Real Estate Exam Prep (Champions; Texas)

economic rent {Ans: the rent the property could currently command on the open market}covenant of seizin {Ans: the grantor claims to be the owner with the right to sell the property}indestructibility {Ans: one of three physical characteristics of land; land is durable and will always be there}principle of conformity {Ans: maximum value is found when there's a reasonable degree of similarity in neighborhood}most common deed {Ans: general warranty deed}nonhomogeneity {Ans: one of three physical characteristics of land; no two pieces are exactly alike}constructive eviction {Ans: occurs when a landlord is aware of a property condition and allows deterioration to the point that the building is uninhabitable and tenants are forced to leave}most common method of legal land description {Ans: lot, block and subdivision method}joint tenancy {Ans: ownership by two or more with rights of survivorship. Also called "poor man's will". Four unities requires doe this type of ownership - time, title, interest and possession. Shares are equal and undivided.}remainderman {Ans: the person who gets the property after a life estate is ended. gets fee simple.}highest priority lien {Ans: property taxes}USPAP {Ans: Uniform Standards of Professional Appraisal Practice (all