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Study sets matching "estate principles real"

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Study sets matching "estate principles real"

96 terms
Real Estate Principles: Final
Acre
Test for fixtures
Bill of sale
US Government Survey uses
4840 square yards; 43560 square feet
1. Relationship to parties... 2. Method of attachment... 3. Intent…
Transfers title to personal property
Sections and Townships
Acre
4840 square yards; 43560 square feet
Test for fixtures
1. Relationship to parties... 2. Method of attachment... 3. Intent…
222 terms
Principles of Real Estate I
own property
broker's license and a salesperson's l…
sponsoring broker
residential
A person who buys, sells, leases, rents, or manages their ___…
What are the two kinds of licenses?
Each salesperson must have a ____ _____ before they can act a…
Most licensees will go into ________ real estate because ther…
own property
A person who buys, sells, leases, rents, or manages their ___…
broker's license and a salesperson's l…
What are the two kinds of licenses?
79 terms
Principles of Real Estate Final
Assignment
Consideration
Contract conditions
Contract contingencies
The transfer of the contractual rights and obligations to som…
Anything of value given in exchange for a promise, to induce…
Specific requirements that must be satisfied by or for a part…
Terms of a contract that makes implementation of the contract…
Assignment
The transfer of the contractual rights and obligations to som…
Consideration
Anything of value given in exchange for a promise, to induce…
105 terms
Principles of Real Estate Final
Licensing
Real
Personal
Bundle of Rights
The following are ________ requirements for Agents? 18 years…
_______ property is the rights associated with land plus impr…
_______ property is property that is movable. Personal proper…
What are the ______ ___ ______? It consists of the following…
Licensing
The following are ________ requirements for Agents? 18 years…
Real
_______ property is the rights associated with land plus impr…
32 terms
Virginia Real Estate Principles
Property
Personal Property
Real Property
Land
Property is anything that may be owned and gained lawfully. P…
Personal property, sometimes known as chattel (derived from t…
Real property, or real estate, is any interest or estate in l…
Land includes airspace, surface rights, and subsurface rights…
Property
Property is anything that may be owned and gained lawfully. P…
Personal Property
Personal property, sometimes known as chattel (derived from t…
65 terms
Principles of real estate 1
The purpose of the Texas real estate l…
Climate views axis to natural re-creat…
When real property is sold
Emblements are
To protect the public again on scrupulous brokers and salesman
Situs
Pictures remain with the property
A.A personal property ... B. annually cultivated crops C. attach…
The purpose of the Texas real estate l…
To protect the public again on scrupulous brokers and salesman
Climate views axis to natural re-creat…
Situs
277 terms
Real Estate Principles & Practices
CHAPTER 1
P.I.N.
What is included in ownership in land?
a. Permanence of an Investment
CHAPTER 1
Three physical characteristics of real estate: Permanence, im…
It encompasses not only the surface of the earth, but also th…
Ownership of land is economically desirable .
CHAPTER 1
CHAPTER 1
P.I.N.
Three physical characteristics of real estate: Permanence, im…
121 terms
Principles of Real Estate 1
Texas Real Estate Agent
Does a person who manages, buys, sells…
There are two types of licenses:
What is the most popular division of t…
A person who is licensed through TREC. ... Texas Real Estate Com…
No.
broker's and salesperson's license
Residential real estate because there are more transactions i…
Texas Real Estate Agent
A person who is licensed through TREC. ... Texas Real Estate Com…
Does a person who manages, buys, sells…
No.
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
69 terms
Kaplan Real Estate Principles
Appurtenance
Rights of Real Estate
Avulsion/Erosion
Accretion
Anything than can benefit the land or make it more valuable.
Possession... Use... Encumber - e.g. mortgage... Dispose... Exclude - e.g…
Sudden/Gradual loss of land through natural causes
Adding land through natural causes
Appurtenance
Anything than can benefit the land or make it more valuable.
