Up next in 10
The final round of the 30 must-know real estate exam vocabulary terms you need to pass your real estate exam in 2024.
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🕒 Chapters:
0:00 Introduction
0:39 Redlining
1:19 Alienation Clause
1:40 Blanket Mortgage
2:12 Delinquent Mortgage
2:40 Collateral
3:09 Dual Agency
3:42 Real Estate License Requirements
4:07 Realtor
4:40 Optionee
4:56 Optionor
Show More Show Less View Video Transcript
0:00
picture attempting to climb Mount
0:02
Everest but without an ice X or kampens
0:07
it's downright impossible tackling the
0:10
real estate exam without knowing these
0:12
30 essential terms is really similar to
0:14
that you're setting yourself up for a
0:17
treacherous climb without tools for
0:20
Success prepare to channel your inner
0:23
vocab mountainer as we conquer the Peaks
0:26
and valleys of real estate jargon in
0:29
this essential video guide get ready to
0:32
plant your flag at the summit of
0:35
success here comes the first one
0:39
redlining now guess what the first term
0:42
means take a few seconds and think about
0:51
it redlining is a discriminatory
0:54
practice in which people often based on
0:57
their race are unfairly denied services
1:00
like loans or Insurance it originated
1:04
when Banks labeled certain areas as high
1:07
risk on Maps using the color red
1:10
nowadays red lining is illegal ensuring
1:14
a more inclusive real estate environment
1:17
here comes another term alienation
1:22
[Music]
1:26
clause an alienation clause is a key
1:29
agreement in real estate transactions
1:31
simply put it ensures borrowers fully
1:35
pay off their mortgage before
1:37
transferring or selling a
1:40
property blanket mortgage let's see if
1:44
you know what blanket mortgage
1:51
means imagine buying several properties
1:55
with just one mortgage that's a blanket
1:58
mortgage this conveniently loan type
2:00
simplifies the process by bundling
2:03
multiple properties under a single
2:05
mortgage saving you from juggling
2:08
several loans at
2:10
once delinquent
2:18
mortgage a delinquent mortgage occurs
2:22
when a borrower misses payments outlined
2:24
in their mortgage contract it's crucial
2:27
to stay on top of your payments and and
2:30
avoid delinquency think of it like
2:32
keeping up with your Netflix
2:34
subscription you don't want to miss out
2:36
on your favorite shows next up on the
2:39
trim train collateral time to truly Flex
2:43
those definition muscles take a few
2:46
seconds and then let's see the
2:53
definition collateral is the valuable
2:56
property you pledge as security for a
2:59
loan like your house in a mortgage it's
3:02
your lenders safety net ensuring they
3:05
will get their money back time for the
3:08
next one duel
3:16
agency duel agency involves a single
3:20
real estate agent representing both
3:22
parties in a transaction this practice
3:25
however is illegal in some states and
3:29
discourage in others due to the
3:31
potential conflict of interest that may
3:34
arise when an agent tries to balance the
3:37
best interest of both clients
3:41
simultaneously real estate license
3:49
requirements real estate license
3:51
requirements are the essential steps
3:54
determined by each state that you must
3:56
complete to become a licensed agent
3:59
think of it as your personalized road
4:01
map to real estate career We Can't Stop
4:05
we won't stop moving on realtor give it
4:08
a
4:15
shot a realtor is a real estate agent
4:19
Who belongs to the National Association
4:21
of Realtors they follow a strict code of
4:24
ethics and rules that set them apart
4:27
from regular agents while while often
4:30
used synonymously real estate agents and
4:33
Realtors have distinct professional
4:35
identities and responsibilities let's
4:38
jump straight to the next one option
4:41
what's this term
4:42
[Music]
4:48
about an option is the legal title for
4:52
someone who obtains and holds an option
4:54
in a
4:55
contract optional
5:03
optional refers to the party granting
5:05
the option in the contract together
5:08
options and options make the contract
5:11
game complete all right what's next
5:16
government power take a few seconds and
5:19
think about the
5:24
[Music]
5:27
definition government power refers to a
5:30
state's constitutional right and
5:32
responsibility to create and uphold laws
5:35
for public well-being this includes
5:38
ensuring citizens health safety moral
5:41
standards and overall welfare are
5:44
protected and maintained an example of
5:48
government power in real estate would be
5:51
zoning laws that regulate land use and
5:55
development zoning laws regulate land
5:58
use building codes and safety measures
6:01
to maintain the well-being of the
6:03
community without requiring
6:06
compensation here comes another one
6:10
steering think you've got what steering
6:12
is well let's
6:21
see steering is an unlawful practice
6:25
where someone is pushed to buy or rent
6:28
property in a particular area due to
6:31
their race religion gender familial
6:35
status or disability for instance a real
6:39
estate agent suggesting a specific
6:41
neighborhood to a client solely based on
6:44
their race would be considered steering
6:48
which violates fair housing laws bring
6:51
on the next term blind ad
6:56
[Music]
7:01
a blind ad is an anonymous advertisement
7:05
that leaves out the advertiser's name or
7:08
license status think of it as a mased
7:11
message in the real estate World lacking
7:14
Vital Information for transparency and
7:17
legality let's see another one capital
7:21
gain I'm sure you got this
7:26
[Music]
7:30
capital gain represents the profit
7:32
earned from selling or auctioning
7:35
property or investment a key factor in
7:38
