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Reca Residential Test Terms with 100- correct answers.
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Reca Residential Test Terms with 100- correct answers.
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Reca Residential Test Termswith 100% correct answers
Subdivision
division of larger lot into two or more smaller lots
Intensification
change in intensity of use within the same land use classification.
involves development of higher occupancy than what currently
exists.
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Assmblage
involves purchase of continuous lots to create a larger single lot
Densification
increased concentration of residents, increase in the maximum
allowable occupants. usually involves land use change
Fee Simple
, highest form of ownership with the most rights. closest to absolute
ownership. owns property until they sell it or pass away, can control
who inherits through the will.
Leasehold
right to exclusive use of property for set period of time. may obtain
leasehold title if more than three years.
Life Estate
right to exclusive possession for period of time (typically lifetime).
after land reverts to fee simple or to assignee. Dower Act applies
Sole ownership
only one name appears, Dower Act may apply (creates interest for
unnamed spouse) can prevent disposal of property by spouse.
Joint Tenancy
equal interest, interest passes down to surviving owners upon
death. All receive interests at the same time, obtain titles from
same document, all have same interest, undivided interest.
Tenancy in Common
equal or unequal shares. no right of survivorship (can give to
anyone), ownership can be sold, all tenants must agree to dispose
Insurance principal
reflects correct status. Got compensated for loss or damage through
land titles assurance fund if inaccurate.
Curtain Principal
contains all information about the title.
Mirror Principal
Certificate of Title accurately and completely shows current facts.
Written service agreement
when consumer chooses a representation relationship- becomes a
client- provide signed copy to brokerage
Customer Acknowledge forms
non-representation relationship- becomes a customer- provide
signed copy to brokerage
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