Rights of Real Estate
Possession... Use... Encumber - e.g. mortgage... Dispose... Exclude - e.g…
24 terms
real estate financing principles
acceleration clause
alienation clause
assume
deed in lieu of foreclosure
The clause in a mortgage or deed of trust that can be enforce…
Also know as "due on sale" clause permits lender to declare b…
A buyer is personally obligated for the payment of the entire…
Way for mortgagor to avoid foreclosure by returning deed to l…
acceleration clause
The clause in a mortgage or deed of trust that can be enforce…
alienation clause
Also know as "due on sale" clause permits lender to declare b…
60 terms
Principles I of real estate
The Purpose of the Texas Real Estate L…
Which of the following is not required…
The aspect of the real estate business…
How long does a consumer have to file…
To Protect the public against unscrupulous brokers and salesmen
An applicant must be 21 years old
Brokerage
4 years from the date of the incident?
The Purpose of the Texas Real Estate L…
To Protect the public against unscrupulous brokers and salesmen
Which of the following is not required…
An applicant must be 21 years old
15 terms
Principles of Real Estate Chapter 1, Intro to the Real Estate Business
REALTOR
home inspection
manufactured home
associate licensee
active member of state and local REALTOR associations affilia…
a thorough visual survey of a property's structure, systems,…
a permanent installation built to federal specifications, pro…
a licensed real estate salesperson who is employed by or asso…
REALTOR
active member of state and local REALTOR associations affilia…
home inspection
a thorough visual survey of a property's structure, systems,…
44 terms
Principles of Real Estate Chapter 16, Real Estate Appraisal
economic life
broker's price opinion (BPO)
capitalization
law of diminishing returns
the number of years during which an improvement will add valu…
an opinion of real estate value commissioned by a bank or an…
a mathematical process for estimating the value of a property…
point at which additional property improvements do not increa…
economic life
the number of years during which an improvement will add valu…
broker's price opinion (BPO)
an opinion of real estate value commissioned by a bank or an…
81 terms
California Real Estate Principles
Ownership
Property Rights
BOR: Use
BOR: Possess
The basic element of real estate, owning real estate is consi…
The rights someone has in something and are collectively know…
The right to use property, within the law in any way, or for…
The right to live on the property and the right to keep other…
Ownership
The basic element of real estate, owning real estate is consi…
Property Rights
The rights someone has in something and are collectively know…
73 terms
Real Estate Exam: Principles of Real Estate 1
The purpose of the TRELA is to...
What is required to obtain a license i…
If the licensee pays a commission to a…
How long does a consumer have to file…
protect the public against unscrupulous brokers and salespers…
be a resident of Texas at least 18 yrs of age at the time of…
A license can be revoked or suspended by the TREC
Four years
The purpose of the TRELA is to...
protect the public against unscrupulous brokers and salespers…
What is required to obtain a license i…
be a resident of Texas at least 18 yrs of age at the time of…
35 terms
CA Real Estate Principles
Land, Affixed to land, Appurtenant to…
Adverse possession
Capable parties, mutual consent, lawfu…
dual agency
Real property consists of: LAAI
Paying property taxes/continuous uninterrupted possession for…
Name 5 Essential elements of a real estate contract?
When a real estate broker represents both the buyer and selle…
Land, Affixed to land, Appurtenant to…
Real property consists of: LAAI
Adverse possession
Paying property taxes/continuous uninterrupted possession for…
429 terms
Real Estate Principles
Abatement of Nuisance
Absolute Ownership
Abstract of Judgement
Abstraction
Extinction or termination of nuisance.
Fee Simple Estate
A condensation of the essential provisions of a court judgeme…
A method of valuing land. The indicated Value of the improvem…
Abatement of Nuisance
Extinction or termination of nuisance.
