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