Real Estate Exam: Best Acronyms for Memorization Flashcards

Real Estate Exam: Best Acronyms for Memorization Flashcards

Legal Description of Measurements43,560sq. feet in an acre5,280 in one mile640 acres in one section (one square mile) What are the "sticks" in bundle of rights [ownership rights]DEEP-CDispositionExclusionEnjoymentPossession Control What are the four governmental powers?PETEPolice powerEminent domainTaxationEscheat (property escheat to COUNTY) What is proof of ownership?CATCertificate of TitleAbstract of Title; Attorney's OpinionTitle Insurance(We don't show deed, we show title) What are encumbrances?DELLEDeed restrictionsEasementsLiens (has to do with money)Licenses (temporary use)Encroachment What are the categories of antitrust violations? T-GAPTie in agreementGroup boycottingAllocation of markets (territory - can't tell someone can't work in area)Price fixing (no standard) What are Water Rights?Riparian - riverLittoral - (think lake large bodies)The legal rights to use the water in a river, stream, or other body.Race, religion, color, nationality, handicap, familial status, sex What creates value?What is Transfer Tax formula?SPATSales price -Personal property -Assumable mortgage

=Taxable amountImportant: You are paying tax on what

you purchase.What does a typical mortgage payment consist of? PITIPrincipalInterestTaxesInsurance Five Types of Real EstateSCARISpecial PurposeCommercialAgriculturalReal EstateIndustrial How are easements created?GRIPGrantReservationiPrescription(necessity) What are the four unities of joint tenancy? PITTPossessionInterestTimeTitleYou must have PITT to have joint tenancy. (And think right of survivorship. You can't add someone later.) Mortgage Tax formulaWhat are Federal Fair Housing Act Categories of Protection?What are the legal tests of a fixture?MARIA[Difference between personal and real property]Method of attachmentAdaptation to real estateRelationship of partiesIntention of the partiesAgreement of the parties What are the 6 fiduciary duties of an agent? OLDCARObedienceLoyaltyDisclosureConfidentialityAccou ntingReasonable Care water rightsThe legal rights to use the water in a river, stream, or other body What are the elements of a valid contract? CLOACConsideration (anything of value)Legally competent partiesOfferAcceptanceConsent(can be oral, or written.Validity is different than enforceability. Missing any, you have a void contract.)