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  • Prep Agent: 10 Concepts You Must Know To Pass The
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Prep Agent: 10 Concepts you must know to pass the real estate exam

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Prep Agent: 10 Concepts you must know to pass the real estate exam

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Prep Agent: 10 Concepts you must know to pass the real estate exam




What are the essential elements of value (hint: stud)



Choose an answer



limited amount of time (leases) 2 indefinite duration (ownership)




transferability
3




Prep Agent: 10 Concepts you must know to pass the real estate exam

, Prep Agent: 10 Concepts you must know to pass the real estate exam




Terms in this set (49)



Real property Immovable


Personal Property Moveable


What are the two types of real estate 1. Less than freehold estate
2. Freehold Estate


Less than freehold estate limited amount of time (leases)


Freehold estate Indefinite duration (ownership)


Types of leases 1. Estate for years
2. Periodic Tenancy
3. Estate at will
4. Estate at sufferance


Estate for years Lease for defined period of time


Periodic tenancy Leases that are recurring:
wk-wk, mo-mo, yr-yr


Estate at will Lease can end at any time


Estate at sufferance Tenant has stayed for too long


Types of freehold estates Fee simple absolute
Fee simple defeasible
Life estate


Fee simple absolute highest degree of ownership


Fee simple defeasible can lose estate if conditions are not met or are broken


Life estate owning property for time of someone elses life




Prep Agent: 10 Concepts you must know to pass the real estate exam

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