Guide To Real Estate Exam

Topics: Real estate, Contract, Real property Pages: 95 (25824 words) Published: December 7, 2014
GUIDE TO THE
REAL ESTATE EXAM

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Introduction!...................................................................................7 Bundle of Rights!...........................................................................8 License!......................................................................................................9

Government Rights!......................................................................9 Police Power!...........................................................................................10 Eminent Domain!......................................................................................10 Taxation!...................................................................................................11 Escheat!....................................................................................................11

Real vs Personal Property !.........................................................12 Annexation!..............................................................................................13 Appurtenances!.......................................................................................13 Fixtures!....................................................................................................13 Trade Fixture!...........................................................................................14 Emblements!............................................................................................14

OR-EE Rule !.................................................................................15 Estates!.........................................................................................16 Freehold Estate!.......................................................................................16 Fee simple absolute!...............................................................................16 Fee Simple Defeasible!............................................................................17 Life estate!................................................................................................17 Less than freehold estate!......................................................................18 Estate for Years!......................................................................................20 Periodic Tenancy!....................................................................................20 Estate at will!............................................................................................20

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Estate in sufferance!................................................................................20 Types of leases!.......................................................................................20 Gross lease!.............................................................................................20 Net lease!..................................................................................................21 Percentage lease!....................................................................................21 Lease option!............................................................................................21

Property management!................................................................21 Contract!.......................................................................................23 Essentials of a valid contract!................................................................25 Capable parties!.......................................................................................25 Lawful object!...........................................................................................26 Consideration!..........................................................................................26 Offer and...
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