Real Estate Salesperson California State Exam

Eminent Domain - Answer- The ability of the government to acquire real property against the owner for the benefit of the public. Fee Simple - Answer- What is the most complete estate in real property? Puffing - Answer- What is an exaggerated statement. Reconciliation - Answer- What is the process of arriving at a final market value conclusion from the estimates of three appraisal approaches to value? Adverse Possession - Answer- The actual, visible, hostile, notorious, taking of another's land under a claim of title for a statutory period of time. Time is of the essence - Answer- A phrase in a contract that requires the performance of a certain act within a stated period of time. Leverage - Answer- The use of borrowed money to finance the bulk of an investment that one could not have afforded otherwise. Truth in Lending Act - Answer- What is another name for Regulation Z? Holdover Tenant - Answer- What is the official name of a tenant who remains in a leased property after the lease expires. Syndicate - Answer- A typical business arrangement that is created when individual persons invest money for real estate investments. Capital Gain - Answer- What is the profit from the sale of real estate called according to the IRS. Deficiency Judgement - Answer- What legal action can be sought in court by a mortgagee to recover lost money when the public sale of a forced foreclosed property does not pay off the entire mortgage debt? Ingress & Engress - Answer- Rights to enter and exit land? Foreclosure - Answer- What is it called when a lender initiates a court process that will result in the public sale of real property. Principal or Client - Answer- What is the name of the party being represented in an agency relationship?