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State exam > National > Flashcards

National Flashcards

1
Q

Calls for existing loan to be placed in lower priority position to another lien

A

Subordination clause

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2
Q

One payment is larger than the monthly payments

A

Balloon payment

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3
Q

Makes the sale contingent upon a certain event

Failure to fulfill the contingency voids the contract

A

Contingency clause

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4
Q

Broker has broader authority as compared to that in a property listing

A

General agent

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5
Q

The broker has limited authority

A

Special agent

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6
Q

A listing on a property in which the broker holds an option

A

Option listing

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7
Q

Appears to be valid but because of a defect, could be overturned by one of the parties

A

Voidable contract

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8
Q

Created from the actions or conducts of the parties

A

Implied contract

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9
Q

Placed by action of law against a property without the owners consent

A

Involuntary liens

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10
Q

An area separating 2 incompatible zone dares from each other

A

Buffer zone

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11
Q

The right to take private property for public use with just compensation

A

Eminent domain

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12
Q

The transfer of personal property

A

Bill of sale

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13
Q

Right to enact laws for health, safety and welfare of the public

A

Police power

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14
Q

The right to buy or lease a property within a specified period for a specified price and term

A

Option

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15
Q

Projected rent if property is 100% occupied

A

Gross scheduled income

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16
Q

Rent which was owned by a tenant but unable to be collected

A

Credit losses

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17
Q

A written instrument that transfers ownership of real property

A

Deed

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18
Q

Is a complete history of the property

A

Chain of title

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19
Q

An area separating 2 incomparable zoned areas from each other

A

Buffer zone

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20
Q

Property acquired by spouse during marriage

A

Community property

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21
Q

Conveys the grantor’s interest and warrants title against all claims

A

Warranty deed

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22
Q

Oral will

A

Nuncupative will

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23
Q

A gift of personal property through a will

A

Bequest

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24
Q

Each partner has full liability for debts of partnership

A

General partnership

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25
Q

Forced transfer through any of the following
Eminent domain
Adverse possession
Foreclosure proceedings

A

Involuntary alienation

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26
Q

A business entity with combined characteristics of limited partnership and certain types of corporation

A

Limited liability companies (LLCs)

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27
Q

Is ownership by one person

A

Severally ownership

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28
Q

Lease with a major tenants such as a department store or supermarket

A

Anchor lease

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29
Q

Highest for of ownership and the most common form

A

Fee simple absolute

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30
Q

Rent is a fixed payment amount

A

Gross lease

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31
Q

Base rent is paid plus a percentage of lessee’s gross sale volume

A

Percentage lease

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32
Q

Tenant pays a fixed amount plus the property expenses, utilities, real estate taxes, insurance premium and maintenance

A

Net lease

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33
Q

A fund set by the Federal Comprehensive Environmental Response Compensation and Liability Act to bear the cost of cleaning up polluted property

A

Superfund

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34
Q

Defunct, derelict or abandoned commercial or industrial site contaminated with hazardous and toxic waste

A

Brown field

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35
Q

The amount a willing buyer would pay and a willing seller would sell

At arms length transaction

A

Market value

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36
Q

Loss due to outdated features, technological advances or poor design

A

Functional obsolescence

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37
Q

Loss due to factors outside of the property and usually incurable

A

Economic obsolescence

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38
Q

Shared ownership by 2 or more people having the right of survivorship

A

Joint tenancy

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39
Q

Mutual agreement to end the lease

A

Surrender and acceptance

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40
Q

Lease with option to buy or re-lease

A

Lease-option

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41
Q

Co-ownership by 2 or more people with no right of survivorship

A

Tenancy in common

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42
Q

Transfers real property though a will

A

Devise

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43
Q

Rent is paid for a specified and definite period of time

A

Estate for years

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44
Q

A lender altering the terms or conditions for home loans in specific geographic areas as a means of discrimination

A

Redlining

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45
Q

The actual amount of money paid for the property in a transaction

A

Market price

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46
Q

All owners, current and previous, have strict liability for remediation of polluted property

A

Strict liability

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47
Q

The gathering together of many loans for a sale in the second market

A

Warehousing

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48
Q

Ownership interest between husband and wife only with the right of survivorship

A

Tenancy by the entireties

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49
Q

Legal action used to terminate a tenancy in common or joint tenancy

A

Suit for partition

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50
Q

Denying that housing is available for sale or rent, or channeling prospects towards or away from certain areas

A

Steering

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51
Q

An Uncoerced transfer by gift or deed

A

Voluntary alienation

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52
Q

Composed of general and limited partners

A

Limited partnership

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53
Q

Lease with an escalator clause that calls for increase or decrease in rent at specified intervals

A

Graduated lease

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54
Q

Completely hand written will

A

Holographic will

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55
Q

An insurance policy that protects the lender against defects which could be determined by an inspection of public records

