Download Arkansas real estate Question And Answers 2023 and more Exams Nursing in PDF only on Docsity!
Brokerage - Correct Answer ✅ The business of bringing people together in Real Estate transaction Broker - Correct Answer ✅ A person or company licensed to buy, sell, exchange, or lease real property Appraisal - Correct Answer ✅ Process of developing opinion of a property market value based on established methods and the professional judgment Property Manger - Correct Answer ✅ Person or Company hired to maintain and manage property on behalf of the property owner Home Inspection - Correct Answer ✅ A profession that combines a practitioners interest in real estate with skills and training in the construction trades (mostly a visible inspection) Code of Ethics - Correct Answer ✅ A written system of standards of ethical conduct (code we have to go by as and Real Estate agent) Planned Unit Developments (PUDs) - Correct Answer ✅ sometimes called master planned communities might consist entirely of residences but they can also serve to merge such diverse land use. Owners do not have direct ownership interest in the common areas.
Mixed Use Developments (MUDs) - Correct Answer ✅ High rise developments combine office space, stores, theaters, and apartments units into a single vertical community. An abandoned warehouse may be transformed into luxury condominium units
- Correct Answer ✅ The words Land, Real Estate, and Real Property are often used interchangeably to most people they mean the same thing - Correct Answer ✅ Land - Correct Answer ✅ Defined as the earth's surface extending downward to the center of the earth and upward to infinity Real Estate - Correct Answer ✅ Land plus all human made improvements to the land that are permanently attached Real Property - Correct Answer ✅ The interest's benefits and rights that are automatically included in the ownership of real estate Appurtenance/Easement - Correct Answer ✅ A right or privilege associated with the property although not necessarily a physical part of it
Factory Built Housing - Correct Answer ✅ Dwellings that are not constructed at the site but are built off site and trucked to a building lot where they are installed or assembled Manufactured Housing - Correct Answer ✅ Which is built specifically to the standers of the Department of Housing and Urban Development (HUD) Emblements - Correct Answer ✅ Annually cultivated crops such as fruit vegetables and gain Severance - Correct Answer ✅ An item of real property can become personal property which is the act of separating it from the land Annexation - Correct Answer ✅ Changing personal property into real property Fixture - Correct Answer ✅ Personal property that has been so attached to land or a building that by law it becomes part of the real property Trade Fixture - Correct Answer ✅ An article owned by a tenant attached to a rented space or building and used in conducting a business
Housing for the Older Persons Act (HOPA) - Correct Answer ✅ Housing intended for those age 55 or older have "significant facilities and services" designed for seniors. At least 80% of occupied units have one person age 55 or older living in them. Familial Status - Correct Answer ✅ One or more individuals under age of 18 living with a parent or guardian it also includes woman who is pregnant and anyone who is in the process of assuming custody of a child under ago of 18 Disability - Correct Answer ✅ A physical or mental impairment that substantially limits one or more of a person major life activates and includes having a record of having such an impairment o being regarded as having such impairment even if one does not exist Americans with Disabilities (ADA) - Correct Answer ✅ Requires reasonable accommodations in employment and access to goods services and public building. (ADA is not a housing law) Blockbusting - Correct Answer ✅ The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact of property values
Estate in Land - Correct Answer ✅ The degree quantity nature and extent of an owners interest in real property an interest must allow possession meaning the holding and enjoyment of the property either now or in the future and must be measured according to time Freehold Estate - Correct Answer ✅ Last for an indeterminable length of time such as for a lifetime such as for a life time period and may be passed along to the owners heirs. Life Estate - Correct Answer ✅ That is held only for the lifetime of a person and ends with the individual dies Free Simple Absolute - Correct Answer ✅ Is the highest interest in real estate recognized by law. Fee simple ownership in which the holder is entitled to all right to the property by law this estate is intended to run forever Fee Simple Defensible - Correct Answer ✅ Estate is qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event Fee Simple Determinable - Correct Answer ✅ Estate that may be inherited
Fee simple subject to a condition subsequent - Correct Answer ✅ An owner gives real estate on condition of ownership which means there is a difference in the way the estate will terminate if there is a violation of the condition. With a fee simple subject to a condition subsequent the estate does not automatically terminate upon violation of the condition of ownership Encumbrance - Correct Answer ✅ Is a claim, charge, or liability that attaches to real estate Lien - Correct Answer ✅ Is a charge against property that provides security for a debt or obligation of the property owner Legal Life Estate - Correct Answer ✅ Is not created by a property owner but rather is established by state law it becomes effective automatically when certain events occur Dower - Correct Answer ✅ Is the life of the wife in the real estate of her deceased husband Curtsey - Correct Answer ✅ Is a life estate of a husband in the real estate of his deceased wife
Easement of Gross - Correct Answer ✅ An individual or company interest in or right to use someone else's land (mostly used for utility purpose) Easement of Prescription - Correct Answer ✅ Claimant has made use of another land for a certain period of time as defined by state law (usually goes for 10 to 21 years and must been continuous, non exclusive from the owner) Terminating of an Easement - Correct Answer ✅ when the need no longer exists when the owner of either of the dominant or the servient tenement becomes sole owner of both properties by the release of the right of easement to the owner of the servient by the abandonment of the easement by the nonuse of a prescriptive easement License - Correct Answer ✅ A personal privilege to enter the land of another for a specific Encroachment - Correct Answer ✅ When building a fence or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines
