Real Test 2

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Freehold estate

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248 Terms

1

Freehold estate

Indefinite estate for life or in fee

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2

Nonfreehold or leasehold estate

Ownership interest in land with fixed duration

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3

Fee simple absolute

Estate limited absolutely to owners and heirs

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4

Fee simple defeasible

Fee estate that may end upon specified event

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5

Fee simple determinable

Defeasible fee that ends automatically upon forbidden land use

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6

Possibility of reverter

Future interest associated with fee simple determinable

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7

Fee simple subject to an executory limitation or interest

Defeasible fee that ends automatically upon forbidden land use, vests in someone other than grantor

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8

Executory interest

Future interest associated with fee simple subject to an executory condition

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9

Fee simple subject to a condition subsequent

Defeasible fee that allows grantor to end interest after grantee breaches condition

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10

Right of entry

Future interest associated with fee simple subject to a condition subsequent

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11

Restraint on alienation

Provision prohibiting transfer of property

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12

Fee tail

Estate that descends to grantee's direct lineal heirs

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13

Life estate

An estate measured by the life of a person

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14

Reversion

Future interest left in the grantor after conveying a smaller estate

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15

Remainder

Future interest created in favor of a party other than the grantor

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16

Vested remainder

Future interest where the remainderman has an absolute right to possessory interest

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17

Contingent remainder

Future interest dependent on the occurrence of an uncertain event

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18

Remainderman

Holder of a remainder interest

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19

Right of estovers

Life tenant's right to take wood for fuel or repairs

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20

Waste

Destructive use of real property by rightful possessor

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21

Trust

Arrangement where trustee manages property for beneficiary

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22

Concurrent estate

Ownership or possession of property by two or more people at the same time

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23

Joint tenancy

Ownership of property by two or more people with right of survivorship

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24

Four unities

Unity of time, title, interest, and possession

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25

Severance

Joint tenant's transfer that terminates joint tenancy

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26

Tenancy by the entirety

Tenancy between husband and wife with right of survivorship

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27

Tenancy in common

Concurrent tenancy with unity of possession but not time, title, or interest

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28

Undivided interest

Interest of a concurrent owner in the whole property

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29

Probate

Court procedure to prove the validity of a will

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30

What is community property?

Property acquired during a marriage, 50% interest.

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31

What is separate property?

Property acquired before marriage or through gift/inheritance.

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32

What is community property with the right of survivorship?

Property owned by spouses as community property with a right of survivorship.

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33

What is syndication?

Group of investors combining funds and resources to acquire assets.

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34

How is a partnership defined?

An association of two or more persons co-owning a business for profit.

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35

What is joint and several liability?

Liability where creditor can demand payment from one or more parties.

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36

What is tenancy in partnership?

Manner in which partners co-own partnership property.

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37

What is a limited partnership?

Partnership with general partners managing the business and limited partners contributing capital.

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38

What is a corporation?

Business organization owned by shareholders, managed by a board of directors.

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39

What is piercing the corporate veil?

When courts disregard the separation between a corporation and its stockholders.

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40

What is an S corporation?

A closely held corporation with no more than 100 shareholders who elect to be taxed like partners.

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41

What is a limited liability company?

A hybrid form of business organization that provides the limited liability of a corporation and the tax advantages of a partnership.

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42

What is a Real Estate Investment Trust (REIT)?

An entity that invests in real estate ventures and must distribute at least 90 percent of its net income to investors.

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43

What is an Umbrella Partnership Real Estate Investment Trust?

A type of REIT in which an umbrella partnership, rather than the REIT, owns a direct interest in the properties.

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44

What are securities?

Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, etc.

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45

What are Blue Sky laws?

State laws that regulate the offer and sale of securities.

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46

What is a real estate broker?

An agent authorized under state real estate licensing laws to operate independently in a real estate brokerage business.

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47

What is a commission?

Payment by a seller of real estate to a real estate broker for finding a buyer.

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48

What is a real estate salesperson?

An agent authorized under state real estate licensing laws to act in real estate brokerage transactions only under the control and direction of a licensed real estate broker.

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49

Who are Realtors?

