Arkansas real estate Question And Answers 2023, Exams of Nursing

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Brokerage - Correct Answer ✅ The business of bringing people together in Real Estate transaction Broker - Correct Answer ✅ A person or company licensed to buy, sell, exchange, or lease real property Appraisal - Correct Answer ✅ Process of developing opinion of a property market value based on established methods and the professional judgment Property Manger - Correct Answer ✅ Person or Company hired to maintain and manage property on behalf of the property owner Home Inspection - Correct Answer ✅ A profession that combines a practitioners interest in real estate with skills and training in the construction trades (mostly a visible inspection) Code of Ethics - Correct Answer ✅ A written system of standards of ethical conduct (code we have to go by as and Real Estate agent) Planned Unit Developments (PUDs) - Correct Answer ✅ sometimes called master planned communities might consist entirely of residences but they can also serve to merge such diverse land use. Owners do not have direct ownership interest in the common areas.

Mixed Use Developments (MUDs) - Correct Answer ✅ High rise developments combine office space, stores, theaters, and apartments units into a single vertical community. An abandoned warehouse may be transformed into luxury condominium units

• Correct Answer ✅ The words Land, Real Estate, and Real Property are often used interchangeably to most people they mean the same thing - Correct Answer ✅ Land - Correct Answer ✅ Defined as the earth's surface extending downward to the center of the earth and upward to infinity Real Estate - Correct Answer ✅ Land plus all human made improvements to the land that are permanently attached Real Property - Correct Answer ✅ The interest's benefits and rights that are automatically included in the ownership of real estate Appurtenance/Easement - Correct Answer ✅ A right or privilege associated with the property although not necessarily a physical part of it

Riparian Rights - Correct Answer ✅ Common law rights granted to owners of land along the course of a river, stream, or similar flowing body of water Littoral Rights - Correct Answer ✅ owners whose land borders commercially navigable lakes, seas, and oceans. All the land below this point is owned by the government Accretion - Correct Answer ✅ Increases in the land resulting from the deposit of soil by the waters action. Erosion - Correct Answer ✅ The gradual and sometimes imperceptible wearing away of the land by natural forces such as wind rain and flowing water Avulsion - Correct Answer ✅ Is the sudden removal of soil by and act of nature. An earthquake or mudslide for instance can cause an individuals landholding to become much smaller very quickly Prior Appropriation - Correct Answer ✅ In state where water is scarce ownership and use of water are often determined by the doctrine

Factory Built Housing - Correct Answer ✅ Dwellings that are not constructed at the site but are built off site and trucked to a building lot where they are installed or assembled Manufactured Housing - Correct Answer ✅ Which is built specifically to the standers of the Department of Housing and Urban Development (HUD) Emblements - Correct Answer ✅ Annually cultivated crops such as fruit vegetables and gain Severance - Correct Answer ✅ An item of real property can become personal property which is the act of separating it from the land Annexation - Correct Answer ✅ Changing personal property into real property Fixture - Correct Answer ✅ Personal property that has been so attached to land or a building that by law it becomes part of the real property Trade Fixture - Correct Answer ✅ An article owned by a tenant attached to a rented space or building and used in conducting a business

Housing for the Older Persons Act (HOPA) - Correct Answer ✅ Housing intended for those age 55 or older have "significant facilities and services" designed for seniors. At least 80% of occupied units have one person age 55 or older living in them. Familial Status - Correct Answer ✅ One or more individuals under age of 18 living with a parent or guardian it also includes woman who is pregnant and anyone who is in the process of assuming custody of a child under ago of 18 Disability - Correct Answer ✅ A physical or mental impairment that substantially limits one or more of a person major life activates and includes having a record of having such an impairment o being regarded as having such impairment even if one does not exist Americans with Disabilities (ADA) - Correct Answer ✅ Requires reasonable accommodations in employment and access to goods services and public building. (ADA is not a housing law) Blockbusting - Correct Answer ✅ The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into the neighborhood will have some sort of negative impact of property values

