Iowa Real Estate Exam Study Questions and Complete Solutions

What is the largest real estate organization? "NAR"- National Association of Realtors What are members of NAR called? Realtor Associates What is the difference between the word broker and the word realtor? Broker=Real Estate Licensee Realtor=Real Estate Licensee who is a member of NAR Real Estate Land and Human-made improvements to the land that are permanently attached (annexed) to it. Land Earth's surface extending downward to the center of the earth and upward to infinity. Includes naturally attached objects such as trees and bodies of water. Improvement any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe. Includes growing things that are made part of the landscaping. Real Property Interests, benefits, and rights automatically included in ownership of real estate. What are owners rights to property called? Bundle of Legal Rights Bundle of Legal Rights (5 parts DEEPC) 1. Dispose- Sell, will, transfer, or dispose/encumber property 2.Enjoyment- Use property in any legal manner 3.Exclude-Keep others from entering/using property 4.Possession 5.Control-Property within framework of law