October 20, 2010
The period for which a lease will run for each tenant is considered the term of the
lease. The starting and ending dates of the contract, or lease, are clearly stated from the
beginning. The leases
BTE 231 Final Exam Study Guide
1.) Mortgagee vs. Mortgagor
2.) Mortgage: a voluntary lien against real estate
3.) Rights of a Mortgagor
Title Theory: mortgagor gives legal title to the mortgagee and retains
1.) What is real estate?
2.) What terminates a contract?
3.) What happened within months that caused housing boom?
4.) Credit comes from what Latin word?
5.) Supply factors affecting real estate market? (4)
6.) Fixture or personal property? hot water heat
A contract is a legally enforceable promise or set of promises that mst be performed; if a
breach occurs, the law provides a remedy.
Contracts may be classified in different ways:
- According to whether the parties intentions are express or mer
Liens are claims of creditors or taxing authorities against the real and personal property
of a debtor.
A lien is a type of encumbrance.
Liens are either general, covering all real and personal property of a debtor-owner, or
Sole ownership, or ownership in severalty, means that title is held by one natural person
or legal entity.
Under co-ownership, title can be held concurrently by more than one person in several
Under tenancy in common, each party holds sepa
Chapter 7: Listing Agreements and Buyer Representation
Listing agreement: an employment contract and agency agreement rather than a
real estate contract
o Contract for personal professional services of broker, not for transfer of
Chapter 4: Real Estate Brokerage
Brokerage: the business of bringing the parties together
o Mortgage brokers- match lenders with buyers
o Stockbrokers- bring together investors and corporations
Real estate broker: a person licensed to buy, sell, excha
Chapter 3: Concepts of Home Ownership
Types of Housing:
- Apartment complexes: groups of apartment buildings with any number of units in
- Condominiums: popular form of residential ownership, especially if you want to
own the property but no
Chapter 2: Real Property and the Law
Land: the earths surface extending downward to the center of the earth and
upward to infinity, including permanent natural objects such as trees and water
o Not only means surface of earth, but also the underlying so
Chapter 1: Introduction to the Real Estate Business
Consumers of real estate services: buyers and sellers of homes, tenants and
landlords, investors, and developers.
- Every real estate professional must have basic knowledge of: appraisal, property