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Must-Know Real Estate Exam Terms (91-120)(2024)
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Dec 11, 2024
Another round of the 30 must-know real estate exam vocabulary terms you need to pass your real estate exam. 👍 READY TO PASS YOUR EXAMS? GET 30% OFF! https://bit.ly/3W4dZbB 📝 NOT READY FOR A COURSE? TRY OUR FREE PRACTICE EXAM: https://realestatelicensewizard.com/real-estate-practice-exam/ 🕒 Chapters: 0:00 Introduction 0:37 Freehold Estate 1:11 Effective Age 1:47 Easement 2:18 Easement by Necessity 2:49 Easement in Gross 3:26 Dominant Estate 3:56 Appraisal 4:19 Appraiser 4:48 Cost Approach 5:37 Appraisal Contingency
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0:00
did you know that one of the top three
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reasons why people fail the real estate
0:04
exam is insufficient vocabulary it's
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like trying to assemble a complex
0:10
machine without an instruction manual a
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certain path to frustration and failure
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don't let that happen to you this video
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guide is your ultimate resource briding
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the Gap in the real estate exam prep so
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get ready as we reveal 30 essential
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turns that will help you crush your exam
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with ease and
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confidence time for the first term free
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holding State take a few seconds and
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think about the
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[Music]
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definition a freeold state is like
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owning a property outright forever you
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get to enjoy all the benefits and rights
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of owning that property without any time
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limitations
1:00
it's different from a leas hold state
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where you have the property only for a
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specific
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period next turn let's go for it
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effective age take a crack at it you've
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got
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[Music]
1:21
this effective age is all about how old
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a property seems not its actual age it's
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determined by things like like its
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condition and how much it's been used
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appraisers consider effective age when
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figuring out the fair market value of a
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property making it a crucial appraisal
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concept time for another turn
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easement guess what easement
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[Music]
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is an easement is like having a golden
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ticket to use someone else's land for a
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specific reason for instance driving
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through their property to reach yours
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think of it as a friendly agreement
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between neighbors that lets you legally
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use a part of their land without owning
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it let's jump to the next one easement
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by
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[Music]
2:24
necessity an easement by necessity is a
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special type of easement created by
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Quartz to ensure you can access one part
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of your land by going through another
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part it's similar to an implied easement
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and is only granted when absolutely
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necessary for you to make proper use of
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your
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land moving on ement in Gross can you
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decode this strange term on the spot
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an easement in Gross is a unique type of
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easement that's tied to a person or
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entity not a specific property it gives
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an individual the right to use the land
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but it doesn't stick around if the
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property is sold unlike regular
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easements that stay with the land an
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easement in Cross is all about who gets
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to use it another one is on the horizon
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dominant State 3 2 1 go
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[Music]
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a dominant estate is like the cool kid
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in the neighborhood who gets to use
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someone else's property through an
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easement think of it as the property
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that gets special privileges like having
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a private shortcut through another piece
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of land is the one that benefits from
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the
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easement next term let's get it
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appraisal
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[Music]
4:03
an appraisal is a professional
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evaluation that estimates the value of a
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property it's a crucial step in
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determining how much a property is worth
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in the current
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market now that you know what appraisal
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means let's see who an appraiser is take
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a few seconds and come up with your
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definition
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[Music]
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an appraiser is like a detective for
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property values with their expertise and
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license they can accurately assess a
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property's worth and Report their
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findings all right what's next on the
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turn train cost
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[Music]
4:52
approach the cost approach is an
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appraisal method that's all about
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figuring out how much it would cost
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replace a property it's like estimating
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the price of a puzzle you consider the
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value of the land aka the puzzles frame
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and the construction cost aka the
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puzzles pieces then subtract duplication
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AKA wear and tear for example if a house
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is built for
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$200,000 on a $50,000 lot the cost
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approach would valuate around $250,000
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minus any
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deprecation you got this Unleash Your
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Inner definition Guru appraisal
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[Music]
5:44
contingency an appraisal contingency
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lets buyers back out if the property
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appraises below the agreed price Banks
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often require appraisals to ensure The
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house's value matches the offer protect
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protecting buyers and lenders from
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overpaying it's a safety measure against
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Financial loss Bravo here comes another
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one lot and
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[Music]
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block lot and block is an appraisal
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method used in densely populated areas
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like cities and suburbs it involves
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taking a large already surveyed track of
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land and dividing it into smaller lines
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lots a map is then created to outline
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the smaller Lots within the larger area
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think of it as creating a smaller puzzle
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from a bigger one making it easier to
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organize and value each piece of land
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quick think on your feet the next term
6:47
is
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[Music]
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offer an offer is a proposal made by one
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party to another laying out the terms
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and conditions under which they are
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willing to enter a contract it's like
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extending a hand for a handshake but
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with a bit more paperwork involved
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counter
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offer take a moment can you nail this
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[Music]
7:19
definition a counter offer is a response
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to an initial offer that suggests
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different terms or conditions it's like
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saying thanks for the offer but let's
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try this instead effectively replacing
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the original offer with a new proposal
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Switching gears to the next term buffer
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zone what does buffer zone
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[Music]
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mean a buffer zone is a land area
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between two different use districts like
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Parks or highways its purpose is to
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create a smooth transition between zones
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making it easier to go from one area to
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another moving on to air
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rides put your rational hat on what are
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the air
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[Music]
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rides air rides Grant permission to use
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the space above the Earth like a
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building skyscrapers or operating
