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PERRY REAL ESTATE COLLEGE FINAL
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PERRY REAL ESTATE COLLEGE FINAL
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PERRY REAL ESTATE COLLEGE FINALFixture - Answers- An item of personal property that has been converted to real
property by being permanently affixed to the realty.
Special Purpose Real Estate - Answers- churches, schools, cemeteries, and
government-held lands
Propriety lease - Answers- the lease given to shareholders in a cooperative
Disposition - Answers- Right to encumber
Control - Answers- Right to determine interest of property
Accession - Answers- Acquiring title to additions or improvements to real property as a
result of a lease ending
PITI - Answers- Principal, Interest, Taxes, Insurance
Exclusion - Answers- ability to legally refuse others interest
Yes - Answers- Are Fixtures real property?
third - Answers- Mortgage interest on a ____ home affects tax returns
Improvement - Answers- any artificial thing attached on or below ground, such as a
building, fence, water line or sewer pipe, as well as growing things that are made part of
the landscaping.
Deed - Answers- A document that transfers ownership of property from one party to
another.
federally related transaction - Answers- Appraisals are required for
Broker - Answers- Point of contact between 2 or more people in negotiating the sale,
rental or purchase
FEMA - Answers- administers the national flood insurance program
Chattel - Answers- an item of personal, movable property
Subdivision - Answers- the dividing of a single property into smaller parcels
Agency - Answers- Not determined by source of compensation
,Created by express agreement between parties and ratification, estoppel, and
implication
Net listings - Answers- prohibited in some states
Agent - Answers- Principal broker of firm
Puffing - Answers- "Best deal in town"
Exclusive agency - Answers- owner sold home herself and didn't owe a commission
Seller's decision - Answers- Listed price of a property is always
Breached duty of loyalty - Answers- Showing a buyer homes outside their price range
Agent is interested in a property they are showing a buyer and they make an offer on it
"self dealing"
Undisclosed dual agency - Answers- repping buyer and seller without full and complete
disclosure
Broker - Answers- Commission that is paid to a salesperson is determined by mutual
agreement with
Transaction broker - Answers- not representing either party but helping a buyer/seller
fill out a sales contract
Customer - Answers- someone who refused buyer representation
a FSBO seller
Fee for services - Answers- unbundling of services
Exclusive right to sell listing - Answers- commission regardless if the broker aids
Care violation - Answers- Switching from residential to industrial prep w/ no experience
Condo - Answers- An individually owned unit in an apartment-style complex with shared
ownership of common areas.Owned in fee simple + undivided joint interests
monetary policy - Answers- factor in supply
Old english law - Answers- Bundle of legal rights comes from
, Fructus Industriales - Answers- An Emblements, considered real property, plant or crop
that require annual cultivation
Enjoyment - Answers- possession without harassment or interference
Agency coupled with an interest - Answers- Broker agrees to provide financing for
condo being constructed with exclusive right to sell the units
fee-for-service - Answers- offering real estate services in a piecemeal fashion
Patent defect - Answers- one that can be seen with the naked eye
Exclusive buyer agency agreement - Answers- contract signed between purchaser and
a broker
fraud - Answers- net listings are prohibited because they could lead to
dual agent - Answers- Principal broker appoints you to rep the buyer in designated
agency
Latent defect - Answers- One that you can't see under ordinary inspection
CMA - Answers- Way to ensure a buyer doesn't overpay
Retainer fee - Answers- A small fee paid by the client upon creation of a buyer agency
relationship as an advance partial compensation for services
Exclusive right to sell - Answers- most protection for a broker
Ratification - Answers- can be expressed in writing or orally accepting the acts or by
principal taking the benefits
Honesty and fair dealing - Answers- If a buyer is unrepresented, listing agent still owes
the buyer the duty of
Open listing - Answers- Listing given to any number of brokers; only selling broker is
paid
caveat emptor - Answers- buyer beware
Duty of Disclosure - Answers- Letting the buyer know a home has a serious foundation
issue
Honesty - Answers- Not a fiduciary duty owed to a client
Buyers agency - Answers- Exists when an agent represents the buyer only
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