Les Pendens - Correct Answer ✅ A notice filed in the public record of a pending legal action affecting the title to or possession of property Police Power - Correct Answer ✅ The power to enact legislation to preserve order protects the public health and safety and promotes the general welfare of its citizens Eminent Domain - Correct Answer ✅ The government's right to acquire private property for public use Condemnation - Correct Answer ✅ The actual process of taking property Inverse Condemnation - Correct Answer ✅ An action brought by a property owner seeking just compensation for land adjacent to land used for public purpose when the property's use and value have been diminished Taxation - Correct Answer ✅ A charge on real estate to raise the funds to finance the operations of government and services Escheat - Correct Answer ✅ A process by which the state may acquire privately owned real or personal property state laws provide for ownership to transfer to the state
Partnership - Correct Answer ✅ An association of two or more persons who carry on a business for profit as co owners General Partnership - Correct Answer ✅ The partners participate in the operation and management of the business and share full liability for business losses and obligations Limited Partnership - Correct Answer ✅ Are not legally permitted to participate with the result that each can be held liable for business losses only to the amount invested Corporation - Correct Answer ✅ A legal entity an artificial person created under the authority of the laws of the state from which it receives its charter usually managed by its board of directors Time Share - Correct Answer ✅ Ownership permits multiple purchasers to buy relatively small interests in real estate typically resort properties each purchaser receives the right to occupy the facilities for a certain period of time Legal Description - Correct Answer ✅ A detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law
Survey - Correct Answer ✅ Boundaries are measured by calculating the dimensions and area to determine the exact location of a piece of land Metes and bounds methods - Correct Answer ✅ means to measure bounds means linear directions Point of Beginning (POB) - Correct Answer ✅ The point where the description starts and ends Monuments - Correct Answer ✅ Fixed objects used to identify the POB Rectangular Survey system - Correct Answer ✅ Government survey based on two sets of intersecting lines principal meridians and based lines Principal Meridians - Correct Answer ✅ Runs North and South (there are 37 principal meridians in the U.S.) Base Lines - Correct Answer ✅ Runs East and West Title - Correct Answer ✅ The right of ownership of the land represents the owner's bundle of rights also serves as evidence of ownership
Benchmarks - Correct Answer ✅ Are monuments that have been established as permanent reference points throughout the U.S. the are usually embossed brass markers set into solid concrete or asphalt bases Title - Correct Answer ✅ The right of ownership of the land represents the owner's bundle of rights also serves as evidence of ownership Voluntary Alienation - Correct Answer ✅ The legal term for the transfer of title during the property owner's lifetime an owner may transfer title by making a gift or by selling the property Deed - Correct Answer ✅ A document by which an owner for real estate conveys the right title or interest owned in the parcel of real estate to someone else Granting Clause - Correct Answer ✅ Words of conveyance that states the grantors intention to convey the property the wording would be similar to "I JKL convey and warrant..." Habendum Clause - Correct Answer ✅ Begins with the words to have and to hold, its provisions must agree with those in the granting clause
Acknowledgment - Correct Answer ✅ A formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine Delivery and Acceptance - Correct Answer ✅ A title is not considered transferred until the deed to the property is actually delivered to and accepted by the grantee General Warranty Deed - Correct Answer ✅ Provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties Covenant of Seisin - Correct Answer ✅ The grantor warrants the he or she owns the property and has the right to convey title to it Covenant against Encumbrances - Correct Answer ✅ The grantor warrants that the property is free for liens or encumbrances except for any specifically stated in the deed Covenant of Further Assurances - Correct Answer ✅ Grantor promises to obtain and deliver any instrument needed to make the title good
Reconveyance Deed - Correct Answer ✅ Used by trustee to return title to the trustor Trustee's Deed - Correct Answer ✅ A deed executed by a trustee, the deed must state that trustee is executing the instruments in accordance with the powers and authority granted by the trust instrument Deed Executed Pursuant to a Court Order - Correct Answer ✅ Executors and administrator's deeds masters deeds sheriffs deeds and many others are all deeds executed pursuant to a court order, theses deeds are established by state statute and are used to convey title to property that is transferred by will or court order Involuntary Alienation - Correct Answer ✅ Transfers are usually carried out by operation of law such as by condemnation, foreclosure, of a mortgage loan or a sale to satisfy delinquent tax or mortgage lines Intestate - Correct Answer ✅ When a person dies without a valid will Testate - Correct Answer ✅ Has died with a valid will Probate - Correct Answer ✅ When the title passes by will or descent the estate must go through a judicial process
Testator - Correct Answer ✅ The person who makes a will is alive and property included in the will can still be conveyed by the owner Devise - Correct Answer ✅ The gift of real property by will Bequest or Legacy - Correct Answer ✅ A gift of personal property Recording - Correct Answer ✅ The act of placing documents in the public record the specific rules for recording documents area matter of state law Constructive Notice - Correct Answer ✅ The legal presumption that information has been obtained by an individual through due diligence Actual Notice - Correct Answer ✅ Means not only that information of an interest in property is available but also that someone is actually aware of it Priority - Correct Answer ✅ Refers to the order of when documents or liens were recorded (Date and Time) Chain of Title - Correct Answer ✅ The record of a property ownership, beginning with the earliest owner
