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School Test Review > Definitions > Flashcards

Definitions Flashcards

1
Q

Office Exclusive Listing?

A

Seller does not want on MLS

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2
Q

Anti Trust Laws

A

Sherman 1890 Free And unfettered competition
Clayton 1914
FTC 1914

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3
Q

Adverse Possession

A

NOAH Notorious Open Adverse Hostile

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4
Q

Terminate restrictive clause 4(

A

Termination date Release Abandoning Circusstances change

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5
Q

Appropriation?

A

Act of taking through eminent domain

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6
Q

Article 9A NYS

A

Vacant land on installment plan

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7
Q

Article 78

A

Allows to bring action against government

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8
Q

Use variance? Area variance?

A

Use other than zoned

Variance when area is not conforming

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9
Q

Apputenance?

A

Rights that go with real property

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10
Q

Altered Building Certificate?

A

Not CO but Certificate of compliance

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11
Q

New Construction 36A

A

Start and finish date i yr workmanship 2 yr Mech

6 years material defects

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12
Q

Ventilation minimum?

A

15 CFM per person

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13
Q

Electrical supply

A

Service lateral underground Drop above ground

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14
Q

What year and what NEPA

A

1970 National CAA CWA CERLA superfund extra taxes from oil and chemical industies 1980 SARA 1986 added money and innocent landowner immunity

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15
Q

EIS

A

1 Investigate 2 Testing 3 Cleanup 4 Management

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16
Q

Wetlands

A

Filter Flood control US Army Corps of Engineers

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17
Q

Asbestos regulator

A

NYS Dept of Labor

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18
Q

CFC HCFC HFC

A

Freon Better Best Current

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19
Q

Urea Foemaldehyde

A

Foam Insulation blown in asthma cancer breathing

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20
Q

Civil Rights violations reported to

A

HUD

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21
Q

ADA 1990

A

Reasonable modification or nreasonable accomodation for the disabled to have an equal opportunity to enjoy space

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22
Q

NYS Agency for civil rights

A

NYS Diision of Human Rights also called executive law state law knocks out federal exemptions

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23
Q

NYC agency

A

NYC Commission on Human Rights

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24
Q

Title III ADA

A

Public and Commercial facilities 100%

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25
Q

executory contract

A

one or both parties not completed performance

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26
Q

executing contract executed?

A

signing Done

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27
Q

Elements of Contract (6)

A

competent parties lawful purpose
consideration description
Meeting of minds written format and signed

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28
Q

Statue of frauds

A

must be written Plain language (sullivan)

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29
Q

parol evidence

A

written agreement overides oral agreement

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30
Q

Remedies for Breach of Contract (7)

A

Cancellation Compensatory damages
injudtion liquidated damages
Reformation Recission Specific performance

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31
Q

Discharge Contract (6)

A

Agreement Partial performance full performance

impossibility of performance alteration bankruptcy

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32
Q

Assignment & Novation

A

Assig to other still liable New Contract

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33
Q

Sales Agreemnet purchase agreement & Earnest Money agreement

A
  1. sets price & counteroffers
    2) receipt for earnest money
    3) Contract between Buyer & Seller
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34
Q

Accepting offer Meeting of Minds

A

acceptance must be communicated
must be communicated in manner specified
acceptance not vary terms

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35
Q

Binder (3)

A

Deal Sheet Sales Agreement Purchase agreement

36
Q

Elements of Sales Contract

A

Signatures Parties Names and addresses Propwerty description Interest to be coneyed (full bundle) Terms price and method of payment

37
Q

Escape or Kick out clause

A

Seller has right to pursue other buyers

38
Q

rider

A

ammendment

39
Q

Installment Sale AKA

A

land contract deed passes after so many payments

40
Q

Leasehold Types (4)

A

Estate for years (any specific period start and end)
Periodic ( auto renew same period week month
Estae at Will ( no rent necessary no period usually family member 30 day notice Tennant at Sufferage Hold over tenant not leasehold estate

41
Q

lease in writing?

A

YES IF FOR MORE THAN ONE YEAR

42
Q

Promissory note Maker? Payee financing instrument security instrument hypothecate?

