LTV, DTI, and PMI are three key lending ratios that determine mortgage qualification and cost. Learn how they work, their thresholds, and what to expect on the real estate license exam.
The closing process in real estate describes the final steps where ownership transfers from seller to buyer. Learn what happens at closing, who pays what, and what to expect on the real estate license exam.
An encumbrance in real estate is any claim or interest that limits property rights without preventing ownership. Learn the types of encumbrances, how they affect property value, and what to expect on the real estate license exam.
A void contract has no legal effect, while a voidable contract can be cancelled by one party. Learn the key differences, real estate examples, and what to expect on the real estate license exam.
A valid real estate contract requires 5 elements to be legally binding. Learn what Competent parties, Offer and acceptance, Legal purpose, Adequate consideration, and Consent mean — and what to expect on the real estate license exam.
There are 4 main types of easements tested on the real estate license exam: appurtenant, in gross, prescriptive, and by necessity. Learn each type, how it works, and what to expect on the exam.