Affiliate Broker Test exam with 100% correct answers

Broker Person or company licensed to sell buy exchange or lease real property for others and to charge a fee for those services Salesperson (affiliate broker) Employed by or associated with the broker to perform brokerage activities on behalf of the broker Appraisal Assessing a properties market value done by an appraiser Property manager Hired to manage a property on behalf of the owner Caveat emptor Buyer beware, is the law NAR (national association of realtors) Largest trade organization that serves the real estate business Residential property Single family or multi family housing Commercial property Business property, office space, shopping centers, stores, hotels Mixed use propery Commercial and residential in the same bulding Industrial property Warehouses, factories, power plantrs Agricultural property Farms, etc Special purpose property Churches, schools, cemeteries, parks Single family detached Includes houses that share a wall Common elemnts Halls, elevator, reception area shared in a condominium Cooperative Owned by s corporation, owners don't own units but shares, shareholders receive a proprietary lease PUD (planned development units) Aka master planned communities, self contained community MUD (mixed use developments) High rise developments of mixed use Converted use properties Factories warehouses converted to residential use Factory Built housing Aka mobile home, manufactured home Modular home Components assembled at bUilding site Uniqueness No two parcels of land are exactly alike, each occupies its own geographic location Immobility Property cannot be relocated, it's a fixed asset Factors affecting supply Labor force availability, construction and material costs, government controls and financial policy Factors affecting demand Population, demographics, employment and wage levels Real estate Land plus all human made improvements Improvement Any artificial thing attached below or above ground such as building fence water line sewer pipe landscaping Annexed Permanently attached Bundle of legal rights Possession, right to control property within the framework of the law, right of enjoyment, right exclusion, right of disposition Title Refers to ownership of the property as evidenced by a deed, not a document, deed is the document that conveys title Appurtenances Right of privilege associated with the property, transfers with title or "runs with the land" Riparian rights Non navigable waterways, owner owns to the middle of the water way Littoral rights Commercial water ways, navigable, owns land to average high water mark Accretion Aka alluvion, owner is entitled to all land create by natural erosion and deposit of sediment Avulsion Sudden removal of soil by an act of a nature Prior appropriation Right to use water in states where water is scarce is controlled by government, owner must obtain permit for the limited purpose of a beneficial use such as irrigation of crops Personalty All property that can be owned and does not fit the definition of real property Chattels Personal property, personalty, tangibles not fixed to the property permanently Fructus naturales Trees shrubs grasses that do not require annual cultivation Emblements Aka fructus industriales, annually cultivated considered personal property or personalt