Indiana Real Estate Law Flashcards by Guisselle Martinez

What are the four sources of law in the U.S.?
A) Statutory law
B) Court law
C) Administrative laws and ordinances
D) Common law
E) Constitutional law
F) Case law

A) Statutory law
C) Administrative laws and ordinances
E) Constitutional law
F) Case law

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Constitutional law regulates
A) Government action
B) Is enacted by administrative agencies
C) It can be used to modify or overturn other sources of law
D) Is enacted by the government
E) Comes from the Federal Courts

A) Government action

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Statutory law is inferior to Constitutional Law
True
False

True

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Administrative laws are enacted by local governments within the state

True
False

False

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The US Constitution is the supreme source of law and is applicable in every state.

True
False

True

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What does the Statutory law regulates?
A) laws and ordinances
B) Individual or private section
C) Public agencies
D) Professional licenses

B) Individual or private section

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Statutory law is inferior or superior to constitutional law?

Inferior

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Can a statute conflict with or supersede a constitutional rights?

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Federal laws/statutes are enacted by Congress and include areas of mortgage lending, environmental laws, and civil rights.

True
False

True

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Which law regulates individual or private action?
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

C) Statutory Law

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Which law regulates government action?
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

B) Constitutional Law

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Which law governs the creation and operation of public regulatory agencies (boards, commissions, departments, etc.)
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

A) Administrative Laws/Ordinances

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Establishes legal precedent as a result of the court’s interpretation of other sources of law
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

D) Case Law

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This is the supreme source of law, and it’s based on the U.S. Constitution.
A) Constitutional Law
B) Statutory Law

A) Constitutional

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This source of law is applicable in every state and is the basis for every state constitution.
A) Constitutional Law
B) Statutory Law

A) Constitutional

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The laws associated with this source of law at the federal level are enacted by Congress and include areas of mortgage lending, environmental laws, and civil rights.
A) Constitutional Law
B) Statutory Law

B) Statutory Law

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The laws associated with this source of law at the state level are enacted by state governments and include real property, professional licensure, and agency laws.
A) Constitutional Law
B) Statutory Law

B) Statutory Law

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The laws associated with this source of law are enacted by administrative agencies, which are governmental bodies of the city, county, state, or federal government.
A) Administrative Laws and Ordinances
B) Case Law

A) Administrative Laws and Ordinances

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Legislation associated with this source of law is allowed by the state and enacted by local governments within the state. Examples include zoning and building codes.
A) Administrative Laws and Ordinances
B) Case Law

A) Administrative Laws and Ordinances

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The laws associated with this source of law are created when judges rule on the facts of a particular case.
A) Administrative Laws and Ordinances
B) Case Law

B) Case Law

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Administrative laws and ordinances can supersede statutory law.
True
False

False

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State constitutions can’t supersede or conflict with the U.S. Constitution.
True
False

True

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A statute can’t conflict with or attempt to supersede constitutional rights.
True
False

True

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Ordinances may not conflict with state or federal law.
True
False

True

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Case law can't be used to modify or overturn other sources of law. True False

False

Which source of law impacts real estate matters, such as mortgage lending, environmental laws, civil rights, real property, professional licensure, and agency laws? A) Constitutional law B) Statutory law C) Administrative laws and ordinances D) Case law

B) Statutory law

Types of Indiana Trial Courts

General Jurisdiction Circuit and Superior

Number of Indiana appellate Districts

Minimum number of judges in each appellate district

Dispute resolutions that don't involve litigation

Arbitration and mediation

One individual or entity sues another for compensation

Civil Litigation

The government sues an individual or entity for violating a law in order to punish the wrongdoer and protect society

Criminal Litigation

The losing party in a lawsuit challenges the lower court's decision in a higher court

Appeal

Town or city court, trial court, Court of Appeals, and Indiana Supreme Court

Indiana state court system

1 yard = ______ ft

3 ft

1 sq ft = _______ sq in

144 sq in

1 rod = ______ ft.

16.5 ft

1 meter = ______ in

39.37in

1 sq yd = ______ sq ft

9 sq ft

1 Acre = ___________ sq ft

43560 sq ft

1 sq mi = __________ section

1 section

640 acres = _______ sq mi

1 sq mi

1 mile = ________ ft

5280 ft

Perimeter = ____________________

Addition of each side

Find the perimeter of:

74'

Find the area of:

196 sq ft

Find the area of:

408 sq ft

Find the area of:

2100 sq ft

A lot has an area of ________ sq ft

30000 sq ft

1 hectar = ___________ acres

2.47 acres

1 hectar = ____________ SQ Meters

10,000 Sq Mt

A lot has an area of 10 acres. How many hectares is this?

