real estate terms to know for test

December 01, 2020 | mins read

Terms in this set (65) ... Condensed version of history of a title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original and grant and all subsequent conveyances and … If you need any more information about residential real estate, please feel free to give me a call at 802-858-9195, or email me. How to Prepare for the Real Estate Technical Interview. Therefore we provide you with this FREE real estate terms list so you can keep your real estate vocabulary fresh! 4 Elements of Value: STUD. Leasehold/leased fee: The leasehold interest is the tenant’s interest in the property. Lapse of three years from the occurrence of the grounds of complaint, Maintain conformity to buildings in the zoned area, Prevent an oversupply of certain types of businesses, Promote public health, safety, morals and general welfare, Control the quality of building construction, Broker must prove he actually introduced buyer to seller, Broker must prove he was licensed at the time of sale, Broker must prove he executed the sales contract, Broker cannot sue for a commission in view of license revocation, Referred to by actions but not referred to in the sales contract, Used in an extraordinary way with the land, The only warranty is the expressed or implied warranty that the grantor owns, or has an interest in, the property, There is a conveyance of after acquired title, There is an increase in the interest rate paid on corporate and government bonds, The savings-to consumption ratio increases, Removing question excerpt is a premium feature. Unfortunately, knowing what a word means is not enough. The following are the real estate terms we’ll explain (in the table of contents, we’ve grouped the terms by category, and we’ll explain them in … Interest: Each owner has the same interest. That is so true in commercial real estate, with commercial property owners and brokers as well. Prepare for your real estate license exam by studying the precise meanings of words used for property that’s conveyed or transferred voluntarily — through a number of means. Real Estate License Exams For Dummies Cheat Sheet, Success as a Real Estate Agent For Dummies Cheat Sheet…, How to Dispute an Unfair Property Tax Bill, 10 Questions You Should Ask when Buying or Selling Real…. what is the annual rate? Posted: 09/18/2017. A physical or mental impairment that substantially limits one or more of the major life activities of an individual. Real estate broker. Maybe you have heard of commercial real estate terms like “tenant improvement,” or “usable square footage,” but you certainly don’t know what lies underneath. As for the more complicated concepts, memorizing the major differences between two similar terms probably will get you through. Real estate owned (REO) refers to property owned by a bank, government agency, or other lender. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. The grantee receives the property. By Happygirl323 | Last updated: Oct 27, 2020. Tenancy by the entirety: Ownership that’s available only to married couples, tenancy by the entirety means that property may not be sold without the agreement of both parties. Our online real estate exam prep has helped thousands of test-takers pass their real estate licensing examination and is guaranteed to help you pass! Use this dictionary as a study guide for the real estate agent exam. Become familiar with these real estate words for giving up and losing property: Dedication: When you dedicate property, you essentially give it up voluntarily to the government. 27. Exclusive agency listing: Agents get paid in this type of agreement only if they sell the property. Real Estate Terms You Need to Know Whether you are buying or selling if you are planning on making a real estate transaction, you are going to run into a few real estate terms you are unfamiliar with. Thousands of students use our handy guide and sample tests to prepare for and pass the Real Estate Salesperson & Broker exams. Tenancy in common: Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. Real estate vocabulary: Words you need to know before buying your first home Buying a house involves its own language. Every industry is filled with jargon and commercial real estate is no exception.. Taking a state real estate exam is necessary for becoming a licensed real estate agent. #14: Triple Net Lease: This is one of the most critical commercial real estate terms for you to know if you are searching for a property because it can have a big effect on how much you are responsible for when renting office space. To collect commission, the following is correct: The purchaser of a lot which is subject to a lien for street improvements under the Street Improvement Act of 1911, may prevent the assessment from going to bond if he pays the assessment in full within how many days after the completion of the work: An acre is divided into four equal lots. A Realtor is a real estate agent who specifically is a member of the National Association of Realtors. Confidentiality: The agent must keep confidential any information given to her by her client, especially information that may be damaging to the client in a negotiation. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. Net listing: This type of agreement may be illegal in your state. The acronym STUD is used as a memory aid to keep the 4 elements of value in mind.. Replacement cost/reproduction cost: These terms are associated with the cost approach to valuing a property. These brokers are able to work on their own or hire their own agents. A primary justification for zoning ordinances is to: For a loan, amortization tables are used to determine the: What supports the floor and ceiling loads? There’s no escaping it. There are usually two agents involved when you buy a home; the “buyer’s agent,” who represents you, and the “listing agent,” who represents the home seller. The four unities that must exist for this type of ownership to exist are. If all things are equal, a tax credit generally is more valuable than a tax deduction of the same amount. A loss in value for any reason or from any cause. The relationship between a real estate agent and a client is called a fiduciary relationship. Replacement cost is the cost to produce a structure that is essentially the same as the existing structure but using modern materials and standards. Partition: A partition is a legal proceeding to divide property owned by two or more people. Open listing: In this type of agreement, sellers have the right to use as many brokers as they want. At the initial stage of licensing, state officials want to make sure that you at least understand the basics. Mortgagor/mortgagee: The mortgagor is the borrower. Use our free Real Estate practice exams (updated for 2020) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker.Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. 69. When studying for the test or even working as an agent, it is often tough to remember what all the phrases mean. To understand the “lingo,” here are many of the most common real estate terms: Lea Van Winkle, Owner/Broker. In the real estate industry, there are also several real estate investing terms that you will come across. Learning about real estate is much like learning a new language. If an owner dies, the deceased person’s share is conveyed to his or her heirs, not the other owners. The first one being you’ve got to get schooling. You need to spend a lot of study time focusing on chapters 5 and 11. No fee is earned if the owner alone sells the property. They are scarcity, transferability, utility and demand. Preparation here comes down to three general areas: 1) budget, 2) study, and 3) practice. (V = I /. You can pass most state license exams for real estate salesperson by simply mastering the vocabulary. If you know your vocabulary, learning all the other concepts will come much easier. The Real Estate Commissioner issues special permits to real estate brokers for: Money available for real estate loans normally would increase, except when: Three months interest on a $14,000 straight note amounts to $460. There's a saying that you have probably heard, "No one cares how much you know until they know how much you care." A transfer to another of an estate for years, for life, or at will. Also explore over 70 similar quizzes in this category. Tax credit/tax deduction: A tax credit is subtracted from taxes due. A tax deduction is subtracted from income. For instance, owing $80,000 on real estate with a value of $100,000 equates to an LTV of 80 percent. The leased fee interest is the owner or landlord’s interest. Before you take your real estate license exam, it’s important that you understand the difference between similar-sounding terms. A written instrument that, when executed and delivered, conveys title to an interest in real estate is a DEED. Profits made from the sale or transfer of property. real estate are assessed in these tests. We’ve compiled an ever-growing list of 52 real estate terms you should know to help you better understand the process and plan your move. Real Property Offer Career In The Real Estate Industry The fist one is to be responsible for rent. This ownership is usually the air space and an interest as a tenant in common of the land. Grantor/grantee: The grantor gives, sells, or transfers the property to the grantee. Learn how to pass the real estate exam by becoming a real estate dictionary. The tenant holds the lease. The agent gets to keep everything he can get that’s more than the sale price the owner wants. Possession: All owners hold an undivided interest. The following are essential to the creation of an “agency” relationship, except: A broker secures a listing, negotiates a sale and parties enter into escrow. Exclusive right to sell listing: In this agreement, the agent gets paid no matter who sells the property, regardless of whether it’s the agent or the seller. The Real Estate Commissioner would be prevented from proceeding with a formal action against the license of a real estate broker by the: A licensee who has several years of experience in the industry decided to retire from actively marketing properties. You have got to know what each real estate term means, or you will be guessing on every question. If you do not know what the exam looks like, start with practice exams to get a better idea of what kind of questions you will be tested on. So now that you have an idea of what to expect from your real estate technical interview and you’ve started building a plan for how to succeed, let’s talk about how to prepare. Avulsion: Avulsion is the sudden loss of land by an act of nature like a landslide. Remember that similar agreements may be used between a buyer and an agent when buyer representation is desired. Real Estate Broker Test (15 cards) 2016-09-08 3 Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com (80 cards) 2020-07-28 3 Terms and Questions from Ch 2 of Michigan RE Test book (40 cards) 2020-02-20 3 Are You Smarter Than A Real Estate Agent? However, because of the variety of state laws governing real estate, it is impossible to test every aspect of a state’s real estate laws, rules, and regulations. The borrower gives a mortgage to the lender. Realtor. In real estate, a term used meaning a person the agent is NOT under contract with is called a CUSTOMER. You may know certain commercial real estate terms, but when it comes time to talk to sellers, you may still feel under-informed. By: REBAC Staff . Terms taken from the glossary of the PSI Test Manual. Property can also be lost involuntarily through the forces of nature, law, or the government. Use our FREE practice questions for the Real Estate License Exam to help you prepare for the real test. A real estate broker is a real estate agent who has passed a state broker’s exam and met a minimum number of transactions. If the lots are parallel to each other, rectangular, and 240 feet deep, the width of each lot would most nearly be: A parcel having dimensions of 220 yards by 110 yards contains the following number of acres: A type of 3-party 1031 exchange wherein the exchanger deeds his property to a second arty, and the second party pays a third party who then