General Review for the Real Estate Broker Licensure Examination

These flashcards are designed to help students review key terminology and concepts from their Real Estate licensure exam material.

Public Domain

All lands owned by the State, whether public or patrimonial.

Regalian Doctrine

All lands not clearly private ownership are presumed to belong to the State.

Jura Regalia

Royal rights or those rights the King holds by virtue of his prerogatives.

Alienable Lands

Lands of the public domain that can be leased or purchased by citizens.

Acquisition by Prescription

Acquisition of land title by adverse possession due to open, continuous, exclusive, and notorious possession.

Accretion

The gradual build-up of land due to the deposit of soil or sediment.

Avulsion

The sudden loss of land due to natural disasters or events.

Littoral Owner

A person who owns land bordering the shore of the sea or tidal waters.

Riparian Owner

A person who owns land situated on the bank of a river.

Torrens Title

A certificate of title that is indefeasible, imprescriptible, and binding against the whole world.

Natural Resources

All forces of potential energy, fisheries, wildlife, and natural wealth owned by the State.

Eminent Domain

The power of the State to take private property for public use with just compensation.

Just Compensation

Full and fair equivalent of the property taken from its owner.

Involuntary Alienation

Acquisition of land title without the owner's consent, such as through tax sales.

Public Grant

Conveyance of public land by the government to a private individual.

Inheritance

Acquisition of land through hereditary succession by will or law.

Testate Succession

Inheritance according to a will.

Intestate Succession

Inheritance according to law when there is no will.

Forced Heirs

Those heirs whose legitime is reserved by law.

Legitime

The portion of the estate reserved for forced heirs.

Easement of Right of Way

The right to cross over another's property.

Family Home

The dwelling house and land where the family resides.

Absolute Community of Property (ACP)

All property owned by either spouse at the time of marriage or acquired thereafter.

Conjugal Partnership of Gains (CPG)

Common fund from fruits of both spouses' separate properties.

Real Property

Immovable property such as land and buildings.

Personal Property

Movable property such as vehicles and furniture.

Leasehold

A temporary right to hold or occupy land under a lease.

Right of Way Easement

The right to cross land owned by another.

Freehold Estate

An estate of ownership with an indefinite duration.

Less-than-Freehold Estate

A leasehold estate with a specific duration.

Fixture

An item of personal property that becomes part of real property when attached.

Accession Discreta

The right of an owner to the products of their property.

Accession Continua

The right of an owner to natural or artificial affixations to their property.

Prescription

A method of acquiring rights through continued possession over time.

Jus Sanguinis

Right of blood; nationality based on parentage.

Jus Soli

Right of soil; nationality based on place of birth.

Filipino Citizen

A person recognized as a citizen of the Philippines.

Natural-born Citizen

A person who is a citizen without needing any act to acquire citizenship.

As in Law

Rights and obligations based on established statutes.

Legal Heir

An individual entitled to inherit under intestacy laws.

Death Tax

Tax imposed on the estate of a deceased person.

Local Government Code

Law governing the creation and management of local government units.

Fiduciary Relationship

A legal duty to act in another person's best interest.

Loan-to-Value Ratio (LTV)

A ratio used by lenders to express the ratio of a loan to the value of an asset.

Non-Alienable Property

Property that cannot be sold or transferred.

Zoning Ordinance

Local regulation governing the use of land and property.

Comprehensive Land Use Plan

Long-term strategy for land use in a municipality or city.

Assessor

An official responsible for assessing property values.

Land Use Conversion

Change in the use of land from its original purpose.

Compulsory Acquisition

Government-taking property for public use with compensation.

Expropriation

Legal process of taking private property for public use.

Real Estate Commission

A regulatory body overseeing real estate practices.

Mortgage

A legal agreement where property serves as collateral for a loan.

Interest Rate

The percentage charged on borrowed money.

Title Insurance

Protection against losses due to defects in title.

Warranty Deed

A deed with a guarantee of good title.

Quitclaim Deed

A deed transferring rights without any guarantees.

Affidavit

A written statement confirmed by oath.

Chattel Mortgages

A mortgage on goods and chattels.

Encumbrance

A claim against a property.

Leverage

Using borrowed capital for investment.

Homeowners Association (HOA)

An organization of homeowners in a community.

Common Areas

Shared spaces in a condominium or housing development.

Federal Housing Administration (FHA)

A government agency providing mortgage insurance.

Equal Credit Opportunity Act (ECOA)

Law prohibiting discrimination in lending.

Real Estate Investment Trust (REIT)

A company that owns, operates, or finance income-producing real estate.

Leasehold Improvements

Modifications made to rented space.

Market Analysis

Study of market conditions affecting property values.

Fair Market Value

The price that property would sell for on the open market.

Commission Rate

The percentage paid to agents on property sales.

Title Search

Examination of public records to confirm property ownership.

Closing Costs

Fees and expenses incurred in finalizing a real estate transaction.

Escrow

A neutral third party holding funds during a transaction.

Amortization

Gradual repayment of a loan over time.

Consumer Financial Protection Bureau (CFPB)

A federal agency that enforces consumer financial laws.

Application Fee

Fee charged for processing loan applications.

Down Payment

Initial payment made when purchasing a property.

Investment Property

Real estate property used for investment purposes.

Market Value

The highest price a buyer is willing to pay for a property.

Comparative Market Analysis (CMA)

A tool used to estimate property values based on similar properties.

Appraisal

An evaluation of a property's market value.

Contingent Offer

An offer to purchase property that depends on certain conditions.

Closing Disclosure

A document that provides final details about a mortgage loan.

Deed

A legal document that conveys title to real estate.

Lease Agreement

A contract outlining terms of renting a property.

Landlord

The owner of a rental property.

Tenant

A person who rents property from a landlord.

Co-ownership

Shared ownership of property by two or more individuals.

Contract for Deed

A contract wherein the buyer makes payments directly to the seller.

Land Survey

Determining the boundaries of a parcel of land.

Septic System

An underground sewage treatment system.

Zoning Variance

Permission to use land in a way not allowed by zoning laws.

Real Property Tax

Taxes based on property value imposed by local governments.

Sales Disclosure

A statement of the property's details provided to potential buyers.

Short Sale

A sale of a property where the proceeds are less than the amount owed.

Predicate Title

The right on which the title rests.

Restrictive Covenant

A provision that limits how a property can be used.

Tenant Rights

Legal entitlements of individuals renting properties.

Sublease

A lease agreement where the tenant rents part or all of the property to another.

Foreclosure

A legal process where a lender takes control of a property due to default.