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Flashcards in AZ Real Estate Timelines Deck (185)
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1

Eminent Domain: "Right" to Take Private Property for Public Use with Just Compensation.

Before Court Action: Owner is Given ___ Days Prior to Pending Litigation. This will include:

  1. Written - "Just Compensation" Offer
  2. Appraisal (Supporting Compensation)

Eminent Domain: "Right" to Take Private Property for Public Use with Just Compensation.

Before Court Action: Owner is given 20 Days Prior to Pending LItigation. This will include:

  1. Written - "Just Compensation" Offer
  2. Appraisal (Supporting Compensation)

Chap 1

2

Escheat: Reversion of Property to State Due to Owner Dying without "Will (Intestate)."

Heirs have ____ Years to Claim Proceeds of Sale.

Escheat: Reversion of Property to State Due to Owner Dying without "Will (Intestate)."

Heirs have Years to Claim Proceeds of Sale.

Chap 1

3

Priority of Liens:

  1. PT
  2. SpA
  3. M
  4. HA

 

Priority of Liens:

  1. Property Taxes
  2. Special Assessments
  3. Mechanic's Lien
  4. HOA Assessments

Chap 2

4

Triangles Formula:

Triangles Formula:

A = (.5 base) x Height

Chap 2

5

Clients Duties to Agent:

  1. C
  2. Ind
  3. Per

Clients Duties to Agent:

  1. Compensation
  2. Indemnification
  3. Performance

Chap 3

6

Agency Termination:

  1. Per
  2. Mut
  3. Exp
  4. Rev
  5. Des
  6. B
  7. D

Agency Termination (7 Ways)

  1. Performance
  2. Mutual Agreement
  3. Expiration of Term
  4. Revocation
  5. Destruction of Property
  6. Bankruptcy
  7. Death

Chap 3

7

Math Main Formula?

Math Main Formula is

  •     Part    
  •  Whole x %
  • Part     Whole    %
  • Comm  Price     Rate
  • Income Value    Rate
  • Int Amt Prin      Rate
  • Loan     Value    Ratio 

Chap 5

 

8

Home Inspectors License by?

AZ State Board of  T_________ R_______

Home Inpectors License by:

AZ State Board of Technical Registration

Chap 4

9

New Homes Sales Don't Have Escrows, so Where is "Earnest Money" Deposited?

New Homes Sales "Earnest Money" Deposits In:

Home Builders Business Account

Chap 5
 

10

Loan with "Principle Payments Only" are called?

Negative Amortization Loans -

Loan with "Principle Payments Only"

Chap 6

11

R______ _______ _________

Loan where "Lender Pays Borower" Payments is called?

Reverse Annuity Mortgage (RAM) -

Loan where "Lender Pays Borower" Payments

Chap 6

 

12

Borrower Not Held Responsible for What Type of Loan?

Non-Recourse Loan -

Borrower Not Held Responsible for Loan.

Chap 6

13

N____   ________ Clause

Clause Where Lender Agrees "Not" to Terminate Leases with Tenants During Foreclosure.

Non-Disturbance Clause:

Lender Agrees "Not" to Terminate Leases with Tenants During Foreclosure

Chap 6

14

P______G_______ Clause

Clause Where a LLC or Corporation Indicates "Person Held Personally Responsible and Liable?"

Personal Guarantee Clause -

Clause where a LLC or Corporation indicates "Person Held Personally Responsible and Liable."

Chap 6

15

Formula Used for Interest?

Formual Used to Determine Interest -

  •      Interest     
  • Principal x Rate

Chap 7

16

For VA Loans What is LTV?

LTV for VA Loans Is -

100% (Unless Price Exceeds Appraisal)

Chap 7

17

Who Buys Loans 2nd Market?

Buys Loans in 2nd Market -

  • Commercial Banks & Credit Unions
  • Insurance Companies
  • Fannie Mae (Fed Nat Mortgage Association)

Chap 7

18

Who "Sells Loans" in 2nd Market?

Sells Loans in 2nd Market -

  • Mortgage Brokers/Bankers
  • Fannie Mae (Fed Nat Mortgage Association)

Chap 7

19

Truth in Lending Triggers?

Triggers in Truth In Lending -

  • Down, No, Amt, Period of Payments
  • Finance Charges

Chap 8

20

Loan Estimates are Due __ Days of Loan Application.

Loan Estimates are Due  Days of Loan Application. (RESPA)

Chap 8

21

TRID Closing Disclosures are Due __ Days Prior to Closing.

TRID Closing Disclosures are Due  days Prior to Closing. (RESPA)

Chap 8

22

Fair Housing Act Complaints Must be Filed Within __ Year.

Fair Housing Act Complaints Must be Filed Within Year.

Chap 8

23

ECOA - Equal Credit Opportunity Act - Prohibits Discrimination Based On:

Race, Color, Nat Origin, Religion, Sex - (3 More Classes?)

 

Hint: Revoking Credit Never Really Sounds - Morally Allowed or Publically Accepted

ECOA - Equal Credit Opportunity Act - Prohibits Discrimination Based On:

Race, Color, Nat Origin, Religion, Sex - Marital, Age, Public Assistance.

 

Hint: Revoking Credit Never Really Sounds - Morally Allowed or Publically Accepted

Chap 8

24

RESPA Only Does What Type of Loans?

RESPA Only Does Loans For -

"Federal Loans" (FHA, VA, USDA)

Chap 8

25

Cost Approach Formula is?

Cost Approach Formula

  • Building Cost
  • - Depreciation
  • + Land Value_
  • Appraised Value

Chap 8

26

Income Approach/Capitalization Formula?

Income Approach/Capitalization

  • Gross Income (Annual)
  • - Operating Expenses 
  • Net Operatng Income
  •  
  • Net Oper Income (Year)    
  • Value x Cap Rate

Chap 10

27

Gross Rent Multiplier Formula?

Gross Rent Multiplier Formula

  •         Value (SP)       
  •    GR (Mo) x GRM

Chap 10

28

Appraser for 1-4 Residential - Under 1 Million.

Licensed Appraser -

1-4 Residential - under 1 million.

Chap 10

29

Appraiser for Residential (All 1-4 Res Units/Any Amount)

Certifiied Residential Appraiser -

Residential (All Types 1-4 Res Units -Any Amount)

Chap 10

30

Appraiser for All Types of Property?

Certified General Appraiser -

All Types of Property

Chap 10