REAL the real property until his or her

REAL ESTATE STUDY GUIDETEST-Ch 1 & 2• Condensed history of a title to a particular parcel of real estate is known as abstract.

• Easement are rights granted to use, yet not own, a specified piece of real property.• Real property is both a right and privilege associated with land and transferred by deed• When real estate is bought and sold, a fixture is the property of the: Buyer• Property is owned is 2 ways: Freehold and less than freehold• The definition of land includes all but: BUILDINGS• People are building an enclosed front porch.Lumber dealer unloaded a truckload of lumber in front of their house that will be used to build the porch. Lumber is considered: as PERSONAL PROPERTY ONLY• The purchase of real estate reflects a complex body of laws• A title held in fee simple gives the owner unlimited, unabashed use of the real property until his or her demise or until death or the death of another.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

• A career in real estate requires many skills and competencies including: drafting the agreement of sale, interpreting surveys, orchestrating multiple parties to a transaction • Ray South obtained his real estate license four months ago and is now able to operate his own real estate agency: FALSE• A tenant at sufferance is the same as a trespasser or squatter: False• A life estate lasts only as long as the life measured or tied to the estate: True • To “list” implies an offer to sell.TRUE• It was reported recently that KREC has granted real estate licenses to 33 convicted felons: TRUE• The text refers to five types of misrepresentations in the real estate transaction:o Innocento Silento o o • Name three real estate brokerage relationshipso Buyer agento Transaction brokero Designated seller• The term intestate means died without will • Caveat emptor means-let the buyer beware• KREC-Kansas Real Estate Commission • POA-Power of Attorney• DOM-Days on Market• JTWROS-joint tenancy with right of survivorship• KAR-Kansas Association of realtors• Mortgagee-Lender• Vendor-seller of realty• Executor- named in a will• Condominium-fee simple rights exist• Vendee-buyer of realty• Administrator-appointed by the court• ESSAYS:o Does an open listing differ from a MLS? Why or why not?o How do the functions of brokers and real estate agents differ? How are they similar?o How is real property different from personal property?CH 1• Skills needed: drafting doc, reviewing title assessments, interpreting surveys, analyzing and preparing leases, inspecting property, assuming closing, postclosing and settlement responsibilities, recording mortgage, deed, assignment release, and other docs; preparing tax filings, securing zoning permits and apps, preparing legal descriptions, arranging for payoff of notes and releases of mortgages• Broker-realty rep who acts as the basis for agency in the agent/client relationship.Every agent must work under the supervision of a broker• Mortgagor-borrower• Personal propertyo Movable, transferable in the physical sense, and durationally limited o Goods.

Leave a Reply

Your email address will not be published. Required fields are marked *

x

Hi!
I'm Gerard!

Would you like to get a custom essay? How about receiving a customized one?

Check it out