National RE Salesperson · Cheat Sheet
| Cue | Answer | |||
| Real property | Land + improvements + legal attachments (minerals, air, water rights) | |||
|---|---|---|---|---|
| Personal property (chattel) | Movable; NOT permanently affixed; bill of sale transfer | |||
| Fixture test: MARIA | Method of attachment, Adaptability, Relationship of parties, Intention, Agreement (overrides all) | |||
| Trade fixtures | Commercial tenant's equipment; remains personal property; removable | |||
| Emblements | Annual crops; tenant's personal property; harvest rights survive tenancy | |||
| Type | Key Details | |||
| Metes & bounds | Point of Beginning (POB); direction/distance; closes at POB | |||
| Rectangular survey | Section = 640 ac; ¼ section = 160 ac | |||
| Lot & block | Platted subdivision | |||
| Variance | Hardship deviation from zoning | |||
| Special use permit | Conditional use allowed by zoning board | |||
| Nonconforming use | Pre-zoning; legal to continue | |||
| Spot zoning | Inconsistent; often challenged | |||
| Feature | Easement Appurtenant | Easement in Gross | License | |
| Beneficiary | Parcel (dominant tenement) | Person/company | Person | |
| Transferable | YES (with dominant parcel) | NO (personal) | NO | |
| Revocable | NO | NO | YES (revocable permission) | |
| Creation | Express, prescription, necessity, implication | Express only | Permission only | |
| Form | Unities | Survivorship | Severance | Notes |
| Joint tenancy | TTIP (Time, Title, Interest, Possession) | YES | Sale converts to TIC | |
| Tenancy in common | Possession only | NO | Partition available | |
| Tenancy by entirety | Married couples; TTIP | YES | Both sign; creditor protection | |
| Community property | 9 states; marriage-acquired | Varies by state | Both sign homestead conveyances | |
| Estate | Term | Notice Required | Next Occupant | |
| Estate for years | Fixed term | NO | Lessor | |
| Periodic tenancy | Auto-renews | YES (proper notice) | Lessor | |
| Tenancy at will | No fixed term | Either party terminates | Lessor | |
| Tenancy at sufferance | Holdover (illegal occupation) | Lessor can evict | Lessor | |
| Element | Requirement | |||
| Valid deed | Competent grantor, identified grantee, words of conveyance, legal description, consideration, signature, delivery & acceptance (title passes HERE) | |||
| General warranty | Grantor warrants against ALL defects (past + present) | |||
| Special warranty | Grantor warrants only grantor's period | |||
| Quitclaim | NO warranties; transfers only grantor's interest | |||
| Recording statute (most common) | Race-notice: first to record wins IF no notice of prior claim | |||
| Title insurance: owner's policy | Lasts as long as owner has interest; passes to heirs | |||
| Title insurance: lender's policy | Expires at payoff | |||
| Approach | Formula | Best For | ||
| Sales comparison | Comp adjustment (Better→Subtract, Worse→Add) | Residential | ||
| Cost approach | Land + (Replacement Cost − Depreciation) | Special-purpose | ||
| Income approach | Value = NOI ÷ Cap Rate | Investment property | ||
| EGI | PGI − Vacancy & Credit Losses | All income approach | ||
| NOI | EGI − Operating Expenses (NO mortgage) | All income approach | ||
| Term | Rule | |||
| Statute of Frauds | ALL real estate contracts must be written (purchase, listing, buyer rep, options, leases > 1 yr) | |||
| Mirror image rule | Any modification = counteroffer; original offer dead | |||
| Revocation | Offer revocable anytime before acceptance communicated | |||
| Holding open | NOT binding without option payment |
Listing types: Exclusive right to sell (commission regardless) | Exclusive agency (owner can sell, no commission) | Open (only procuring broker paid)
---
Fiduciary duties to CLIENTS ONLY: Obedience, Loyalty, Disclosure, Confidentiality, Acc
Aligned to the PSI / Pearson VUE national real estate outline.
Personalize this sheet — focus it however you study, or build one from the exact questions you keep getting wrong.