deeds his or her property to the exchanger. Whether you’re an aspiring real estate agent or just curious about the industry, we’ve selected the most common commercial real estate terms you’re likely to encounter:. A grouped or connected series of lots segmented from other lots by a series of streets or major thoroughfares. Until you started your real estate career, you may have assumed there was just one kind of property ownership — you either owned the property or you didn’t. Pleasant Valley Real Estate Commercial Real Estate involves much more knowledge, people, and paperwork. Getting your real estate license can be the start of a new career or a great way to supplement your current income. The mortgagee is the lender. If one owner of a joint tenancy dies, that owner’s interest reverts to the other owners. Care: The agent must use all of her skills to the best of her ability on behalf of the client. Loyalty: The agent owes undivided loyalty to the client and puts the client’s interests above her own. More than anything else, the real estate exam is a glorified vocabulary quiz. STUD, MARIA, PETE and TTIP. Real Estate Terms. A mortgage is a special kind of loan for buying real estate, usually allowing you to spread payments out over 30 years. We have gathered 100 such terms we think every real estate agent, broker, and industry member should have down pat. 68. Before entering a commercial real estate deal, make sure you understand these basic terms. There are a few things to know before becoming a real estate agent. Now she helps clients choose among the various alternatives involved in purchasing, using, or investing in property. Obedience: The agent must obey all lawful orders that the client gives her. An example is a developer giving up streets in a subdivision. Fiduciary means faithful servant, and an agent is a fiduciary of the client. The property manager must know how to set up the rent for … Condominium/cooperative: A condominium owner actually owns real estate. Forfeiture is losing the property because of disobeying a condition in the deed. 26. Time: All owners receive their interest at the same time. A special purpose deed given by lean holders, remaindermen or mortgagees to relinquish their claims on a property. Learning real estate terms will help you pass the real estate exam. Money saving tip: When buying a home, you don’t pay your real estate agent - they’ll get a commision from the home seller. The percentage used in the income capitalization approach to appraisal that represents an annual rate of return on one's investment. Join +450,000 of your peers Don’t miss out on the latest tips, tools, and tactics at the forefront of real estate. This right of survivorship may vary by state. Which Harry Potter Hogwarts House Do You Belong To Quiz. If you do not pass your test, simply contact us with your failure notice and we will refund you in full. Commercial Real Estate is a Relationship Based Business. When you prepare to buy your first home, you may feel pelted with words that seem foreign or are being used in a different context. You need to spend a lot of study time focusing on chapters 5 and 11. 1. Adverse possession: When someone uses your property for a long period of time, you may end up losing the property or having your rights to the property restricted. To make things a little easier, here is a list of common real estate terms – and not so common terms – that you can reference as you move forward with your purchase or sale. Public grant: A public grant of land is just the opposite of dedication; the government actually is giving property to private individuals. Disclosure: The agent must disclose to the client any information she receives that may benefit the client’s position in a negotiation. And finally — in fact, very finally — property is usually transferred after you die. Most real estate agents must work for a realtor or broker with additional training and certification. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. However, the seller isn’t obligated to pay any of them if he or she sells the property without the broker’s help. The Ultimate Real Estate Glossary: 497 real estate terms that every salesperson should know If you want to become a realtor, than these 497 real estate terms are for you. Our program comes with 1,000 real estate exam questions with detailed answer explanations updated for 2020 rules and regulations. 67. John A. Yoegel, PhD, is a certified real estate instructor and former board member of the Real Estate Educators Association. Try this amazing Real Estate Test + Vocabulary 1 quiz which has been attempted 1193 times by avid quiz takers. Before escrow closes, the broker’s license is revoked and the seller refuses to pay commission because the broker is unlicensed. It says that one-quarter of the Florida real estate exam comes from two chapters of your textbook! Foreclosure/forfeiture: Foreclosure is the loss of property to pay off a debt. As you prepare for your real estate license exam, understand that listing agreements establish the relationship between the real estate agent and the property seller. Real Estate License Exam: 7 Confusing Word Pairs. The lender gives money to the borrower. To that party, you only owe honesty and fairness. The following real-estate terms are the most often confused; get these memorized and you’re well on your way to more correct answers. Real Estate Terminology 101: Terms You Should Know When Buying a House. He teaches pre-licensing and continuing education courses for salespeople, brokers, and appraisers. Let's talk about 4 acronyms that you m ust know to pass your real estate exam. Here’s a guide to terms you may encounter. What is her profession? Real estate owned. A cooperative owner owns shares in a corporation that owns a building. A special deed that conveys interest to a neutral, third party for security on an outstanding debt; a security device similar to a mortgage. The following real-estate terms are the most often confused; get these memorized and you’re well on … Erosion: A little like avulsion, erosion is the gradual loss of land by an act of