National Real Estate Exam Prep
with best solutions.
Unilateral Contract - Answer Contract containing ONE promise given in exchange
for completing an act. NO obligation to act.
Bilateral Contract - Answer Contract containing TWO promises. Example: A listing
agreement is a bilateral contract
Easement by Prescription - Answer Created through continual use over a certain
period of time. It must be continual, visible, & w/o approval. Example - a private
road becomes public.
License - Answer A privilege granted to an individual for a specific purpose. It is
NOT assignable to others.
Accretion - Answer Physical addition to the land by natural forces.
Alluvium (also Alluvion) - Answer The soil on a shore or bank of a river
,Lis Pendens - Answer A pending notice of a lawsuit giving notice of a possible
claim to the property
Writ of Attachment - Answer A document filed during a lawsuit that prevents a
debtor from conveying the property
Fixtures - Answer items of personal property attached to real property that are
not removed by the seller
Trade Fixtures - Answer Personal property used in a business and can be removed
by the lessee when the lease terminates.
Appraisal - Answer is an estimate or an opinion of value
Market Value - Answer An estimate of probably price on the date of the appraisal.
Market Price - Answer What the property actually sells for
The 3 approaches to value are: - Answer 1) Market Data Approach (single family
homes)
2) Cost Approach (commercial property)
3) Income Approach (income producing property)
Blockbusting - Answer Encouraging owners to sell their properties because
minorities are moving into a neighborhood
, Steering - Answer Trying to influence a buyer's housing choice using race, religion,
ethinicity, national origin, or ancestory factors as the reasoning.
Redlining - Answer Denying loans in certain areas due to race, religion, sex,
familial status, or a disability.
The Civil Rights Act of 1866 Covers: - Answer 1) Race
2) Color
3) Ancestry (it's the only act that covers this)
It applies to all property (Real & Personal)
There are no exceptions
The Federal Fair Housing Act Covers: - Answer 1) Race
2) Color
3) Religion
4) Sex
5) National Origin
6) Disability
7) Familial Status
It applies ONLY to housing & land for housing
Exceptions:
1) FSBO
with best solutions.
Unilateral Contract - Answer Contract containing ONE promise given in exchange
for completing an act. NO obligation to act.
Bilateral Contract - Answer Contract containing TWO promises. Example: A listing
agreement is a bilateral contract
Easement by Prescription - Answer Created through continual use over a certain
period of time. It must be continual, visible, & w/o approval. Example - a private
road becomes public.
License - Answer A privilege granted to an individual for a specific purpose. It is
NOT assignable to others.
Accretion - Answer Physical addition to the land by natural forces.
Alluvium (also Alluvion) - Answer The soil on a shore or bank of a river
,Lis Pendens - Answer A pending notice of a lawsuit giving notice of a possible
claim to the property
Writ of Attachment - Answer A document filed during a lawsuit that prevents a
debtor from conveying the property
Fixtures - Answer items of personal property attached to real property that are
not removed by the seller
Trade Fixtures - Answer Personal property used in a business and can be removed
by the lessee when the lease terminates.
Appraisal - Answer is an estimate or an opinion of value
Market Value - Answer An estimate of probably price on the date of the appraisal.
Market Price - Answer What the property actually sells for
The 3 approaches to value are: - Answer 1) Market Data Approach (single family
homes)
2) Cost Approach (commercial property)
3) Income Approach (income producing property)
Blockbusting - Answer Encouraging owners to sell their properties because
minorities are moving into a neighborhood
, Steering - Answer Trying to influence a buyer's housing choice using race, religion,
ethinicity, national origin, or ancestory factors as the reasoning.
Redlining - Answer Denying loans in certain areas due to race, religion, sex,
familial status, or a disability.
The Civil Rights Act of 1866 Covers: - Answer 1) Race
2) Color
3) Ancestry (it's the only act that covers this)
It applies to all property (Real & Personal)
There are no exceptions
The Federal Fair Housing Act Covers: - Answer 1) Race
2) Color
3) Religion
4) Sex
5) National Origin
6) Disability
7) Familial Status
It applies ONLY to housing & land for housing
Exceptions:
1) FSBO
