What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
servient tenement
dominant tenement
license
irrevocable license
A property burdened... by a license or... easement
The property... benefitting from an... easement on a servient... teneme…
The personal,... unassignable right... held by an individual... to the…
The right to enter and... use property when... the specific activity…
servient tenement
A property burdened... by a license or... easement
dominant tenement
The property... benefitting from an... easement on a servient... teneme…
Margie listed her real estate for sale…
Mark has a permanent right of way acros…
Once a sales contract is signed, the bu…
In the event that it is necessary for l…
25 percent
easement appurtenant.
equitable title.
filing a suit for possession.
Margie listed her real estate for sale…
25 percent
Mark has a permanent right of way acros…
easement appurtenant.
Who needs a RE license?
Who is exempted for RE license?
Broker Status
BIC- Eligible
"L.L.B.E.A.N.S" ... anyone who....... L- list... L- lease... B- buy, ... E-…
1. FSBO... 2. Cooperation, LCC, Partnership- entity... 3. W2 salarie…
Provisional Broker (BP):... -need additional post education... Full…
-licensee who met the requirements but is no longer serving as…
Who needs a RE license?
"L.L.B.E.A.N.S" ... anyone who....... L- list... L- lease... B- buy, ... E-…
Who is exempted for RE license?
1. FSBO... 2. Cooperation, LCC, Partnership- entity... 3. W2 salarie…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
Estate
Freehold estates
Non-freehold estates
Fee Estates
Possessory right or ownership interest in real property... - A pe…
Ownership of the state that last indefinitely for one or more…
Estate which last for a lesser and temporary period of time... -l…
Holds title to the property and has the right to dispose of it…
Estate
Possessory right or ownership interest in real property... - A pe…
Freehold estates
Ownership of the state that last indefinitely for one or more…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
Market Value (value in exchange)
Types of Value
The Appraisal Process
Identify the Problem
The most probable price which a property should bring in a com…
Investment value... Insurable value... Book value... Rental value... Salva…
a procedure employed to arrive at an estimate of value and con…
First step in the appraisal process. The appraiser and the cli…
Market Value (value in exchange)
The most probable price which a property should bring in a com…
Types of Value
Investment value... Insurable value... Book value... Rental value... Salva…
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, imm…
It encompasses not only the surface of the earth, but also the…
Ownership of land is economically desirable .
CHAPTER 1
CHAPTER 1
P.I.N.
Three physical characteristics of real estate: Permanence, imm…
Real Estate Apprasier
What factor primary affects supply in r…
Which factor most likely to influence d…
Specializations within real estate
a professional opinion of a property's market value based on e…
Governmental monetary policy
Wage levels and employment opportunities
property management, appraisal, financing, development
Real Estate Apprasier
a professional opinion of a property's market value based on e…
What factor primary affects supply in r…
Governmental monetary policy
Annual Taxes
Loan To Value Ratio (LTV)
Monthly Principle and Interest
Annual Interest
(Assessed Value ÷ 100) * Tax Rate
Loan Amount ÷ Sales Price or Appraised Value (Whichever is les…
Loan Amount/1000 * Mortgage Loan Factor
Loan Amount or Principal Balance * Interest %
Annual Taxes
(Assessed Value ÷ 100) * Tax Rate
Loan To Value Ratio (LTV)
Loan Amount ÷ Sales Price or Appraised Value (Whichever is les…
Market Value (value in exchange)
Types of Value
The Appraisal Process
Identify the Problem
The most probable price which a property should bring in a com…
Investment value... Insurable value... Book value... Rental value... Salva…
a procedure employed to arrive at an estimate of value and con…
First step in the appraisal process. The appraiser and the cli…
Market Value (value in exchange)
The most probable price which a property should bring in a com…
Types of Value
Investment value... Insurable value... Book value... Rental value... Salva…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
Farming
Property Transfer, Valuation, Market Co…
Custom Building
Speculative Building
Finding and specializing in a particular neighborhood
Areas of expert knowledge required for all real estate license…
Contractor employed to build custom structure
A contractor builds on his/her own land and looks for a buyer…
Farming
Finding and specializing in a particular neighborhood
Property Transfer, Valuation, Market Co…
Areas of expert knowledge required for all real estate license…
Land
Real Estate
Real Property
Bundle of Rights
- surface... - all natural things attached to it... - subsurface…
- land and manmade permanent attachments
- real estate and bundle of rights
"PUTEE"... - Possess... - Use... - Transfer... - Exclude... - Encumber
Land
- surface... - all natural things attached to it... - subsurface…
Real Estate
- land and manmade permanent attachments
There are _____ square feet in an acre.
To determine a rectangle's square foota…
To convert square footage to acreage:
To convert acreage to square feet:
43,560
multiple the length of one side by the length of the other side
divide the number of square feet by 43,560
multiply the number of acres by 43,560
There are _____ square feet in an acre.
43,560
To determine a rectangle's square foota…
multiple the length of one side by the length of the other side
Adjusted basis
Ad valorem tax
Appropriation
Basis
If a property was acquired by purchase, the owner's basis is t…
A tax levied according to value, generally used to refer to re…
An action taken by a taxing body that authorized the expenditu…
The financial interest that the IRS attribute to an owner of a…
Adjusted basis
If a property was acquired by purchase, the owner's basis is t…
Ad valorem tax
A tax levied according to value, generally used to refer to re…
640 acres
bilateral contract
police power
Bundle of Rights
1 Square mile how many acres?
where a promise by one party is given in exchange for a promis…
The government's right to make laws and regulations for the ge…
The total collection of rights which may be claimed by private…
640 acres
1 Square mile how many acres?
bilateral contract
where a promise by one party is given in exchange for a promis…
Addendum
Amendment
Assignment
Bilateral Contract
A document that was not part of the original contract that may…
A change to the original contract.
The transfer in writing of interest in a bond, mortgage, lease…
A legally enforceable promise or set of promises that must be…
Addendum
A document that was not part of the original contract that may…
Amendment
A change to the original contract.
What is CIS?
Broker
salesperson
broker-salesperson
consumer information statement.
one authorized to act for another in real estate transactions
works under licensed broker
Fully qualified broker who remains under another broker's supe…
What is CIS?
consumer information statement.
Broker
one authorized to act for another in real estate transactions
Acceleration clause
Adjustable-rate mortgage (ARM)
Alienation clause
Assumption of mortgage
The clause in a mortgage or deed of trust that can be enforced…
A loan characterized by a fluctuating interest rate, usually o…
The clause in a mortgage or deed of trust stating that the bal…
Acquiring title to property on which there is an existing mort…
Acceleration clause
The clause in a mortgage or deed of trust that can be enforced…
Adjustable-rate mortgage (ARM)
A loan characterized by a fluctuating interest rate, usually o…
Anticipation
Appraisal
Assemblage
Broker's price opinion (BPO)
The appraisal principle holding that value can increase or dec…
An estimate of the quantity, quality, or value of something. T…
The combining of two or more adjoining lots into one larger tr…
An estimate of value, prepared by a real estate licensee, most…
Anticipation
The appraisal principle holding that value can increase or dec…
Appraisal
An estimate of the quantity, quality, or value of something. T…