Term
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Definition
| The business of bringing people together in a real estate transaction conducted by a real estate broker. |
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Term
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Definition
| A person who is licensed to buy, sell, exchange or lease real property for others for compensation. |
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Term
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Definition
| (Sales Associate) conducts brokerage activities on behalf of the broker. |
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Term
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Definition
| The process of developing an opinion of a property's value (typically market value) based on established metho=ds and an appraiser's professional judgement. Licensing, or certification is required for all federally related transactions, and many states require licensing, or certification for other transactions as well. |
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Term
| Property management is conducted by whom? |
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Definition
| Is conducted by a property manager. |
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Term
| A property manager is hired to do what? |
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Definition
| A person, or company, hired to maintain and manage property on behalf of the property owner. |
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Term
| The property manager's scope of work depends on a...? |
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Definition
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Term
| The basic responsibility of a property manager is...? |
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Definition
| To protect the owner's investment while maximizing the owner's financial returns. |
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Term
| Financing is the business of...? |
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Definition
| Providing the funds that make real estate transactions possible through loans secured by a mortgage or deed of trust on the property. Funding may be provided by commercial banks, credit unions, mortgage bankers and mortgage brokerage companies. |
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Term
| Subdivision and Development does what to a single property? |
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Definition
| Subdivision and Development involve splitting a single property into smaller parcels (subdividing) and constructing improvements on the land (development). |
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Term
Home Inspections is of interests to both purchasers and homeowners:
True or False? |
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Definition
True.
An inspection report will show results of a thorough survey of observable property conditions. A state license may be required of a home inspector. |
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Term
| Real Estate Counseling involves what? |
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Definition
| Independent advice based on sound professional judgement regarding how to buy, sell, or invest in property. |
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Term
| Types of real estate property include: |
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Definition
| Residential, Commercial, mixed use, industrial, agricultural, and special purpose, which can be privately or publicly held. |
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Term
| Discrimination as it pertains to housing is: |
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Definition
| In the provision of housing and related services, discrimination is prohibited by federal law. |
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Term
| The real estate market reflects which economic principle? |
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Definition
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Term
| The real estate market is influenced by the...? |
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Definition
| Uniqueness and immobility of the parcels of real estate. When the supply increases relative to the demand, prices go down and when demand increases relative to the supply, prices go up. |
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Term
| The factors affecting the supply of real estate include: |
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Definition
Labor force availability,
Construction and material costs,
Government control (Environmental restrictions, land use policies, building codes, zoning) and.
Monetary policy that impacts interest rates and the money supply. |
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Term
| The factors affecting the demand for real estate include: |
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Definition
| Population, demographics, employment and wage levels. |
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Term
| The buyer of a home can benefit from ...? |
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Definition
| Tax deductions, exclusion of gains on the sale of the home and tax credits when available. |
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Term
| When discussing land in real estate, land includes: |
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Definition
Earth's surface
It's subsurface extending downward to the center of the earth and
the air space above the surface. |
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Term
| Physical characteristics of land, include: |
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Definition
Immobility
Indestructability and
Non-homogeneity (Uniqueness). |
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Term
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Definition
| Mineral rights and other natural resources that can be leased or sold separately from surface rights. |
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Term
Air Rights can be sold.
True or False |
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Definition
True'.
Air Rights can be sold separately from surface rights and have limitations to enable air travel. |
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Term
| Water Rights can be held by whom? |
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Definition
| By owners of land adjacent to rivers, lakes and oceans. |
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Term
| Land naturally attached to it: |
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Definition
| Trees, crops that doesn't need to be cultivated (fructas naturales), and perennial crops. orchards adn vineyards (fructas industriales). |
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Term
Real Estate includes the land as well as all things permanently attached or annexed t0 the land, both by nature and humans.
Tru or False? |
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Definition
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Term
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Definition
| Interests, benefits and rights that are automatically included in the ownership of unimproved land and real estate. |
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Term
| Define the Bundle of Legal Rights: |
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Definition
| Bundle of Legal Rights can best be defined as: The Rights of Possession, Control, enjoyment, exclusion and disposition. |
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Term
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Definition
| Title is the rights to ownership of real property and the evidence of ownership provided by a written document, called deed. by which title is transferred. |
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Term
| Definition: Appurtenance. |
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Definition
| An appurtenance is a right or privilege associated with real property in some way, such as a parking space in a multiunit building, as easement, or water rights and is normally conveyed to the new owner when the property os sold. |
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Term
| Wo determines Water Rights? |
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Definition
Water Rights are determined by common law or statute.
They include riparian and littoral rights. |
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Term
| Riparian rights, are defined as: |
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Definition
| Water rights which belong to owners of land along a flowing body of water. |
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Term
| Littoral Rights are defined as... |
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Definition
| Water Rights which belong to owners of land that borders a commercially navigable lake, sea or ocean. |
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Term
| As it pertains to water rights, define Prior Appropriation Doctrine? |
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Definition
Prior Appropriation Doctrine is defined as: a legal system that determines water rights based on when a person first uses water for beneficial purpose.
This is controlled by the state rather than the landowner adjacent to the water to use the water the landowner must demonstrate a beneficial use of the water -such as doe irrigation or crops. |
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Term
| The economic characteristics of land include: |
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Definition
Scarcity
Improvement
Permanence of the investment and
Area preference (status). |
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Term
| Personal property (chattel) includes: |
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Definition
Moveable items such as chairs and/or a sofa.
Emblements: annual plantings of crops of grain, vegetables, and fruit. |
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Term
| Items of real property can become personal property by... |
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Definition
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Term
| Items of personal property can become real property by...? |
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Definition
| Annexation (such as construction materials). |
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Term
| Factory built home including manufactured homes can become personal property unless... |
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Definition
| Permanently affixed to the land. |
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Term
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Definition
| A Fixture is personal property that has been affixed to the land or to a building so that by law it becomes part of the real property. |
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Term
| The legal test for a fixture includes - MARIA: |
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Definition
Method of attachment
Adaptability of the thing for land's ordinary use,
Relationship of the parties,
Intent in [placing the item on the land, and
Agreement of the parties. |
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Term
Trade fixtures, can be personal property.
True or False. |
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Definition
True.
Trade fixtures include property attached to a structure but used in the course of business. Trade fixtures can be personal property, if removed by the tenant with the [remises returned to their original condition before the lease expires. |
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Term
| Trade fixtures can also become part of the real property if... |
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Definition
| If left behind by the tenant. |
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Term
| If left behind by the tenant when the lease expires, the landlord will acquire trade fixtures by... |
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Definition
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Term
| State laws that affect real estate include those on: |
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Definition
| Contracts, property, agency and real estate licensing. |
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Term
Note:
There are state and local land land-use and zoning laws as well s federal and state laws concerning consumer protection, the environment and taxation |
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Definition
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