real estate
SETS
Real Estate License Exam Calculations
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…
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
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…
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…
Realtor
Landlord
tenant
Deed
Someone who sells houses
Someone who owns a house or property that they rent to a tenant
A person who pays for the right to live in a residence owned b…
a paper that shows who owns a certain building or piece of land
Realtor
Someone who sells houses
Landlord
Someone who owns a house or property that they rent to a tenant
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.
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.
Accession
Annexation
Real Property
Real Property - Bundle of Rights
Acquiring title to additions or improvements to real property…
The process of converting personal property into real property
includes both land and real estate includes the bundle of righ…
Right of Possession... Right to control the property (within law)…
Accession
Acquiring title to additions or improvements to real property…
Annexation
The process of converting personal property into real property
An interest in real estate is ownership…
Undivided interest
The terms "undivided" and "indivisible"…
Examples of interests include:
possess... use... transfer... encumber... exclude
is an owner's interest in a property in which two or more part…
signify that the owner's interest is in a fractional part of t…
an owner who enjoys the complete bundle of rights... a tenant w…
An interest in real estate is ownership…
possess... use... transfer... encumber... exclude
Undivided interest
is an owner's interest in a property in which two or more part…
Alluvion
Avulsion
Appurtenance
balloon payment
Increase of soil along the bank of a body of water by natural…
The tearing or washing away of land along the bank of a body o…
anything affixed to or used with land for its benefit that is…
an installment payment on a promissory note much bigger than t…
Alluvion
Increase of soil along the bank of a body of water by natural…
Avulsion
The tearing or washing away of land along the bank of a body o…
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…
Shortfall of Funds
Irrevocable Assignment of Mortgage Proc…
Transfer Back Consideration Amount
Amortization Period
The difference between the cash balance payable by the purchas…
The mortgage that is being taken out to purchase the house sol…
$1.00 and other good and valuable consideration
Whole Life of the Loan
Shortfall of Funds
The difference between the cash balance payable by the purchas…
Irrevocable Assignment of Mortgage Proc…
The mortgage that is being taken out to purchase the house sol…
If a Seller is in default of the terms…
Complete this Clause. Inspection Object…
"MEC" in the Contract to Buy/Sell Real…
In reference to Exercise 1 Scenario, th…
The buyer may cancel or sue for specific damages
in an "as is" condition, "where is" and "with all faults."
the date upon which both parties have signed the contract.
Lot 2, Block 4, Filing No 1, Maple Subdivision, CIty of Aurora
If a Seller is in default of the terms…
The buyer may cancel or sue for specific damages
Complete this Clause. Inspection Object…
in an "as is" condition, "where is" and "with all faults."
Each cannot identify his/her respective…
Personal Property
Still Valid
real property taxes, mechanics lien and…
Five People hold undivided interest as tenants in common. Whic…
A lease agreement written for a definite period of time with p…
A corporation listed a property with a broker, and susequently…
A homestead offers NO protection against which of the follwoing
Each cannot identify his/her respective…
Five People hold undivided interest as tenants in common. Whic…
Personal Property
A lease agreement written for a definite period of time with p…
Under the law of agency, a real estate…
When does a client enter into a fiducia…
The word improvement refers to:... street…
Which of the following is true with reg…
advertising
when they enter into a listing agreement.
all of the above... ... Explanation... Streets, sidewalks, sewers, and…
they are real property rights that may be sold separately from…
Under the law of agency, a real estate…
advertising
When does a client enter into a fiducia…
when they enter into a listing agreement.
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…
Who needs a RE license?
Who is exempted for RE license?
Broker Status
Residential Unlicensed Can/ Can Not
"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…
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…