| What are 5 Types of Real Property? | Residential; Commercial; Mixed Use; Agricultural; Special Use |
| What is Caveat Emptor? | The principle that it is the buyers responsibility to check the quality and sustainability of a good before the purchase. |
| What happens to housing prices when supply increases and demand remains stable? | Prices go down. Greater supply means producers need to attract more buyers, so prices decrease. |
| What happens to prices when demand increases and supply remains stable? | Prices go up. Greater demand means producers can raise prices to compete for business. |
| What are 6 major supply constraints? | Labor Force; Construction; Material Costs; Government Control; Financial Policies; Local Government. |
| What are 5 major Demand Constraints? | Population; Demographic; Population; Employment; Wage |
| What is Immobility? | The Inability of a property to move to satisfy demand when supply is low. |
| What are the "Bundle of Legal Rights"? | Possession, Control of Property; Enjoyment; Exclusion; Disposition. |
| What are the 2 major Aspects of a title? | Ownership, ("Bundle of Legal Rights"); Deed proving Ownership |
| What is Appurtenance? | The rights or privileges with a property. |
| What is Accretion? | An increase in the owners land resulting from the deposits of soil by the waters action. |
| What is Avulsion? | The sudden removal of soil by an act of nature. |
| What is Littoral Rights? | The Ownership rights to land which border a navigable waterway. |
| What is the acronym to remember for a legal test of a fixture? What does each letter stand for? | MARIA |
| What are 4 Key economic characteristics of real estate? | 1. Scarcity
2. Improvements
3. Permanence of investments
4. Area Preference |
| What is an Emblement? | The Profit from growing crops that have been sown. |
| What are Fructus Naturales? | The natural growing things in nature than do not require cultivation. |
| What is Fructus Industriales? | The Things created by man to produce and not by nature. Considered Personal Property. |
| What is a trade fixture? | A piece of property that a tenant has attached to the land to conduct business. |
| What is a Chattel Fixture? | Any piece of personal property that is not attached and can be removed. |
| What does the Civil Rights Act of 1866 do? | It Prohibits discrimination based on race in every real estate property transaction. |
| What is an Administrative Law Judge, (ALJ) | A Judge that hears lawsuits from an aggrieved person seeking relief through administrative proceedings |
| What is Blockbusting? | The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class of people into a neighborhood will have some sort of negative impact on property values. |
| What is Conciliation? | The Resolution of a complaint by obtaining assurance that the person against whom the complaint was filed will remedy any violation that may have occured. |
| What is Redlining? | The act of of refusing to make mortgage loans or issue insurance policies in specific area for reasons other than the economic qualifications of the applicant. |
| What is Megan's Law? | It requires the Ohio sex offender registration and notification law sent to members of the community if a sex offender lives in the area. |
| What is Fee Simple Ownership? | The Owner is entitled to all the rights to the property. |
| What are 4 examples of Liens? | 1. Real Estate Taxes
2. Mortgages
3. Judgements
4. Mechanics Liens |
| What is an encumbrance? | Gives either an individual or business some degree of use or control of the property, but does not rise to ownership or possession. |
| What is the Acronym to remember the 4 Government powers? and what are they? | PETE
Power
Eminent Domain
Taxes
Escheat |
| What is Lis Pendens? | Meaning Litigation pending. A notice filed of a pending legal action affecting the title to or possession of the property. |
| What is Taxation? | A charge on real estate to raise funds to finance the operation of government facilities and services. |
| What is an Easement in Gross? | An individual or Company interest's right to use someone else's land |
| What is a Dominant Tenement? | A parcel that benefits from the easement in an easement appurtenant |
| What is a Servient Tenement? | A Parcel over which the easement runs |
| What 4 Elements are needed to create a joint tenancy? | 1. Possession
2. Interest
3. Time
4. Title |