real estate
7:40
transactions all right how about
7:50
capitalization capitalization involves
7:53
transforming assets or income into
7:56
capital a process closely tied to
8:00
maximizing property
8:02
values capitalization
8:09
[Music]
8:10
rate cap rate or capitalization rate
8:14
serves as an indicator of a property's
8:17
potential return on investment bringing
8:20
these Concepts full circle in the world
8:23
of real estate Finance another term on
8:26
Deck exclusive right to sell listing
8:30
go ahead think about it for a couple
8:35
[Music]
8:38
seconds in an inclusive right to sell
8:41
listing a single broker is appointed to
8:45
represent the seller's property this
8:47
unique agreement ensures the broker
8:50
earns a commission regardless of who
8:53
ultimately sells the property during the
8:56
contract period next up is exclusive
9:00
agency
9:07
listing picture a real estate agent
9:10
specializing in selling cozy suburban
9:13
homes with an exclusive agency listing
9:16
the seller entrust this agent to sell
9:19
their property exclusively the catch the
9:23
agent only earns a commission if they
9:26
find the buyer themselves
9:29
and how about exclusive
9:31
[Music]
9:38
listing an exclusive listing is a
9:41
typical real estate Arrangement granting
9:43
a single agent the sole right to sell a
9:46
property this contract ensures the agent
9:50
is fairly compensated for their
9:52
dedication and hard work throughout the
9:54
selling process Switching gears to the
9:57
next word commission
10:00
I'm pretty sure you are familiar with
10:02
this
10:09
one commission is the well-deserved fee
10:12
agents earn upon completing a real
10:15
estate
10:16
transaction
10:18
nonhomogeneity ready to take a guess
10:21
let's do
10:25
[Music]
10:28
this
10:29
nonhomogeneity refers to the
10:31
distinctiveness found in a real estate
10:34
development where homes differ in style
10:37
and Design This lack of uniformity
10:40
offers variety and uniqueness among
10:43
multiple properties within the same area
10:47
next term let's get it adverse
10:50
possession let's see if you can nail
10:53
this
11:00
adverse possession allows individuals
11:03
who occupy a property without legal
11:06
rights to gain ownership after an
11:09
uninterrupted period provided they
11:12
didn't have the actual owner's
11:14
permission a legal process for
11:16
establishing new property ownership
11:19
bargain and sale
11:26
deed a bargain and sale
11:29
shows the seller has ownership rights
11:32
and can legally transfer property but
11:36
beware it doesn't ensure the property is
11:39
free from other claims or incumbrances a
11:43
typical scenario where you might
11:45
encounter a bargain and sale deed is at
11:48
property auctions where buyers often
11:51
acquire properties with limited
11:53
knowledge of their
11:55
history let's see the next one L Land
11:59
Trust take a step at the meaning of land
12:03
trust
12:10
go a land trust involves transferring
12:13
property ownership to trustee
12:16
safeguarding the property and granting
12:19
legal protections while ensuring the
12:22
trustee manages it in the owner's best
12:26
interest getting to the light at the end
12:28
of the tunnel our next term is Mrs
12:33
Murphy
12:36
[Music]
12:40
exemption the Mrs Murphy exemption
12:43
allows owner occupied homes with four or
12:47
fewer rental units to bypass certain
12:50
Fair Housing Act Provisions permitting
12:53
Property Owners to discriminate against
12:57
specific groups while seeking
13:00
tenants corporeal property give it your
13:03
best
13:10
shot corporeal property signifies
13:13
ownership of physical tangible objects
13:17
basically anything you can see and touch
13:20
making it a significant aspect of
13:22
personal property
13:24
rights literal rights take your time and
13:28
come up with the definition
13:32
[Music]
13:36
here consider a beachfront property
13:39
owner their leral rights grant them
13:42
ownership of the land up to The Waters
13:45
Edge like a beach house with an ocean
13:48
view while the land beneath the water
13:51
belongs to the government leral rights
13:54
ensure landowners enjoy the benefits of
13:57
their waterfront property Here Comes an
14:00
easy one just for you release
14:09
Clause a release Clause enables the
14:13
release of a portion or the entire
14:16
property from a mortgage claim providing
14:19
flexibility in managing and paying off
14:21
mortgage
14:23
obligations all right how would you
14:25
define variance
14:32
[Music]
14:36
a varas allows land owners to bypass
14:39
existing zoning rules providing an
14:42
exception that lets them use their
14:44
property in ways typically restricted by
14:47
zoning
14:49
ordinances drum roll time for the last
14:52
one executed
14:54
contract put on your thinking caps what
14:57
is an executed contract
15:01
[Music]
15:06
ract imagine a real estate deal where
15:09
the buyer and seller have signed a
15:12
contract fulfill their obligations and
15:15
completed the transaction this is an
15:17
executed contract a binding agreement
15:20
where both parties have held up their
15:23
end of the deal
15:25
hooray
15:26
congratulations you've just scaled the
15:29
mountain of real estate trims 121 to
15:33
150 but the accelerating climb to the
15:36
top is not over yet you are at Camp 4
15:40
with the summit inside but Darkness
15:42
closing in don't let the looming exam
15:45
day catch you unprepared make sure you a
15:48
the real estate exam by watching our
15:51
entire mustn terms video serious today
15:54
ensure you're safe asend to the peak
15:57
where you will be rewarded with a
15:59
breathtaking View and guaranteed exam
16:02
success
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