Real Estate (Pearson Vue) Study Guide Graded A+

Specific performance {Ans: A court ordered performance of a contract according to the precise terms agreed upon.}steering {Ans: The illegal practice of directing minority members to or away from certain properties}Fixture {Ans: An object that has been attached to land so as to become real estate.}Equity {Ans: Market value of a property minus mortgage debt.}Appurtenances {Ans: A right or privilege included with the ownership of land, such as an easement.}Highest and best use {Ans: Use of a parcel of land which will produce the greatest current value.}Agency {Ans: Acting on behalf of another}Usury {Ans: The charging of more than the legal rate of interest}Commingling of Funds {Ans: The mixing of a clients funds with the brokers personal funds.}Nonconforming use {Ans: A permissible use which is inconsistent with current zoning regulations}Capitalization of Income {Ans: Direct approach to determine income of a property.}Package mortgage {Ans: A mortgage secured by a combination of real and personal property}Contract "Amendment" {Ans: A legally enforceable agreement to do or not do certain things.}Multiple listing service {Ans: An organization that allows member brokers to share and exchange information on listings}Subrogation {Ans: The