When you think about all the different words and terms that are used in real estate you might feel like you are learning a new language. With a career in real estate you will be tasked with speaking to potential property owners, brokers, insurance agents, fellow real estate salespeople, home inspectors, and financial institutions. And, you will need to understand all the words and terms that are associated with each party. Sometimes you will even need to define words to help people better understand specific real estate concepts. Before you break out into a cold sweat, take a deep breath and smile, because Real Estate Prep Guide is on your side.
Real vs Personal Property
There are instances where two terms are often confused. Take real vs personal property for instance. To a property buyer, this will be something you will need to explain. If you want to freshen up your mental dictionary, you can find a real estate glossary here at Real Estate Prep Guide. With definitions to over 1,100 real estate words and terms, you will be able to keep your mind sharp. If you are studying for the real estate exam, or the brokers exam, our glossary will help you prepare. And increase your familiarity with the estate lingo.
- Real Property: When you think of real property, think of the land and everything that is permanently attached to it. When it comes to a home, this can include the home itself, workshops, sheds, pools, and other buildings. A good way to think of it is immovable. If you cannot pick it up and move it to a new location, it falls in the real property category. Real property can also include the rights of ownership that are attached to the land.
- Personal Property: Personal property is quite a bit different. Personal property refers to anything that is not permanent. Pretty much, if you can pick up and move it off of the property then it falls into the personal property category. So if a shed is not bolted down, it could very well be considered personal property.
Understanding real vs personal property
There have been instances where trouble can arise between buyers and sellers when it comes to real vs personal property. For instance, taken literally a floating floor is technically not attached to the home, but homes are supposed to have flooring and not be sold as bare subfloor. As the agent it is important to understand the conflict and make certain that everything is spelled out in the agreement. Not everyone is honest, so proper documentation becomes vital.
Real Estate Prep Guide
When it comes to preparing for your real estate or your broker exams, Real Estate Prep Guide wants you to have the information you need to increase your confidence and help you pass your exams. We consult with experts to make certain that we have the most current information. When new regulations come, we work to be sure they are included in our study material. Our practice tests serve as a litmus test. You will be able to quickly discover your strengths and understand the areas where you need more study. You will be able to study and take practice tests on all of your smart devices. With that level of access, you can transform any time of the day into study time. With Real Estate Prep Guide, you will have the confidence that only comes from preparation.
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