Real Estate Concepts and Terminology

Front

The process of acquiring land for public use from an unwilling owner with compensation paid is called:

Back

condemnation

Front

The distance that zoning regulations require between the lot line and the building line is called:

Back

the setback

Front

The trespass of an improvement on another’s land is known as a(an):

Back

encroachment

Front

What type of listing provides fiduciary duties to the seller while protecting the broker’s best interests?

Back

Exclusive right to sell

Front

A person who is authorized to represent the interest of another is called a(an):

Back

agent

Front

In the sale of new homes in a subdivision, the on-site RE licensee typically represents all of the following EXCEPT: builder, buyer, seller, seller’s broker

Back

buyer

Front

The provisions of the Real Estate Settlement Procedures Act apply to all of the following property types EXCEPT: vacant single-family residence, condominium unit, duplex, owner-occupied 5-plex

Back

owner-occupied 5-plex

Front

In a co-op:

Back

each owner holds stock

Front

A policy of title insurance in favor of the mortgagee insures the:

Back

lender

Front

Which is most likely to reveal all of the owners in a property’s history? Options: Certificate of title, Title report, Affidavit of title

Back

Abstract of title