Take this free practice test to get an idea of what is on the California Real Estate Salesperson exam administered by the California Department of Real Estate (CalDRE). In real estate market, we have a convenient little metric called Months of Inventory. A penthouse is an apartment or unit on the highest floor of an apartment building, condominium, or hotel.Penthouses are typically differentiated from other apartments by luxury features. In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. As used in this chapter, unless the context requires a different meaning: "Capital components" means those items, whether or not a part of the common elements, for which the unit owners' association has the obligation for repair, replacement, or restoration and for which the executive board determines funding is necessary. Large cash transactions n. in condominium and some cooperative housing projects, the areas not owned by an individual owner of the condominium or cooperative residence, but shared by all owners, either by percentage inter- est or owned by the management organization. It’s exactly what it sounds like – a measurement of how much inventory is on the market, and how quickly it’s selling. Definitions. Common Real Estate Investing Terms You Should Know 1. The easiest and most convenient way for a buyer to cancel a real estate contract is through contingencies, but other methods are still possible. (3) In the case of 2 or more adjacent parcels that are amalgamating, ABC Real Estate and its owner, Jogi Gerner, have accompanied me every step of the way in realizing my project. The actual exam has 150 questions and 3 hours 15 minutes is given to complete it. (4) This Act applies only with respect to land held in fee simple, excepting from the fee simple all mines and minerals. RE Prep Guide is a superior product. (2) In the case of a building or land that is to be developed in phases, the units in the phases, subject to section 38, are to be numbered consecutively commencing with unit one in the first phase and terminating with the last unit in the last phase. ... meaning the condo association can increase them over time. July was the first month that interest rates stayed above 4 percent for the entire month since September 2014. As a real estate broker or sales representative, you must keep a client information record for every purchase or sale of real estate. Types of Real Estate Liens. Types of fee simple defeasible include fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to executory limitation. The term 'penthouse' originally referred, and sometimes still does refer, to a separate smaller 'house' that was constructed on the roof of an apartment building. Having been involved in real estate sales for over 30 years I am honored to be part of a growing and exciting company such as Trophy Class Real Estate. A buyer can absolutely back out of a real estate contract. 3. ABC has handled their task in a most efficient and professional way. Real-estate owned (REO) Real-estate owned is a designation given to properties which are owned by a lender due to an unsuccessful foreclosure sale at auction. If you're looking to sell your home in the Highland Lakes area, … Gain more insights from LegalMatch's online law library today. Airbnb property is a common example. I passed my real estate broker license thanks to Real Estate Prep Guide! The ever evolving world of Real Estate and the true meaning of being a "Realtor" gives this industry a fast paced and challenging future. Voluntary liens are created by a contract between the creditor and the debtor. A fee simple defeasible is a fee simple that deals with the conveyance of a property with conditions. For 150 questions to simulate the actual exam, use our California Real Estate Practice Exam. Removing a lien with Lien-Pro Whether you are looking for a serene oceanfront retreat, the excitement and sophistication of an urban condominium or penthouse, a historic estate or for the quiet rural charm of a farm and ranch property, our experienced network of real estate professionals is here to guide you every step of the way. Access all information related to this legislation on CanLII. There are two main types of real estate liens: voluntary liens and involuntary liens. Not all real estate purchase contracts involve an immediate sale. Our top-rated real estate agents in Highland Lakes are local experts and are ready to answer your questions about properties, neighborhoods, schools, and the newest listings for sale in Highland Lakes. How to remove a lien depends on type of lien discharge. Our 90-hour real estate pre-licensing course (silver package) will help you lay a solid foundation while starting your real estate career. Long-term mortgage interest rates continued their move to record highs for 2015, according to data from mortgage finance company Freddie Mac. V. ""Condominium'' means real property, and any interests therein, lawfully submitted to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. Assignment of Lease Definition of "Assignment of Lease" The Assignment of Lease is a title document (also referring to the process itself) whereby all rights that a lessee or tenant possesses over a property are transferred to another party. These 10 real estate plays are the best ways to invest in real estate right now. Condominium Act § 55.1-1900. Whether you are a beginner real estate investor or just need a reminder, knowing the meaning of these basic real estate investing terms is vital. The most common type is a mortgage, which is essentially a bank loan that is secured by the property itself. Something called an "option contract" can also be used to bring about the sale of real estate, though on a much more elongated schedule than usual. Real estate agent – A real estate agent is a professional who has passed the required real estate classes and licensing exams in the state where he/she intends to work. The buyer will propose the conditions of the contract, including their offer price, which the seller will then either agree to, reject or negotiate. I have been in the real estate business for years yet lacked the training needed to pass the exam. Real Estate ABC - Information on Buying and Selling A Home Interest Rate Report - Jul 2015. (3) For the purposes of the Land Titles Act, a condominium plan is deemed on registration to be embodied in the register. Real estate is geared toward those looking for a retirement home, a vacation spot, a long term escape from the northern cold, or simply for investment purposes. Rental Property ... condominium or apartment that is rented out for short periods of time. (2) The Registrar shall not register a condominium plan unless that condominium plan describes 2 or more units in it. As a real estate developer, you must keep a client information record of every sale of a house, condominium unit, commercial or industrial building and multi-unit residential building. It’s really an all together outstanding package of quizzes, exams, and helpful techniques to help me pass the broker exam. According to the REALTORS® Confidence Index, around 5% of real estate purchase contracts are canceled by the buyer for a variety of reasons. There are four basic reasons to remove lien from title on a property or car in Canada. With the assistance of ABC Real Estate, I have acquired two lots, one an important beachside lot, in which my Topsider Home is presently being constructed. There are homes, condos and apartments available to suit all budgets and preferences depending on where you want to live. The condominium association is charged with overseeing the upkeep of the building and community.
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