Real Estate | Marketing-Real Estate

Brokerage

The sale or lease of a commodity through an intermediary who usually acts as an agent for one of the parties.

Empathy

The ability to identify with another person so as to be able to look at a situation from that person's point of view.

The National Association of Realtors� does what?

attempts to regulate the conduct of its members through its code of ethics.

Advantages, for a new real estate licensee, of working in a large office include

With greater size, a broker can and should create structured training, supervision and procedures.

Federal laws require each state to

license appraisers who perform appraisals on loans made for federally-related lenders.

The real estate business is characterized by

competition and cooperation among brokers.

subdividers.

Those who divide land into smaller parcels and sell it to others before construction are called

A Realtor� is

a member of the National Association of Realtors�.

List some Traits of a successful real estate agent

tact
enthusiasm
dependability

what is not applied when determining whether an item of personal property has become real property

Cost

Appurtenances

those rights that go with the land. ex air underground

real property

Land and the area below and above the surface to infinity and all the improvements thereon.

An owner purchases some stones, sand and cement and builds a concrete walk on his parcel of real estate. This walk is

real property

bill of sale.

A contract for the sale of real property includes the sale of certain removable items, such as refrigerators and furniture. Upon payment and delivery of the deed, the seller should also deliver

what are There are four governmental limitations to the private rights of ownership of real property

Police power
eminent domain
Taxes
Escheat

If an individual gives his property as security for a debt, but does NOT give up possession, he has

hypothecated the property.

An article of personal property that has become part of the real estate by virtue of its attachment to the real estate is called a(n)

fixture.

The word "emblements" means

annual crops.

Trees and crops

may be real estate or personal property, depending on the circumstances.

what is an example of appurtenance?

a trade fixture

The protection of not having your property disturbed by losing support from below your property is your

right to subjacent support.

items of personal property are called

chattels.

Donovan leased store space to Hollis for a restaurant. Hollis installed his ovens, booths, counters and other equipment to operate the restaurant. When would these items become the property of the store owner?

Within a reasonable amount of time if Hollis does not remove them when the lease expires

The rights of ownership, including the right to use, possess, enjoy and dispose of a thing in any legal way and to exclude everyone else without rights from interfering is called

bundle of rights.

Rights in personal property are known as

chattel interests.

Smith owned 40 acres of land on which he grew onions. He sold the crop of onions to Williams who agreed to harvest the onions. Before the onions were harvested, Smith sold the land to Jones and the deed was recorded. The crop of onions belongs to

Williams.

a landowner tears down a fence with the intention that it be permanently removed, and then piles the material on the land, such material remains real property. t/.f

false

Under the Uniform Commercial Code, the document used to create a lien against articles of personal property is a

security agreement

list the tests to determine whether personal property becomes a fixture

M: method of attachment; A: adaptation; R: relationship between the parties; I: intention of the annexor; A: agreement of the parties.

A bill of sale is used to convey title to

personal property.

The system of land ownership whereby the land is owned and controlled by individuals is known as the

allodial system.

The right of an owner of real property to use water from an adjacent stream is known as a(n)

riparian right.

An apartment in which the tenant buys stock in the corporation that owns the building rather than simply renting his apartment is called a

cooperative apartment.

Sarah Miller purchased a condominium which included several common facilities: swimming pool, tennis courts, and a putting green. Under a typical condominium arrangement, these common elements are owned by

Miller and the owners of the units in the condominium in the form of an undivided percentage interest.

A condominium is an estate in real property consisting of an undivided interest in common in a portion of the property, together with a separate complete ownership of space. The estate may be

an estate for years only.
an estate for life only.
fee simple only.

If the owner of a condominium defaults on his mortgage, the owners of the remaining units

are not affected by the defaulting owner's actions.

A person who owns fee title to air space within a residential, industrial, or commercial building together with an undivided interest in common in the common areas usually has an interest in a _____ project.

condominium

What does NOT pertain to the condominium form of ownership?

Proprietary lease.

An owner of a cooperative apartment has

both an ownership interest and a proprietary long-term lease.

What does an owner receive when he purchases a condominium?

Title in airspace and common interest in common areas

The Westgate condominium has tennis courts, a large parking lot and a swimming pool. These common elements, under the terms of a typical condominium arrangement, are owned by

the owners of the units in the condominium in the form of undivided percentage interest.

All life estates are for the life of the tenant. T/F

this statements concerning life estates is FALSE

Jones, a life tenant, sells his estate to Smith. Jones dies. Title is in?

the remainderman.

What is an interest in real property but not an estate?

Mortgage & Taxes(Liens not Estate)

Which is an estate less-than-freehold?

