Real Estate (Pearson Vue) Study Guide Graded A+

Executory Contract {Ans: A contract that is not completely performed}Escheat {Ans: A reversion of property to the state when a person dies with no wills or no heirs.}Balloon Payment Mortgage {Ans: The name given to the final payment on a balloon note. A balloon note is when the final payment is larger than the preceding payments.}Net lease {Ans: Tenant pays operating expenses as well as rent}Fixture {Ans: An object that has been attached to land so as to become real estate.}Fiduciary responsibility {Ans: One in a position of trust and confidence, as a broker with respect to the principal.}Exclusive agency {Ans: A listing given to a broker, exclusive of everyone, for a definite time period with the agreement that the owner reserving the right to sell the property directly without owning a commission.}Percentage lease {Ans: Rent is based on tenants gross sales}Estate for years {Ans: In real estate, one type of leasehold estate is the estate for years, or estate for term.}Package mortgage {Ans: A mortgage secured by a combination of real and personal property}leasehold estate {Ans: Possession of land without ownership}Agency {Ans: Acting on behalf of another}Highest