Steering - Correct Answer ✅ The channeling of home seekers to particular neighborhoods or discouraging potential buyers from considering some areas Redlining - Correct Answer ✅ The practice of refusing to make mortgage loans or issue insurance policies in specific areas for reasons other than the economic qualifications of the applicants Conciliation - Correct Answer ✅ The resolution of a complaint by obtaining assurance that the person against whom the complaint was filled will remedy any violation that may have occurred Administrative Law Judge (ALJ) - Correct Answer ✅ The authority to award actual damages to an aggrieved party and if it is believed the public interest will be served to impose a monetary penalty Exemptions from the Fair Housing Act (but not the Civil Rights Act of

1866. • Correct Answer ✅ owner occupied buildings with no more than four units single family housing sold or rented without the use of real estate professional housing operated by organizations and private clubs that limit occupancy to members

Estate in Land - Correct Answer ✅ The degree quantity nature and extent of an owners interest in real property an interest must allow possession meaning the holding and enjoyment of the property either now or in the future and must be measured according to time Freehold Estate - Correct Answer ✅ Last for an indeterminable length of time such as for a lifetime such as for a life time period and may be passed along to the owners heirs. Life Estate - Correct Answer ✅ That is held only for the lifetime of a person and ends with the individual dies Free Simple Absolute - Correct Answer ✅ Is the highest interest in real estate recognized by law. Fee simple ownership in which the holder is entitled to all right to the property by law this estate is intended to run forever Fee Simple Defensible - Correct Answer ✅ Estate is qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event Fee Simple Determinable - Correct Answer ✅ Estate that may be inherited

Fee simple subject to a condition subsequent - Correct Answer ✅ An owner gives real estate on condition of ownership which means there is a difference in the way the estate will terminate if there is a violation of the condition. With a fee simple subject to a condition subsequent the estate does not automatically terminate upon violation of the condition of ownership Encumbrance - Correct Answer ✅ Is a claim, charge, or liability that attaches to real estate Lien - Correct Answer ✅ Is a charge against property that provides security for a debt or obligation of the property owner Legal Life Estate - Correct Answer ✅ Is not created by a property owner but rather is established by state law it becomes effective automatically when certain events occur Dower - Correct Answer ✅ Is the life of the wife in the real estate of her deceased husband Curtsey - Correct Answer ✅ Is a life estate of a husband in the real estate of his deceased wife

• Correct Answer ✅ Typically provide that the non-owning spouse has a lifetime right to a one-half or one-third interest in the real estate Homestead - Correct Answer ✅ A legal life estate in real estate occupied as the families home Covenants, Conditions, and Restrictions (CC&R) - Correct Answer ✅ Are used by subdivisions developer to maintain specific standards in a subdivision such as architectural or design specifications for improvements Easement - Correct Answer ✅ The right to uses the land of another for a particular purpose. It may exist in any portion of the real estate including airspace or a right away across the land Domain Tenement - Correct Answer ✅ Parcel that benefits the person Servient Tenement - Correct Answer ✅ Parcel over which the easement runs over Party Wall - Correct Answer ✅ Can be an exterior wall of a building that straddles the boundary line between two lots

Easement of Gross - Correct Answer ✅ An individual or company interest in or right to use someone else's land (mostly used for utility purpose) Easement of Prescription - Correct Answer ✅ Claimant has made use of another land for a certain period of time as defined by state law (usually goes for 10 to 21 years and must been continuous, non exclusive from the owner) Terminating of an Easement - Correct Answer ✅ when the need no longer exists when the owner of either of the dominant or the servient tenement becomes sole owner of both properties by the release of the right of easement to the owner of the servient by the abandonment of the easement by the nonuse of a prescriptive easement License - Correct Answer ✅ A personal privilege to enter the land of another for a specific Encroachment - Correct Answer ✅ When building a fence or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines

