PERRY REAL ESTATE COLLEGE
FINAL
Fixture---ans-✔✔An-item-of-personal-property-that-has-been-converted-to-real-property-by-
being-permanently-affixed-to-the-realty.
Special-Purpose-Real-Estate---ans-✔✔churches,-schools,-cemeteries,-and-government-
held-lands
Propriety-lease---ans-✔✔the-lease-given-to-shareholders-in-a-cooperative
Disposition---ans-✔✔Right-to-encumber
Control---ans-✔✔Right-to-determine-interest-of-property
Accession---ans-✔✔Acquiring-title-to-additions-or-improvements-to-real-property-as-a-
result-of-a-lease-ending
PITI---ans-✔✔Principal,-Interest,-Taxes,-Insurance
Exclusion---ans-✔✔ability-to-legally-refuse-others-interest
Yes---ans-✔✔Are-Fixtures-real-property?
third---ans-✔✔Mortgage-interest-on-a-____-home-affects-tax-returns
Improvement---ans-✔✔any-artificial-thing-attached-on-or-below-ground,-such-as-a-
building,-fence,-water-line-or-sewer-pipe,-as-well-as-growing-things-that-are-made-part-of-
the-landscaping.
Deed---ans-✔✔A-document-that-transfers-ownership-of-property-from-one-party-to-
another.
federally-related-transaction---ans-✔✔Appraisals-are-required-for
Condo---ans-✔✔An-individually-owned-unit-in-an-apartment-style-complex-with-shared-
ownership-of-common-areas.Owned-in-fee-simple-+-undivided-joint-interests
,monetary-policy---ans-✔✔factor-in-supply
Old-english-law---ans-✔✔Bundle-of-legal-rights-comes-from
Fructus-Industriales---ans-✔✔An-Emblements,-considered-real-property,-plant-or-crop-
that-require-annual-cultivation
Enjoyment---ans-✔✔possession-without-harassment-or-interference
Broker---ans-✔✔Point-of-contact-between-2-or-more-people-in-negotiating-the-sale,-rental-
or-purchase
FEMA---ans-✔✔administers-the-national-flood-insurance-program
Chattel---ans-✔✔an-item-of-personal,-movable-property
Subdivision---ans-✔✔the-dividing-of-a-single-property-into-smaller-parcels
Agency---ans-✔✔Not-determined-by-source-of-compensation
Created-by-express-agreement-between-parties-and-ratification,-estoppel,-and-implication
Net-listings---ans-✔✔prohibited-in-some-states
Agent---ans-✔✔Principal-broker-of-firm
Puffing---ans-✔✔"Best-deal-in-town"
Exclusive-agency---ans-✔✔owner-sold-home-herself-and-didn't-owe-a-commission
Seller's-decision---ans-✔✔Listed-price-of-a-property-is-always
Breached-duty-of-loyalty---ans-✔✔Showing-a-buyer-homes-outside-their-price-range
Agent-is-interested-in-a-property-they-are-showing-a-buyer-and-they-make-an-offer-on-it
"self-dealing"
Undisclosed-dual-agency---ans-✔✔repping-buyer-and-seller-without-full-and-complete-
disclosure
Broker---ans-✔✔Commission-that-is-paid-to-a-salesperson-is-determined-by-mutual-
agreement-with
Transaction-broker---ans-✔✔not-representing-either-party-but-helping-a-buyer/seller-fill-
out-a-sales-contract
, Customer---ans-✔✔someone-who-refused-buyer-representation
a-FSBO-seller
Fee-for-services---ans-✔✔unbundling-of-services
Exclusive-right-to-sell-listing---ans-✔✔commission-regardless-if-the-broker-aids
Care-violation---ans-✔✔Switching-from-residential-to-industrial-prep-w/-no-experience
Agency-coupled-with-an-interest---ans-✔✔Broker-agrees-to-provide-financing-for-condo-
being-constructed-with-exclusive-right-to-sell-the-units
fee-for-service---ans-✔✔offering-real-estate-services-in-a-piecemeal-fashion
Patent-defect---ans-✔✔one-that-can-be-seen-with-the-naked-eye
Exclusive-buyer-agency-agreement---ans-✔✔contract-signed-between-purchaser-and-a-
broker
fraud---ans-✔✔net-listings-are-prohibited-because-they-could-lead-to
dual-agent---ans-✔✔Principal-broker-appoints-you-to-rep-the-buyer-in-designated-agency
Latent-defect---ans-✔✔One-that-you-can't-see-under-ordinary-inspection
CMA---ans-✔✔Way-to-ensure-a-buyer-doesn't-overpay
Retainer-fee---ans-✔✔A-small-fee-paid-by-the-client-upon-creation-of-a-buyer-agency-
relationship-as-an-advance-partial-compensation-for-services
Exclusive-right-to-sell---ans-✔✔most-protection-for-a-broker
Ratification---ans-✔✔can-be-expressed-in-writing-or-orally-accepting-the-acts-or-by-
principal-taking-the-benefits
Honesty-and-fair-dealing---ans-✔✔If-a-buyer-is-unrepresented,-listing-agent-still-owes-the-
buyer-the-duty-of
Open-listing---ans-✔✔Listing-given-to-any-number-of-brokers;-only-selling-broker-is-paid
caveat-emptor---ans-✔✔buyer-beware
Duty-of-Disclosure---ans-✔✔Letting-the-buyer-know-a-home-has-a-serious-foundation-
issue
FINAL
Fixture---ans-✔✔An-item-of-personal-property-that-has-been-converted-to-real-property-by-
being-permanently-affixed-to-the-realty.
