An agent authorized to represent the principal in a broad range of matters related to a specific business or activity.
General agent
A states ability to enact legislation to preserve order, protect the public health and safety and promote the general welfare.
Police power
The right of a government to acquire privately owned real estate for public use.
Eminent domain
A class of estates in land that lasts for a fixed period of time or at will or sufferance.
Lease hold estates
In some states, a husband cannot sell his property unless his wife also signs the deed. His wife's interest is called:
D) dower rights
The rights of property owners of land next to large bodies of water, such as the ocean or the great lakes are called:
B) littoral rights
An estate based on the lifetime of a person other than the life tenant.
Life estate, per-autre-vie (life of another)
Ownership of real estate by one individual.
Severalty
A form of property ownership in which owners hold undivided fractional interests that are inheritable by their heirs.
Tenancy in common
A point, line or surface from which elevations are measured.
Datum
The four unities characteristic of a tenancey in common are possession, interest, title and time.
A) T
B) F
B) F
These are the characteristics of a joint tenancy
A form of ownership in which multiple owners hold property with a right of survivorship.
Joint tenancy
all of the following are ways for a broker to charge for services except:
D) standard community rate
Under antitrust laws, brokers may not get tother and agree to charge the same rates to customers
An illegal division of territories to avoid competition.
Allocation of markets
Ownership rights in the water, minerals, gas and oil that lie beneath a parcel of land.
Subsurface rights
Agents who work for a broker are considered to be subagents of the client.
A) T
B) F
A) T
Ownership rights excluding air or mineral rights.
Surface rights
A comparison of the sales price of similar properties
CMA
comparable market analasis
The will provided that the local banker take care of the deceased person's estate until the children turned age 25. What kind of trust is this:
A) testamentary trust
A testamentary trust is established by will after the trustors death. A living trust is established during the turstors life time. Real estate is the ony asset in a land trust. Trust deed is another name for a deed of trust, a financing instrument.
Three brothers bought a farm together. The deed listed only each of their names. What form of ownership are they presumed to have taken:
B) tenancy in common
The brothers are presumed to be tenants in common becasue they did ot indicate "as joint tenants with right of survivorship" joint tenancty requires extra wording; it is sometimes called the poor mans will.
Which of the following may never take title as a joint tenancy with right of survivorship:
C) a corporation
Because a corporation continues indefinitely until terminated by legal action. it would never die.
A contract in which both parties promise to perform some act.
Bilateral contract
A contract that has been completely performed.
Executed contract
The transfer of title by gift or sale
Voluntary alienation
A legal method for dissolving a co ownership.
Partition
When must property managers deposit security deposits into a non interest baring escrow account?
D) next business day
The written employment contract that establishes the agency relationship between the seller and the broker is called a(n) ___.
Listing agreement
An agent who has a buyer as principal and seller as customer is called a(n)___.
Buyers agent
An agency is terminated by ___ when a principal declares BK and property title transfers to a court appointed receiver.
Operation of Law
Although not available in all states, when a person is authorized by the broker to act as the agent of a specific principal - seller, this agent is called a(n) ____.
Designated agent
A charge imposed on real estate to raise funding for government services.
Taxation
The foru governmental powers that affect real estate are taxation, eminent domain, escheat and police power:
A) T
B) F
A) T
When a mudslide into the ocean removes several feet of land from Joe's property, the process is called_____.
Avulsion
Wehna claimant has used another persons land for a certain period of time defined by state law, he or she can claim an easement ____.
By prescription
The states authority to enact legislation to protect the public is passed through to municipalities and counties through:
C) enabling acts
What are deed restrictions?
B) private agreements affecting the use of the land
The electric company has the right to string its wires over 50 parcels of land what rights does the electric company have?
D) easement in gross
The owners right to retake possession of property through legal action if a limiting condition is broken.
Right of re entry
A legal life estate in which an individuals primpary residence is protected, in whole or in part, against certain creditors.
Homestead
A charge against property that provides security for a debt or obligation of the property owner.
Lien
All or part of a structure that extends beyond the land of its owner or beyond legal building lines.
Encroachment
The right touse anothers land for a particular purpose.
Easement
A rail road right of way is an example of an easement ____.
in gross
an appurtennt easement is said to run wiht the land and transfer with the deed of the servient tenement.
A) T
B) F
B) F
an appurtenant easement is said to run with the land and transfers w the deed of the dominant tenement.
When a corporation takes ownership of property it is considred to be ownership in.
D) severalty
If Scott wants to create a joint tenancy between himself & Marshal, many states require that Scott first convey the property to a nominee or:
C) straw man
After conveying the property to the strawman the nominee conveys it back to Scott and Marshall. A grantor sets up a trust with a trustee and beneficiary.
The designated starting point for a metes and bounds description.
Point of begining (pob)
Air lots, condominium descriptions, and other vertical measurments may be computed from the U.S. geoglical survey.
A) datum
The listed price of property is always
D) the sellers decision
The asking price as well as the acceptance of the final offer price from the buyer is always the seller's decision. This is another example of the broker being a special agent ( one with limited authority)
A listing agreement is a contract for the sale of Real Estate.
A) T
B) F
B) F
A listing agreement is an employment contract, not a contract for the sale of real estate.
