Real Estate Salesperson Exam Flashcards

A score of 70% is commonly required to pass.

Completion of pre-licensing education hours is required prior to sitting for the exam.

The most complete form of ownership — full rights to use, sell, lease, or bequeath the property, with no time limit and no conditions.

Real property is land and anything permanently attached to it (fixtures); personal property (chattel) is movable and not affixed.

A non-possessory right to use another person's land for a specific purpose, such as a right-of-way.

Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care.

A contract authorizing a broker to represent a seller and market their property; an exclusive-right-to-sell listing pays the broker regardless of who finds the buyer.

Contracts for the sale of real estate must be in writing and signed to be enforceable.

Any claim, lien, or restriction on a property that may affect its title or use, such as a mortgage, easement, or lien.

A general lien attaches to all of a debtor's property (e.g., a judgment); a specific lien attaches to a single identified property (e.g., a mortgage or mechanic's lien).

Joint tenancy carries the right of survivorship (a deceased owner's share passes to co-owners); tenancy in common has no survivorship, and each owner's share passes to their heirs.

A general agent can act broadly on the principal's behalf; a special agent is authorized for a single, specific task — a real estate salesperson is typically a special agent.

A good-faith deposit a buyer submits with an offer to show serious intent; it is typically held in escrow and applied to the purchase at closing.

Police power, Eminent domain, Taxation, and Escheat — the four governmental limits on private ownership.