Real Estate Broker Certification Test (2023) | Questions & Answers (Rated A+)

Real Estate Broker Certification Test (2023) | Questions & Answers (Rated A+) Real Estate Broker Certification Test (2023) | Questions & Answers (Rated A+) Broker - ANSWER - A person who holds a valid broker license issued by the commission to practice real estate Buyer's Market - ANSWER - A situation in the housing market where there are many homes available for sale but few buyers Business Cycle - ANSWER - General swings in business activity, resulting in the expanding and contracting activity during different phases of the cycle Condominium - ANSWER - A property developed for co-ownership, with each co-owner having a separate interest in an individual unit, combined with an undivided interest in the common areas of the property Cost of Money - ANSWER - The interest rate that people or businesses must pay to use another's money for their own purposes Economic Base - ANSWER - The main business or industry in an area that a community uses to support and sustain itself Fixture - ANSWER - A man-made attachment; an item of personal property that has been attached to or closely associated with real property in such a way that it is now legally part of the real property Fructus Industriales - ANSWER - Fruits of Industry- Plants planted and cultivated by people Fructus Naturales - ANSWER - Fruits of Nature - Naturally occurring plants Immobility - ANSWER - A physical characteristic of real estate referring to the fact that real estate cant move from one place to another (Customers are also somewhat immobile) Inflation - ANSWER - An increase in the costs of goods or services or too much money chasing too few goods Managing Broker - ANSWER - A person who, for consideration, sells, buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate or negotiates to perform any of those acts Personal Property - ANSWER - Also called Chattel or Personalty. Tangible items that are not permanently attached to or part of real estate; any property that is not real property; moveable property not affixed to land Real Estate - ANSWER - The actual physical land and everything, both natural and man-made, which is attached to it Real Estate Cycles - ANSWER - General swings in real estate activity, resulting in increasing or decreasing activity and property values, during different phases of the cycle Real Estate Licensee - ANSWER - A person licensed to practice real estate. State law requires that any person, partnership, or corporation, who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, ore represents publicly that he or she so deals, must be licensed Real Property - ANSWER - Not only the physical land and everything attached to it, but also the rights of ownership in the real estate. Also called Realty Scarcity - ANSWER - Characteristic of real property that says there is a limited supply of real estate Sellers Market - ANSWER - A situation in the housing market when sellers can choose from a large number of buyers looking for houses in an area Timeshare - ANSWER - An ownership interest that gives the owner the right to possession of the property only for a specific, limited period of time each year Trade Fixture - ANSWER - Items of personal property that are annexed to lease property and are necessary to a trade or business and which are removable by the tenant prior to the expiration of the lease. Air Rights - ANSWER - The right to undisturbed use and control of airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land Allodial System - ANSWER - A system of land ownership where anyone can own land Appropriative Rights - ANSWER - Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property next to a body of water in order to apply for an appropriation permit Appurtenance - ANSWER - A right that goes along with ownership of real property usually transferred with the property, but can be sold separately. This is a legal term referring to both physical and non-physical appurtenances (air, water, and mineral rights) Bundle of Rights - ANSWER - All real property rights that are conferred with ownership, including the right of possession, right of quiet enjoyment, right of disposition, right of exclusion, and right of control Curtesy - ANSWER - A husband's interest in his wife's property Deed - ANSWER - A written instrument transferring the grantor's ownership, or interest in, real property Defeasible Fee - ANSWER - A type of freehold estate conveying ownership interest that comes with a condition also called a Qualified Fee Dower Rights - ANSWER - A wife's interest in her husband's property Encumbrance - ANSWER - Any claim, lien, charge, or liability that affects or limits the fee simple title to real property Estate - ANSWER - A possessory interest in real property; wither a freehold estate or a leasehold estate Fee Simple - ANSWER - The greatest estate on can have in real property, often called fee simple or fee title Fee Tail Estate - ANSWER - A type of freehold estate in which the right of inheritance is limited to a fixed line of succession of blood relatives. This type of estate could continue forever, as long as there are lineal descendants to inherit Feudal System - ANSWER - The system of land ownership where king or queens own all the land and all other people are merely tenants Freehold Estate - ANSWER - A possessory interest in real property of uncertain (and often unlimited) duration; an ownership estate in real property; wither a fee simple or life estate. Holder of freehold estate has title Grantee - ANSWER - Person receiving a grant of real property Grantor - ANSWER - Person who grants an interest in real property to another Lateral Support - ANSWER - The support that land receives from the land adjacent to it Leasehold Estate - ANSWER - An estate that gives the holder (tenant) a temporary right to possession, without title. Also called a less-than-freehold estate Lien - ANSWER - A nonpossessory interest in property, giving a lien holder the right to foreclose if the owner does not pay a debt owed to the lien holder Life Estate - ANSWER - The conveyance of fee title only for the duration of a named person's life