Test 1 Flashcards

0
Q

What are the parts of a mortgage loan? What purpose does each part serve?

A

A Pledge and Collateral. Pledge= promise to pay, Collateral= right to foreclose if borrower does not pay.

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1
Q

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

A Covenant of Further Assurance

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2
Q

Which type of loan gives the best option of paying two mortgages until their current home sells?

A

Bridge loan

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3
Q

Mill rate of .017?

A

17

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4
Q

A point of beginning refers to:

A

A description starting at a designated place on a parcel using the Metes and Bound System

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5
Q

When should security deposit be refunded?

A

Within 21 days of vacating the property

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6
Q

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?

A

Lillian is the grantee and Julia is the grantor. Julia is the grantee and Anna Marie is the grantor.

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7
Q

In early common law, transfers of land were only made when?

A

From father to son upon fathers death

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8
Q

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?

A
Jack = possessory
Justin = reversionary
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9
Q

Is a lease contract valid without the tenants signature?

A

The lesses occupation of the property is proof the lease agreement was accepted.

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10
Q

Federal and state fair housing laws

A

FHA prohibits a broad range of practices that discriminate on the basis of: color,disability, familial status, national origin, race,religion, or sex.

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11
Q

What is ostensible agency?

A

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.

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12
Q

Define universal agent

A

An agent that has been given FULL POWER to act on behalf of a person or business.

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13
Q

Define General agent

A

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.

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14
Q

Define special agent

A

Is an agent authorized by the principal to handle I my one specific business transaction or o perform only a specific act.

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15
Q

What is the Sherman Anti-trust Act?

A

The prevailing economic theory supporting antitrust laws in the US stating that the public is best served by free competition in trade and industry. (AKA: division of markets = illegal)

16
Q

What are the order of payments in foreclosure?

A

Cost of sale

Special assessment taxes and general taxes

First mortgage (determined by order of recording)

And whatever is left

17
Q

Low risk loan

A

25% of low as down payment

18
Q

Threshold reporting: how often must the reports be made & what are the requirement a for making these reports?

A

annuals and quarterly process

If a broker negotiates more than 1,000,000.00 In loan annually he must take part in threshold reporting.

19
Q

Is a broker allowed to accept lender funds unless the broker owns the loan? Which requirement under the California Business and Professions Code addresses the question?

A

No it is not permissible for a broker to accept those funds. The requirement is outlined in article 5.

20
Q

What are the goals of a Real Estate appraiser

A

Market value
Insurance value
Tax value

21
Q

List in order the appraisal process.

A

State the problem

Gather record & verify the necessary data.

Analyze and interpret

Neighborhood analysis

Neighborhood cycle

Site analysis

22
Q

Section 205

A

Tax exemption military veterans

23
Q

Mello-Roos community facilities of 1982

A

Formed to finance major improvements and services within the district with which might include schools roads libraries police & fire protection services ambulance services

24
Q

This step of the general plan sometimes known as MasterPlan should encompass all aspects of the projected growth including the social economic and the physical features. Due to this step, while considered long-range, the plan must allow short range flexibility. Which step is described?

A

Formulation of community goals.

25
Q

Exemption from the natural hazard disclosure

A

The geological hazard

26
Q

Counter offers

A

Once a counter offer is made by seller the buyer’s original offer becomes invalid of the buyers accept the offer the seller has made, the same process takes place as with the regular offer.

27
Q

Which form of payment is most common for a property manager

A

A percentage of income

28
Q

Defined asthetic zoning

A

Specifies the architectural style must be compatible

29
Q

Define directive zoning

A

Define to encourage the highest and best use of the land

30
Q

Incentive zoning

A

Encourages developers to meet physical, social and cultural benefits.

31
Q

What is the major difference between an estate for years and an estate from period to period?

A

The major difference is in an estate from period to period the tenant must give notice to vacate where as in estate for years, there is no need to give any notice.

32
Q

When is it permissible for your broker to process an out-of-state trust account?

A

It is only permitted if the FDIC insures the account, and the account is used only for specific first loans.

33
Q

Mobile homes manufactured _____ are required to have tax guaranteeing proper construction. Who issues this tag?

A

After June 15, 1956

HUD