Missouri Real Estate License Exam Study Guide

These flashcards cover essential terms and concepts related to Missouri real estate laws, ownership, agency, contracts, and financing, to help prepare for the Missouri Real Estate License Exam.

Real Property

Land and anything permanently attached to it.

Fixture

An item that is permanently attached to real property, such as a built-in dishwasher.

Bundle of Rights

The concept that real property ownership includes a variety of rights, such as air rights, surface rights, and subsurface rights.

Encumbrance

Any claim, lien, or charge against a property.

Easement Appurtenant

An easement that benefits a specific piece of land and transfers with the land.

Easement in Gross

An easement benefiting a specific person or company rather than a parcel of land.

Adverse Possession

A method of acquiring title to land through continuous and open use without permission for a statutory period.

Covenant

A deed restriction that runs with the land and restricts the use of the property.

Mechanic's Lien

A lien placed by a contractor or materialman who has not been paid.

Zoning

The exercise of police power by government to regulate land use.

Eminent Domain

The government's right to take private property for public use with just compensation.

Escheat

The state acquiring property when an owner dies intestate with no heirs.

Nonconforming Use

A property use that predates a zoning change that would prohibit it.

Variance

Permission granted to use property in a way that does not conform to current zoning.

Riparian Rights

Water rights for properties bordering a stream or river.

Life Estate

A freehold estate that is measured by someone's lifetime.

Tenancy in Common

A form of co-ownership where each co-owner may will their share to their heirs.

Joint Tenancy

A form of co-ownership requiring unity of time, title, interest, and possession, which includes the right of survivorship.

Probate

The legal process where a deceased person's estate is administered and distributed.

General Warranty Deed

A deed that provides the greatest protection to the buyer, guaranteeing against defects in title.

Property Tax Lien

A lien placed by the government for unpaid property taxes.

Loan Estimate

A document required under RESPA that outlines the costs associated with a mortgage.

Closing Disclosure

A document provided to borrowers at least three business days before closing, detailing the final terms of the loan.

1031 Exchange

A tax-deferred exchange allowing real estate investors to swap like-kind properties under certain conditions.

Lead-based Paint Disclosure

A requirement for properties built before 1978, informing buyers of potential lead hazards.

Americans with Disabilities Act (ADA)

A law requiring accessibility for individuals with disabilities in public accommodations.

Fair Housing Act

A federal law prohibiting discrimination in housing based on protected classes.

Antitrust Violations

Illegal practices such as price-fixing and market allocation among competitors.

Affiliated Business Arrangement (AfBA)

An arrangement under RESPA allowing related service providers to refer clients as long as the relationship is disclosed.

Earnest Money

A deposit made by a buyer to demonstrate serious intent to purchase a property.

Dual Agency

When a single agent represents both the buyer and seller in a transaction.