Wyatt Institute of Real Estate South Carolina Real Estate

Wyatt Institute of Real Estate & South Carolina Real Estate Flashcards fixturepersonal property that has become real property through annexation or attachment.condominiuma type of common interest property in which each collective owner owns the air space within the walls, but does not privately own the structure or improvements; an in which any amenities and land (taxed separately and paid for by HOA or regine fees) are common elements held as tenants in common with the other owners. The square footage is calculated by using the intereir measurements, and the owner has a freehold estate and may be held in any type of tenancy recognized in that state.

• economic characteristics of real estate 1. scarcity; 2. improvements; 3. permanence of investment

(fixity); and 4. location, location, location!Department (LLR)Department of Labor, Licensing and Regulation.Easement AppurtenantAn easement on one tract of land that benefits another tract of land; it must always involve two tracts of land and two property owners.EasementThe right to cross property that belongs to another Disclosure of Brokerage Relationships Form A form which must be provided to a customer at the first substantive contact, explained by the agent to the customer, and be signed indicating acknowledgement of receipt by the customer.agency relationshipA relationship between an agent and a client, where the client wants the agent to help with business dealings with third parties.accord and satisfactiona way of discharging a contract with the substitution of terms in a contract or a subtitution of one contract for another... also known as a renegotiotiation.joint tenancytwo or more current owners, but special wording is necessary stating "joint tenancy, with the right of survivorship, and not tenants in common." Everything is shared equally. Each owner owns all (an undivided interest) Joint tenants have "right of survivorship" and will inherit the interest of another owner if that owner dies. Must have (P)ossession; (I)nterest; (T)ime; and (T)itle.dispositionThe property ownership right that enables the owner to dispense, remove, alienate, lease, sell... the property.

• ways to reveal confidential information 1. Client grants written permission; 2. Required by law; 3.

necessary to defend the licensee and; 4. info has become public knowledge.

Appurtenancesintangible additions to a property including articles, interests, rights that become an inherent part of the property and passes with real property when sold, leased or devised. (covenants, easements, zoning...) Estate pur autre vie"For the life of another" ; when ownership of an estate passes from one person for the duration of a third person's life landThis consists of the earth's surface, subsurface, and the airspace above (plus trees and water) buyer's agencyA form of agency in which a real estate brokerage firm represents the buyer in an agency capacity and acts in the client's best interest for buying a property Life estateA type of estate that is not inheritable in which the owner of the property is called the "life tenant " clientAlso known as a "principal", this person contracts with another person wanting representation, advise, and counsel in legal or business dealings with third parties.There are two types of these under common law.dual agencyThis is the term used to describe a real estate brokerage firm that represents both the buyer and the seller of a property. In this type of transaction, neither client gets full representation. This is not permitted in common law, but is allowed in South Carolina.intestateTerm used to indicate that a person has died without a will.

• ways to create easements1. by deed; 2. by necessity; 3. by prescription; 4. by

implication; 5. by condemnation agentAlso called a "proxy", this is a person who is hired by a principal or client for representation, advise and counsel in legal or business dealings with third parties.emailA system for sending and receiving a message electronically over a computer network and a message sent or received by the system.broker-in-chargeA broker designated to have responsibility over the actions of all associated licensees and also has the responsibility and control over and liability for a real estate trust account.This licensee must have an ownership interest in the company or be actively engaged in managing the company.competent partiesa condition of a valid contract that describes being of major age, of sound mind, and empowered to legally enter into an agreement.Executory Contractan agreement that is not completed, but is being upheld currently.lines of latitudeimaginary lines that extend parallel from each other in an east - west direction, and measure distances north and

south of the equator. The equator is an example and measures at 0 degrees.

Buyer's Representation AgreementThis is a signed document used by a client to hire an agency to help represent the client in the purchase of a

property. There are two types: Exclusive Right to

Represent and Open.Broker Protection ClauseThis is an agreement that indicates that the seller of a property agrees to pay the broker a commission if the house sells AFTER the listing agreement has expired, but only if the seller has not listed the property with another brokerage firm. There is a similar agreement for buyer clients agreements as well.Exclusive Right to RepresentThis is the most common type of agency relationship with the buyer, and indicates that the buyer's brokerage gets paid if the property is purchased.licenseeA person who holds a license for the specific purpose for which they are hired.insurable titlethis term refers to a type of title that a company is willing to insure. Sometimes, there may be "exceptions" stated, and those exceptions mean that the company is willing to take your money to insure the title, but that there may be conditions that make it unmarketable.licensea temporary permission to use land or property of another.This can be revoked at any time. Permission can be granted verbally.EIFS"Exterior Insulating and Finishing System" like stucco.Designed to be water tight, but may develop cracks allowing water to enter and go between the finishing system and the wood structure / foundation of the home.This may cause dry-rot.estateOne's legal interest or right in the Control, Use, Possession and Disposition of real property. The specific type is determined by the quantity of the rights.legal considerationSomething that is offered in exchange for something else of value. The term "good" is applied if this consists of intangible things, such as "love and affection", and the term "valuable" makes the offer legal if it is worth money.Exclusive Right to Sell Lising Agreement The most common form of listing agreement; one in which the listing agency gets paid if the property is sold by anyone.ad valoremIn Latin, this means "according to value"

• Elemts of a valid contractMust include these things: 1. Mutual Assent; 2. Legal

Consideration; 3. Competent Parties; and 4. Legal Purpose dominant tenementA property that benefits from the use of an easement freehold estateOne of two different types of estates that represents ownership (as opposed to a leasehold) and whichp