Michigan Real Estate Exam Flash Cards verified content
8 views 0 purchase
Course
Real Estate
Institution
Real Estate
Special Assessment - Answer- A category of property tax levied upon a property according to
specific benefits that it receives. Special assessments are levied for those improvements that
only benefit a limited number of properties such as street paving, water & sewer lines,
sidewalks and lightin...
Michigan Real Estate Exam Flash Cards verified content Special Assessment - Answer - A category of property tax levied upon a property according to specific benefits that it receives. Special assessments are levied for those improvements that only benefit a limited number of properties such as street paving, wa ter & sewer lines, sidewalks and lighting. Riparian Land - Answer - Land which is bounded by or touches a natural water source, such as river or stream. Littoral Land - Answer - Land that borders an ocean, sea, or one of the Great Lakes. Land - Answer - The immediate surface area, subsurface area, and air above. Bill of Sale - Answer - This is the document used to transfer ownership of personal property items. It accompanies the deed to the real property at the closing. Statute - Answer - A formal, written enactment of a state or federal legislative body; also known as an Act. Common Law - Answer - A body of law that stems from judicial decisions; for example, judgements and court decrees. Administrative Law - Answer - Law created by administrative agencies. A body of law that administrative agencies such as licensing departments use to carry out its regulatory function; for example, license laws and rules. Puffing - Answer - Statements of opinion made during the sale process. They do not amount to fraud sinc e they are not intended to be a representation of fact upon which a person can rely; for example, a listing agent tells a buyer that a home is located in the "most beautiful" neighborhood in town. Abstract Title - Answer - History of title chain. Accelera tion Clause - Answer - Speeds up repayment of unpaid principal upon default, Accretion - Answer - Land accumulated through the gradual motion of water. Accrue - Answer - Add to an amount. Acknowledgment - Answer - The notarization of a signature. Acre - Answer - 43,560 square feet Act - Answer - Legislative enactment Actual Agency - Answer - Arises when an agent has, in fact, been hired. Actual Damages - Answer - Damage award for actual losses. Actual Eviction - Answer - Expulsion of a tenant by a l andlord. (Physical ouster of a tenant by a landlord from leased property.) ADA - Answer - Americans with Disabilities Act Addendum (Addenda) - Answer - Something added such as a provision to a contract. Address - Answer - A location (not a legal descriptio n). Adjacent - Answer - Lying nearby. Adjusted Cost Basis - Answer - Cost (+) improvements ( -) depreciation Administrator - Answer - Court appointee who handles a decedent's estate. Ad Valorem - Answer - According to value. A type of tax based on the value of property. Most estate property taxes are ad valorem in nature. Adverse Possession - Answer - Acquiring title to land through long -term possession. (Squatter...openly and continuously for 15 years.) Affidavit - Answer - A written statement of fact sworn to under oath. Affiliated Licensees - Answer - Individuals licensed under the same broker.
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 ProfBarr. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
