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Mar 7, 2022 · Desire – ad must appeal to the audience’s needs and wants. A.C.O.L.D – Duties of a Fiduciary Relationship. This acronym describes the relationship between a real estate agent and a client. Accountable – agent must account for all funds. Care & Skill – agent must use skills to the best of their ability.
Oct 29, 2024 · Property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. Sample Question: Define an REO property in the context of real estate. Answer: Property owned by a lender following an unsuccessful sale at a foreclosure. 9. CMA (Comparative Market Analysis)
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers. The real estate industry uses several unique acronyms and abbreviations.
- What Does U.P.T.E.E. Mean?
- What Does D.U.S.T. Mean?
- What Does M.A.R.I.A. Mean?
- What Does P.I.T.T. Mean?
- What Does O.L.D.C.A.R. Mean?
- What Does P.E.T.E. Mean?
- How to Remember Acreages
- Final Thoughts on The Acronyms and The State Exam
U.P.T.E.E. is an acronym that you can use to remember the five rights associated with a buyer’s bundle of rights: 1. U: Use: The right to use a property, within the confines of the law, in any way, and for any purpose. 2. P: Possess: The right to live on a property and the right to keep others out. 3. T: Transfer: The right to transfer a property b...
To have value, a property must possess four essential characteristics: 1. D: Demand:Does anyone want the property? 2. U: Utility:Is the property useful for any purpose such as shelter, income, or recreation? 3. S: Scarcity: How much exists? (The more limited the supply, the more valuable it becomes.) 4. T: Transferability:Can it be transferred or s...
M.A.R.I.A is a real estate acronym used to remember the elements that determine if something is a fixture: 1. M: Method:This refers to the method of attachment. If the item is affixed to the property using nails, glue, wires, cement, pipes, or screws, it is usually a fixture even if it can be easily removed. 2. A: Adaptability:Once the item becomes...
P.I.T.T. refers to the four factors used to determine joint tenancy: 1. P: Possession: All parties hold equal rights to possession of the property. 2. I: Interest: All parties hold an equal interest in the property. 3. T: Time: All parties acquire a property simultaneously. 4. T: Title:All parties acquire title under the same document in a joint te...
You can remember a real estate agent’s fiduciary duties using the O.L.D.C.A.R. acronym: 1. O: Obedience 2. L: Loyalty 3. D: Disclosure 4. C: Confidentiality 5. A: Accountability 6. R: Reasonable Care and Diligence
P.E.T.E. is a real estate acronym you can use to remember the four powers government has over property: 1. P: Police Power: This is the government's right to regulate individual conduct or property to protect the community. Examples include zoning and building codes. 2. E: Eminent Domain: This refers to the government's power to appropriate propert...
This one comes in handy when you're answering questions about townships. On the real estate exam, you will need to know how many square feet are in an acre. The answer: 43,560 sq ft. Here's an easy way to remember it: 4 old ladies driving 35 mph in a 60 mph zone. This paints a funny image in your head or maybe it's so corny that you'll remember it?...
When it comes to preparing for the real estate exam, acronyms can be extremely useful in helping you to remember key concepts that you will need to learn in order to pass your exam. If you want to make studying easy, then check out our real estate crash course and exam prep program.Get guided help when learning critical concepts, vocabulary words, ...
- Robert Rico
Dec 3, 2015 · Gary Farris. Gary obtained his California broker’s license in 2007 and, in 2016, he earned his Arizona real estate broker’s license. He also began instructing part-time at the Arizona School of Real Estate and Business (ASREB) in July 2016. With Colibri Group’s acquisition of ASREB, Gary’s real estate instructor responsibilities ...
Sep 30, 2024 · What Does Ad Valorem Mean? The Latin phrase ad valorem means “based on value.” In terms of real estate, an ad valorem tax is a tax based on a property’s value — often in the form of a personal property tax. These taxes are generally instituted by local governments and are assessed annually by the jurisdiction.
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3 days ago · L. Listing: A property that is up for sale. Listing agent: A real estate agent or broker that operates on behalf of the property owners to help them sell their property. Listing agreement: A legally binding contract that allows a real estate agent to sell a property on behalf of their client, the property owner.