4.05 hectares

1 Circle = _______ degrees

360 degrees

Acronym for the bundle of rights:

D Disposition E Enjoyment E Exclusion P Possession C Control

Acronym for the Agency/Fiduciary Responsabilities

C Care & Skill O Obedience L Loyalty D Disclosure A Accounting C Confidentiality

Acronym to test a fixture

M Method of Annexation A Adaptability R Relationship of the parties I Intent A Agreement of the parties

Acronym for Governmental Powers

P Police Power E Eminent Domain T Taxation E Escheat

Acronym for Joint Tenancy Requirements

P Possession I Interes T Time T Title

Acronym for Adverse Possission

C Continuous N Notorious O Open A Adverse H Hostile

Acronym for a valid contract

Very Precise Lawyers write Clear Contracts V Voluntary P Promise or Agreement between the parties L Legal objective C Component parties C Consideration

Acronym for Risk Management Techniques

A Avoid C Control T Transfer R Retain

Acronym for housing payment

P Principal I Interest T Taxes I Insurance

Acronym for Debt to Income Ratio

DTI

Acronym for Adjustable Rate Mortgage

ARM

Acronym for Loan to Value Ratio

LTV

Acronym for Private Mortgage Insurance

PMI

Acronym for Mortgage Insurance Premium

MIP (FHA Insured Loans)

Acronym for Home Equity Line of Credit

HELOC

Acronym for Truth in Lending Act

TILA

Acronym for Real Estate Settlement Procedures Act

RESPA

Acronym for Financing Legislation

T Tila R Respa I Integrated D Disclosure

Acronym for Uniform Standards of Professional Appraisal Practice

USPAP

Acronym for Comparative Market Analysis

CMA

Acronym for Broker Price Opinion

BPO

Acronym for To Have Value

D Demand U Utility S Scarcity T Transferability

Acronym for Types of Liens

V Voluntary I Involuntary S Statutory E Equitable

Which phases make up the real estate cycle

Expansion Over Supply (AKA Hyper-Supply) Recession Recovery

1 hectar = ___________ acres

2.47 acres

Real estate professionals keep a multitude of other professionals busy during the buying and selling process. Which of these professionals or entities are most active during the construction phase of real estate? Appraisers General contractors Lenders Title companies

General contractors

In which phase of the real estate market would you expect to see unemployment increasing, prices falling, and foreclosures on the rise? Expansion Over supply Recession Recovery

Recession

The two best places for licensees to spend their marketing dollars are in their sphere of influence and in ______. A) Down-cycle survival kits B) High-end advertising C) Leads services D) Their farm area

D) Their farm area

During what time of year are people least likely to want to move? A) In the early spring B) Mid-summer C) Over the winter holidays D) When school starts

C) Over the winter holidays

Which of the following best describes the state of the market during the expansion phase of the real estate cycle? A) High but stabilized unemployment and a high number of foreclosures B) Increases in hiring, employment, and public confidence, and lots of buyers in the market C) Properties selling at inflated prices, many buyers in the market, and lots of new construction D) Unemployment increasing, prices falling, and foreclosures on the rise

B) Increases in hiring, employment, and public confidence, and lots of buyers in the market

During which phase of the real estate cycle is local government most directly involved? A) Construction B) Living C) Moving D) Planning

D) Planning

Which one of the following best describes the state of the market during the recession phase of the real estate cycle? A) High but stabilized unemployment and a high number of foreclosures B) Increases in hiring, employment, and public confidence, and lots of buyers in the market C) Properties selling for more than they’re worth, many buyers in the market, and lots of new construction D) Unemployment increasing, prices falling, and foreclosures on the rise

D) Unemployment increasing, prices falling, and foreclosures on the rise

Who or what is a licensee’s sphere of influence? A) A list of contacts, both personal and professional, who already know and trust the licensee B) Co-workers who work for the same brokerage as the licensee C) Family and friends to whom a licensee listens regarding business matters D) The code of ethics published by the National Association of REALTORS®

A) A list of contacts, both personal and professional, who already know and trust the licensee

Which one of the following best describes the state of the market during the recovery phase of the real estate cycle? A) High but stabilized unemployment and a high number of foreclosures B) Increases in hiring, employment, and public confidence, and lots of buyers in the market C) Properties selling for more than they’re worth, many buyers in the market, and lots of new construction D) Unemployment increasing, prices falling, and foreclosures on the rise