Estate for years

From the point of view of the lessee, the weakest possible tenancy is

tenancy at sufferance.(wrongfully holds)

fee simple determinable estate

estate that exists only so long as a certain use continues.

Life estate is what kind of estate

freehold estate?

A widow who is willed the use of the family home for the rest of her natural life with provision that title shall go to the children upon her death holds a(n)

life estate

Under a long-term lease, the lessor has

reversionary rights.

The owner of a condominium and the lessee of an apartment have many things in common but their legal relationship with the property is different. With respect to their similarities, both parties would hold a(n)

estate in real property.

A life tenant is one who has a

freehold estate.

A lease that has a definite termination date that can be clearly established at the beginning of the lease is called a(n)

estate for years".

In a limited partnership, the limited partners provide

investment capital.

Four unrelated persons wish to purchase a parcel of land together and each wants to be able to will his interest to his heirs. They need to take title as which of the following?

Tenants in common

One of the features of taking title to real property as tenants in common is that

each co-owner's interest may be conveyed separately.

A tenancy in common requires

undivided interest.

Severalty ownership of real estate means

sole ownership by one person.

A limited partner may perform limited management functions. T/F

False

in a tenancy in common Any co-owner can file suit to partition the property. T/F

True

Clara Wade and Lester Hall own a ranch as tenants in common. Each has an undivided 1/2 interest. Hall is in sole possession of the land and is operating the ranch. Hall is NOT liable to Wade for payments of rent to Wade for his own use of the land. T/F

True

What is NOT a type of leasehold estate?

Tenancy by the entirety.

through joint tenancy The surviving tenant acquires the property though the right of survivorship.T/F

True

If three people hold title to real estate as joint tenants, they have a unity of

time, title, interest

in a tenancy in common Each party may sell his interest without the consent of the other. T/F

True. Tenancies q 2 q 10

Tenancy in common does not apply specifically to rights of ownership involving husband and wife? T/F

True

party wall.

The shared wall between two townhouse units is called a

A property was listed by Alpha Brokers and was submitted to the multiple listing service. Two weeks later, an offer was submitted to Alpha Brokers from Beta Brokers. Based on this information,

The listing was not an open listing.

Fran, Ann and Jan own a property as joint tenants. As a result

if Fran died, Jan and Ann would each have 50% ownership as joint tenants.

What law prescribes the rights and duties between a property manager and his clients?

Law of Agency

Because George's property boundary is the high water mark of a lake, when the water gradually receded from its usual high water mark, the newly uncovered land has become George's property. This is an example of

reliction.

The right of rescission provided by the Truth in Lending Act

applies to an equity loan secured by the borrower's principal dwelling.

Which of the following types of business association is intended to exist for only one transaction?

Joint venture

A change in zoning from low to high density use would be called

upzoning.

Which of the following terms would be used to describe a property that borders a lake, but not to describe property that borders a river?

Littoral

The parol evidence rule will allow

oral testimony to clarify ambiguities in a written agreement.

When Dean listed his property with Reality Realty, the listing contained a provision that Reality would use due diligence in seeking a buyer for the property. This provision made the listing agreement

bilateral.

Bob and Ray had an agency relationship that was coupled with an interest. This means that

Ray, the agent, has the agency authority in order to protect a security or ownership interest in the property.

The Smith's sold their home after owning and living in it for four years. They had paid $750,000, including closing costs, on the purchase, and spent $300,000 in capital improvements to the property. Upon sale, they received $1,650,000, after paying closi

$100,000(Upon sale of a home, owned and used as a main home for two of the prior five years, a married couple can exclude up to $500,000 of gain from taxation)

A percentage lease provides for termination if the tenant does not realize a specified minimum level of business. This clause is called

recapture.

A veteran may obtain federal VA financing for the purchase of a home

any number of times, as long as he has eligibility.

Which of the following is true of a spot survey?

It shows the location of easements, encroachments and improvements.

Which of the following is NOT a principal area covered by the Truth in Lending Act?

Limits on finance charges and referral fees

Which of the following is true of bilateral and unilateral contracts?

In a unilateral contract one party makes a promise in return for an act.

Bill wants a variance to build a new home on his lot. Because the lot is not regularly shaped, he cannot comply with the setback requirements. The variance would be granted if

failure to grant the variance would impose an undue hardship on Bill.

After Ken stopped into an open house, he decided he would like to make an offer. Barbi, the agent holding the open house, may do which of the following?

Write the offer without representing Ken, but advise Ken he might want to consider obtaining his own agent.

A loan in which the borrower has no personal liability for payment is called a

nonrecourse loan.

Brock willed Chip a life estate with the provision that the estate will pass to Nick upon Chip's death. Which of the following is true regarding the estates held by Chip and Nick?