Special-Purpose-Real-Estate---ans-✔✔churches,-schools,-cemeteries,-and-government-
held-lands
Propriety-lease---ans-✔✔the-lease-given-to-shareholders-in-a-cooperative
Disposition---ans-✔✔Right-to-encumber
Control---ans-✔✔Right-to-determine-interest-of-property
Accession---ans-✔✔Acquiring-title-to-additions-or-improvements-to-real-property-as-a-
result-of-a-lease-ending
PITI---ans-✔✔Principal,-Interest,-Taxes,-Insurance
Exclusion---ans-✔✔ability-to-legally-refuse-others-interest
Yes---ans-✔✔Are-Fixtures-real-property?
third---ans-✔✔Mortgage-interest-on-a-____-home-affects-tax-returns
Improvement---ans-✔✔any-artificial-thing-attached-on-or-below-ground,-such-as-a-
building,-fence,-water-line-or-sewer-pipe,-as-well-as-growing-things-that-are-made-part-of-
the-landscaping.
Deed---ans-✔✔A-document-that-transfers-ownership-of-property-from-one-party-to-
another.
federally-related-transaction---ans-✔✔Appraisals-are-required-for
Condo---ans-✔✔An-individually-owned-unit-in-an-apartment-style-complex-with-shared-
ownership-of-common-areas.Owned-in-fee-simple-+-undivided-joint-interests
,monetary-policy---ans-✔✔factor-in-supply
Old-english-law---ans-✔✔Bundle-of-legal-rights-comes-from
Fructus-Industriales---ans-✔✔An-Emblements,-considered-real-property,-plant-or-crop-
that-require-annual-cultivation
Enjoyment---ans-✔✔possession-without-harassment-or-interference
Broker---ans-✔✔Point-of-contact-between-2-or-more-people-in-negotiating-the-sale,-rental-
or-purchase
FEMA---ans-✔✔administers-the-national-flood-insurance-program
Chattel---ans-✔✔an-item-of-personal,-movable-property
Subdivision---ans-✔✔the-dividing-of-a-single-property-into-smaller-parcels
Agency---ans-✔✔Not-determined-by-source-of-compensation
Created-by-express-agreement-between-parties-and-ratification,-estoppel,-and-implication
Net-listings---ans-✔✔prohibited-in-some-states
Agent---ans-✔✔Principal-broker-of-firm
Puffing---ans-✔✔"Best-deal-in-town"
Exclusive-agency---ans-✔✔owner-sold-home-herself-and-didn't-owe-a-commission
Seller's-decision---ans-✔✔Listed-price-of-a-property-is-always
Breached-duty-of-loyalty---ans-✔✔Showing-a-buyer-homes-outside-their-price-range
Agent-is-interested-in-a-property-they-are-showing-a-buyer-and-they-make-an-offer-on-it
"self-dealing"
Undisclosed-dual-agency---ans-✔✔repping-buyer-and-seller-without-full-and-complete-
disclosure
Broker---ans-✔✔Commission-that-is-paid-to-a-salesperson-is-determined-by-mutual-
agreement-with
Transaction-broker---ans-✔✔not-representing-either-party-but-helping-a-buyer/seller-fill-
out-a-sales-contract
, Customer---ans-✔✔someone-who-refused-buyer-representation
a-FSBO-seller
Fee-for-services---ans-✔✔unbundling-of-services
Exclusive-right-to-sell-listing---ans-✔✔commission-regardless-if-the-broker-aids
Care-violation---ans-✔✔Switching-from-residential-to-industrial-prep-w/-no-experience
Agency-coupled-with-an-interest---ans-✔✔Broker-agrees-to-provide-financing-for-condo-
being-constructed-with-exclusive-right-to-sell-the-units
fee-for-service---ans-✔✔offering-real-estate-services-in-a-piecemeal-fashion
Patent-defect---ans-✔✔one-that-can-be-seen-with-the-naked-eye
Exclusive-buyer-agency-agreement---ans-✔✔contract-signed-between-purchaser-and-a-
broker
fraud---ans-✔✔net-listings-are-prohibited-because-they-could-lead-to
dual-agent---ans-✔✔Principal-broker-appoints-you-to-rep-the-buyer-in-designated-agency
Latent-defect---ans-✔✔One-that-you-can't-see-under-ordinary-inspection
CMA---ans-✔✔Way-to-ensure-a-buyer-doesn't-overpay
Retainer-fee---ans-✔✔A-small-fee-paid-by-the-client-upon-creation-of-a-buyer-agency-
relationship-as-an-advance-partial-compensation-for-services
Exclusive-right-to-sell---ans-✔✔most-protection-for-a-broker
Ratification---ans-✔✔can-be-expressed-in-writing-or-orally-accepting-the-acts-or-by-
principal-taking-the-benefits
Honesty-and-fair-dealing---ans-✔✔If-a-buyer-is-unrepresented,-listing-agent-still-owes-the-
buyer-the-duty-of
Open-listing---ans-✔✔Listing-given-to-any-number-of-brokers;-only-selling-broker-is-paid
caveat-emptor---ans-✔✔buyer-beware
Duty-of-Disclosure---ans-✔✔Letting-the-buyer-know-a-home-has-a-serious-foundation-
issue
