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