The sale of Nick's estate to Chip, or of Chip's estate to Nick, would terminate the life estate and create a fee estate by merger.

The Smith's sold their home after owning and living in it for four years. They had paid $750,000, including closing costs, on the purchase, and spent $300,000 in capital improvements to the property. Upon sale, they received $950,000, after paying closing

they have a loss, but it is not deductible.

Without any lease provisions to the contrary, which of the following is true of termination of a lease?

Upon sale of leased property, the purchaser has a duty to fulfill the landlord's obligations.

A nondisturbance clause in a lease

provides foreclosure of a prior mortgage would not terminate the lease.

When the Wines marketed their home for sale without using the services of a broker, they would quote higher prices and a higher earnest money deposit requirement to African-Americans than to Caucasians. This practice is

prohibited by the Civil Rights Act of 1866.

In Shelley v. Kraemer, the Supreme Court held that

restrictive covenants dealing with race are unenforceable

When the use of property is allowed to continue despite the fact that it does not conform to new zoning requirements, the owner can generally

be required to terminate the use if it is deemed a nuisance.

Regarding income taxes, All investment and business property can be depreciated over 27.5 years. T/F

False

Local government permission to operate a childcare center in a residential area would be termed

a conditional use permit.

When one party performs part, but not all, of his contractual obligations and the other party relieves him of the obligation to perform the rest, this may be called

accord and satisfaction

Zoning can be all Retroactive T/F

False

Steve and Allen are licensees in the same real estate office. Steve has listed a home and Allen has a buyer who wishes to make an offer on the home. The policy of their company is that in these situations, neither Steve nor Allen will remain agents of the

a facilitator relationship.

When Gerald discovered that Fran had built some of her improvements on his property, to have her remove the improvements, Gerald sued for

ejectment.

The right of a mortgagor to buy back his property after a foreclosure is called

a statutory right of redemption.

A property owner has a lot valued at $40,000. He purchases the adjacent lot, which is identical, for $40,000. Now the combined property is appraised at $130,000. This is an example of

plottage.

A lease has a clause that releases the landlord from any liability in connection with damage to the tenant's property or business as a result of an insurable casualty regardless of the landlord's negligence. This clause is referred to as

exculpatory.

The Smith's sold their home after owning and living in it for four years. They had paid $750,000, including closing costs, on the purchase, and spent $300,000 in capital improvements to the property. Upon sale, they received $950,000, after paying closing

...

Rob and Roy are licensees in the same real estate office. Rob has listed a home and Roy has a buyer client who wishes to make an offer on the home. The policy of their company is that in these situations, Rob will remain the agent of the seller and Roy wi

a designated agency relationship in which Rob and Roy are single agents.

The Real Estate Settlement Procedures Act

gives the borrower the right to inspect the uniform settlement statement one business day prior to the close of the transaction.

When a purchaser offers to buy real property,

he may terminate the offer and have earnest money refunded even though the seller has orally approved the offer.

What law prescribes the rights and duties between a property manager and his clients?

Law of Agency

When Mark was eight days late in paying his rent, due to illness in the family, the property manager accepted the late payment without charging Mark the late fee to which he was entitled. This constituted

a waiver.

what is not necessary to prove that a misrepresentation constituted a fraud

the statement was in writing.

Zoning cannot be

Retroactive

what is true of bilateral and unilateral contracts?

In a unilateral contract one party makes a promise in return for an act.

The right of rescission provided by the Truth in Lending Act

applies to an equity loan secured by the borrower's principal dwelling.

In order to qualify for a loan, a buyer may have to satisfy certain qualifying ratios. Which of the following is true regarding these ratios?

A back-end ratio relates payment on long-term debt to total gross income.

Rob and Roy are licensees in the same real estate office. Rob has listed a home and Roy has a buyer client who wishes to make an offer on the home. The policy of their company is that in these situations, Rob will remain the agent of the seller and Roy wi

a designated agency relationship in which Rob and Roy are single agents.

The Real Estate Settlement Procedures Act

gives the borrower the right to inspect the uniform settlement statement one business day prior to the close of the transaction

When a purchaser offers to buy real property,

he may terminate the offer and have earnest money refunded even though the seller has orally approved the offer.

What law prescribes the rights and duties between a property manager and his clients?

Law of Agency

When Mark was eight days late in paying his rent, due to illness in the family, the property manager accepted the late payment without charging Mark the late fee to which he was entitled. This constituted

a waiver.

All of the following are necessary to prove that a misrepresentation constituted a fraud EXCEPT

the statement was in writing.

Zoning can be all of the following EXCEPT