Realty study group

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Realty study group
2013-05-22 18:37:59
Illinois realtor study group

library study group
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  1. 4 Factors that affect supply and demand are:
    • Labor force
    • Construction costs
    • Government controls
    • Government financial policies
  2. 3 factors that affect demand are:
    • Population
    • Demographics
    • Employment and wage levels
  3. The bundle of legal rights include
    • Right of possession
    • Right of control
    • Right of enjoyment
    • Right of exclusion
    • Right of disposition
  4. Economic characteristics of property refer to investment value. What are they?
    • Scarcity
    • Improvements
    • Permanence of investment
    • Location
  5. What does "chattel" mean?
    Personal property
  6. What is an appurtenance?
    Think of 'appurt' as 'a part'
    Anything associated with the property.
  7. Trade fixtures are usually treated as
    A. A fixture?
    B. Personalty
    C. A license
    D. an easement?
    B. Personalty
    (this multiple choice question has been scrambled)
  8. What is a PUD?
    • A planned unit development
    • (Old people community)
  9. What is a MUD?
    • Mixed Used Development
    • Think of a high rise with office or shops on the lower levels with apartments on top.
    • It's not strictly for one use.
  10. What is PITI?
    • The basic costs of owning a home.
    • Principal
    • Interest
    • Taxes
    • Insurance.
    • "Oh what a pity. I just bought a house."
    • Thanks, Janie!
  11. Current market value - property debt = ?
  12. If a capital gains tax law cap is $250,000 for a single person, what is it for a married couple?
    • $500,000.
    • You need to occupy the property for 2 of the 5 past years when you sell.
    • This process IS repeatable.
  13. What percent of the cost to replace your dwelling must be insured?
  14. A mobile home is home is an example of what type of housing?
    Manufactured housing
  15. Homes that are brought in on trucks in pieces and put together on the property is an example of what type of housing?
    Modular homes, aka prefabricated homes.
  16. What is NEVER covered in any homeowner's insurance policy?
  17. What clause is found in most homeowners' insurance policies?
    Coinsurance clause
  18. What type of relationship is between a home seller and am agency?
    • A special.
    • General would be to sell lots of shit.
  19. Puffing is blowing smoke up someone's ass.
    Misrepresenting is what?
    Lying about things that aren't obvious.
  20. What is a fiduciary?
    One whom trust and confidence is placed
  21. The six common-law fiduciary duties can be remembered with COLD AC.
    What does that stand for?
    • Care
    • Obedience
    • Loyalty
    • Disclosure
    • Accounting
    • Confidentiality
  22. When do we have to renew our license?
    • April 30th of even years.
    • Odd years for managing brokers.