Les Pendens - Correct Answer ✅ A notice filed in the public record of a pending legal action affecting the title to or possession of property Police Power - Correct Answer ✅ The power to enact legislation to preserve order protects the public health and safety and promotes the general welfare of its citizens Eminent Domain - Correct Answer ✅ The government's right to acquire private property for public use Condemnation - Correct Answer ✅ The actual process of taking property Inverse Condemnation - Correct Answer ✅ An action brought by a property owner seeking just compensation for land adjacent to land used for public purpose when the property's use and value have been diminished Taxation - Correct Answer ✅ A charge on real estate to raise the funds to finance the operations of government and services Escheat - Correct Answer ✅ A process by which the state may acquire privately owned real or personal property state laws provide for ownership to transfer to the state

Severalty - Correct Answer ✅ Occurs when property is owned by one individual Co Ownership - Correct Answer ✅ When title to a parcel of real estate is held by two or more individuals Tenancy in Common (TIC) - Correct Answer ✅ Each tenant holds an undivided interest in the property Right of Survivorship - Correct Answer ✅ Upon the death of a joint tenant the deceased's interest transfers directly to the surviving joint tenant Partition - Correct Answer ✅ A legal way to dissolve the relationship between co owners of real estate when the parties do not voluntarily agree to its termination (The court can order them to sale it) Trust - Correct Answer ✅ A device by which one person transfers ownership of property to someone else to hold or manage for the benefit of a third party Land Trust - Correct Answer ✅ The property is conveyed to a trustee the beneficiary is usually also the trustor. (Only land can be in this trust no personal property)

Partnership - Correct Answer ✅ An association of two or more persons who carry on a business for profit as co owners General Partnership - Correct Answer ✅ The partners participate in the operation and management of the business and share full liability for business losses and obligations Limited Partnership - Correct Answer ✅ Are not legally permitted to participate with the result that each can be held liable for business losses only to the amount invested Corporation - Correct Answer ✅ A legal entity an artificial person created under the authority of the laws of the state from which it receives its charter usually managed by its board of directors Time Share - Correct Answer ✅ Ownership permits multiple purchasers to buy relatively small interests in real estate typically resort properties each purchaser receives the right to occupy the facilities for a certain period of time Legal Description - Correct Answer ✅ A detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law

Survey - Correct Answer ✅ Boundaries are measured by calculating the dimensions and area to determine the exact location of a piece of land Metes and bounds methods - Correct Answer ✅ means to measure bounds means linear directions Point of Beginning (POB) - Correct Answer ✅ The point where the description starts and ends Monuments - Correct Answer ✅ Fixed objects used to identify the POB Rectangular Survey system - Correct Answer ✅ Government survey based on two sets of intersecting lines principal meridians and based lines Principal Meridians - Correct Answer ✅ Runs North and South (there are 37 principal meridians in the U.S.) Base Lines - Correct Answer ✅ Runs East and West Title - Correct Answer ✅ The right of ownership of the land represents the owner's bundle of rights also serves as evidence of ownership

Voluntary Alienation - Correct Answer ✅ The legal term for the transfer of title during the property owner's lifetime an owner may transfer title by making a gift or by selling the property Deed - Correct Answer ✅ A document by which an owner for real estate conveys the right title or interest owned in the parcel of real estate to someone else

• Correct Answer ✅ Survey - Correct Answer ✅ State the properties legal description Survey Sketch - Correct Answer ✅ Shows the location and dimensions of the parcel Spout Survey - Correct Answer ✅ Shows the location, size, and shape of buildings on the lot Datum - Correct Answer ✅ A point, line, or surface from which elevations are measured or indicated for the purpose of the United States geological survey

