Real Estate License Exam Review Jeopardy

This is the most complete form of ownership, with the fewest limitations.

What is fee simple absolute?

A built-in dishwasher, once personal property and now part of the real estate, is one of these.

What is a fixture?

Co-ownership with the right of survivorship requires four unities in this form of ownership.

What is joint tenancy?

This government power lets it take private property for public use upon paying just compensation.

What is eminent domain?

Property passes to the state through this process when an owner dies with no will and no heirs.

What is escheat?

This is the name for the client in an agency relationship, to whom the agent owes fiduciary duties.

Who is the principal?

In the OLD CAR acronym for fiduciary duties, the O stands for this.

What is obedience?

When one licensee represents both buyer and seller in a deal, with informed consent, it is this.

What is dual agency?

Under this type of listing, the broker earns a commission no matter who sells the property, even the owner.

What is an exclusive right-to-sell listing?

An agent hired for a single transaction, like a listing broker, is this type of agent rather than a general agent.

What is a special agent?

Under the statute of frauds, contracts to sell real estate must be in this form to be enforceable.

What is writing?

Something of value exchanged by the parties, this is one of the essential elements of a valid contract.

What is consideration?

A contract in which both parties exchange promises is this type.

What is bilateral?

A contract signed by a minor is usually this: valid, but the minor may cancel it.

What is voidable?

A buyer can ask a court for this remedy, forcing the seller to go through with the sale of unique property.

What is specific performance?

Lenders commonly require this insurance on conventional loans with less than 20 percent down.

What is private mortgage insurance?

One discount point equals this percentage of the loan amount.

What is 1 percent?

In a mortgage, the borrower is known by this term.

Who is the mortgagor?

After a default, this clause lets the lender declare the entire balance due at once.

What is an acceleration clause?

Also called a due-on-sale clause, this lets the lender call the loan if the property is sold.

What is an alienation clause?

The original 1968 federal protected classes in housing were race, color, religion and this.

What is national origin?

Guiding buyers toward or away from neighborhoods based on a protected class is this illegal practice.

What is steering?

Urging owners to sell by claiming that members of a protected class are moving in is this.

What is blockbusting?

Refusing to lend in certain areas based on race is this, named for lines drawn on maps.

What is redlining?

Upheld in Jones v. Alfred H. Mayer Co., this law bars all racial discrimination in property with no exceptions.

What is the Civil Rights Act of 1866?

An 80 percent loan on a $250,000 home means a down payment of this much.

What is $50,000?

A $300,000 sale at a 6 percent commission pays this total commission.

What is $18,000?

A section in the rectangular survey system contains this many acres.

What is 640?

One acre contains this many square feet.

What is 43,560?

A property with $50,000 in net operating income, at an 8 percent cap rate, is worth this much.

What is $625,000?