Real Estate Exam Preparation Flashcard

Front

What is another term for a sandwich lease?

Back

Subletting: A lease agreement where the original tenant leases the property to another tenant while retaining their lease with the landlord.

Front

What is the term for general construction onto the property of another, like a wall or fence?

Back

Encroachment: The act of building or extending a structure onto another person's property without permission.

Front

Which type of legal description identifies a property by outlining its boundaries in terms of directions and distances from a specific point?

Back

Meets and Bounds: A method of describing land by detailing its boundaries using physical features and measurements.

Front

Which method would an appraiser most likely use for a newly built one-year-old apartment building with no rental history?

Back

Cost approach: A valuation method that estimates the cost to replace or reproduce the property, minus depreciation.

Front

When a buyer withdraws an offer before the seller accepts, what is the buyer entitled to?

Back

A refund of the earnest money deposit: The buyer can reclaim their deposit if they withdraw their offer before acceptance.

Front

What is a Gross Lease?

Back

A lease where the landlord pays all property expenses, including taxes, insurance, and maintenance.

Front

What is a Triple Net Lease?

Back

A lease agreement where the tenant is responsible for paying property taxes, insurance, and maintenance in addition to rent.

Front

What is an Easement?

Back

A legal right to use another's land for a specific purpose, such as access to a road.

Front

What is Specific Performance in real estate?

Back

A legal remedy where a court orders a party to fulfill the terms of a contract, often used in real estate transactions.

Front

What is the purpose of an Estoppel Certificate?

Back

A document used to confirm the terms of a lease and the status of the tenant's obligations, often required by lenders.