Benchmarks - Correct Answer ✅ Are monuments that have been established as permanent reference points throughout the U.S. the are usually embossed brass markers set into solid concrete or asphalt bases Title - Correct Answer ✅ The right of ownership of the land represents the owner's bundle of rights also serves as evidence of ownership Voluntary Alienation - Correct Answer ✅ The legal term for the transfer of title during the property owner's lifetime an owner may transfer title by making a gift or by selling the property Deed - Correct Answer ✅ A document by which an owner for real estate conveys the right title or interest owned in the parcel of real estate to someone else Granting Clause - Correct Answer ✅ Words of conveyance that states the grantors intention to convey the property the wording would be similar to "I JKL convey and warrant..." Habendum Clause - Correct Answer ✅ Begins with the words to have and to hold, its provisions must agree with those in the granting clause

Acknowledgment - Correct Answer ✅ A formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine Delivery and Acceptance - Correct Answer ✅ A title is not considered transferred until the deed to the property is actually delivered to and accepted by the grantee General Warranty Deed - Correct Answer ✅ Provides the greatest protection to the buyer because the grantor is legally bound by certain covenants or warranties Covenant of Seisin - Correct Answer ✅ The grantor warrants the he or she owns the property and has the right to convey title to it Covenant against Encumbrances - Correct Answer ✅ The grantor warrants that the property is free for liens or encumbrances except for any specifically stated in the deed Covenant of Further Assurances - Correct Answer ✅ Grantor promises to obtain and deliver any instrument needed to make the title good

Covenant of Quit Enjoyment - Correct Answer ✅ Grantor guarantees that the grantees title will be good against any third party who might bring a court action t establish superior title to the property Covenant of Warranty Forever - Correct Answer ✅ Grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future Special Warranty Deed - Correct Answer ✅ contains two basic warranties, that the grantor received title, also that the property was not encumbered during the time the grantor held title except as otherwise noted in the deed Bargain and Sale Deed - Correct Answer ✅ Contains no express warranties against encumbrances but it does imply that the grantor holds title and possession of the property Quitclaim Deed - Correct Answer ✅ Provides the grantee with the least protection of any deed, it carries no covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered Deed of Trust - Correct Answer ✅ Means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary

Reconveyance Deed - Correct Answer ✅ Used by trustee to return title to the trustor Trustee's Deed - Correct Answer ✅ A deed executed by a trustee, the deed must state that trustee is executing the instruments in accordance with the powers and authority granted by the trust instrument Deed Executed Pursuant to a Court Order - Correct Answer ✅ Executors and administrator's deeds masters deeds sheriffs deeds and many others are all deeds executed pursuant to a court order, theses deeds are established by state statute and are used to convey title to property that is transferred by will or court order Involuntary Alienation - Correct Answer ✅ Transfers are usually carried out by operation of law such as by condemnation, foreclosure, of a mortgage loan or a sale to satisfy delinquent tax or mortgage lines Intestate - Correct Answer ✅ When a person dies without a valid will Testate - Correct Answer ✅ Has died with a valid will Probate - Correct Answer ✅ When the title passes by will or descent the estate must go through a judicial process

Testator - Correct Answer ✅ The person who makes a will is alive and property included in the will can still be conveyed by the owner Devise - Correct Answer ✅ The gift of real property by will Bequest or Legacy - Correct Answer ✅ A gift of personal property Recording - Correct Answer ✅ The act of placing documents in the public record the specific rules for recording documents area matter of state law Constructive Notice - Correct Answer ✅ The legal presumption that information has been obtained by an individual through due diligence Actual Notice - Correct Answer ✅ Means not only that information of an interest in property is available but also that someone is actually aware of it Priority - Correct Answer ✅ Refers to the order of when documents or liens were recorded (Date and Time) Chain of Title - Correct Answer ✅ The record of a property ownership, beginning with the earliest owner

