real estate terminology michigan
ALLODIAL SYSTEM - correct answer ✔✔THE TYPE OF LAND OWNERSHIP EXISTING IN THE UNITED STATES
WHEREBY INDIVIDUALS MAY HOLD TITLE TO REAL PROPERTY ABSOLUTELY.
2. ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS (ARELLO); - correct answer ✔✔FOUNDED IN
1929, A GROUP OF REAL ESTATE LICENSE LAW OFFICIALS THAT REGULATES MORE THAN 2 MILLION REAL
ESTATE LICENSES...
CHATTEL - correct answer ✔✔PERSONAL PROPERTY
CONVEY - correct answer ✔✔TO PASS TO ANOTHER ( AS IN TITLE)
CONVEYANCE - correct answer ✔✔TRANSFER OF TITLE OF REAL PROPERTY
EMBLEMENTS - correct answer ✔✔PERSONAL PROPERTY GROWING IN THE SOIL REQUIRING PLANTING
& CULTIVATING: ANNUAL CROPS
FEUDAL SYSTEM - correct answer ✔✔A TYPE OF LAND OWNERSHIP IN MEDIEVAL EUROPE, WHEREBY
ONLY THE KING COULD HOLD ABSOLUTE TITLE TO REAL PROPERTY.
FIXTURE - correct answer ✔✔PERSONAL PROP. THATS BECOME REAL PREOPERTY BY BEING
PERMANENTLY ATTACHED TO REAL PROPERTY
FREEHOLD ESTATES - correct answer ✔✔FEE SIMPLE ESTATES, WHICH ARE INHERTIABLE& LIFE ESTATES
WHICH ARE NOT INHERITABLE.
FREE MARKET - correct answer ✔✔A NICKNAME FOR FEDERAL HOME LOAN MORTAGE CORP. (FHLMC) A
CORP. WHOLLY OWNED BY THE FEDRAL HOME LOAN BANK SYSTEM. THE PURCHASES FHA, VA AND
CONVENTIONAL MORTGAGES.
, HETEROGENEITY - correct answer ✔✔A VARIETY OF DISSIMILAR USES OF PROPERTY;
NONHOMOGENEOUS
HIGHEST AND BEST USE - correct answer ✔✔USE OF LAND THAT WILL PRESERVE ITS UTILITY AND YIEDL
A NET INCOME FLOW IN THE FORM OF RENT THAT WHEN CAPITALIZED AT THE PROPER RATE OF
INTEREST, REPRESENTS THE HIGHEST PRESENT VALUE OF THE LAND
HOMOGENEITY - correct answer ✔✔NEIGHBORHOODS MADE UP OF SIMILAR AND COMPATIBLE
PROPERTIES
IMMOBILITY - correct answer ✔✔INCAPABLE OF BEING MOVED, FIXED IN LOCATION; IMPORTANT
PHYSICAL CHARACTERISTIC OF LAND
INDESTRUCTIBILITY - correct answer ✔✔A PHYSICAL CHARACTERISTIC OF LAND DESCRIBING THAT LAND
AS A PERMANENT COMMODITY THAT CANT BE DESTROYED
investment - correct answer ✔✔The OUTLAY OF MONEY FOR INCOME OR PROFIT; THE OUTLAY OF
MONEY FOR
land use controls - correct answer ✔✔governmental restrictions on land use zoning laws, building codes
leverage - correct answer ✔✔the use of borrowed funds ; the larger the percentage of borrowed money,
the greater the leverage
listing contract - correct answer ✔✔a contract whereby a property owner employs a real estate broker
to market the property described in the contract
location - correct answer ✔✔an economic characteristic of land having the greatest effect on value in
comparison to any other characteristic
modification by improvement - correct answer ✔✔an economic characteristic of land providing that the
economic supply of land is increased by improvements made to the land and on the land
ALLODIAL SYSTEM - correct answer ✔✔THE TYPE OF LAND OWNERSHIP EXISTING IN THE UNITED STATES
WHEREBY INDIVIDUALS MAY HOLD TITLE TO REAL PROPERTY ABSOLUTELY.
2. ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS (ARELLO); - correct answer ✔✔FOUNDED IN
1929, A GROUP OF REAL ESTATE LICENSE LAW OFFICIALS THAT REGULATES MORE THAN 2 MILLION REAL
ESTATE LICENSES...
CHATTEL - correct answer ✔✔PERSONAL PROPERTY
CONVEY - correct answer ✔✔TO PASS TO ANOTHER ( AS IN TITLE)
CONVEYANCE - correct answer ✔✔TRANSFER OF TITLE OF REAL PROPERTY
EMBLEMENTS - correct answer ✔✔PERSONAL PROPERTY GROWING IN THE SOIL REQUIRING PLANTING
& CULTIVATING: ANNUAL CROPS
FEUDAL SYSTEM - correct answer ✔✔A TYPE OF LAND OWNERSHIP IN MEDIEVAL EUROPE, WHEREBY
ONLY THE KING COULD HOLD ABSOLUTE TITLE TO REAL PROPERTY.
FIXTURE - correct answer ✔✔PERSONAL PROP. THATS BECOME REAL PREOPERTY BY BEING
PERMANENTLY ATTACHED TO REAL PROPERTY
FREEHOLD ESTATES - correct answer ✔✔FEE SIMPLE ESTATES, WHICH ARE INHERTIABLE& LIFE ESTATES
WHICH ARE NOT INHERITABLE.
FREE MARKET - correct answer ✔✔A NICKNAME FOR FEDERAL HOME LOAN MORTAGE CORP. (FHLMC) A
CORP. WHOLLY OWNED BY THE FEDRAL HOME LOAN BANK SYSTEM. THE PURCHASES FHA, VA AND
CONVENTIONAL MORTGAGES.
, HETEROGENEITY - correct answer ✔✔A VARIETY OF DISSIMILAR USES OF PROPERTY;
NONHOMOGENEOUS
HIGHEST AND BEST USE - correct answer ✔✔USE OF LAND THAT WILL PRESERVE ITS UTILITY AND YIEDL
A NET INCOME FLOW IN THE FORM OF RENT THAT WHEN CAPITALIZED AT THE PROPER RATE OF
INTEREST, REPRESENTS THE HIGHEST PRESENT VALUE OF THE LAND
HOMOGENEITY - correct answer ✔✔NEIGHBORHOODS MADE UP OF SIMILAR AND COMPATIBLE
PROPERTIES
IMMOBILITY - correct answer ✔✔INCAPABLE OF BEING MOVED, FIXED IN LOCATION; IMPORTANT
PHYSICAL CHARACTERISTIC OF LAND
INDESTRUCTIBILITY - correct answer ✔✔A PHYSICAL CHARACTERISTIC OF LAND DESCRIBING THAT LAND
AS A PERMANENT COMMODITY THAT CANT BE DESTROYED
investment - correct answer ✔✔The OUTLAY OF MONEY FOR INCOME OR PROFIT; THE OUTLAY OF
MONEY FOR
land use controls - correct answer ✔✔governmental restrictions on land use zoning laws, building codes
leverage - correct answer ✔✔the use of borrowed funds ; the larger the percentage of borrowed money,
the greater the leverage
listing contract - correct answer ✔✔a contract whereby a property owner employs a real estate broker
to market the property described in the contract
location - correct answer ✔✔an economic characteristic of land having the greatest effect on value in
comparison to any other characteristic
modification by improvement - correct answer ✔✔an economic characteristic of land providing that the
economic supply of land is increased by improvements made to the land and on the land
