This acronym describes personal property that is later part of a real estate transfer because of how it is associated with the property. A device is a term used to define personal property that later becomes real estate. It may have once been associated with the owner (personal property), but it is now part of the real estate transfer because of its connection to the property. On the other hand, these movable or non-incidental assets are often taken by homeowners to go to their next home: the third acronym is P.E.T.E, which stands for Police Power, Eminent Domain, Taxation and Escheat. It is the powers of the government that can affect real estate. Let us review the four branches of government. Real estate agents often use a long list of acronyms. To pass your exam, successfully launch your career in real estate, and familiarize yourself with the industry, you need to know a few. These acronyms can be used for anything from describing advertising strategies to describing property rights.

But memorizing them all can be difficult, especially when it comes to passing your real estate exam. That`s why we`ve created this helpful guide to help you understand some of the most common acronyms for your property valuation and give you some study tips you can implement to make sure you`re well prepared for the exam. Once you`ve taken them down, you`re well on your way to passing the test! While there are many acronyms you will use in your real estate career, these are the four acronyms you need to know to pass your real estate licensing exam. We recommend using memory cards to familiarize yourself with everyone. That said, while you can unscrew a fixture, ceiling fan, or TV stand, the type of fixture must be permanent and can therefore be challenged to be part of the property. Obedience – The agent must comply with the client`s legal orders U.P.T.E.E. is an acronym that allows you to remember the five rights associated with a buyer`s set of rights: Some fixtures are said to be adaptable because they have become an integral part of the home, meaning they were built specifically for use with the property. So what makes it difficult is if you have furniture that is related to the earth in some way, but it`s not clear if this element has become an integral part or not. Ultimately, if you have appliances in your home that you`ll want to take with you when you move, consider replacing those items before buyers see your properties and show interest.

A device is usually an element that is permanently attached or attached to the ground. A classic example is a kitchen cupboard. Here is a full list of some examples that are generally considered devices: The main acronyms you should know for real estate appraisal are: The common law states: All buildings on that land, as well as improvements to buildings constructed on that land, such as furnishings, have these legal rights as well as fees. There are 4 general classifications or types of appliances: agricultural, domestic, decorative and commercial appliances. MARIA is an acronym for the 5 tests that can be used to determine if an element has the characteristics of a device. It may refer to: The term “bundle of rights” refers to a set of legal privileges (U.P.T.E.E.) granted to a buyer that accompany the transfer of ownership. This acronym describes the process of attracting attention through advertising. Potential buyers of a home or property may sometimes overlook what the seller presents. These can`t even be considered luminaires! Some sellers are able to loosen curtains and lights or accessories before closing. It is often observed that if the negotiation of certain arrangements takes place between the buyer and the seller, the buyer is likely to be favoured.

If it`s between the tenant and the landlord, the tenant is likely to win. We hope you`ve learned how to navigate the gray areas of defining a device. If it is screwed with nails, cement, pipes or screws, glued or permanently fixed to the wall, floor, ceiling, it is considered a device. This acronym refers to the legal rights transferred to the purchaser of a property. Use – the title holder can use the property in any legal way A movable property is essentially a term that refers to personal property while an establishment is real property. When you take your real estate exam, there are four commonly used acronyms that you need to know that will help you remember different concepts. This acronym describes the relationship between a real estate agent and a client. Therefore, it is important to determine whether an object is a moving object or a device. Watch our video in our real estate exam preparation course What are fixtures in real estate for more information on furnishing. California courts use the acronym M.A.R.I.A to test whether an item is considered a device.

This serves as a general guide, but a buyer and seller may negotiate differently in their sales contract. P.E.T.E. is an acronym that allows you to remember the government`s four powers over property: Leave a comment if you have questions about what counts as furniture or what is not for your ownership criterion. This acronym, M.A.R.I.A, is used to determine whether an object is an establishment and part of the property, or whether it is personal property. M.A.R.I.A stands for method, adaptability, relationships, intention and agreement. When it comes to preparing for the California real estate exam, acronyms can be extremely helpful in remembering the key concepts you need to learn to pass your exam. One of the best study tips you can use to learn the material is to create acronyms, as this helps you easily remember the important concepts you will be tested on. Fortunately, real estate agents have a guide (called MARIA) to legally distinguish between the two. We will discuss this shortly. The advantage of this detailed contract is when the seller accepts a certain device specified in the contract as the property of the buyer, the contract is broken and the buyer may decide not to buy. The courts generally favour certain parties when disputes arise over the sale of real estate and movables. This article will break down these acronyms and tell you when and how to use them to get the right answer on the exam.

Here we go! This part can technically take it as personal property as long as it is replaced by the same type of device. The four central government powers described in the acronym P.E.T.E. allow the government to control certain aspects of real estate, including how structures are built and where, and the government`s ability to levy taxes on a property. This acronym describes the claim of a legal claim to land without paying for it. Competent – The person has the legal capacity to enter into contracts However, many of these acronyms are confusing, especially if you are new to the industry. You can remember the fiduciary duties of a real estate agent by adding the acronym O.L.D.C.A.R. Use: If the seller intended to make the item a permanent part of the home when it was initially installed, the item may be considered a device. Sometimes a seller is tied to a specific item in their home, but it is already considered a fixed point because of its tailored meaning. Real estate agents are required to follow a set of ethical rules, also known as fiduciary duties.