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Texas Real Estate Exam > Specialty Areas > Flashcards

Flashcards in Specialty Areas Deck (8)
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1
Q

Lack of Liquidity

A

Not easily converted to cash

main disadvantage of real estate investment

2
Q

Party Wall

A

shared wall

owners owe each other a duty of joint support

no action by one owner can harm the position of the other

3
Q

Flipping

A

one party buys a property with the intention to quickly transfer (flip) it to the ultimate buyer

4
Q

Developer

A

one who purchases undeveloped property and divides it into lots for building

5
Q

Errors and Omissions Insurance

A

E&O

protection for agents in case of innocent agency violations

6
Q

Condominium

A

A residential, commercial or industrial complex with individual ownership of units and tenancy in common ownership of common areas

7
Q

Proprietary Lease

A

conveyance used to grant a co-op resident exclusive use of on of the units in the buildings

8
Q

Emblements

A

annually cultivated crops

personal property

ownership transferred by a bill of sale