Here’s a list of the fiduciary duties that an agent owes her client: Accounting: The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with her personal and/or business funds. Getting your real estate license can be the start of a new career or a great way to supplement your current income. Fiduciary means faithful servant, and an agent is a fiduciary of the client. The property manager must know how to set up the rent for … The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit. what is the annual rate? Preparation here comes down to three general areas: 1) budget, 2) study, and 3) practice. Which Harry Potter Hogwarts House Do You Belong To Quiz. Terms in this set (65) ... Condensed version of history of a title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original and grant and all subsequent conveyances and … Real estate vocabulary: Words you need to know before buying your first home Buying a house involves its own language. Realtor. Real Estate Terminology 101: Terms You Should Know When Buying a House. Tenancy in common: Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. Also explore over 70 similar quizzes in this category. A special deed that conveys interest to a neutral, third party for security on an outstanding debt; a security device similar to a mortgage. Partition: A partition is a legal proceeding to divide property owned by two or more people. Scarcity has to do with the supply of real estate available. The first one being you’ve got to get schooling. Become a real estate terminology expert! And finally — in fact, very finally — property is usually transferred after you die. In real estate, a broker or a salesperson can be the agent of a seller or a buyer. In real estate, a term used meaning a person the agent is NOT under contract with is called a CUSTOMER. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. Every industry is filled with jargon and commercial real estate is no exception.. As for the more complicated concepts, memorizing the major differences between two similar terms probably will get you through. The following are essential to the creation of an “agency” relationship, except: A broker secures a listing, negotiates a sale and parties enter into escrow. At times, a concept may be referred to in a test by a term different from the one used in your state. However, because of the variety of state laws governing real estate, it is impossible to test every aspect of a state’s real estate laws, rules, and regulations. So that’s it, the top 10 real estate terms you need to know, plus one! An example is a developer giving up streets in a subdivision. Generally, you can expect that your state real estate agent license exam will consist of 80-100 multiple-choice questions about general real estate concepts and 60-80 questions specific to state licensing laws. A loss in value for any reason or from any cause. Use our FREE practice questions for the Real Estate License Exam to help you prepare for the real test. Use this dictionary as a study guide for the real estate agent exam. Replacement cost/reproduction cost: These terms are associated with the cost approach to valuing a property. This right of survivorship may vary by state. By Happygirl323 | Last updated: Oct 27, 2020. Real Estate Broker Test (15 cards) 2016-09-08 3 Real Estate pre-licensing exam prep, using terms & acronyms from PrepAgent.com (80 cards) 2020-07-28 3 Terms and Questions from Ch 2 of Michigan RE Test book (40 cards) 2020-02-20 3