Economics /Real Estate Exam Essentials Part 1
Exclusive right to sell listing
In this agreement, the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller.
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Key Terms
Term
Definition
Exclusive right to sell listing
In this agreement, the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller.
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Exclusive agency listing
Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property.
Open listing
In this type of agreement, sellers have the right to use as many brokers as they want. The seller is not, however, obligated to pay any of them if he ...
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Net listing
This type of agreement may be illegal in your state. The agent gets to keep everything he can get that's more than the sale price the owner wants.
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Condominium
The owner actually owns real estate. This ownership is usually the air space and an interest as a tenant in common of the land.
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Cooperative
The owner owns shares in a corporation that owns a building. The shareholder also gets a proprietary lease, which enables the shareholder to occupy a ...
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| Term | Definition |
|---|---|
Exclusive right to sell listing | In this agreement, the agent gets paid no matter who sells the property, regardless of whether it's the agent or the seller. |
Exclusive agency listing | Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property. |
Open listing | In this type of agreement, sellers have the right to use as many brokers as they want. The seller is not, however, obligated to pay any of them if he or she sells the property without the broker's help. |
Net listing | This type of agreement may be illegal in your state. The agent gets to keep everything he can get that's more than the sale price the owner wants. |
Condominium | The owner actually owns real estate. This ownership is usually the air space and an interest as a tenant in common of the land. |
Cooperative | The owner owns shares in a corporation that owns a building. The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit. |
Foreclosure | The loss of property to pay off a debt. |
Forfeiture | Losing the property because of disobeying a condition in the deed. |
Grantor | Gives, sells, or transfers the property to the grantee. |
Grantee | Receives the property. |
Leasehold | The tenant's interest in the property. The tenant holds the lease. |
Leased fee | The owner or landlord's interest. |
Mortgagor | The borrower. |
Mortgagee | Owes the lender. |
Replacement cost | These terms are associated with the cost approach to valuing a property. Replacement cost is the cost to produce a structure that is essentially the same as the existing structure but using modern materials and standards. |
Reproduction cost | An estimate of the cost to produce exactly the same structure with the same materials. |
Tax credit | Subtracted from taxes due. |
Tax deduction | Subtracted from income. |
Tenancy in severalty | Although it may sound like more, this type of ownership is by one person or a corporation, and not being married has nothing to do with it. |
Tenancy in common | Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. If an owner dies, the deceased person's share is conveyed to his or her heirs, not the other owners. |
Tenancy by the entirety | Available only to married couples. This means that property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse. |
Dedication | Give up property voluntarily to the government. An example is a developer giving up streets in a subdivision. |
Public grant | The government actually is giving property to private individuals. |
Adverse possession | When someone uses your property, you may end up losing the property or having your rights to the property restricted. |
Avulsion | The sudden loss of land by an act of nature like a landslide. |
Erosion | The gradual loss of land by an act of nature, like property lost along the bank of a river. |
Partition | A legal proceeding to divide property owned by two or more people. |
When do real estate agents earn their fees? | When the broker produces a ready, willing and able buyer. |
1866 Civil Rights Act | Protects against racial discrimination. |
1968 Federal Fair Housing Act | Protects race, color, religion, and national origin. |