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.

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• 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.

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