(Summary) Pearson Real Estate Exam, With Complete Solution
0 view 0 purchase
Course
Pearson Vue
Institution
Pearson Vue
(Summary) Pearson Real Estate Exam, With Complete Solution
abatement
legal action to stop a nuisance. can also be a reduction of a property tax assessment
holographic will
a handwritten, signed, and dated will. No witnesses are needed.
inverse condemnation
an action by an owner to force a g...
Real Estate Exam Questions And Correct Answers,
With Complete Verified Solution 100%
Constructive Fraud
Misleading without intention
Private Nuisance
A nuisance that affects only a single individual or a very limited number of individuals.
Public Nuisance
An owner's use of land that causes damage or inconvenience to the general public.
GI Zone
heavy manufacturing zone
eligibility
VA loan requires a certificate of ________
Escalation Clause
real estate contract offer where the buyer is willing to raise their offer to meet/exceed
any possible higher offers
Gross Lease
type of commercial lease that resembles residential leases, tenant pays rent and
landlord bears paying the property's real estate taxes, insurance, and maintenance
Offer & Acceptance, Consideration, competent parties, and legal purpose
elements of a contract
FHA loan
flexible requirements and lower down payments; however, such loans must adhere to
max loan amounts designated for the region where the home is located
community development district (CDD)
an independent special district authorized by statute to issue bonds to raise funds to
construct infrastructure for a residential development
Goodwill
amount paid for real estate less its value; the excess is this:
Estate for years
Lease for a definite period of time
640
In the government survey system of legal descriptions, a section measures ______
acres
50,000
maximum amount FREC can reimburse a buyer
conversion
license holders personal use or misuse of money belonging to others
20 unit condominium complex
A community association manager (CAM) license is required to manage which type of
property?
Real Estate Settlement Procedures Act
______________ is the federal law dealing with the procedures to follow in certain kinds
of real estate closings.
, Tenant at Sufferance
A tenant continued to occupy the premises following expiration of the lease. The tenant
continued to pay monthly rent to the landlord
Save Our Home Amendment
an amendment that caps how much the assessed value of homesteaded property may
increase each year
Concealment
A means of hiding
55,500
What is the maximum allowable homestead exemption for a widow who is a veteran
with a 25% disability due to service-connected injuries?
interpleader
A course of action when two contesting parties cannot reach an arbitrated agreement; A
legal proceeding whereby the broker, having no financial interest in the disputed funds,
deposits with the court the disputed escrow deposit so that the court can determine who
is the rightful claimant.
Defeasance Clause
clause in a mortgage that ensures that the mortgage cannot be foreclosed so long as all
payments are current and other conditions are fulfilled
Reliction
additional land resulting from the gradual receding of water that now belongs to the
property owner
MLS (Multiple Listing Service)
a database in which local member brokers share listings so other brokers can easily find
buyers for those properties and establish compensation expectations for properties sold
jointly
Absentee Owner
A property holder who does not reside on the property and who usually relies on a
property manager to supervise the investment.
Property Management
The leasing, managing, marketing, and overall maintenance of property for others.
USPAP
Rules and guidelines that must be followed by any professional conducting an appraisal
Comparative Market Analysis (CMA)
A comparison of the prices of recently sold homes that are similar to a listing seller's
home in terms of location, style, and amenities.
subdivision plat map
engineer's plan for land use superimposed on a map of the land to be developed
dedication
The voluntary transfer of private property by its owner to the public for some public use,
such as for streets or schools.
caveat emptor
let the buyer beware, responsible for verifying the qualty and value prior to the purchase
Fiduciary
individual upon whom is placed the highest levels of trust and confidence when acting
on behalf of one another
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectDan. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
