Affiliate Broker exam with 100% correct answers

Personal Property Also called Chattels Has mobitily! Life Estate that is willed and then sold, the buyer can live there... Until the seller, that sold the willed property, dies. Tenants in Common -unequal interest -no right of survivorship Joint Tenancy Everyone has an equal part/ownership Right to survivorship Devise gift of real property by will Alienation The transferring of property to another Encroachment A building or some portion of it - a wall or fence for instance - that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley Accession right to all which one's property produces; acquiring property attached as an incident. Process of acquiring title to improvements made on your land without your approval before installation. Accretion addition of land by the deposit of sand or soil by a natural process. Alluvion solid material deposited by a body of water Erosion gradual wearing away of land by wind or water Avulsion The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream. Intestate vs Testate Intestate means a person dies with no will and testate means the person who died had a valid will. Escheat the reversion of property to the government when someone dies who has no will or heirs General Warranty Deed Contains all covenants but is only as good as the seller is. Purchase title insurance Special Warranty Deed Contains what it has to and nothing extra. No special promises. Quitclaim Deed deed that conveys an individual's property rights to another but has none of the covenants of the warranty deed Fiduciary Responsibilities obedience, loyalty, disclosure, confidentiality Non-Conforming Use ("Grandfather Clause") existed before zoning, can continue to exist after zoning. Designated Agent A licensee authorized by a broker to act as the agent for a specific person in a particular transaction. Transaction Broker/ Facilitator A non-agency represents no one as agent in a real estate transaction. Constructive Notice When a deed is recorded Material Facts conditions or anything that could/would cause you to not buy the property. Exclusive Agency owner reserves right to sell without paying anyone commission if he sales to a prospect who was not introduced or claimed by the broker. Voidable Contract A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties. Executed Contract A contract under which both parties have fulfilled their promises and perform the contract. Equitable Title gives buyer the right to force the seller to sale if the seller attempts to wessell out of the contract. This requires court action, called a suit of specific performance. Uniform Vendor and Purchaser Risk Act (UVPRA) seller is responsible for the property as it is under contract. *In case of flood/fires* TN HAS NOT PASSED!! IT IS ALREADY IN THE CONTRACT IN A CLAUSE Option Contract a contract that gives the purchaser of the option the right to buy property at a fixed price for a certain period of time. OWNER IS OBLIGATED TO SALE! Fee Simple Estate The maximum possible estate or right of ownership of real property. Indefeasible. Has something you can will to someone else Determinable Estate/ Defeasible Estate an estate thats subject to a special limitation or condition. If limitation or condition is violated, original grantor automatically reacquires full ownership Remainderman Person who receives title to property after the life tenant dies. Receives a fee simple abso