Real Estate Exam Flashcards

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Questions and Answers

What does the term 'emblement' refer to?

Land ownership rights
Real estate
Government land regulations
Growing crops considered as personal property (correct)

Which of the following are classifications of land use? (Select all that apply)

Commercial (correct)
Civic
Agricultural (correct)
Industrial (correct)
Residential (correct)

What is real property?

Interests, benefits, and rights associated with real estate ownership

What is a time-share?

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

What is a sub-agent?

The agent for the agent, illegal in some states Signup and view all the answers

What does 'exclusive right to sell' mean?

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

What is an easement in gross?

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

What is an encumbrance?

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

What is a remainder interest?

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

What is time-share use?

A possessory interest in a time-share Signup and view all the answers

What is a base line in property description?

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

What are ranges in property terms?

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

What does Lis Pendens mean?

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

What is a judgment lien?

A lien as a result of a court action Signup and view all the answers

What is annexation in real estate?

Changes personal property to real property Signup and view all the answers

What is severance?

Changing real property to personal property Signup and view all the answers

What does an agent do?

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

What is a special agent?

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

What is an open listing?

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

What is eminent domain?

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

What does escheat mean?

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

What is a living trust?

A trust created during the trustor's lifetime Signup and view all the answers

What is severalty?

Ownership of real property by one person only Signup and view all the answers

What is a township in land description?

Six miles square and 36 square miles, consisting of 36 numbered sections Signup and view all the answers

What are monuments in property law?

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

What is a lien?

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

What is a mortgage?

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

What are the economic characteristics of property?

Scarcity, improvements, permanence of investment, area preference Signup and view all the answers

What is a trade fixture?

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

What is fraud in real estate?

Intentional misrepresentation of material facts Signup and view all the answers

What is price fixing?

Conspiring to set fixed prices or commission rates Signup and view all the answers

What is an appurtenant easement?

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

What is a freehold estate?

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

What is a fee simple absolute?

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

What does co-ownership mean?

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

What is a testamentary trust?

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

What is a point of beginning in property descriptions?

The starting point in a metes and bounds legal description Signup and view all the answers

What is an acre in square feet?

43,560 square feet Signup and view all the answers

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Study Notes

Real Estate Key Terms

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

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