Test Drive
The Business of Real Estate
Important Terms
• bulk transfer of goods
• business opportunity
• caveat emptor
• Department of Real Estate
• fictitious business name statement
• mortgage loan brokerage
• Real Estate Commissioner
• Real Estate Advisory Commission
• real estate broker
• real estate brokerage
• real estate salesperson
• Uniform Commercial Code
Web Resources
• CA Department of Real Estate Website
• California Real Estate Law Website
Lesson Two
The Nature of Real Property
Important Terms
• air rights
• appurtenance
• baselines
• bill of sale
• bundle of rights
• civil law/common law
• correction line
• emblements
• fixture
• fructus industriales
• land
• legal description
• littoral rights
• lot and block system
• meridian
• metes and bounds
• mineral rights
• monuments
• personal property
• plat map
• point of beginning
• ranges
• real estate
• real property
• rectangular survey system
• riparian rights
• section
• subdivision
• tiers
• township
• water rights
Web Resources
• State Real Estate License Law Links
Lesson Three
Ownership of Real Estate
Important Terms
• beneficiary
• commingling
• community property
• concurrent ownership
• corporation
• fee simple absolute
• fee simple defeasible
• fee simple estate
• freehold estate
• general partnership
• joint tenancy
• landlord
• leasehold
• life estate
• limited liability company
• limited partnership
• living trust
• partition action
• partnership
• real estate investment trust
• real estate syndicate
• remainder
• reversion
• right of survivorship
• separate property
• sole proprietorship
• tenants
• tenancy in common
• trust
• trustee
• trustor
Web Resources
• HUD Website