Flashcards: Real Estate Licensing Fundamentals — 20 cards

Exam prep course guidance — purpose?

Identify weak areas and measure readiness.

Agency relationship — principal?

Employs agent to act on their behalf.

Fair housing — protected classes?

FReSH CoRN and race (federally protected).

Purchase contract — earnest money?

Deposit that is refundable upon contingencies.

Lender disclosures — TILA requirement?

Disclose APR and rights within 3 days.

Market analysis — CMA purpose?

Estimate property’s market value by comparison.

Legal description — purpose?

Precisely identify property location and boundaries.

Easements — definition?

Legal rights to use another’s land.

Land-use control — zoning?

Public regulation of property use.

Commercial lease — percentage lease?

Tenant pays base rent plus sales percentage.

Deed types — general warranty?

Provides strongest title protection to buyer.

Title insurance — protects against?

Title defects discovered after closing.

Easements & liens — difference?

Easements grant use; liens are claims for debt.

Land-use controls — restrictive covenants?

Private restrictions added to deeds.

Environmental hazards — disclosure?

Must disclose impacts like floodplains or hazards.

Leasehold estate — definition?

Tenant’s right to possess property for lease term.

Gross lease — landlord pays?

Most property charges; tenant pays fixed rent.

Quiet title action — purpose?

Resolve title problems legally.

Title report — shows?

Current recorded encumbrances and ownership.

Constructive notice — created by?

Recording documents publicly.