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National Real Estate Exam- PSI Test Prep, Questions and answers, Graded A+

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National Real Estate Exam- PSI Test Prep, Questions and answers, Graded A+ biggest difference between tenancy in common and joint tenancy is - ✔✔who acquires the interest. joint tenancy- re... maining parties acquire interest equally tenancy in common- interest granted to the heirs of party between a zoning ordinance and a covenant, whichever is more restrictive, will prevail - ✔✔which has more power when setting restrictions zoning ordinance or a covenant? advertisements in regards to gender - ✔✔Gender-preference words are prohibited. Exceptions are made for people who want to share an apartment or house with a roommate of the same sex. (Female seeking female roommate ) option - ✔✔agreement to keep open, offer to sell for specified length of time surface rights - ✔✔Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights). Air rights - ✔✔The right to use, control and occupy the space above a particular parcel of land. can ONLY lease NOT sell appurtenances - ✔✔the right of access (beach rights) mineral rights - ✔✔subsurface rights Riparian Rights - ✔✔An owner's rights that borders on or includes a small body of water - stream, river, or lake. These rights include access to and use of the water. Littoral Rights - ✔✔rights of a landowner adjacent to a lake Remember "L" - Littoral/Lake (large body of water) rights extend to the MHW (mean high water mark) Personal Property - ✔✔chattel or personalty- movable items real estate - ✔✔items permanently affixed - land or building when determining if item is personal property or real estate determine this: - ✔✔what was the INTENT of the owner- how is the item attached crops - ✔✔also known as emblements - can be removed by the seller and considered personal property Trade Fixtures - ✔✔Personal property used in a business and can be removed by the lessee when the lease terminates. - makes a living from it like a barbers chair Metes and Bounds - ✔✔A method of land description which involves identifying distances and directions (measurements return to the "point of beginning" POB) lots and blocks - ✔✔recorded plat plan of subdivisions - street grid creates blocks Allodial System - ✔✔A system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States. Emblements - ✔✔Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's. Freehold Estate - ✔✔the rights of title to land - no fixed duration of ownership - includes life estates nonfreehold estate - ✔✔possessor does not own the property; possession does not last a lifetime (ex. lease) Life estate in reversion - ✔✔When the life tenant dies the property reverts back to the grantor (A grants to B, when B dies, estate REVERTS back to A) Life estate in remainder - ✔✔When the life tenant dies the property goes to a third person (A grants to B, when B dies estate goes to X. X is the remainder man) pur autre vie - ✔✔"For the life of another." A life estate that is measured by the life of a person other than the grantee (A grants to B, when Y dies, estate goes to X) Fee Simple Subject to Condition Subsequent - ✔✔An estate carrying the limitation that, if it is no longer used for the purpose conveyed, it reverts to the original owner. (Sally gives Bob land, as long as he never sells alchol on that land he can keep it) Fee Simple Determinable - ✔✔An ownership in which the estate is held " as long as", upon condition a certain activity continues action for forfeiture - ✔✔an original property owner can file if a new owner violates the condition subsequent or fee simple determinable agreement Leasehold Estate - ✔✔A tenant's right to occupy real estate during the term of a lease. Renting for a fixed term. tenancy at will - ✔✔A tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it. (renting month to month) tenancy at sufferance - ✔✔renting beyond lease term (a tenant of real estate continues to occupy the premises without the landlord's consent after the original lease or rental agreement between the landlord and the tenant has expired) Severalty - ✔✔ownership of property by ONE person (think: severed, separate, single) Tenancy by the Entirety - ✔✔Ownership reserved for married people. Upon the death of one spouse, the survivor becomes the owner of the property. Tenancy in Common - ✔✔Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death NOT co-owner Joint Tenancy - ✔✔A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivor-ship. Equal shares, equal interest, acquired at the same time, by the same deed. Syndication - ✔✔owning stock in real estate holding company- rental or licensing of media products syndicate - ✔✔a gathering of people with a common interest, business venture. (ppl pool their resources to own or develop a piece of property) 6D Certificate - ✔✔sale property is a condominium, this document states the amount the seller owes in condominium fees and is used to establish if the unit is free of association fee liens. (In Massachusetts, this document is required at the time of closing.) cooperative - ✔✔a business organization owned and operated by a group of individuals for their mutual benefit. each "owner" is granted stock and a lease for the particular co-op unit Habendum Clause - ✔✔That part of a deed beginning with the words "to have and to hold," following the granting clause and describes the limits of the estate being granted dedication - ✔✔voluntary gift of land to the government eminent domain - ✔✔Power of a government to take private property for public use. (build a highway) Forclosure - ✔✔The forced sale of property from borrowers who are unable to repay their loans Tax Sale - ✔✔forced sale of an asset to satisfy a tax debt or back taxes Escheat - ✔✔To die without heirs or a will, so everything you own goes to the state [Show More]

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