Real Estate Exam Review

Flashcards for reviewing real estate concepts and calculations.

Sales price

Equals 100% of the money transferred in a property sale.

Commission Rate

To calculate the commission on a sales price, take the sales price and multiply by this

Commission Money

If you know the commission and the commission rate but not the sales price, take the total amount of the __ and divide it by the commission rate.

Commission RATE

If you know how much the commission was and you know what the sales price is, you are calculating this.

Dividing the seller's need by remaining percentage

This helps determine what sales price is needed in order for everyone to get their money (seller and brokers)

Sales Price

When a property sells, equals 100% of all the money being transferred.

Price

The list _ on a property is not always the actual sales price. Irrelevant to what question is asking

Calculation , read thoroughly

List price does not always mean you can use this figure in _ questions. What do you need to do before answering?

Contract

When a party is agreeing of sale and they all promise to close within set of days, what is the status of the contract?

Consideration

In Real estate, how money Buyer offers sellers is also known as ?

Executed

An _ Contract means it has been completed and it is finished.

Consent

What is required between parties for valid contract?

Offer

Also defined as promise made by one party is requesting something in exchange for that promise.

Acceptance

A promise by the seller to be bound by the exact term Proposed by that offer.

Time is of the essence

Is known as the time where we meet the due dates on the contract.

Owner Financing

This allows the buyer to live on a property as if they were taking out a loan or renting to own.

Vendor

Financing often has owner and seller and it is known is what?

Maintain all documents for five years along with confidentiality.

If purpose on listing is fulfilled than your relationship is over. What must you still maintain?

May

If brokers dies, May not terminate. If the seller dies, it blank terminate

Exclusive right to sell listing Agreement.

What listing is agreement you should always be using to sell to protect yourself from getting paid?

Exclusive agency Listing.

Is the name for when Sellers hiring broker but Broker only shows them that i I'm serious about selling?

Open listing

Listing that motivates sellers to sell and the protection of receiving payment is lesser?

A Net

Net listing is taking advantage of someone. It's unlawful, illegal, and will never be reused.

Novation.

Is known as replacements and it is not the same concept or as "addendum"

Disability

_ Says that person has the right to modify the premises for their disability at their own expense and owner must allow it.

Housing

For 1866 Civil Right Act _ is protected

Local Agency

States and local enforcement agencies all complaints file with HUD referring to it.

Demand than supply.

When this is greater than it means that demand prices increases.

Immobile, indestructible, unique.

Property must be physically ____, Unique or immobile?

Nonhomogeneity

Another word of Unique is?

Ownership.

Title is what to your Real Estate and what is the purpose?

Appurtenances.

Title comes with _ This is defined by being an privilege associated with the property.

Severance.

Changing from property a real property to property called ?

Annexation.

Changing from personal property real property called ?

Fixture

Is defined as anything attached for the house, or also known as real property.

trade fixture business conducting in space.

What's difference between Radiator, your kitchen cabinets, your heating systems & Trade fixture?

M- Method, A- Agreement, R-Relationship, I- Intention, and A - Adaptability.

What does MIRIA stand for in Test For Fixtures?

Material Cost goes up buyer has to pay it.

Government Material cost goes up what happen with prices?

Population, Employment Wages.

Factors of Effect Demand are what?

Broker

_ is needed to compensation for what and what written agreement.

Is the one who establishes the interest rate.

Chapter _ is what?

Immobile, indestructible, a unique.

Land has three physical characteristics you cannot physically move it it's . it is also physically .

Survivorship.

In joint tenancy, what happens and why, what is it call?

Trustor, Beneficiary, Trustee

Define trust in the terms of these?

Unit, you, also need to get fee, condominium?

When you buy condominium you are buying a ___. what is shared with your tenants in common. and also known what do you need to pay?

A Timeshare

You did for short. Last forever until decide is get rid of it. You also own that one week, every single year for the rest of your life.

Life estate

Best state based on lifetime of a person

An easement, Alien, a license, government powers PEPT, encroaching.

What are kinds Encumbrances?

Police power, eminent domain, property taxes, a sheet.

What is government Powers? .__ ______.

The order: Property Taxes , mortgage then IRS.

What's the order of LEINS the one?

By deed.

What does it mean to transfer title? And what is it transferred with?

Valid

If they give you deed to tell it don't recorded the deed is

East and west baseline is run east and west with 6 miles square with 6 miles and is also called townships

Remember to form a township how do we do it, is it Baseline, or Principal meridian is it and and ?

What equals an acre?

What do acres equal? Seven to 11 and one 43 560 Square feet

General Warranty.

How can a buyer get the greatest protection?

A quick Claim Deed

Which is the document used fix title that has no warranties?

Devise.

Receiving real estate properties know what?

Insurance to get market value.

If there isn't marketable in order to see it what can you not do?

They are recorded during settlements

When a document sent collected with money to do

Accretion, Accession

Mother Nature blessing you in land is called ? What if someone gave a former tenants you ___?

Avulsion

Is the rapid loss of loss in matter minutes what is it?