- Study guides, Class notes & Summaries

Real Estate Ans: Refers to the raw land plus any improvements that are permanent or fixed to the land. Real Property Ans: Refers to the tangible attributes of the land (Real Estate) as well as the intangible rights of ownership What are some characteristics of land? Ans: Durable, Rigid, Immobile, Unique, Scarce Fee Simple 2 | P a g e Ans: The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. Leasehold Ans: Grants a t...

Structure - Roof Ans: -Transfers roof loads to rafters, trusses and joists - Ultimately transfers loads to bearing walls and framing -Roof covering protects the roof sheathing Structure - Framing/floors Ans: -Balloon or platform construction -Floor provides continuous pad for framing Structure - Walls 2 | P a g e Ans: -Carry weight of roof and floor to the foundation -Wall structure varies based on type of framing Structure - Footings/foundation Ans: Transmits the weight of the s...

Individual is expected to do the right thing cause it's the right thing to do, regardless of outcome Ans: duty-based ethics Sells the optimal result for the greatest number of people Ans: utalitarian ethics Punishment for a technical breach Ans: Advisory note One or two potentially serious infraction would cause this punishment Ans: Administrative penalty/ fine 2 | P a g e These two ways of creating a representation relationship should not be done in real estate Ans: Ratifi...

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