Use Mnemonic Devices to Make Memorizing Easier
A mnemonic device is a memory technique that uses shortcuts to recall complex information.
Here are some mnemonics to help with your real estate exam prep:
SAD - The 3 types of fee simple estates
S – Fee Simple Subject to a Condition Subsequent or Precedent
- You’ll recognize these interests when they BOP you on the head
o B – “But”
o O – “On condition that”
o P – “Provided
A – Fee Simple Absolute
D – Fee Simple Determinable
- These interests can be recognized by SUD language
o S – “So long as”
o U – “Until”
o D – “During”
PITT - Joint Tenancies require unity of
P – Possession
I – Interest
T – Time
T – Title
Landlord-Tenant - Types of Tenancy
You Will Suffer Periodically over the Years, as a tenant
Tenancy for YEARS
PERIODIC tenancy
Tenancy at WILL
Tenancy at SUFFERANCE
LAND - The 4 Elements of a Valid Lease
Length of time
Amount of rent
Name of parties
Description of the property
OAC - Easement by Prescription
O - Open and notorious
A – Adverse (Hostile)
C - Continuous and uninterrupted
ADAM E LEE - 8 ways to terminate an Easement
Abandonment
Destruction
Adverse Possession
Merger
Express agreement
Lawsuit
Estoppel
Excessive Use
PANCHO - 6 requirement for Adverse Possession
Possession
Adverse
Notorious
Continuous
Hostile
Open
WASTO - 5 ways to Acquire or Convey Property
Will
Accession
Succession
Transfer
Occupancy
RAW - Buyer will earn a Broker a Commission
R – Ready
A – Able
W – Willing
MARIA - The 5 tests of a Fixture
M – Method of Attachment
A – Adaptability of Attachment
R – Relationship Parties
I – Intent of person installing chattel (whether it was intended to be permanently installed)
A – Agreement of the parties
OLD CAR - Duties an Agent owes a Principal
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
DEC - The 3 Agency Disclosure Requirements
Disclose
Elect
Confirm
DUST - The 4 Elements of Value
Demand
Utility
Scarcity
Transferability
PEPS - 4 Forces influencing Value
Physical and environmental characteristics
Economic influences
Political (governmental) regulations
Social ideals and standards
PETE - 4 types of Government Controls
Police power
Eminent Domain
Taxation
Escheat
TIMMUR - Fixed and Variable Operating Expenses of Real Estate
Taxes
Insurance
Management
Maintenance
Utilities
Reserves
UPTEE - 5 Ownership Rights in the Bundle of Rights
Use
Possess
Transfer
Encumber
Enjoy