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Here are 30 real estate exam vocabulary terms to help you ace your real estate exam
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đź•’ Chapters:
0:00 Introduction
0:36 Negligence
1:21 Estate At Will
1:57 VA Loans
2:27 Chattels
2:53 Chattel Mortgage
3:29 Title
3:44 Safe Drinking Water Act (SDWA)
4:41 Riparian Rights
5:08 Leverage
5:26 General Agent
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0:00
are you ready to pass your real estate
0:02
exam well first you have to level up
0:05
your vocabulary game do you feel panicky
0:08
by the sheer thought of encountering
0:10
unfamiliar terms during your exam well
0:14
it's difficult to navigate a dense
0:16
jungle without a compass right but don't
0:19
let those hidden pitfalls sabotage your
0:22
exam and your success so let's turn the
0:26
tables on those pesy terms and make them
0:28
work for you let's go
0:30
terms 31 to 60 here we
0:34
come
0:36
negligence now guess what the first term
0:39
means take a few seconds and think about
0:47
it negligence refers to a situation
0:51
where an individual fails to fulfill
0:53
their obligations resulting in harm or
0:56
damage it can essentially be described
0:59
as a lack of due diligence for instance
1:02
a real estate agent demonstrating
1:05
negligence might fail to disclose
1:07
crucial information such as defects in
1:10
the property or inaccurate details about
1:13
its condition size features or value
1:18
here comes another
1:19
term estate at
1:27
will a state at will or tency at will is
1:31
a type of rental agreement where both
1:34
the property owner and the Tenant have
1:36
the freedom to end the agreement at any
1:39
time this flexible Arrangement doesn't
1:41
have a fixed expiration date making it
1:44
an indefinite tency keep in mind that
1:48
not all states acknowledge estate at
1:50
will and regulations may vary in those
1:54
that
1:55
do VA loans let's see if you know what
1:59
VA loans
2:07
means VA loans are like the superheroes
2:11
of mortgage loans specifically designed
2:14
for our military service members
2:16
veterans and their families these loans
2:19
boast better terms than the average
2:21
mortgage making them well-deserved
2:23
Financial perks for Our
2:26
Heroes chattles
2:34
chadow simply put are your personal
2:36
portable belongings think Furniture
2:40
appliances or even artwork unlike real
2:43
property these items can easily be
2:46
relocated from one place to another next
2:50
up on the term
2:51
train chadow mortgage time to flex those
2:55
definition muscles take a few seconds
2:58
and then let's see the definition
3:02
a chadow mortgage is a special type of
3:05
loan for items that you can move around
3:08
like mobile homes business equipment or
3:11
Vehicles the movable assets serve as
3:14
collateral meaning they secure the loan
3:17
and can be sized by the lender if the
3:20
borrower fails to repay the
3:23
loan time for the next one an easy one
3:26
is coming your
3:27
way title
3:35
a title is your legal proof of ownership
3:38
for an asset such as a property or a
3:42
vehicle Safe Drinking Water Act
3:53
sdwa the Safe Drinking Water Act or
3:56
sdwa was created in 197 four to ensure
4:01
your tap water is clean and healthy this
4:04
important legislation empowers the EPA
4:07
to monitor water quality enforce limits
4:10
on contaminants and penalize any
4:13
violators to maintain water safety
4:16
regular testing is required and if
4:19
issues arise State officials and
4:22
residents are promptly informed so
4:25
thanks to the
4:27
SWA you can enjoy your glass of water
4:29
water without worrying about hidden
4:31
surprises unless you count the
4:34
occasional lemon wedge We Can't Stop we
4:37
won't stop moving
4:39
on repairi and rights give it a
4:48
shot repairi and rights Grant land
4:51
owners with property beside a river or
4:54
stream the privilege to reasonably use
4:56
that water as it passes through their
4:58
land think fishing irrigation or simply
5:03
enjoying the view let's jump straight to
5:05
the next one leverage what's this term
5:15
about Leverage is a strategic approach
5:18
to investing where you borrow money to
5:21
fund most of your
5:23
investment General agent
5:32
a general agent is a trusted individual
5:35
appointed to act on behalf of a
5:37
principle in all aspects of a specific
5:40
business this professional relationship
5:43
generally lasts for an extended period
5:45
allowing the agent to manage ongoing
5:49
responsibilities and make decisions in
5:51
the principal's best interest all right
5:55