Absolute Ownership
Fee Simple Estate
30 terms
Principles of Real Estate 1
Appraisal
Statutory Law
Nonhomogeneity
Fixity
Opinion of value
Law based upon legislation
No two pieces of land are alike
Land can not be moved
Appraisal
Opinion of value
Statutory Law
Law based upon legislation
26 terms
1 Real Estate Principles
Real Estate, Real Property, or Realty
Personal Property
Heterogeneity aka Nonhomogeniety
Homogeniety
Land and everything that is permanently attached to the land.…
Tangible - Everything that is readily removable
No two parcels of land are identical
Neighborhoods that are made up of similar properties
Real Estate, Real Property, or Realty
Land and everything that is permanently attached to the land.…
Personal Property
Tangible - Everything that is readily removable
65 terms
Principles of Real Estate Chapter 14, Real Estate Financing
amortized loan
Financial Institutions Reform, Recover…
fully amortized loan
prepayment penalty
a loan in which the principal, as well as the interest, is pa…
this act restructured the savings and loan association regula…
a loan consisting of equal, regular payments satisfying the t…
a charge imposed on a borrower who pays off the loan principa…
amortized loan
a loan in which the principal, as well as the interest, is pa…
Financial Institutions Reform, Recover…
this act restructured the savings and loan association regula…
55 terms
Real estate principles and practices
Fee simple conditonal
Pur Autre Vie
Title
3 stages of a valid deed
Not automatic, would go to court, only to block a specific us…
Life of another, life tenant has ownership interest until dea…
Evidence of ownership
Executed: signed by grantor... Delivered: during grantor's lifet…
Fee simple conditonal
Not automatic, would go to court, only to block a specific us…
Pur Autre Vie
Life of another, life tenant has ownership interest until dea…
126 terms
Texas Real Estate Principles
8-1... Several documents are required to…
8-2... An escrow is used when a deed of t…
8-2... Which of the following items would…
8-3... What is an abstract of title?
-grant deed... -FUNDS TO CLOSE THE TRANSACTION... -property tax bil…
ensures that the conditions and instructions of the agreement…
-PREPAID TAXES... -delinquent assessment lien... -an assumed loan... -…
a summary of all facts regarding evidence of title
8-1... Several documents are required to…
-grant deed... -FUNDS TO CLOSE THE TRANSACTION... -property tax bil…
8-2... An escrow is used when a deed of t…
ensures that the conditions and instructions of the agreement…
43 terms
Real Estate Principles Vocab 2
Conventional Mortgage
Conveyance
Corporeal Rights
Correction Lines
A mortgage securing a loan made by investors without governme…
refers to the process of transferring title to property from…
Possessory rights in real property
A system of compensating for inaccuracies in the gov rectangu…
Conventional Mortgage
A mortgage securing a loan made by investors without governme…
Conveyance
refers to the process of transferring title to property from…
122 terms
Real Estate Principles
Acre
Capital Markets
Capitalization rate
Improvements on the land
a measure of land, 43,560 square feet, 640 acres/ mile
Serve to allocate financial resources among households and fi…
Ratio of a property's of a property's net income to it's value
Any fixed structure. ex. Buildings, fence, etc.
Acre
a measure of land, 43,560 square feet, 640 acres/ mile
Capital Markets
Serve to allocate financial resources among households and fi…
85 terms
Principles of real estate II
Interstate land
Public control
CC&RS
The National Association of Realtors®…
In 1968 The U.S. Congress passed the Interstate Land Sales Fu…
Master plans for an area, subdivision regulations, building c…
Covenants, Conditions, and Restrictions
1908
Interstate land
In 1968 The U.S. Congress passed the Interstate Land Sales Fu…
Public control
Master plans for an area, subdivision regulations, building c…
75 terms
Real Estate Principles
Federal Reserve Bank System (The Fed)
Board of Governors
Federal Reserve Bank (FRB)
Federal Open Market Committee
Nation's central bank, acts as banker's bank. Primary purpose…
Seven-members, headquartered in D.C. for the Fed. Formulates…
Operating arms of the central bank. (unit10)
Most important monetary policy making body of the Fed, respon…
Federal Reserve Bank System (The Fed)
Nation's central bank, acts as banker's bank. Primary purpose…
Board of Governors
Seven-members, headquartered in D.C. for the Fed. Formulates…
40 terms
Real Estate Principles: Vocab
Absolute Fee-Simple Title
Abstract of Title
Abstraction
Accelerated clause
Title that is absolute & unqualified. Best title one can have.
Summary or digest of the conveyances, transfers and anything…
method of valuing. value of improvements are deducted from th…
clause in a trust dee or mortgage giving the lender the right…
Absolute Fee-Simple Title
Title that is absolute & unqualified. Best title one can have.
