Kaplan Real Estate Test Prep – Workbook – Flashcards
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associate licensee
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A licensed real estate salesperson who is employed by or associated with the broker to perform brokerage activities on behalf of or for the broker.
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broker
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One who acts as an intermediary on behalf of others for a fee or commission.
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code of ethics
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A written system of standards for ethical conduct.
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consumer
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An individual who purchases goods or services that are not for resale.
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demand
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The amount of goods people are willing and able to buy at a given price; often coupled with supply.
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demographics
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The study and description of a population.
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ethics
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The System of moral principles and rules that becomes the standard for professional conduct.
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market
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A place where goods can be bought and sold and a price established.
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National Association of Realtors (NAR)
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The largest real estate organization in the world; NAR members subscribe to a strict code of ethics. Active members are allowed to use the trademarked designation, REALTOR.
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price
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The amount of money paid for an item or service.
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real estate licensee
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In real estate practice, a person who has the skills and knowledge to be licensed as a real estate broker or salesperson.
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REALTOR
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A registered trademarked term reserved for the sole use of active members of state and local REALTOR associations affiliated with the National Association of REALTORS.
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sales associate
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A person who performs real estate activities while employed by a licensed real estate broker.
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supply and demand
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The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.
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air rights
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The right to use the open space above a property, usually allowing the surface to be used for another purpose.
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appurtenance
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A right, privilege, or improvement belonging to, and passing with, the land; "runs with the land."
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attachment
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The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.
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bundle of legal rights
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The concept of land ownership that includes ownership of all legal rights to the land—possession, control within the law, enjoyment, exclusion, and disposition.
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common law
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The body of law based on custom, usage, and court decisions.
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emblements
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Growing crops, such as corn, that are produced annually through labor and industry. Also called fructus industriales.
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fixture
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An item of personal property that has been converted to real property by being permanently affixed to the realty.
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improvement
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(1) Any structure, usually privately owned, erected on a site to enhance the value of the property for example, building a fence or a driveway. (2) A publically owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.
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littoral rights
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(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to her property. (2) The ownership rights to land bordering these bodies of water up to the high water mark.
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personal property
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Items, called chattels, that do not fit into the definition of real property; movable objects.
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possession
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Owning or occupying a property.
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prior appropriation
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A concept of water ownership in which the landowner's right to use available water is based on a government-administered permit system.
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real estate
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Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.
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real property
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The interests, benefits, and rights inherent in real estate ownership; often used as a synonym for real estate.
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riparian rights
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An owner's rights in land that borders on or includes a stream or river. These rights include access to and use of the water.
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rules and regulations
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Real estate licensing authority orders that govern licensees' activities; they usually have the same force and effect as statutory law.
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severance
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Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
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subsurface rights
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Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
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surface rights
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Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
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trade fixture
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An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
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water rights
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Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.
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Americans with Disabilities Act (ADA)
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Act addresses rights of individuals with disabilities in employment and public accommodations.
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blockbusting
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The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood.
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Fair Housing Act
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The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin
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Familial status
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one or more individuals under age 18 living with a parent or guardian. it also includes pregnant women and anyone in the process of assuming custody of a child under 18
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redlining
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The illegal practice by a lending institution of denying loans or restricting their number for certain areas of a community.
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steering
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The illegal practice of channeling home seekers to particular areas based on their race, national origin, religion, or other protected classification.
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stigmatized property
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A property that has acquired an undesirable reputations due to an event that occurred on or near it, such as a violent crime, gang-related activity, illness, or personal tragedy. Some states restrict the disclosure of information about stigmatized properties.
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appurtenant easement
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An An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.
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condemnation
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A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner
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deed restrictions
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Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions—for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.
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dominant tenement
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A property that includes in its ownership the appurtenant right to use an easement over another person's property for a specific purpose.
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easement
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A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession.
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easement appurtenant
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An easement that follows along with the land.
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easement by necessity
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An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land.
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easement by prescription
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An easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law.
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easement in gross
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An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For example, a right granted by Eleanor Franks to Joe Fish to use a portion of her property for the rest of his life would be an easement in gross.
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eminent domain
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The right of government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.
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encroachment
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A building or some portion of it - a wall or fence, for instance - that extends beyond the land of the owner and illegally intrudes on the land of adjoining owner or a public street or alley.
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encumbrance
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Anything - such as a mortgage, tax, or judgement lien; an easement; a restriction on the use of the land; or an outstanding dower right - that may diminish the value or use and enjoyment of a property.
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escheat
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The reversion of property to the state or county, as provide by state law, in cases where a decedent dies intestate without heirs capable of inheriting , or when the property is abandoned
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fee simple
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The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.
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fee simple absolute
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Maximum possible estate or right of ownership of real property, continuing forever
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license
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(1) In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. (2) The revocable permission for a temporary use of land - a personal right that cannot be sold.
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lien
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A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
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life estate
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An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
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lis pendens
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A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.
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party wall
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an exterior wall of a building that straddles the boundary line between lots, or can be a commonly shared partition all between two connected properties
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police power
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The government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.
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servient tenement
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Land on which an easement exists in favor of an adjacent property (called dominant estate); also called a servient estate.