A

Alta title policy

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56
Q

Includes words of conveyance like, convey and warrant; grant and release; remise, release and quit claim

A

Granting clause

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57
Q

Title that is without cloud or defect

A

Merchantable title

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58
Q

Formal declaration made before an authorized official such as a notary public

A

Acknowledgment

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59
Q

Estimating the value of the subject property by comparing the subject property with similar properties that have sold

A

Comparison approach

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60
Q

Personal property is moveable

A

Chattel

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61
Q

Written instrument by which a property owner conveys and transfers an ownership interest in real property

A

Deed

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62
Q

Used to clear title defects

A

Quit claim deed

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63
Q

Demand, utility, scarcity and transferability

A

Elements of value

64
Q

Seller agrees to take specified amount as net proceeds and broker may retain amount of sale price above net amount

A

Net listing

65
Q

Makes the sale contingent upon the buyer obtaining financing

A

Mortgage contingency clause

66
Q

Prohibits anti-competitive practice such as,
Different broker firms agreeing to fixed commissions
Leading consumers to believe commissions are non-negotiable
Boycotting other companies listings

A

Sherman anti-trust act

67
Q

By the actions and or statements of the parties

A

Implied agency

68
Q

The listing broker will be paid if he or she finds a buyer, if another broker finds a buyer or if the seller sells the property

A

Exclusive right to sell listing

69
Q

Created when land held by a single owner is broken down into 2 or more parcels and one parcel is landlocked

A

Easement by necessity

70
Q

Transfer of real property from a person who dies without a will

A

Descent

71
Q

Profit tends to breed competition which can reduce the profit

A

Principal of competition

72
Q

Releases all of the grantor’s interest

A

Quit claim deed

73
Q

One party has permission to cross or use another’s property

Not permanent and may be revoked)

A

Easement personal

74
Q

All of the terms have been stated between the parties

A

Expressed contract

75
Q

Encouraging owners to sell or rent their homes because minority families are entering the neighborhood

A

Blockbusting

76
Q

Protect the public from the reporting of inaccurate information by credit bureaus

A

Fair credit reporting act

77
Q

The rate of return an investor wants to receive or that the property is producing

A

Capitalization rate

78
Q

A summery of the chain of title

A

Abstract of title

79
Q

An appraisal approach in which the cost of building the structure is calculated, depreciation is subtracted and land value is added

A

Cost approach

80
Q

The actual income received after deducting vacancy and credit losses from the gross schedule income

A

Effective gross income

81
Q

A right across one property for benefit of the adjacent property

A

Easement appurtenant

82
Q

Use which pre-dates the zoning ordinance and therefore may continue

A

Nonconforming use

83
Q

Specific authorization from the principle

A

Expressed agency

84
Q

A court order to enforce the terms of a contract

A

Specific performance

85
Q

Provision whereby one party agrees to protect another party from damages or lawsuits

A

Indemnification clause

86
Q

Legal remedy of canceling a contract and restoring the parties to their original positions

A

Rescission of contract

87
Q

The non-judicial submission of a dispute to a 3rd party arbitrator with both parties agreeing in advance to comply with the final decision of the arbitrator

A

Arbitration

88
Q

Increase in rate of return through using borrowed money

A

Leverage

89
Q

Hypothecates the property as collateral for dept

A

Mortgage or trust deed

90
Q

Level or constant payments including principal and interest (p&i)

A

Amortized

91
Q

Payments made PITI taxes and insurance go into escrow account

A

Budget

92
Q

Interest only during term of loan with principal due at maturity

A

Straight

93
Q

The monthly payments are less than the interest

A

Negative amortization

94
Q

Seller remains liable for the existing loan and agrees to create a new loan for the buyer for a greater amount and at higher interest rate

A

Wraparound loan

95
Q

Interest rate and payments change periodically during the life of the loan

A

Adjustable rate loan

96
Q

Loan in which payments are lower in the early years but increase in intervals until the loan becomes fully amortized

A

Graduated payment loan

97
Q

Allows borrower more funds with in the same loan

A

Open end loan

98
Q

Loan in which the borrower is not held personally liable for the debt

A

Non-recourse loan

99
Q

Allows lender to declare the loan balance immediately due and payable if borrower defaults

A

Acceleration clause

100
Q

Allows lender to declare debt due and payable if property is sold

A

Alienation clause

101
Q

Allows lender to charge prepayment penalty if loan is paid off early

A

Prepayment clause

102
Q

States that the note and mortgage null and void when borrower pays off the dept.