A) High but stabilized unemployment and a high number of foreclosures

An increase in foreclosures and a drop in home prices is most likely to occur in what phase of the real estate cycle? A) Expansion B) Over-supply C) Recession D) Recovery

C) Recession

In the secondary market, how are mortgages grouped together and sold? A) Collateral B) Equitable titles C) Leverage D) Mortgage-backed securities

D) Mortgage-backed securities

How does the consumer provide economic support to a community in the living phase of the real estate cycle? A) By paying income taxes B) By purchasing and consuming local goods and services C) By purchasing construction supplies D) By purchasing moving services

B) By purchasing and consuming local goods and services

During which phase of the real estate cycle does a real estate professional have the most direct impact? A) Buying/selling B) Construction C) Living D) Planning

A) Buying/selling

Which of the following statements is true about national lending intuitions? A) Mortgage-backed securities are offered by credit unions. B) They control the flow of the local money supply. C) They fund loans to borrowers. D) They sell packaged loans to investors.

D) They sell packaged loans to investors.

When does a seller’s market occur? A) When both supply and demand are high B) When both supply and demand are low C) When supply is high and demand is low D) When supply is low and demand is high

D) When supply is low and demand is high

Which of the following is not one of the guidelines for marketing to your sphere? A) Be consistent. B) Be patient. C) Don’t advertise anywhere else. D) Stay in touch.

C) Don’t advertise anywhere else.

Stabilizing unemployment and foreclosures may signal that we’re in which phase of the real estate market cycle? A) Expansion B) Over supply C) Recession D) Recovery

D) Recovery

Undervalued properties and a surplus of inventory are most likely to occur in what phase of the real estate market cycle? A) Expansion B) Oversupply C) Recession D) Recovery

C) Recession

Edward is an economic analyst. In his work, he keeps a particularly close eye on this industry, because action or inaction here is a leading indicator of the country’s overall economy. Which industry is this? A) Construction B) Education C) Healthcare D) Manufacturing

A) Construction

Which professionals are most utilized by the buyer prior to closing? A) Lenders and real estate agents only B) Lenders, title companies, and home inspectors only C) Lenders, title companies, appraisers, and home inspectors D) Title companies and home inspectors only

C) Lenders, title companies, appraisers, and home inspectors

Which of the following entities commonly acts in the primary market? A) Fannie Mae B) Federal Home Loan Bank C) Local credit union D) Private investors

C) Local credit union

In a buyer’s market, what causes prices to go down? Unset starred question A) Demand exceeds supply. B) Supply and demand are equal. C) Supply exceeds demand. D) Supply quality improves.

C) Supply exceeds demand.

In which phase of the real estate market would you expect to see properties selling for more than they’re worth, many buyers in the market, and lots of new construction? A) Expansion B) Over supply C) Recession D) Recovery

B) Over supply

In which phase of the real estate market would you expect to see unemployment and foreclosures remain high but begin to stabilize? A) Expansion B) Over supply C) Recession D) Recovery

D) Recovery

In most markets, in which month would a real estate down-cycle typically start? A) December B) February C) January D) November

D) November

When does a buyer’s market occur? A) When both supply and demand are high B) When both supply and demand are low C) When supply is high and demand is low D) When supply is low and demand is high

C) When supply is high and demand is low

When does a stagnant real estate market occur? A) When both supply and demand are high B) When both supply and demand are low C) When supply is high and demand is low D) When supply is low and demand is high

B) When both supply and demand are low

In a seller’s market, what causes prices to go up? A) Demand exceeds supply. B) Supply and demand are equal. C) Supply exceeds demand. D) Supply quality improves.

A) Demand exceeds supply.

The city of River Heights is experiencing a shortage of skilled workers in the construction trades. Is this likely to affect the real estate market, and if so, how? A) No, this situation would have no effect on the real estate market. B) Yes, this would decrease demand for homes because there are fewer workers in the construction industry, potentially creating a buyer’s market. C) Yes, this would impact the supply of homes on the market, potentially creating a seller’s market. D) Yes, this would reduce the number of real estate licensees selling property, potentially creating a stagnant market.

C) Yes, this would impact the supply of homes on the market, potentially creating a seller’s market.

In which phase of the real estate market would you expect to see an increase in hiring and employment, increased public confidence, and an increase in buyers in the market? A) Expansion B) Over supply C) Recession D) Recovery

A) Expansion

Indiana Real Estate Law Flashcards

(108 cards)