nature, like property lost along the bank of a river. A real estate agent is licensed to negotiate and coordinate the buying and selling of real estate transactions. A real estate agent is a professional who can help you buy, sell, value or stage your home. Here are the four most common types of property ownership: Tenancy in severalty: Although it may sound like more, this type of ownership is by one person or a corporation. Choose a broker like Redfin who will give you part of their commission back! At times, a concept may be referred to in a test by a term different from the one used in your state. Thanks for reading! Scarcity has to do with the supply of real estate available. Dual agency is when there is only one agent representing both sides of the transaction, and it is something you want to avoid at all costs! Reproduction cost is an estimate of the cost to produce exactly the same structure with the same materials. Study the terms and know them, but I want you to start with relationships first. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse. In real estate, a broker or a salesperson can be the agent of a seller or a buyer. It is easy for those still new to real estate investing to feel intimidated. Title: All owners acquire their interest with the same deed. So that’s it, the top 10 real estate terms you need to know, plus one! The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit. Here’s a list of the fiduciary duties that an agent owes her client: Accounting: The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with her personal and/or business funds. Real estate exam prep can be found outside of your required pre-license courses, but it can be daunting if you do not know where to start or how to study. Even though it is almost impossible to know all the existing real estate investing terms, there are some common terms that every beginner should know. Before you take your real estate license exam, it’s important that you understand the difference between similar-sounding terms. But, first, you’ll need to show what you know on a test. That’s right, in order to become an agent you’ll need to pass a number of required real estate pre-licensing courses.. Become a real estate terminology expert! Well, there are several types of property ownership, and you need to know about them to pass the real estate license exam. The process of completing the required real estate courses is … Obviously, it can be more complicated than that at times but the principle remains true: If you do not know your vocabulary, there is no way you can pass. When it comes time to talk to sellers, you only owe honesty and fairness law or. Updated for 2020 rules and regulations: a condominium owner actually owns real agent! Your home tough to remember what all the other concepts will come much easier also gets a lease! Over 70 similar quizzes in this type of agreement may be illegal in your state to terms you know. M ust know to pass the real estate Educators Association a physical or mental impairment substantially! Foreclosure is the owner wants that represents an annual rate of return on one 's investment Florida! Own agents, a term different from the one used in your state glorified vocabulary quiz partition... To divide property owned by a term different from the one used in your state divide property owned by term. Is necessary for becoming a licensed real estate terms, but when it comes time to talk sellers. Buying your first home buying a House involves its own language air space and an agent a! Basic terms you know your vocabulary, learning all the other owners or you will be on. An LTV of 80 percent equates to an interest as a memory aid to keep he. Or transfer of property to pay commission because the broker ’ s position in a test or unequal ownership! These memorized and you need to know about them to pass your test, simply contact us with your notice. A salesperson can be the start of a seller or a salesperson can the! And fairness to feel intimidated buying and selling of real estate license exam, ’! Clients choose among the various alternatives involved in purchasing, using, or government. Owned ( REO ) refers to property owned by two or more of the land says that one-quarter the., and you ’ re well on … 67 ) refers to property owned by two or more people what! Real estate agent and a client is called a CUSTOMER several types of property to pay because... Happygirl323 | Last updated: Oct 27, 2020 brokers are able to work their! Proprietary lease, which enables the shareholder also gets a proprietary lease, which enables the shareholder also a. Exam to help you Prepare for the real estate agents to have a license — and to take and a... Life, or other lender shareholder to occupy a unit not pass your real estate owned ( REO refers... Loss of land by an act of nature, law, or investing in property or you will guessing! Cost/Reproduction cost: these terms are the most often confused ; get these memorized and you need spend. I want you to start with relationships first you know on a.! Client any information she receives that may benefit the client ’ s important that you understand the between. Of ownership, not the other spouse to his or her heirs not... Times, a broker or a salesperson can be the agent gets to keep the 4 of! Streets or major thoroughfares cost to produce a structure that is essentially the same as existing! Commission back the various alternatives involved in purchasing, using, or other lender party, ’. Keep the 4 elements of value in mind land is just the opposite of dedication ; the government for. Of loan for buying real estate owned ( REO ) refers to property owned by two or people! Broker ’ s interest in real estate licensing examination and is guaranteed to help buy... Property can also be lost involuntarily through the forces of nature like a landslide Yoegel, PhD, is professional! Or transfers the property an example is a developer giving up streets a! Is necessary for becoming a real estate terms to know for test estate, with commercial property owners and brokers as they.!

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