Real Estate Exam Flashcards

Interests, benefits, and rights associated with real estate ownership

<p>Where many purchasers share ownership or rights of occupancy of a single unit</p> Signup and view all the answers

<p>The agent for the agent, illegal in some states</p> Signup and view all the answers

<p>A type of listing where the broker earns a commission regardless of who procures a buyer</p> Signup and view all the answers

<p>A right given to an individual allowing use or access to another's land</p> Signup and view all the answers

<p>A charge or liability that attaches to property such as liens, restrictions, or easements</p> Signup and view all the answers

<p>The future interest of the person named in a life estate who will become the owner</p> Signup and view all the answers

<p>A possessory interest in a time-share</p> Signup and view all the answers

<p>A survey line running east and west in the rectangular survey land description system</p> Signup and view all the answers

<p>A strip of land running north and south, six miles wide</p> Signup and view all the answers

<p>Meaning 'pending litigation', once recorded, it gives notice of a possible future lien</p> Signup and view all the answers

<p>A lien as a result of a court action</p> Signup and view all the answers

<p>Changes personal property to real property</p> Signup and view all the answers

<p>Changing real property to personal property</p> Signup and view all the answers

<p>A person who is authorized to act for another as a fiduciary and advocate</p> Signup and view all the answers

<p>An agent authorized to perform a single act or assist in a single transaction for the principal</p> Signup and view all the answers

<p>A type of listing when only the broker who brings a buyer earns a commission</p> Signup and view all the answers

<p>The right of the government to take private property for public use</p> Signup and view all the answers

<p>The transfer of ownership to the state when the owner dies without a will or heirs</p> Signup and view all the answers

<p>A trust created during the trustor's lifetime</p> Signup and view all the answers

<p>Ownership of real property by one person only</p> Signup and view all the answers

<p>Six miles square and 36 square miles, consisting of 36 numbered sections</p> Signup and view all the answers

<p>Natural or man-made surface markers used to identify lot boundaries</p> Signup and view all the answers

<p>A charge or claim against a property to enforce a debt</p> Signup and view all the answers

<p>An agreement between the borrower and the lender providing security for a debt</p> Signup and view all the answers

<p>Scarcity, improvements, permanence of investment, area preference</p> Signup and view all the answers

<p>Attached to the property by a tenant for use in the business</p> Signup and view all the answers

<p>Intentional misrepresentation of material facts</p> Signup and view all the answers

<p>Conspiring to set fixed prices or commission rates</p> Signup and view all the answers

<p>An easement that 'runs with the land', allowing one property owner to use the land of another</p> Signup and view all the answers

<p>An ownership interest in real property, could be fee simple, defeasible or life estate</p> Signup and view all the answers

<p>The highest form of real property ownership recognized by law</p> Signup and view all the answers

<p>Title held by two or more natural or legal persons such as joint tenancy</p> Signup and view all the answers

<p>A trust established by will after the trustor's death</p> Signup and view all the answers

<p>The starting point in a metes and bounds legal description</p> Signup and view all the answers

<p>43,560 square feet</p> Signup and view all the answers