Real Estate Study Guide

REAL ESTATE STUDY GUIDE

TEST-Ch 1 & 2

* Condensed history of a title to a particular parcel of real estate is known as abstract.

* Easement are rights granted to use, yet not own, a specified piece of real property.

* Real property is both a right and privilege associated with land and transferred by deed

* When real estate is bought and sold, a fixture is the property of the: Buyer

* Property is owned is 2 ways: Freehold and less than freehold

* The definition of land includes all but: BUILDINGS

* People are building an enclosed front porch. Lumber dealer unloaded a truckload of lumber in front of their house that will be used to build the porch. Lumber is considered: as PERSONAL PROPERTY ONLY

* The purchase of real estate reflects a complex body of laws

* A title held in fee simple gives the owner unlimited, unabashed use of the real property until his or her demise or until death or the death of another.

* A career in real estate requires many skills and competencies including: drafting the agreement of sale, interpreting surveys, orchestrating multiple parties to a transaction

* Ray South obtained his real estate license four months ago and is now able to operate his own real estate agency: FALSE

* A tenant at sufferance is the same as a trespasser or squatter: False

* A life estate lasts only as long as the life measured or tied to the estate: True

* To "list" implies an offer to sell. TRUE

* It was reported recently that KREC has granted real estate licenses to 33 convicted felons: TRUE

* The text refers to five types of misrepresentations in the real estate transaction:

o Innocent

o Silent

o

o

o

* Name three real estate brokerage relationships

o Buyer agent

o Transaction broker

o Designated seller

* The term intestate means died without will

* Caveat emptor means-let the buyer beware

* KREC-Kansas Real Estate Commission

* POA-Power of Attorney

* DOM-Days on Market

* JTWROS-joint tenancy with right of survivorship

* KAR-Kansas Association of realtors

* Mortgagee-Lender

* Vendor-seller of realty

* Executor- named in a will

* Condominium-fee simple rights exist

* Vendee-buyer of realty

* Administrator-appointed by the court

* ESSAYS:

o Does an open listing differ from a MLS? Why or why not?

o How do the functions of brokers and real estate agents differ? How are they similar?

o How is real property different from personal property?

CH 1

* Skills needed: drafting doc, reviewing title assessments, interpreting surveys, analyzing and preparing leases, inspecting property, assuming closing, postclosing and settlement responsibilities, recording mortgage, deed, assignment release, and other docs; preparing tax filings, securing zoning permits and apps, preparing legal descriptions, arranging for payoff of notes and releases of mortgages

* Broker-realty rep who acts as the basis for agency in the agent/client relationship. Every agent must work under the supervision of a broker

* Mortgagor-borrower

* Personal property

o Movable, transferable in the physical sense, and durationally limited

o Goods or services, tangible items of value

* Real property

o Right and privilege associated with land, realty, and fixtures

o Longer or perpetual duration

o Formally bought and sold, transferred by deed

* Realty-constructed homes

* Fixtures-objects permanently attached to the land and or realty

* License-allows licensee to do something on land for an extremely limited purpose; temporary and highly restricted

* Property can be held in 2 ways

o Freehold- free for whatever life the interest owner has or by some other measure of time or duration

 Nobody can invade or challenge the interest for any reason during duration

 Fee simple-title affording the unlimited, unabashed use of the real property until his or her demise or until the demise of another

 Life estate-interest in land the duration of which is defined by the life of another

 Per autrie vie-for the life of another person

 Estate in fee tail-limits transfer of estate both the present owner and the owners or other issues

o Less than freehold

 Estate for years-lease for an apartment

 Estate at will-informal lease where landlord allows a tenant to stay on a month to month basis

 Estate at sufferance-stay beyond either month to month or exact term of years; lowest grade; retains possession of real property with no title (stays after lease has expired)

* Concurrent ownership

o Must