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Real Estate Terminology Michigan Questions Answers With Verified Solutions Already Passed!!!
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Real Estate Terminology Michigan Questions Answers With Verified Solutions Already Passed!!!
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Real Estate Terminology MichiganQuestions Answers With Verified
Solutions Already Passed!!!
ALLODIAL SYSTEM - ANSWER✔✔ THE TYPE OF LAND OWNERSHIP
EXISTING IN THE UNITED STATES WHEREBY INDIVIDUALS MAY
HOLD TITLE TO REAL PROPERTY ABSOLUTELY.
2. ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS (ARELLO);
- ANSWER✔✔ FOUNDED IN 1929, A GROUP OF REAL ESTATE LICENSE
LAW OFFICIALS THAT REGULATES MORE THAN 2 MILLION REAL
ESTATE LICENSES...
CHATTEL - ANSWER✔✔ PERSONAL PROPERTY
CONVEY - ANSWER✔✔ TO PASS TO ANOTHER ( AS IN TITLE)
CONVEYANCE - ANSWER✔✔ TRANSFER OF TITLE OF REAL PROPERTY
EMBLEMENTS - ANSWER✔✔ PERSONAL PROPERTY GROWING IN THE
SOIL REQUIRING PLANTING & CULTIVATING: ANNUAL CROPS
FEUDAL SYSTEM - ANSWER✔✔ A TYPE OF LAND OWNERSHIP IN
MEDIEVAL EUROPE, WHEREBY ONLY THE KING COULD HOLD
ABSOLUTE TITLE TO REAL PROPERTY.
, FIXTURE - ANSWER✔✔ PERSONAL PROP. THATS BECOME REAL
PREOPERTY BY BEING PERMANENTLY ATTACHED TO REAL
PROPERTY
FREEHOLD ESTATES - ANSWER✔✔ FEE SIMPLE ESTATES, WHICH ARE
INHERTIABLE& LIFE ESTATES WHICH ARE NOT INHERITABLE.
FREE MARKET - ANSWER✔✔ A NICKNAME FOR FEDERAL HOME LOAN
MORTAGE CORP. (FHLMC) A CORP. WHOLLY OWNED BY THE FEDRAL
HOME LOAN BANK SYSTEM. THE PURCHASES FHA, VA AND
CONVENTIONAL MORTGAGES.
HETEROGENEITY - ANSWER✔✔ A VARIETY OF DISSIMILAR USES OF
PROPERTY; NONHOMOGENEOUS
HIGHEST AND BEST USE - ANSWER✔✔ USE OF LAND THAT WILL
PRESERVE ITS UTILITY AND YIEDL A NET INCOME FLOW IN THE
FORM OF RENT THAT WHEN CAPITALIZED AT THE PROPER RATE OF
INTEREST, REPRESENTS THE HIGHEST PRESENT VALUE OF THE LAND
HOMOGENEITY - ANSWER✔✔ NEIGHBORHOODS MADE UP OF
SIMILAR AND COMPATIBLE PROPERTIES
IMMOBILITY - ANSWER✔✔ INCAPABLE OF BEING MOVED, FIXED IN
LOCATION; IMPORTANT PHYSICAL CHARACTERISTIC OF LAND
INDESTRUCTIBILITY - ANSWER✔✔ A PHYSICAL CHARACTERISTIC OF
LAND DESCRIBING THAT LAND AS A PERMANENT COMMODITY THAT
CANT BE DESTROYED
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