Question 1

Agency Relationship

Accepted Answer

A legal relationship in which an agent represents a principal in dealings with third parties.

Question 2

Bundle of Rights

Accepted Answer

The concept in real estate that denotes all the legal rights that come with owning a property.

Question 3

Chattel

Accepted Answer

Personal property that may be attached to a real estate but is not part of it, such as appliances.

Question 4

Dual Agency

Accepted Answer

A real estate agency relationship where the broker represents both the buyer and the seller in the same transaction.

Question 5

Easement

Accepted Answer

A legal right to use another's land for a specific limited purpose.

Question 6

Fair Housing Act

Accepted Answer

Federal law that prohibits discrimination in housing based on race, color, national origin, religion, sex, familial status, or disability.

Question 7

General Warranty Deed

Accepted Answer

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it.

Question 8

Homestead Exemption

Accepted Answer

A legal provision that protects a portion of a homeowner's primary residence's value from creditors and property taxes.

Question 9

Ingress and Egress

Accepted Answer

The right to enter (ingress) and leave (egress) a property.

Question 10

Joint Tenancy

Accepted Answer

A form of ownership where two or more parties hold an undivided interest in a property with right of survivorship.

Question 11

Kickback

Accepted Answer

A payment made to someone for referral of a customer or business, which is illegal in real estate.

Question 12

Leasehold Estate

Accepted Answer

An interest in real property which gives the leaseholder the right to use and occupy the property for a fixed period of time.

Question 13

Marketable Title

Accepted Answer

A title that is free and clear of encumbrances, making it desirable to a reasonable buyer.

Question 14

Net Listing

Accepted Answer

A listing agreement in which the broker's commission is the difference between the sales proceeds and an amount desired by the owner of the real estate.

Question 15

Open Listing

Accepted Answer

A property listing that gives a broker the non-exclusive right to find a buyer; the property can be listed with multiple brokers.

Question 16

Procuring Cause

Accepted Answer

The effort that begins a chain of events that leads to the sale of real estate.

Question 17

Quitclaim Deed

Accepted Answer

A deed that transfers only that interest in the real property which the grantor actually has.

Question 18

Realtor

Accepted Answer

A real estate professional who is a member of the National Association of Realtors.

Question 19

Subagency

Accepted Answer

A relationship where the primary agent delegates authority to another agent to perform acts on behalf of the principal.

Question 20

Tenancy in Common

Accepted Answer

A type of shared ownership of property, where each owner owns a portion of the property.

Question 21

Usury

Accepted Answer

Charging an illegally high interest rate on a loan.

Question 22

Variance

Accepted Answer

A request to deviate from current zoning requirements.

Question 23

Warranty of Habitability

Accepted Answer

A legal doctrine that requires landlords to offer and maintain livable premises for their tenants.

Question 24

X-Effective Date

Accepted Answer

The date when a contract or agreement becomes legally binding.

Question 25

Yield Spread Premium

Accepted Answer

The money or rebate paid to a mortgage broker for giving a borrower a higher interest rate loan.

Question 26

Zoning

Accepted Answer

Municipal or local government laws that dictate how real property can and cannot be used in certain areas.

Question 27

Abstract of Title

Accepted Answer

A condensed history of the title to a particular parcel of real estate.

Question 28

Blind Advertising

Accepted Answer

An advertisement that fails to disclose that the advertiser is a licensed broker or agent.

Question 29

Conveyance

Accepted Answer

The act of transferring an ownership interest in real property from one party to another.

Question 30

Deed in Lieu of Foreclosure

Accepted Answer

A potential option taken by a mortgagor to avoid foreclosure.

Question 31

Equity

Accepted Answer

The monetary interest or value that an owner has in real estate over and above the mortgage against it.

Question 32

Fixture

Accepted Answer

An item of personal property that becomes real property when attached in a permanent manner to real estate.

Question 33

Gross Rent Multiplier

Accepted Answer

A ratio used to estimate the value of income-producing properties.

Question 34

HUD-1 Settlement Statement

Accepted Answer

A standardized document that provides an itemized listing of the funds paid at closing.

Question 35

Implied Agency

Accepted Answer

An agency relationship created by behavior of the parties involved, rather than a written agreement.

Question 36

Joint Venture

Accepted Answer

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Question 37

Lien

Accepted Answer

A claim or charge on property for payment of some debt, obligation or duty.

Question 38

Metes and Bounds

Accepted Answer

A system of land description which involves identifying distances and directions.

Question 39

Non-Disturbance Agreement

Accepted Answer

An agreement to ensure that tenants will remain undisturbed in possession of the property in the event of a foreclosure.

Question 40

Offer and Acceptance

Accepted Answer

The two components of a valid contract; an "offer" to enter into an agreement and "acceptance" of the offer.

Question 41

Property Manager

Accepted Answer

An individual or company hired by a landlord or property investor to manage the day-to-day operations of a rental property.

Question 42

Quitclaim Deed

Accepted Answer

A deed that transfers any ownership interest the grantor has in a property, without making any guarantees.

Question 43

Restrictive Covenant

Accepted Answer

A provision in a deed limiting the use of the property and prohibiting certain uses.

Question 44

Subordination Clause

Accepted Answer

A clause which allows a lender to move to a secondary position if the borrower refinances with another lender.

Question 45

Tax Lien

Accepted Answer

A lien imposed by law upon a property to secure the payment of taxes.

Question 46

Underwriting

Accepted Answer

The process by which a lender determines the risk of a potential loan and whether the loan should be approved.

Question 47

VA Loan

Accepted Answer

A mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs.

Question 48

Zoning Ordinance

Accepted Answer

A law passed by a local government establishing building codes and usage regulations for properties in a specified area.

Idaho Real Estate Agent Advanced Vocabulary