609 free recall cards · 19 subjects
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A quick look across the curriculum.
Open an example to read the answer. Each links to its complete lesson and sources. These are recall prompts, not official exam questions.
License Law and RegulationsWho enforces Article 12-A?
The Department of State administers and enforces Article 12-A through the Secretary of State.
Read the sourced lessonLaw of AgencyWho is the principal?
The principal is the client whom the agent represents.
Read the sourced lessonHuman Rights and Fair HousingWhat did the Civil Rights Act of 1866 protect?
It protected equal property rights and bars racial discrimination in property transactions.
Read the sourced lessonReal Estate MathematicsHow do you find the rate in a percent problem?
Divide the part by the whole, then express the result as a percent.
Read the sourced lessonBrowse all 19 subjectsShow fewer subjects
Legal IssuesHow does real property differ from real estate?
Real estate is land and permanent improvements. Real property includes those things plus the legal rights of ownership.
Read the sourced lessonThe Contract of Sales and LeasesWhat identifies an estate for years?
A lease term with definite beginning and ending dates.
Read the sourced lessonReal Estate FinanceHow do the note and mortgage differ?
The note carries the promise to repay. The mortgage gives the lender a lien on the named real property.
Read the sourced lessonLand Use RegulationsWhat five rights are commonly placed in the bundle of rights?
Possession, control, enjoyment, exclusion and disposition.
Read the sourced lessonConstruction and Environmental IssuesHow do a blueprint and specifications differ?
A blueprint shows the design. Specifications state the required materials, products and workmanship in writing.
Read the sourced lessonValuation Process and Pricing PropertiesHow do valuation and evaluation differ?
Valuation estimates value. Evaluation studies a property's nature, quality or utility and may not produce a value estimate.
Read the sourced lessonMunicipal AgenciesWhich elected body governs a village?
The village board of trustees is the village legislative and governing body.
Read the sourced lessonProperty InsuranceWhat does property insurance transfer?
It transfers the financial risk of losses that the policy covers.
Read the sourced lessonLicensee SafetyWhat should a licensee identify before using an unfamiliar office?
The entrances, usable exits, route to a safer place and way to call for help.
Read the sourced lessonTaxes and AssessmentsWhy tax land and improvements?
The tax base is predictable, hard to hide, and historically linked to wealth and land productivity.
Read the sourced lessonCondominiums and CooperativesWhat two interests does a condominium owner receive?
A deeded unit and an undivided common interest in the common elements.
Read the sourced lessonCommercial and Investment PropertiesWhat makes real property relatively illiquid?
A sale can require marketing, inspections, financing, title work and closing costs, so the owner may not turn it into cash quickly without lowering the price.
Read the sourced lessonIncome Tax Issues in Real Estate TransactionsWhat is the basic gain formula?
Realized gain equals amount realized minus adjusted basis.
Read the sourced lessonMortgage BrokerageWhat is the cleanest broker and banker distinction?
The broker arranges a loan for another party. The banker makes and funds the loan.
Read the sourced lessonProperty ManagementWhat three facts reveal the license issue?
The work performed, whether it is for another and whether compensation is received.
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