what's next general contractor take a
5:58
few seconds and think about the
6:05
definition a general contractor is the
6:07
go-to professional for overseeing and
6:10
managing the construction enhancement or
6:13
remodeling of a property or project a
6:17
general contractor's responsibilities
6:19
Encompass overseeing various
6:21
construction aspects such as managing
6:24
electrical work Plumbing installations
6:27
and structural modifications to ensure
6:30
the Project's timely and efficient
6:33
completion let's go here comes another
6:36
one bilateral contract think you've got
6:39
what a bilateral contract is well let's
6:47
see a bilateral contract is your
6:50
everyday agreement between two or more
6:52
individuals or entities think of it as
6:56
the bread and butter of contracts as it
6:58
encompasses most business and personal
7:01
deals just remember in a bilateral
7:03
contract it takes two to tango or more
7:07
in some cases bring on the next term
7:10
breach of contract I'm sure you got
7:17
this a breach of contract occurs when
7:20
one or more parties fail to fulfill
7:23
their agreed upon obligations
7:25
effectively breaking the terms of the
7:28
agreement let's let's see another one
7:31
blind offer take a few seconds and
7:34
decode
7:39
it a blind offer in real estate refers
7:42
to a purchase contract made by a buyer
7:45
without actually viewing the property
7:48
this unique approach bypasses timec
7:50
consuming steps like inspections and
7:52
appraisals making the buying process
7:55
quick and efficient for both buyers and
7:58
sellers
7:59
sometimes love at first sight works out
8:02
even when it comes to real estate
8:04
another term on Deck
8:13
closing closing marks the Finish Line in
8:15
a real estate deal where the official
8:18
transfer of ownership and payment occurs
8:20
between the involved parties taking
8:23
place once a purchase agreement has been
8:25
signed and the title is ready for its
8:27
new owner closing signifies the
8:30
successful conclusion of the
8:33
transaction closing cost now based on
8:36
the definition of closing what could
8:39
closing cost
8:45
mean closing costs are the one-time
8:48
administrative expenses incured during
8:51
the finalization of a mortgage typically
8:54
amounting from 2% to 5% of the home's
8:57
purchase price these costs comprise
9:00
various fees needed to close the loan
9:03
such as loan fees origination fees title
9:07
fees prepaid taxes attorney fees and
9:11
more ensuring all the eyes are dotted
9:14
and the tees are crossed Switching gears
9:17
to the next word liquidity go ahead
9:21
think about it for a couple
9:27
seconds liquid refers to the time it
9:31
takes to sell an asset and convert it
9:33
into Cash essentially how quickly you
9:36
can transform your investment into
9:38
spendable money next up is
9:47
loan a loan is the sum of money you
9:50
borrow to finance a property purchase
9:53
it's a common Financial tool many
9:55
individuals rely on for significant
9:58
Investments such as student loans
10:00
mortgages or car loans making those
10:03
important life Milestones more
10:07
achievable loan commitment ready to take
10:10
a guess let's do
10:17
this a loan commitment is an official
10:20
letter from a financial institution like
10:22
a bank or credit union promising to
10:25
provide a loan to a borrower this
10:28
document outlin lines the loans rates
10:30
and terms serving as a guarantee that
10:33
the lender will grant the requested
10:35
credit according to the
10:37
agreement next term let's get it
10:41
ownership let's see if you can nail
10:49
this in real estate ownership refers to
10:52
the legal right of possessing a property
10:55
granting control and responsibility for
10:58
its use and maintenance you're becoming
11:02
a definition
11:03
Mastermind wow next up is ownership in
11:08
severalty take a step at this term's
11:11
meaning
11:18
go ownership in severalty signifies a
11:21
property ownership structure where a
11:24
single individual holds rights and
11:26
responsibilities over the asset
11:30
trust go ahead and think about this term
11:32
for a few
11:39
seconds a trust is like a threers dance
11:44
the truster who gives away the property
11:47
the trustee who manages it and the
11:49
beneficiary who reaps the
11:51
benefits getting to the light at the end
11:54
of the tunnel our next term is truste
11:58
give it your best
12:05
shot a trustee is the responsible party
12:08
appointed to manage a trust ensuring
12:11
that it's handled according to the
12:13
trusters desires while prioritizing the
12:16
beneficiary's well-being this role can
