6860459
Description
Flashcards by Melody Pke, updated more than 1 year ago
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Created by Melody Pke
over 7 years ago
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| Question | Answer |
| Principles of Real Estate | Copper Mountain College |
| REALTOR | Current of the National Association of Realtors |
| turnover | Number of times the inventory is sold per year |
| Appurtenant | Anything that by right, is used by the land for its benefit and "goes with the land |
| Riparian Rights | owner has personal rights to use such waters in a "resonable manner |
| Right of appropriation | right given to the state to give permission to a nonriparian owner to take water from a river or lake |
| Emblements | Growing crops are considered to be personal goods and are governed by laws of personal property |
| Tenancy in Common | Ownership by 2 or more person who hold undivided nterest without right of survivorship; interest need not be equal. |
| Trade fixtures | Articles of personal property that a business tenant has attached to real property because of their need to be usued in a trade or business |
| law of capture | applies to oil and natural gas where whoevere finds it first is the one who gets to lay claim to it |
| Real Estate Agent | person who is empowered to represent a principal in negotiating with a third party for the principles benefit |
| Dual agency | Real estate broker represents both buyer and seller in the same transaction. |
| valid | a contract that is binding and enforceable . |
| voidable | a contract exists where one of the parties (the injured party) has the option of proceeding with the contract or calling it off. |
| grant deed | most commonly used instrument for transferring title to real estate. |
| grantor | person who has a written document by which the title to real property is transferred from |
| quitclaim deed | prvides the grantee with the least protection opf any deed. |
| beneficiary | one entitled to the benefit of a turst or one who receives profit from an estate. |
| straight note | interset only note where the borrower agrees to pay the interest and to pay the entire principle in a lump sum on the due date |
| trustee | one who holds property in trust for another to secure the obligagtion. |
| voluntary lien | reely accepted by the owner; mortgage or a deed of trust, which an owner signs when obtaining a real estate loan |
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