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aircraft simply put they are the rides
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to use this
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guide all right time for a new challenge
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agreement of
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sale an agreement of sale is a document
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that outlines the terms and conditions
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under which a buyer agrees to purchase a
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property and the seller agrees to sell
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it on to the next term acceptance think
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you know it give it a shot
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[Music]
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acceptance is the moment when the seller
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agrees to the buyer's offer in a real
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estate transaction once accepted the
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offer transforms into a binding contract
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sealing the deal between both parties
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consider it the I do in the agreement of
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sale next term let's get it Novation
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ready to take a guess go for for
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it Novation is the process of ending an
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existing contract and creating a new one
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in its place this legal procedure
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transfers all the contracts benefits and
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responsibilities from the original
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parties to the new ones for example if a
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tenant finds someone to take over the
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lease Novation can be used to transfer
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the lease obligations to the new new
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tenant think of it as a contract
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makeover maintaining the original Ence
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while introducing new
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participants lease back raise yourself
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it's a term defining
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[Music]
10:17
moment a lease back is a financial
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Arrangement where a company sells his
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property and then leases it back from
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the new owner in this transaction the
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seller becomes the new 10 tenant and the
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buyer takes on the role of the landlord
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it's like hitting a reset button on
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property ownership while still enjoying
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its use let's conquer the next turn
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lease termination got a hunch bet you
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[Music]
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do lease termination happens when either
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the landlord or tenant decides to end
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the rental agreement before its original
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end date though not usually permitted
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there are specific situations where
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terminating a lease early is acceptable
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lease option stretch those definition
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muscles you can do
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[Music]
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this a lease option or rent to own
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agreement is perfect for tenants who
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dream of owning the property they are
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renting this agreement allows renters to
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purchase the property after a
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predetermined rental period combining
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the benefits of renting and owning into
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one attractive package it's like test
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driving a property before making the big
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commitment to buying it let's Deo the
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next one Lee
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exploration what's this term
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about Lee exploration marks the end of
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the rental agreement's lifespan
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signaling the termination of the
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contractual bond between landlord and
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tenant when a lease reaches its
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expiration date the terms and conditions
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of the lease are no longer enforcable
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all right what's
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left implied
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[Music]
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Grant implied grants are like unspoken
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agreements that create easements based
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on circumstances or behavior for
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instance when you sell a house in your
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backyard it is imply that the buyer will
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need to use your driveway or access road
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to reach the road since both properties
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were in common
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ownership implied contract let's see
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what implied contract
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[Music]
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means an impli contract is a legally
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binding agreement based on actions
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contact or circumstances even though
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it's not explicitly stated in words it
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carries the same weight as a written or
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verbal contract but relies on unspoken
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understanding for instance if you
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regularly pay a neighbor to Mo your laan
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without a formal agreement that's an
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implied contract in action in a similar
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scenario when a tenant pays rent monthly
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without a formal written lease it
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suggests that they may have an implied
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month-to-month lease with the
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landlord next term let's go fixture put
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on your thinking caps what's fixture
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[Music]
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about in real estate a fixture is an
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item initially considered personal
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property but becomes part of the real
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propert property when it's permanently
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attached or legally added to the land
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essentially it's when personal items
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transform into real estate features due
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to their connection with the property
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contingent property go ahead take a wild
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[Music]
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guess a contingent property refers to
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real estate transaction where an offer
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has been accepted but the deal relies on
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one or more specific conditions being
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fulfilled before the sale can be
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completed it's a property sale with a
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built-in if then scenario hanging there
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you're getting close to the Finish Line
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Financial
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[Music]
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contingency a financial contingency is a
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safeguard in a real estate contract
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allowing buyers to withdraw from a
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property sale if their loan application
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doesn't go as planned it protects buyers
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when Financial issues arise
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consideration what's your take 3 2 1
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go consideration is the valuable item or
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service exchanged between parties in a
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contract ensuring Mutual benefit and
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serving as a key component of a legally
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binding agreement is the give and take
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in a contract
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blockbusting think fast what
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blockbusting
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[Music]
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is blockbusting is an unfair tactique
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where homeowners are persuaded to sell
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their properties below market value due
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to a supposed decline in the
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neighborhood's desirability often fueled
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by discriminatory beliefs about
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minorities moving in it's a shameful
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practice that exploits Prejudice for
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profit here comes the last one abing
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Ready Set
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[Music]
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define abiding refers to Properties or
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land areas that share a boundary making
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them Neighbors in the world of real
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estate in simple terms it's about being
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side by side
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as youve mured terms 91 to 120 you might
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feel like a real estate vocabulary
16:36
superhero and with these 30 turns under
16:39
your belt you made significant progress
16:43
but is it enough to exal in deep sand
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absolutely
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not while you've made significant
16:51
progress another round of these must no
16:53
turns still awaits don't risk leaving
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any stone unturned
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our next video is your guide is your key
17:03
to unlocking even more mustn terms to
17:07
ensure you are 100% ready for your big
17:10
exam day
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