Licensed real estate brokers and salespersons who are members of the National Association of Realtors.

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50

What is a listing agreement?

A contract between a seller of real estate and a real estate broker in which the broker is authorized to serve as the seller's agent.

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51

What is an exclusive right to sell?

A listing agreement between a seller of real estate and a real estate broker that gives the broker the sole right to sell the property and to receive a commission on the sale regardless of whether the broker is responsible for the sale.

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52

What is an exclusive agency?

Listing agreement giving broker exclusive right to sell.

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53

What is an open listing agreement?

Non-exclusive right for broker to sell property.

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54

What is the procuring cause of sale?

Broker's actions that directly cause a real estate sale.

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55

What is a net listing agreement?

Broker is paid commission on sale price exceeding set price.

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56

What is a multiple listing service?

Service providing real estate listings from competing brokers.

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57

What is a subagent?

Agent representing the interests of another agent.

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58

What does the Sherman Antitrust Act regulate?

Anticompetitive behavior.

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59

What are Little Sherman Acts?

State antitrust laws regulating anticompetitive behavior.

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60

What is a general agent?

Agent with broad authority to act on behalf of principal.

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61

What is a special agent?

Agent with authority for a single or limited series of transactions.

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62

What is express authority?

Authority specifically granted by principal to agent.

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63

What is implied authority?

Authority necessary to carry out express authority granted by principal.

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64

What is apparent authority?

Authority that a person appears to have as an agent, even if it doesn't exist.

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65

What is a partially disclosed principal?

Principal whose existence is known but identity is not.

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66

Undisclosed principal

Principal unknown to third party

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67

Secret agent

Agent representing unknown principal

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68

Fiduciary duty

Duty to act for another's benefit

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69

Mandatory agency disclosure laws

Laws requiring agent disclosure to consumers

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70

Dual agency

Agent representing both sides in a transaction

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71

Buyer broker

Agent acting on behalf of the buyer

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72

Interstate land sales full disclosure act

Federal law regulating property sales across state lines

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73

1866 civil rights act

Federal law prohibiting race discrimination in property transactions

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74

1968 Fair housing act

Law prohibiting housing discrimination based on race, color, religion, sex, and national origin

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75

Fair housing amendments act of 1988

Amendment adding familial status and handicap as protected classifications

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76

Steering

Showing different properties based on race or ethnicity

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77

Blockbusting

Promoting sales in racially transitional neighborhoods

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78

Americans with Disabilities Act of 1990

Prohibits discrimination based on disability, requires reasonable accommodation

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79

Contracts

Promises recognized by law with remedies for breach

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80

Installment contract

Seller finances sale, buyer pays over time

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81

Statute of Frauds

Requires written agreement for land contracts

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82

Part performance

Exception to Statute of Frauds for oral land contracts with partial performance

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83

Estoppel

One cannot claim rights to detriment of another if they relied on conduct

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84

Parol evidence rule

Written contract is final, prior agreements cannot contradict it

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85

Revocation

Termination of offer by offeror before acceptance

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86

Option contract

Enforceable promise limiting offeror's power to revoke

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87

Mailbox rule

Acceptance effective when letter is in transit

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88

Mirror image rule

Acceptance must exactly match offer for valid contract

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89

What is a counteroffer?

A statement that rejects the original offer and proposes a new one.

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90

What is a letter of intent?

An instrument that gauges commitment before a formal contract.

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91

What is consideration?

The motive that induces a party to enter a contract.

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92

What is marketable title?

Real estate title reasonably free from encumbrances.

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93

What is a patent?

A grant of privilege or authority by the government.

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94

What are marketable record title acts?

State laws that limit enforceability of old claims.

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95

What is the root of title?

A transaction in the seller's chain of title.

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96

What is the merger rule?

Contract merges into the deed, except collateral promises.

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97

What is equitable conversion?

Buyer is regarded as equitable owner upon signing.

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98

What is earnest money?

Portion of purchase price given as evidence of good faith.

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99

What is a contingency?

An event that may or may not occur.

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100

What is the substantial performance doctrine?

Contractor deserves payment for substantial completion.

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