A life estate in real estate grants ownership rights for the duration of a person's lifetime, then transfers to a remainderman. Learn how life estates work, their impact on property rights, and what to expect on the real estate license exam.
Discount points allow borrowers to pay upfront fees to reduce their mortgage interest rate. Learn how they work, whether they are worth it, and what to expect on the real estate license exam.
TRID requires lenders to provide a closing disclosure at least 3 business days before closing. Learn what TRID means, how it protects buyers, and what to expect on the real estate license exam.
Highest and best use determines the most profitable legally permitted use of a property. Learn the 4 tests appraisers apply and what to expect on the real estate license exam.
Market value is what a property would sell for on the open market, while assessed value determines property taxes. Learn the key differences and what to expect on the real estate license exam.
Metes and bounds describes property boundaries using distances and directions from a point of beginning. Learn how it works and what to expect on the real estate license exam.