Questions and Answers
Which of the following is NOT considered one of the six bundles of rights included with property ownership?
There are three types of survey methods used to obtain legal property descriptions, which is NOT a survey method?
Jack installs a fence in his yard, but the back corner of the fence is actually on his neighbor's property. This is an example of an:
Which of the following is considered real property?
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Which of the following best describes a cloud on a title?
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A person dies _____________ if they die without having a will.
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A valid deed must include which of the following?
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Which of the following would be a buyer's cost at closing?
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Which is NOT a form of police power?
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Which is the best definition of inverse condemnation?
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All of these describe building codes, EXCEPT:
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A property manager has a ___________ agency relationship with the property owner.
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Which is true of a landlord-tenant relationship?
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Which clause in a lease allows the lessee (tenant) to extend the lease, lease additional property or purchase the leased property?
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All of the following are examples of commercial property EXCEPT:
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All of the following are elements of a valid contract EXCEPT:
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If a contract is still active and performance is still pending it is said to be:
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In which type of listing agreement is an agent guaranteed a commission no matter who is the procuring cause of the sale?
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Which of the following are valid ways to terminate a lease agreement?
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A single broker representing both a buyer and a seller is considered __________ agency.
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No formal representation agreement in place and fair and honest treatment required describes an agent's relationship to a:
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Which of the following is true about agency disclosure?
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OLD CAR is an acronym for:
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Study Notes
Real Estate Terminology and Concepts
- Bundles of rights include exclusive use, enjoyment, exclusion, transfer, encumbrance, and destruction; "destroy" is not included.
- Legal property descriptions are obtained through metes and bounds, government surveys, or lot/block/subdivision; "formal appraisal" is not a survey method.
- An encroachment occurs when a property owner installs a structure, like a fence, on a neighbor's land.
Property Types
- Real property includes immovable property such as a farm fence but excludes cars or checks.
- A cloud on a title refers to an encumbrance that may affect the title's marketability.
Legal Terms in Property
- Dying intestate means dying without a will; the opposite is testate.
- A valid deed must include signatures, a legal property address, and delivery and acceptance.
Closing Costs and Fees
- At closing, a buyer's costs may include title insurance, home warranty fees, or repair costs, but title insurance is specifically highlighted.
Government Rights and Property
- Eminent domain, escheat, and taxation represent forms of police power; appraisal is not included.
- Inverse condemnation occurs when property value decreases due to government actions.
Building and Safety Regulations
- Building codes aim to protect public health and safety and establish minimum standards; they are not enforced strictly by federal laws.
Agency Relationships
- Property managers have a general agency relationship with property owners, maintaining fiduciary duties.
- In landlord-tenant relationships, the landlord retains ownership rights.
Lease Agreements
- An options clause in a lease allows tenants to extend the lease, lease additional space, or purchase the property.
- Various forms of commercial property include hotels, warehouses, and mines; yachts are not considered commercial properties.
Contracts and Agreements
- Essential elements of a valid contract include acceptance, offer, and consideration; defenses are not a core element.
- An executory contract refers to those still active with pending performance.
Listing Agreements
- An exclusive right to sell listing guarantees the agent a commission regardless of who procures the sale.
- Lease agreements can be terminated through specified dates, abandonment, or eviction.
Agency Representation
- Dual agency occurs when a single broker represents both buyers and sellers, requiring careful disclosure of agency relationships.
- A customer represents a non-client but must be treated fairly and honestly.
Agency Disclosure and Duties
- Agency disclosure is necessary to prevent illegal dual agency and must occur before substantial real estate discussions.
- OLD CAR represents the fiduciary duties of loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care.
Escrow Accounts
- Conversion in escrow refers to the misuse of third-party funds, such as depositing them into the agent's operating account.
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Description
Test your knowledge on property ownership rights and survey methods with these flashcards from Moseley Real Estate School. Each card focuses on critical concepts crucial for anyone involved in real estate. Improve your understanding and preparation for the field effectively!
