BARRON’S
The Leader in Test Preparation
REAL ESTATE
LICENSING EXAMS
SALESPERSON, BROKER,
APPRAISER
MOST UP-TO-DATE REVIEW
AND PRACTICE TESTS
CURRENTLY AVAILABLE
10TH EDITION
Jack P. Friedman, Ph.D., MAI, Broker,
and J. Bruce Lindeman, Ph.D., Broker
n 9 full-length practice exams: 7 for
salesperson and broker, 1 for federal law
and regulation, and 1 for appraiser
n Each chapter begins with a bulleted list of
“Essential Matters to Learn”
n Includes definitions and explanations of
new government regulations
, BARRON’S
REAL ESTATE
LICENSING
EXAMS
SALESPERSON, BROKER, APPRAISER
10TH EDITION
JACK P. FRIEDMAN, Ph.D., MAI, Broker
Licensed Real Estate Broker
Certified General Appraiser
Real Estate Economist, River Forest, IL
Former Laguarta Professor of Real Estate
Department of Finance/Real Estate Research Center
Texas A&M University
and
J. BRUCE LINDEMAN, Ph.D., Broker
Professor of Real Estate
University of Arkansas
at Little Rock
,© Copyright 2016, 2013, 2010, 2005, 2000, 1995, 1990, 1987, 1983, 1979
by Barron’s Educational Series, Inc.
All rights reserved.
No part of this publication may be reproduced or distributed in any form,
or by any means, without the written permission of the copyright owner.
All inquiries should be addressed to:
Barron’s Educational Series, Inc.
250 Wireless Boulevard
Hauppauge, New York 11788
www.barronseduc.com
ISBN: 978-1-4380-0745-8
ISSN 2152-7334
PRINTED IN THE UNITED STATES OF AMERICA
9 8 7 6 5 4 3 2 1
, Contents
Preface................................................................................................................................................xi
PART 1: INTRODUCTION TO REAL ESTATE
1 How to Use This Book.....................................................................................................................3
2 Definitions of Real Estate Terms................................................................................................7
3 Fundamentals of Real Estate Law.......................................................................................... 59
Essential Matters to Learn from This Chapter..................................................................... 59
Property............................................................................................................................................... 61
Estates in Land................................................................................................................................ 62
Creation of Estates in Land........................................................................................................ 63
Tenancies............................................................................................................................................64
Homestead Laws......................................................................................................................... ....65
Limitations on Estates and Interests.......................................................................................66
Title and Recordation.................................................................................................................... 67
Eminent Domain and Escheat...................................................................................................68
Your State’s Real Estate Law......................................................................................................69
PART 2: REAL ESTATE BROKERAGE
4 Agency Law...................................................................................................................................... 81
Essential Matters to Learn from This Chapter.................................................................... 81
Duties of Parties............................................................................................................................. 83
Real Estate Agency Contracts.................................................................................................84
The Agency Relationship in Real Estate Brokerage........................................................ 85
Earning the Commission............................................................................................................. 88
Termination of an Agency Contract.......................................................................................89
5 State Real Estate License Law................................................................................................99
Essential Matters to Learn from This Chapter...................................................................99
Understanding Your State’s Laws.........................................................................................100
Study Pattern for the License Law....................................................................................... 102
CONTENTS iii
The Leader in Test Preparation
REAL ESTATE
LICENSING EXAMS
SALESPERSON, BROKER,
APPRAISER
MOST UP-TO-DATE REVIEW
AND PRACTICE TESTS
CURRENTLY AVAILABLE
10TH EDITION
Jack P. Friedman, Ph.D., MAI, Broker,
and J. Bruce Lindeman, Ph.D., Broker
n 9 full-length practice exams: 7 for
salesperson and broker, 1 for federal law
and regulation, and 1 for appraiser
n Each chapter begins with a bulleted list of
“Essential Matters to Learn”
n Includes definitions and explanations of
new government regulations
, BARRON’S
REAL ESTATE
LICENSING
EXAMS
SALESPERSON, BROKER, APPRAISER
10TH EDITION
JACK P. FRIEDMAN, Ph.D., MAI, Broker
Licensed Real Estate Broker
Certified General Appraiser
Real Estate Economist, River Forest, IL
Former Laguarta Professor of Real Estate
Department of Finance/Real Estate Research Center
Texas A&M University
and
J. BRUCE LINDEMAN, Ph.D., Broker
Professor of Real Estate
University of Arkansas
at Little Rock
,© Copyright 2016, 2013, 2010, 2005, 2000, 1995, 1990, 1987, 1983, 1979
by Barron’s Educational Series, Inc.
All rights reserved.
No part of this publication may be reproduced or distributed in any form,
or by any means, without the written permission of the copyright owner.
All inquiries should be addressed to:
Barron’s Educational Series, Inc.
250 Wireless Boulevard
Hauppauge, New York 11788
www.barronseduc.com
ISBN: 978-1-4380-0745-8
ISSN 2152-7334
PRINTED IN THE UNITED STATES OF AMERICA
9 8 7 6 5 4 3 2 1
, Contents
Preface................................................................................................................................................xi
PART 1: INTRODUCTION TO REAL ESTATE
1 How to Use This Book.....................................................................................................................3
2 Definitions of Real Estate Terms................................................................................................7
3 Fundamentals of Real Estate Law.......................................................................................... 59
Essential Matters to Learn from This Chapter..................................................................... 59
Property............................................................................................................................................... 61
Estates in Land................................................................................................................................ 62
Creation of Estates in Land........................................................................................................ 63
Tenancies............................................................................................................................................64
Homestead Laws......................................................................................................................... ....65
Limitations on Estates and Interests.......................................................................................66
Title and Recordation.................................................................................................................... 67
Eminent Domain and Escheat...................................................................................................68
Your State’s Real Estate Law......................................................................................................69
PART 2: REAL ESTATE BROKERAGE
4 Agency Law...................................................................................................................................... 81
Essential Matters to Learn from This Chapter.................................................................... 81
Duties of Parties............................................................................................................................. 83
Real Estate Agency Contracts.................................................................................................84
The Agency Relationship in Real Estate Brokerage........................................................ 85
Earning the Commission............................................................................................................. 88
Termination of an Agency Contract.......................................................................................89
5 State Real Estate License Law................................................................................................99
Essential Matters to Learn from This Chapter...................................................................99
Understanding Your State’s Laws.........................................................................................100
Study Pattern for the License Law....................................................................................... 102
CONTENTS iii
