture | Personal Property for business. (i.e: Dentist chair) |
| Riparian Rights | Regarding property near moving water (i.e: river, creek, etc) |
| Appurtenances | Stay with the land. (I purrr when stuff comes with land :) |
| Chattle Real | Sounds like Cattle, and cattle MOVE. Moveable |
| Freehold Estate | Possession of Property, NOT limited by time |
| Littoral Rights | Regarding property near lake or ocean. |
| Estate for Years | Fixed period of Time |
| Estate at Sufferance | Deadbeat tenant |
| Title | About ownership |
| Severalty | Sole ownership |
| Concurrent Estate | Ownership w/ others |
| Join Tenancy | [TTIP] Time, title, interest, possession |
| Community Property | Own property w/ Spouse |
| Encumberances | Limitation. (i.e: Lien) |
| Lien | Money owed |
| Mechanics Lein | Involuntary lien based on work performed on property |
| General Lien | When they can come after everything like taxes, income, property, etc. |
| Police Power | State's protection of Welfare, Health, Morals, Saftey. (i.e: zoning, rent control, building codes) |
| Government Power | [PETE] Police Power, Eminent Domain, Taxation, Escheat |
| Escheat | Government property acquisition. No heirs. No will. |
| R1 - Zoning | Single Family |
| R3 - Zoning | Multifamily |
| Downzoning | Commercial residential |
| Variance | Exception |
| Encroching | Tresspassing |
| Lis Pendens | Lawsuit pending. Someone claims you aren't the owner. (i.e: Divorce) |
| Injunctions | Court order to stop. |
| Cloud on Title | Title is NOT clear |
| Eminent Domain | Gov takes property for public use. |
| Inverse Condemnation | Suing the gov, based on eminent domain |
| Condemnation | Compensation |
| Accretion | |
| Avulsion | |
| Probate Sale | |
| Intestate | No will |
| Deeds | Evidence of transfer of ownership |
| A Grant Deed | |
| A Quitclaim Deed | |
| Constructive Notice | |
| Testate | Have a will |
| Ownership | Title |
| Chain of Title | History of ownership |
| Abstract of Title | Summary |
| Title Insurance | Makes sure property has clear & marketable title. |
| Impounds | Taxes & insurance |
| Escrow | Neutral party |
| Missrepresentation | Without intention |
| RESPA Real Estate Settlement Procedures Act | 1-4 residential. To prevent kickbacks. Helps know what they're getting themselves into. |
| Abandonment | Voluntary |
| Sublease | Possession, but no responsibility. |
| Steering | Leading clients toward a specific neighborhood. Buyers |
| Blockbusting | Panic selling. Panic peddling. Sellers |
| Valid Contact | Capable, Mutual Consent, Consideration, Legal |
| Voidable Contract | Duress. Valid unless someone exercises cancelation. (i.e: Told to buy at gunpoint, but choose to anyway.) |
| Bilateral Contract | Promise for a Promise. (i.e: Listing agreement) |
| Unilateral Contract | Promise for an Act. (i.e: Option contract) |
| Executed Contract | Completely performed |
| The Statute of Frauds | Writing |
| Statute of Limitations | Timeframes |
| Novation | New |
| Listing | Bilateral employment contract (seller is employer, hiring broker to find a qualified buyer) |
| Exclusive Listing | One broker exclusive |
| Exclusive Agency Listing | One broker, but owner can also sell |
| Exclusive Authorization and Right to Sell Listing | No need to prove. Broker gets paid regardless. |
| Net listing | Agree on sale price with broker. Any sale above this amt goes to broker. Illegal in most states. |
| Puffing | Exaggerate |
| Actual Fraud | Intention |
| Value | [STUD] Scarcity, Transferability, Utility, Demand |
| Plottage | 1 + 1 = 3 |
| Life Estate | For the life of a designated person |
| How many sq feet in one acre? | 43,560 |
| 5,280 feet | How many feet in a mile |
| 640 acres | One Township Section |
| 640 acres | Number of acres in a square mile |
| Alienation | Transferring property to another. |
| FReSH CoRN | Protected Classes - Familial status, Race, Sex, Handicap, Color, Religion, Nationality |
Created by:
Craggle
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