Pearson VUE Real Estate - National & Idaho Exam Questions And Correct Answers

Pearson VUE Real Estate - National & Idaho Exam Questions And Correct Answers Real Property Real Estate plus the interests, benefits, and rights inherent in the ownership of real estate Personal Property is moveable (chattels) Fixture Personal property that has been affixed to land or a building that it is part of the real property Trade fixtures An article owned by a tenant and attached to rented space or a building for use in operating a business Emblements Annual plantings of crops of grains, vegetables, and fruit Attachment Severance Bill of sale Characteristics of real property Economic characteristics Physical characteristics Legal descriptions Methods used to describe real property Survey Public controls - governmental powers Police power Eminent domain Taxation Escheat Zoning ordinances Private controls Restrictions Encroachment Covenants, conditions, and restrictions (CC&Rs) HOAs Easements Licenses Encroachment Forms of ownership Freehold estate Fee simple absolute Fee simple defeasible Determinable Condition subsequent Life Estate Bundle of rights Leasehold estates Types of leases Estate for years Period to period (periodic estate) Estate at will Estate at sufferance Gross lease Net lease Percentage lease Liens Lien priority Surface rights Subsurface rights Elements of a valid deed Types of deeds Title transfer Voluntary alienation Involuntary alienation Recording the title Constructive notice Actual notice Title abstract Chain of title Marketable title Cloud on title Attorney title opinion Quiet title lawsuit Title insurance Market value vs. market price Characteristics of value Principals of value Purpose and steps to an appraisal Federal oversight of the appraisal process Sales comparison approach (market data) Cost approach Improvements Depreciation Physical deterioration Functional Economic obsolescence Reproduction costs Replacement costs Income approach Gross rent Gross income multipliers Comparative Market Analysis (CMA) Broker Price Opinion (BPO) Assessed value Tax implications Types of contracts: Express vs. Implied Types of contracts: Unilateral vs. bilateral Executed vs. executory Valid vs. void Voidable vs. unenforceable Breach of contract Rescission Termination Liquidated damages Punitive damages Compensatory damages Statute of Frauds Time is of the essence Offer Counteroffer Earnest money Liquidated damages Equitable title Contingencies Dispute Breach of contract Option contract Installment sales contract Types of agency relationships Licensee-client relationships Creation Termination of agency Licensee obligations to client Practicing within scope of expertise Unauthorizing practice of law Seller representation - Types of listing agreements Exclusive right-to-sell Exclusive agency listing Non-exclusive listing Open listing Net listing (conflict of interest) Multiple listing service (MLS) Buyer representation Property management agreement