Abstract of Title
Summary or digest of the conveyances, transfers and anything…
53 terms
Real Estate Principles - Homework
Purpose of the Texas Real Estate Licen…
Climate, views, access to natural recr…
When real property is sold
Emblements are
To protect the public against unscrupulous brokers and salesmen
Situs
Fixtures remain with the property
personal property, annually cultivated crops, and attached to…
Purpose of the Texas Real Estate Licen…
To protect the public against unscrupulous brokers and salesmen
Climate, views, access to natural recr…
Situs
78 terms
real estate principles final
Situs
Emblements
Appurtenance
Doctrine of prior appropriation
preference by people for a given location
annual cultivated crops that are regarded as personal property
right or privilege or improvement that belongs to and passes…
the first owner to divert water for his own use may continue…
Situs
preference by people for a given location
Emblements
annual cultivated crops that are regarded as personal property
13 terms
Real Estate Principles
ALTA Owner's policy
Accretion
Alluvion
Avulsion
A residential owner's extended coverage policy that provides…
An addition to land from natural causes as, for example, from…
Soil deposited by accretion; increase of earth on a shore or…
The sudden tearing away or removal of land by action of water…
ALTA Owner's policy
A residential owner's extended coverage policy that provides…
Accretion
An addition to land from natural causes as, for example, from…
52 terms
Real Estate Principles I
Which of the following does not need a…
The Texas Real Estate Commission consi…
When a broker discharges a salesperson…
A real estate salesperson may elect to…
A person who offers to sell her own property
9 members - 6 years
return the license to the Texas Real Estate Commission
indefinitely
Which of the following does not need a…
A person who offers to sell her own property
The Texas Real Estate Commission consi…
9 members - 6 years
115 terms
Real Estate Principles
abandonment
abstract of title
abut
acceleration clause
Failure to occupy and use property, which may result in a los…
A short account of what appears in the public record affectin…
To touch, border on, be adjacent to, or share a common bounda…
Provision in a promissory note or security instrument that al…
abandonment
Failure to occupy and use property, which may result in a los…
abstract of title
A short account of what appears in the public record affectin…
Economic Principles of Real Estate
Economics
Modern Mixed Capitalism
Land and natural resources
Labor
is defined as a social science that studies the production, d…
goods and services are produced by private entities, and gove…
Factor of production that provides the raw materials. Compens…
the human effort to transform the raw materials into finished…
Economics
is defined as a social science that studies the production, d…
Modern Mixed Capitalism
goods and services are produced by private entities, and gove…
45 terms
Real Estate Principles (2)
real estate
land
physical charateristics
immobility
air, water, land, and everything affixed to the land
legal concept of land includes ... - the surface area of the ear…
immobility, indestructibility, and heterogeneity
it can not be moved from one site to another, its fixed to on…
real estate
air, water, land, and everything affixed to the land
land
legal concept of land includes ... - the surface area of the ear…
34 terms
Principles II of Real Estate
Appraisal
Loan to Value Ratio (LTV)
Market Value
Functional Obsolenscence
appraisers opinion of value
percentage of value or sale price that a lender is willing to…
the most probable price which a property should bring in a co…
Refers to the loss in desirability of the style, layout or fu…
Appraisal
appraisers opinion of value
Loan to Value Ratio (LTV)
percentage of value or sale price that a lender is willing to…
24 terms
Economic Principles of Real Estate
Economics
Modern Mixed Capitalism
Land and Natural Resources
Labor
a social science that deals with the production, distribution…
where although goods and services are produced by private ent…
produces the raw materials.
the human effort to produce the raw materials into finished p…
Economics
a social science that deals with the production, distribution…
Modern Mixed Capitalism
where although goods and services are produced by private ent…
24 terms
Economic Principles of Real Estate
Economics
Modern Mixed Capitalism
Land and Natural Resources
Labor
a social science that deals with the production, distribution…
where although goods and services are produced by private ent…
produces the raw materials.
the human effort to produce the raw materials into finished p…
Economics
a social science that deals with the production, distribution…
Modern Mixed Capitalism
where although goods and services are produced by private ent…
26 terms
Real Estate Principles (3)
interests
undivided interest
estate in land or familiarly an estate
encumbrance
the ownership of any combination of the bundle of rights to r…
an owners interest in a property in which two or more parties…
an interest that includes the right of possession
a private interest-holder that does not have the right to pos…
interests
the ownership of any combination of the bundle of rights to r…
undivided interest
an owners interest in a property in which two or more parties…
76 terms
CA Real Estate Principles Exam
Acre
Allodial Tenure
Feudal Tenure
Treaty of Guadalupe Hidalgo (1848)
Measures to 43,560 square feet, or 160 rods.