A

Defeasance clause

103
Q

Charging more that the rate set by law

A

Usury

104
Q

The rate specified in the note or contract

A

Contract or note rate

105
Q

The process of the lender rewriting the terms of an existing loan, substituting the buyer as debtor

A

Novation

106
Q

Given by the lender to the buyer to verify loan balance and terms when the buyer takes over payments on an existing loan

A

Reduction certificate

107
Q

The process of selling a loan to another lender

A

Assignment

108
Q

Process of bringing data together from the three appraisal methods to arrive at a final estimate of value

A

Reconciliation of data

109
Q

Period of time over which the property will produce income and be economically beneficial to the owner

A

Economic life

110
Q

Process of converting net income into value

A

Capitalization

111
Q

Sometimes used to estimate values of small income properties

A

Gross rent multiplier

112
Q

The income remaining after operating expenses are deducted from the gross income

A

Net income

113
Q

Lease in a co-op in which the tenant has the right to rent a particular unit

A

Property lease

114
Q

Executed by a borrower setting forth the exact unpaid balance and rate of interest

A

Estoppel certificate

115
Q

Appraisal value must be equal to or greater that the purchase price and the buyer must see appraisal

A

Escape clause

116
Q

Buyer does not originate a new loan but takes over payments and assumes personal liability on an existing loan

A

Loan assumption

117
Q

Federal law that requires lenders to disclose all the terms and costs in obtaining a consumer loan

A

Truth in lending act

regulation Z

118
Q

Prohibits discrimination in the sale, rental, advertising and financing of houseing

A

Federal fair housing laws

119
Q

Value is affected by scarcity of a product and the desire for that item

A

Principals of supply and demand

120
Q

Is a statutory method of taking title to or acquiring an interest in the property of another

A

Adverse possession

121
Q

An easement created by adverse possession

A

Prescriptive easement

122
Q

Ownership lasts as long as certain conditions or uses are met

A

Defeasible fee simple

123
Q

The substitution of a third person in place of another in relation to. Claim or debt

A

Subrogation

124
Q

Conveys the grantor’s interest but has no expressed warranty

A

Bargain and sale deed

125
Q

Issued prior to closing of a sale

A

Preliminary title report

126
Q

Protects the buyer against certain defects

A

Owner’s title policy

127
Q

The grantor May reserve a right, such as an easement across the property or a life estate

A

Reservation and exception clause

128
Q

A duplicate set of public records maintained by a title company

A

Title plant

129
Q

Defines the title being transferred

To have and to hold

A

Habendum clause

130
Q

Provides buyer of a business with a list of seller’s creditors

A

Bulk sales affidavit

131
Q

Document signed by one spouse prior to the other spouse acquiring property in order to prevent it from becoming community property

A

Disclaimer (deed)

132
Q

Conveys the grantor’s interest and warrants title against claims arising only from the grantors actions

A

Special warranty deed

133
Q

The rights and improvements that are transferred with land

A

Appurtenances

134
Q

Charge against property to bear the cost of municipal functions

A

Taxation

135
Q

A use granted in violation of the zoning ordinance

A

Variance

136
Q

Any claim right or interest held by one who is not legal owner of the land

A

Encumbrance

137
Q

An easement created by adverse possession

A

Prescriptive easement

138
Q

Requires certain contracts to be written to be enforceable and to be signed by the parties

A

Statute of frauds

139
Q

All terms have been performed by the parties

A

Executed contract

140
Q

Terms have not been fully performed

A

Executory contract

141
Q

A contract that is worded loosely or vaguely

A

Illusory contract

142
Q

The listing broker will be paid a commission only if he finds a buyer

A

Open listing

143
Q

Listing broker will be paid a commission if he or another broker finds a buyer not if the seller sells the property

A

Exclusive agency listing

144
Q

The amount pre determined by the parties as the total amount of compensation an injured party would revive if the other party breaches contract

A

Liquidated damages

145
Q

$250,000 of gain for single taxpayers

$500,000 of gain for married taxpayers

A

Capital gain exclusion

146
Q

Regulates use of ground water

A

Arizona Department if Water Resources

ADWR

147
Q

Sets state environmental standards

A

Arizona Department of Environmental Quality ADEQ

148
Q

Regulates federal environmental rules and laws

A

Environmental Protection Agency EPA

149
Q

Commissioners rules require disclosure

A

Arizona Department of Real Estate

ADRE

150
Q

Property goes through phases of growth, stability and decline

A

Principal of development equilibrium and disintegration

151
Q

Real estate values do not remain constant

A

Principle of change

152
Q

The use of the property which will produce the greatest net return

A

Principal of highest and best use

153
Q

Maximum value of a property tends to be set by how much it costs to by an equally desirable property

A

Principal of substitution

154
Q

Value will tend to be more stable in an area where there is a reasonable degree of conformity

A

Principle of conformity

155
Q

The presence of lesser properties adversely affects the value of greater properties

A

Principle of regression

156
Q

The value of a component part is determined by how much it adds to or detracts from the value of the whole

A

Principal of contribution

157
Q

Value is affected by the expectation of future events

A

Principal of anticipation

State exam (18 decks)

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