Perry Real Estate College Final
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.
Agency coupled with an interest - ✔️✔️Broker agrees to provide financing for condo
being constructed with exclusive right to sell the units
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
Deed - ✔️✔️A document that transfers ownership of property from one party to
another.
federally related transaction - ✔️✔️Appraisals are required for
Fixture - ✔️✔️An item of personal property that has been converted to real property by
being permanently affixed to the realty.
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
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
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.
Agency coupled with an interest - ✔️✔️Broker agrees to provide financing for condo
being constructed with exclusive right to sell the units
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
Deed - ✔️✔️A document that transfers ownership of property from one party to
another.
federally related transaction - ✔️✔️Appraisals are required for
Fixture - ✔️✔️An item of personal property that has been converted to real property by
being permanently affixed to the realty.
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
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
