Questions and Answers
What does the term 'emblement' refer to?
Which of the following are classifications of land use? (Select all that apply)
What is real property?
Interests, benefits, and rights associated with real estate ownership
What is a time-share?
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What is a sub-agent?
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What does 'exclusive right to sell' mean?
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What is an easement in gross?
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What is an encumbrance?
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What is a remainder interest?
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What is time-share use?
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What is a base line in property description?
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What are ranges in property terms?
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What does Lis Pendens mean?
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What is a judgment lien?
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What is annexation in real estate?
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What is severance?
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What does an agent do?
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What is a special agent?
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What is an open listing?
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What is eminent domain?
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What does escheat mean?
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What is a living trust?
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What is severalty?
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What is a township in land description?
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What are monuments in property law?
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What is a lien?
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What is a mortgage?
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What are the economic characteristics of property?
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What is a trade fixture?
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What is fraud in real estate?
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What is price fixing?
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What is an appurtenant easement?
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What is a freehold estate?
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What is a fee simple absolute?
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What does co-ownership mean?
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What is a testamentary trust?
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What is a point of beginning in property descriptions?
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What is an acre in square feet?
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Study Notes
Real Estate Key Terms
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Emblement: Growing crops treated as personal property, allowing farmers to harvest even after a lease ends.
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Classifications of Land Use: Categories include Residential, Commercial, Industrial, Agricultural, and Special Purpose.
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Real Property: Encompasses the interests, benefits, and rights linked to ownership of real estate.
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Time-share: Ownership arrangement where multiple purchasers share access or ownership of a single unit.
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Sub-agent: An agent acting on behalf of another agent; legality varies by state.
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Exclusive Right to Sell: A listing agreement ensuring the broker earns a commission regardless of who finds the buyer.
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Easement in Gross: A right granted to an individual for use of another's land, typically for utilities.
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Encumbrance: Any claim or liability against a property, including liens and easements.
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Remainder Interest: Future interest of an individual in a life estate, indicating eventual ownership.
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Time-share Use: Possessory interest allowing use of a time-share without ownership.
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Base Line: Survey line oriented east-west in the rectangular survey system.
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Ranges: Strips of land measuring six miles wide running north-south.
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Lis Pendens: Legal notice indicating pending litigation that could affect property ownership.
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Judgment Lien: A lien originating from a court judgment that can encumber property.
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Annexation: The process of converting personal property into real property.
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Severance: The act of converting real property into personal property.
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Agent: Authorized individual acting on behalf of another party, serving as fiduciary and advocate.
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Special Agent: An agent designated to perform specific tasks or transactions for a principal.
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Open Listing: A non-exclusive agreement where only the broker who finds a buyer earns a commission; seller retains selling rights.
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Eminent Domain: Government right to claim private property for public benefit.
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Escheat: Process of property transfer to the state when an owner dies without a will or heirs.
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Living Trust: Trust established during the trustor's lifetime, distinct from a testamentary trust formed by a will.
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Severalty: Sole ownership of real property by one individual.
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Township: A land area measuring six miles on each side, totaling 36 square miles and divided into 36 sections.
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Monuments: Identifying markers (natural or artificial) used to outline property boundaries.
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Lien: A legal claim placed on property to secure a debt.
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Mortgage: A contractual agreement providing security for a loan, involving borrower and lender.
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Economic Characteristics of Property: Key property traits include scarcity, improvements, permanence of investment, and area preference.
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Trade Fixture: Property attached by a tenant for business use, which is typically removable.
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Fraud: Deliberate misrepresentation of significant facts, influencing decisions.
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Price Fixing: Illegal practice of colluding to establish fixed prices or commission rates.
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Appurtenant Easement: An easement that benefits one parcel of land and is tied to its ownership.
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Freehold Estate: Ownership interest in real property, which can be classified as fee simple, defeasible, or life estate.
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Fee Simple Absolute: The most comprehensive ownership form recognized by law, with no restrictions.
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Co-ownership: Joint property title held by two or more individuals or entities, such as in joint tenancy.
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Testamentary Trust: A trust activated by a will, created after the trustor's death.
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Point of Beginning: The starting reference point in a metes and bounds property description.
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Acre: A measure of area equivalent to 43,560 square feet.
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Description
Prepare for your real estate exam with these flashcards that cover essential terms and definitions. From emblements to classifications of land use, test your knowledge and improve your understanding of real property concepts. Perfect for anyone studying for their real estate license.