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5 days ago · If you're preparing for a real estate exam or simply want to deepen your knowledge of the industry, you're in the right place. This article is designed to demystify the complex language of real estate by breaking down the top 20 acronyms you're likely to encounter.
- 4 Elements of Value: Stud
- Fixtures: Maria
- Government Powers: Pete
- Joint Tenancy: TTIP
The acronym STUD is used as a memory aid to keep the 4 elements of valuein mind. They are scarcity, transferability, utility and demand. 1. Scarcityhas to do with the supply of real estate available. The scarcer the supply of real estate available, the more valuable the property. 2. Transferability, The deal is worthless unless the seller can trans...
Let's move on tofixtures. Personal property goes with the person and real property goes with the real estate. A fixture is personal property that becomes real property. It was something that once went with the person but, for reasons of its association with the property, now goes with the real estate being sold. An example of a fixture would be a t...
To remember the government powers, think of the acronym PETE. 1. Police Power 2. Eminent Domain 3. Taxation 4. Escheat NOTE: An individual would nothave any of these rights. 1. Police power is the state's inherent right to regulate an individual's conduct or property to protect the health, safety, welfare, and morals of the community. Common exampl...
Joint tenancy can be held by two or more people. Making it a form of concurrent ownership as opposed to ownership in severalty (where a person owns a property on their own). There are four unities that must exist in order for a joint tenancy to be created: 1. Time: Each person must receive or obtain title to the property at the same time. 2. Title:...
6 days ago · Download our 50 Real Estate Flashcards. In addition, PrepAgent’s online flashcards are a fun way to learn important real estate terms. The arrangement of the terms varies for a different experience each time a student views the flashcard section of the portal. The flashcards’ user interface separates the name from its description using the ...
Mar 7, 2022 · This acronym describes the relationship between a real estate agent and a client. Accountable – agent must account for all funds. Care & Skill – agent must use skills to the best of their ability. Obedience – agent must obey legal orders by the client. Loyalty – agent owes loyalty to the client’s wishes above their own.
Mastering abbreviations like APR, MLS, and LTV is crucial for acing your real estate exam and ensuring your success in the industry. This article breaks down 13 essential real estate acronyms, making your exam preparation straightforward and effective.
In this playlist, study specific real estate concepts you need to know for the real estate exam. Learn about property rights, contract clauses, government powers, agency relationships, and so much more.
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Jun 9, 2023 · Studying for the real estate exam isn’t easy, but neither is being a successful real estate agent. However, with the right preparation, tools, and strategies, you can crush your licensing exam and kick off your career as a real estate professional.