Action to Quiet Title - Correct Answer ✅ If ownership cannot be traced through an unbroken chain a gap in the chain of title or cloud on the title is said to exist Title Search - Correct Answer ✅ An examination of the public records to determine whether any defects exist in the chain of title Abstract of Title - Correct Answer ✅ A summary report of what the title search found in the public records Marketable Title - Correct Answer ✅ That is acceptable to a reasonably prudent person and which will not subject the buyer to litigation Certificate of Tile - Correct Answer ✅ Is a statement of opinion of the titles status on the date the certificate is issued, a certificate of title is not a guarantee of ownership rather it certifies the condition of the title based on an examination of the public records Attorneys opinion of title - Correct Answer ✅ Are used in some areas of the country as evidence of title it's an opinion of the status of the title based on a review of the abstract

Subrogation - Correct Answer ✅ When a title company makes a payment to settle a claim covered by a policy, the company generally acquires the right to any remedy or damages available to the insured Title Insurance - Correct Answer ✅ A contract under which the policyholder is protected from losses arising from defects in the title Standard Coverage Policy - Correct Answer ✅ Insures standard policy insures against such hidden defects as forged documents conveyances by incompetent grantors incorrect marital statements and improperly delivered deeds Torrens System - Correct Answer ✅ A legal registration system used to verify ownership (Not commonly used in the U.S.) - Correct Answer ✅ Brokerage - Correct Answer ✅ Simply the business of bringing parties together in Real Estate Procuring Cause - Correct Answer ✅ The broker must have started or caused an uninterrupted chain of events that resulted in the sale

Ready, Willing, and Able buyer - Correct Answer ✅ is one who is prepared to buy on the seller's terms and is ready to take positive steps toward consummation of the transaction Price Fixing - Correct Answer ✅ A practice in which competitors agree to set prices or other terms and conditions for products or services rather than letting competition in the open market establish those prices Boycott - Correct Answer ✅ Occurs when two or more businesses conspire against another business or agree to withhold their patronage to reduce competition Allocation of Customers - Correct Answer ✅ Involves an agreement between real estate brokers to divide their markets and refrain from competing for each others business Tie in Agreements - Correct Answer ✅ Are agreements to sell one product only if the buyer purchases another product as well, the sale of the first product is tied to the purchase of a second product Penalties - Correct Answer ✅ under the Federal Sherman Antitrust Act the penalty for fixing prices or allocating markets is a maximum 1 million dollar fine and 10 years in jail for corporations the penalty may be as high as 100 million dollars and individual who has suffered a loss

because of an antitrust violation may sue for three times the actual damages Agency Relationship - Correct Answer ✅ Real Estate are governed by three kinds of law, common law, the law established by tradition and court decisions Statutory law, the laws enacted by legislature Administrative law, The rules and regulations created by real estate commissions and departments as authorized by the legislature Fiduciary Relationship (Client) - Correct Answer ✅ Trust and confidence means that the real estate broker owes the principal certain duties such as Care, Obedience, Loyalty, Disclosure, Accounting, Confidentiality General Agent - Correct Answer ✅ May represent the principal in a broad range of matters related to a particular business or activity Special Agent - Correct Answer ✅ Is authorized to represent the principal in one specific act or business transaction only a real estate broker is usually a special agent Customer - Correct Answer ✅ Duties of reasonable care and skill, honest, and fair dealing and disclosure of known facts about the property Puffing - Correct Answer ✅ The exaggeration of a property benefits

Fraud - Correct Answer ✅ The intentional misrepresentation of a material fact in such as way as to harm to take advantage of another person Negligent Misrepresentation - Correct Answer ✅ Occurs when the real estate professional should have known that a statement about a material fact was false Latent Defect - Correct Answer ✅ A hidden structural defect that would not be discovered by ordinary inspection Listing Agreement - Correct Answer ✅ The employment contract between a broker and seller Exclusive Right to Sale - Correct Answer ✅ One authorizing listing broker receives a commission, seller pays listing broker regardless of who sells the property Exclusive Agency Listing - Correct Answer ✅ There is one authorized agent, broker receives a commission only if the procuring cause, seller retains the right to sell without obligation