12:19
be filled by either an individual or a
12:22
financial entity like a
12:24
bank open listing take your time and
12:27
come up with the definition here
12:34
an open listing is a real estate
12:36
Arrangement that allows Property Owners
12:39
to sell their home independently or with
12:42
the assistance of several real estate
12:44
agents in this non-exclusive setup the
12:47
seller is en TI a single agent fostering
12:50
competition among multiple agents vying
12:53
to secure a buyer and earn a commission
12:57
Here Comes an easy one just for for you
13:00
real estate all right how would you
13:02
define real
13:10
estate real estate is a term that refers
13:13
to various properties and buildings
13:16
encompassing a broad range of assets and
13:19
Investments within the housing and
13:20
Commercial markets the realm of real
13:23
estate encompasses diverse property
13:25
types such as residential homes
13:27
sprawling commercial compan complexes on
13:30
developed land and Industrial facilities
13:33
showcasing its vast scope within the
13:35
property market and the little sister of
13:38
real estate is real estate agent put on
13:42
your thinking caps what's this term all
13:50
about a real estate agent is a qualified
13:53
professional who has successfully
13:55
completed the necessary real estate
13:57
courses and LIC in exams there you go
14:00
within their state equipping them with
14:03
the expertise to assist clients in
14:06
various property
14:08
transactions and here comes their little
14:10
brother real estate
14:17
broker a real estate broker serves as a
14:20
crucial link between real estate buyers
14:23
and sellers they can operate
14:25
independently or manage other agents the
14:28
key distinction between a broker and an
14:31
agent lies in their ability to work
14:33
autonomously a broker can run their own
14:36
business while an agent must operate
14:39
under a licensed broker obtaining a
14:41
broker's license entails a separate
14:44
process from acquiring a standard real
14:47
estate
14:48
license void contract take a few seconds
14:52
and give it your best
14:56
shot a void contract is a flawed
14:59
agreement missing one or more essential
15:02
components of a valid contract deemed
15:05
invalid from its Inception this type of
15:07
contract holds no legal
15:10
enforceability think of a 17-year-old
15:13
trying to buy property they enter into a
15:16
contract with a real estate agent that
15:19
is a void contract as the Minor's legal
15:22
inability to enter into such an
15:24
agreement invalidates it from the very
15:27
beginning now that you have decoded what
15:30
void contract means let's see if you can
15:33
crack voidable
15:41
contract avoidable contract is a legal
15:44
agreement that seems valid and
15:47
unforeseeable but can be nullified by
15:49
one of the involved parties despite
15:52
initially possessing the Essential
15:55
Elements for reinforcement this type of
15:57
contract may be revoked if significant
16:00
defects or issues are later
16:02
uncovered imagine a contract for a
16:05
property sale containing an error in the
16:07
property's square footage the agreement
16:10
seems valid initially but upon
16:13
discovering the mistake one party could
16:15
choose to void a contract because the
16:17
discrepancy impacts the property's value
16:20
unlike a void contract this agreement
16:24
was initially considered valid until the
16:27
issue was uncovered
16:29
drum roll time for the last one
16:32
inspection
16:33
contingency let's see if you can nail
16:35
this strange
16:42
definition an inspection contingency is
16:45
a safety net for home buyers allowing
16:48
them to address any unexpected issues
16:51
uncovered during a property inspection
16:54
in such cases the buyer has the option
16:56
to ask for repairs negotiate
16:59
compensation or even walk away from the
17:02
deal because sometimes what you see
17:05
isn't what you get
17:08
congratulations you've just conquered
17:10
term 31 to 60 like a real Pro so give
17:14
yourself a well-deserved pat on the back
17:16
for expanding your vocabulary feeling
17:19
pumped I'm telling you you should be and
17:23
don't forget at real estate license
17:25
wizard our vocabulary Journey began with
17:27
trims 1 to 30
17:29
so don't forget to check out that video
17:32
if you haven't already for a
17:33
comprehensive understanding and remember
17:37
with each term mastered you're one step
17:40
closer to becoming a real estate
17:42
licensing wizard see you in our next
17:44
video
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