Wyatt Institute: Pre-License Flashcards

Wyatt Institute: Pre-License Flashcards

ChattelPersonal property SteeringGuiding potential buyer/seller away from area based on protected class Valid contractMeet all requirements of a contract

LittoralOwn to mean water level: Great Lakes and oceans

Open listingMultiple listing brokerages: only the company that sells gets

paid

ImprovementsAddition made to land: does not necessarily increase value

of land

CUPiDBundle of rights: control, use, possession, disposition

RedliningBankers not lending based on protected class or type of area SubagentA person employed by an agent to assist him in transactions with the affairs of his principal.

Net listingNot a type of listing: unethical method of calculating

commission Marketable titleClear/clean title Non conforming useImprovement that is not consistent with current zoning (grandfathered)

Trust accountBank account into which only trust funds are deposited:

separate from business/personal accounts

Purpose of license lawProtect the public: restrictive power aka police power.

Calculate linear ftL + W + L + W Exclusive right to buyBuyers brokerage gets paid if property is purchased Economic characteristics of real estateLocation, improvements, permanence of investment,

scarcity: LIPS

Gratuitous agencyAgreeance to work for free Square feet in an acre43,560 Equitable titleThe right to get legal title Adverse possessionSquatters rights

RiparianRivers and streams: owner owns water to middle of

riverbed Designated agencySame office has seller and buyer clients in the same

transaction: 1 agent for each designated by BIC (better

than dual because clients keep their advocates) Purpose of real estate commissionRegulate the real estate industry to protect the public's interest.Implied agencyCreated only by the actions of parties Special assessmentTax on a property from improvements made (septic to sewer)

Lis pendens1st notification of lawsuit Ad valorem taxProperty tax Property tax =Tax assessed value x millage rate CondominiumOwns the property of interior

EscheatThose that die without a will have no heirs: loose property

to the state Special agentOne authorized to conduct a single transaction or a series of transactions not involving a continuation of service.

EncumbrancesLiens, easements, licenses, encroachments: diminishes

equity CooperativeOwns stock

AgentAKA proxy: one under the control of a principal

IntestateDying without a will CCR'sPrivate restrictions RemainderPasses onto 3rd party at death of life tenant Easement in grossOne or more servient but no dominant Can do for CustomersShow prop, provide stats and info, provide pre-printed contracts, act as scribe and write offers, provide list of professional service providers, identify schools WrittenSC requires contracts to be...CommissionsNegotiable and according to SC license law, must be outlined within the agency contract Tenancy in common2 or more owners OLD CARObedience, loyalty, disclosure, confidentiality, accounting, reasonable care Anti-trust laws purposePromote competition in the marketplace (Sherman and Clayton acts form the basis) TestateDying with a will Area of triangleBase x height / 2 LeaseholdPersonal property

AppurtenancesAdded or appended to a property: easements, right of

ways, etc.Calculate sq ftL x W Estate pur autre vieFor the life of another RelictionLand uncovered by water receeding DeedEvidence of ownership LandEarths surface, sub surface, airspace, any trees and water Exclusive agencyListing brokerage gets paid if sold by any agent but does not if sold by owner Buffer zoneUsed to separate multiple zones areas Tax assessed value =tax appraised value x assessment rate Life estateNot inheritable Servient tenementProperty being burdened by easement -EEReceives

Civil rights act of 68Protected race, color, national origin, religion, sex, handicap, familial status (FReSH CoRN) ComminglingMixing trust funds with own funds ConversionUnauthorized appropriation of trust funds LienThe right to have a claim satisfied by a forced sale of property General agentHired to conduct a series of transactions involving an ongoing relationship.VarianceRequest to deviate from zoning requirements Obligations to customers/3rd partiesHonesty, fair dealing, due care, knowledge and skill IRMAIntent, relationship of fixture to property, method of

attachment, adaption to property: fixture test

Easement created by prescriptionTransfers to new owners: continuous trespass

Easement appurtenantAt least one servient and one dominant BlockbustingSoliciting listings by scaring parties into selling ErosionSlow removal Fee simpleFreehold estate that is most complete ownership CondemnationProcess of taking Voidable contractAppears to be valid FiduciaryHighest form of confidence/trust Effect of dual agency on agent's duties? Loose OLD keep CAR EasementRight to cross property belonging to another Physical characteristics of real estateImmobility, indestructibility (durability), non homogeneity

(uniqueness): HII (tall building=physical)

-ORGives Express agencyIn writing. Mandatory in SC

Joint tenancy2 or more owners: last surviving owner owns after all others

have passed (PITT- possession, interest, time, title) Tenancy in severaltySole ownership ReversionReverts back to grantor/heirs at death of life tenant

• mill= .001

Third partyThe person the agent is trying to do business with(In SC AKA Customer) Eminent domainRight to take public prop for public good Void contractDoes not meet all requirements

Recording of deedNot required: gives public notice

Universal agentOne who has been given very broad authority to act for a principal in such matters as borrowing money, signing contracts to sell or buy or almost any function the principal may want to delegate. Created by a power of attorney. Not advisable.AvulsionRapid removal Principal(In SC AKA Client) one who contracts with another for representation, advice and counsel with 3rd parties

Real estate/real propertyLand plus man made additions Dominant tenementProperty benefitted by easement Must do for CustomersPresent all offers, account for all money received by broker, provide explanation of agency relationships, explain scope of services, proceed fairly and honestly Spot zoningSmall area of land singled out and placed in diff zone from others around Exclusive right to sellListing brokerage gets paid if sold by anyone (most common) AlluvionLand increased by soul deposits

EmblementsGrowing crops: used to make a living not ornamental

Police powerRestrictive power to protect citizens