Test 1 Flashcards
What are the parts of a mortgage loan? What purpose does each part serve?
A Pledge and Collateral. Pledge= promise to pay, Collateral= right to foreclose if borrower does not pay.
In a general warranty deed, the implied promise: “If there is a defect, I promise to take care of the problem” is referred to as:
A Covenant of Further Assurance
Which type of loan gives the best option of paying two mortgages until their current home sells?
Bridge loan
Mill rate of .017?
17
A point of beginning refers to:
A description starting at a designated place on a parcel using the Metes and Bound System
When should security deposit be refunded?
Within 21 days of vacating the property
Lillian is buying Julia’s home in Malibu. Julia. after selling her home to Lillian, is buying Anna Marie’s condo in San Francisco In those transactions, who is tho grantor and who is tho grantee?
Lillian is the grantee and Julia is the grantor. Julia is the grantee and Anna Marie is the grantor.
In early common law, transfers of land were only made when?
From father to son upon fathers death
Jack is leasing from Justin for a year. He decides to lease until he gets a feel for the area and decides where he wants to buy. Who has reversionary rights and who has possessory rights?
Jack = possessory Justin = reversionary
Is a lease contract valid without the tenants signature?
The lesses occupation of the property is proof the lease agreement was accepted.
Federal and state fair housing laws
FHA prohibits a broad range of practices that discriminate on the basis of: color,disability, familial status, national origin, race,religion, or sex.
What is ostensible agency?
An implied agency which exist where one either intentionally or from want of ordinance care induces another to believe that a third person is his agent though he never in fact employed him.
Define universal agent
An agent that has been given FULL POWER to act on behalf of a person or business.
Define General agent
An agent authorized by the principle to perform acts associated with the continued operations of a particular job or a certain business if the principle.
Define special agent
Is an agent authorized by the principal to handle I my one specific business transaction or o perform only a specific act.