Real Estate Exam 1

Ch. 1-8

Arkansas Real Estate License Requirement

If for compensation or promise of compensation a person:

-Lists or offers to list a property for sale for another

-Sells or offers to sell a property for another

-Buys or offers to buy for another

-Negotiates or offers to negotiate for another

Either directly or indirectly for bringing about a sale, purchase or option to purchase, exchange, auction, lease or rental of real estate or any interest in real estate.

Arkansas Real Estate License Requirement

-Real estate sales associate
-Real estate executive broker
-Real estate principal broker
-Reciprocal agent from another state

Real Estate

Also known as “real property” and includes:
1. land and
2. physical improvements, as well as
3. the rights to own or use both

Real Estate Dimensions

“Land” includes:
• the surface of the earth (surface rights),
• the sky above (air rights), and
• everything to the center of the earth
(sub-surface rights, including mineral and water rights)

Personal property

a right or interest in things of a
temporary or movable nature, anything not classified as real property

Fixture

When an object that was once personal property is attached to land (or attached to a building on that land), becoming part of the real estate

Appurtances

a right or privilege or improvement that belongs to and passes with land but is not necessarily a part of the land (7 brew in Walmart parking lot)

6 land descriptions

1. metes and bounds

2. rectangular survey system

3. recorded plat

4. reference to documents

5. informal references

6. assessor’s parcel numbers

Metes and Bounds

point of beginning, permanent reference mark (something/some place that is permanent)

Rectangular survey system

parallels are also referred to as “base lines”, referenced by latitude and longitude

Recorded Plat

official map of land filed with the county

Assessor’s Map

county tax map showing boundaries, parcel numbers, and lot sizes for property tax purposes (not legal division)

informal references

Assessor’s parcel numbers

Physical characteristics of Land

immobility, indestructibility, non homogeneity

Economic characteristics of land

Scarcity, modification, fixity, situs

Feudal system

monarchs, lords/ladies/knights'/serfs

Allodial system

full ownership of land, no lord or king

property tax

the right of a government entity to tax private property