Type of system where individuals own land
Type of system where the government/monarchy owns land
Signed by Mexico giving California to the USA.
Acre
Measures to 43,560 square feet, or 160 rods.
Allodial Tenure
Type of system where individuals own land
70 terms
Real Estate Principles II
Which of the following are public rest…
All of the following are examples of p…
The basic authority is derived from a…
Before a newly constructed building ma…
Zoning laws
Deed restrictions
Police power
Occupancy
Which of the following are public rest…
Zoning laws
All of the following are examples of p…
Deed restrictions
17 terms
Real Estate Principles (1)
creation & improvement
management & mantenance
property managers
asset managers
the creation of new homes on a land space and/or improving cu…
property managers and asset managers
make sure the condition of property and financial performance…
achieve investment goals set by owners
creation & improvement
the creation of new homes on a land space and/or improving cu…
management & mantenance
property managers and asset managers
32 terms
Virginia Real Estate Principles
Property
Personal Property
Real Property
Land
Property is anything that may be owned and gained lawfully. P…
Personal property, sometimes known as chattel (derived from t…
Real property, or real estate, is any interest or estate in l…
Land includes airspace, surface rights, and subsurface rights…
Property
Property is anything that may be owned and gained lawfully. P…
Personal Property
Personal property, sometimes known as chattel (derived from t…
42 terms
Real Estate Principles Course
land
appurtenance
real estate
real property
The surface of the earth, the subsurface, and the air above.…
Anything that is attached to or belongs to the land; A right…
The land plus all improvements to the land.
The land, all improvements to the land plus all rights and in…
land
The surface of the earth, the subsurface, and the air above.…
appurtenance
Anything that is attached to or belongs to the land; A right…
86 terms
Principles of Real Estate 1
Statutory Law
Common Law
Economic Characteristics of law
Sources of law
Is the body of law and regulations enacted by federal and sta…
Is a body of law based on common sense and local customs.
Scarcity- When there is a shortage of some things that indivi…
Common law and Statutory law
Statutory Law
Is the body of law and regulations enacted by federal and sta…
Common Law
Is a body of law based on common sense and local customs.
48 terms
Real Estate Principles II
Loss of value due to lack of moderniza…
The __________ is considered the most…
A loss in a property's value due to da…
Official property value for tax purpos…
Functional obsolescence
sales comparison approach
physical deterioration
Assessed value
Loss of value due to lack of moderniza…
Functional obsolescence
The __________ is considered the most…
sales comparison approach
139 terms
Real Estate Principles & Practice
How many acres of land are in Californ…
What is the approximate California pop…
In what year did Vasco Nunez de Balboa…
The Spanish established forts in Calif…
100 Million Acres (101,500,000 approximately).
38 Million People.
1513.
"Presidios"
How many acres of land are in Californ…
100 Million Acres (101,500,000 approximately).
What is the approximate California pop…
38 Million People.
69 terms
Principles of Real Estate 1
Brokerage is the aspect of the real es…
Property managers are generally respon…
Mortgage brokers are now know as.
The largest trade organization represe…
True
- day to day operations... -Maintenance... - Tenant relations
RMLOs
NAR
Brokerage is the aspect of the real es…
True
Property managers are generally respon…
- day to day operations... -Maintenance... - Tenant relations
60 terms
Principles of Real Estate II
The right to redeem the property after…
A legal claim on a property resulting…
The act passed in 1968 to protect the…
A chain of title shows the linkage of…
Statutory redemption
lien
Interstate Land Sales Full Disclosure Act (ILSFDA or LISA)
The original grand of the land from the government to a priva…
The right to redeem the property after…
Statutory redemption
A legal claim on a property resulting…
lien
22 terms
Real Estate Principles (4)
tenancy in severalty
co-tenants
tenancy in common (tic)
two or more owners
a single party that owns a fee or life estate, also known as…
co-owners of a property
estate in common, the most common form of co-tenancy when own…
there can be any number of co-tenants in a single property
tenancy in severalty
a single party that owns a fee or life estate, also known as…
co-tenants
co-owners of a property
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