A

Maker borrower Paylee lender Hypothecate debtor can pledge property without giving up

43
Q

Fannie Mae

A

private corporation supervised by HUD

44
Q

Freddie Mac

A

FHA 1970

45
Q

Ginnie Mae

A

1968 Hud Govt owned guarantees FHA and VA Loans

46
Q

FHA

A

Part of HUD Insures loans not make loans

47
Q

VA guarntee not loan

A

No down No Max 1 point max may be assumeable

48
Q

SONYMA

A

1970 only govt direct lender first time buyers

49
Q

Straight Loan? Partial Amortize loan?

A

interest only Baloon

50
Q

Types of Mortgage (8)

A
  1. Construction Temporary
  2. bridge swing gap
  3. Blanket subdivision
    4 Sale Leaseback
  4. Wraparound combine 1st and second owner financing
  5. Land Contract Installment contract deferred deed owner holds deed not mortgage lien
51
Q

ARM

A

shifts risk to borrower lower rate rate adjustment period (6 months) cap rate limits the interest points it can raise oer life

52
Q

Mortgage Clauses (4)

A

Alienation due now because of default
Due on Sale Due because of transfer
Prepayment penalty
Subordination changes priority of lien

53
Q

Equitable right of redemption

A

DEBTOR can redeem by paying off

54
Q

Deed in lie of forclosure

A

give deed back to avoid foreclosure

55
Q

Truth in Lending

A

Regulates lenders to consumers Regulation Z full lender disclosure

56
Q

APR

A

Higher

57
Q

Lending adertizing regs

A

Reg Z numbers trigger disclosure

58
Q

Right to recind

A

borrower has 3 days on existing primary residence

59
Q

Evaluating the Borrower (5 C’s)

A

Capacity Character Collateral Credit Conditions

60
Q

Mortgage loan originator requirements

A

20 hours plus written test NMLS surety bond renewed annually calendar year

61
Q

Debt to income ratio

A

36% 43% FHA more than 10 payments

62
Q

Planning Board vs Planning Department

A

Board decides Department does

63
Q

Gold Star and Star?

A

Reduce taxes for nparents who lost child in war

Reduce School tax only for elerly primary residence

64
Q

Taxes figured?

A

Aceesed value X uniform percentage X Tax Rate

65
Q

Challenge acessment not tax

A

excessive assessment
unequal assessment
Unlawful assessment
Misclassified assessment

66
Q

Tax certiori

A

legal action challenging assessment within 30 days SCAR Commercial state supreme court

67
Q

Tax foreclosure “IN REM”

A

lawsuit against property not person

68
Q

IRS Section 121 Taxpayer relief act 1997

A

Every 2 years $250K per Husband and wife 2 years after death of one spouse

69
Q

IRS and aquisition costs ( 5)

A

Points on secured home in year paid cash method of accounting principal residence shown on HUD 1 Settlement statement

70
Q

Reverse Like Kind Exchange

A

Buy before sell Defer Capital gains tax

71
Q

Like Kind Exchange

A

must find 45 days close 180 days must own new property 2 years

72
Q

boot?

A

Extra not like kind property to make up for $ disparity

73
Q

Condo Sponsor

A 
Evictioon 50%
Non Eviction 15%
Controls Board 5 years or 50%
CC&R  Condo Covenants and Restrictions Rules
BYlaws  Rules of management
74
Q

CPS 1

A

Co-operative Policy Statement 1 co-ops and condos 120 days used to test market

75
Q

C of O When

A

1938

76
Q

Holder of Shares?

A

investor in Co-op who is not living there not governed by sublet rules, flip taxes

77
Q

Attornment?

A

Establishes right of continued lease with new owner Protects tenant

78
Q

Estoppel Certificate

A

Tenant signs to certift lease terms to protect landlord new and old

79
Q

Subordination and Nondisturbance (lease)

A

existing lease junior to new mortgge

Nondisturbance lender promises no to evict tenant if current

80
Q

Options when tenant wants to end lease (4)

A

Close Down
Buyout
Sublease
Assignment

81
Q

Pass through

A

Landlord passes expenses to tenant also might have expense cap to protect tenant

82
Q

graduated, step or bump lease

A

escalation per contract

83
Q

Portwer’s wage excalation

A

Tied to porter’s wage index

84
Q

Triple net lease

A

Absolute net lease

85
Q

Investment RE Risk (3)

A

Space Market Risk supply and demand of space
Capital market risk interest rate or money supply
Financial risk leverage

86
Q

depreciation AKA

A

Cost recovery

School Test Review (2 decks)

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