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Mod 1 Flashcards

1
Q

What is a NOTE

A

A legal document requiring a borrower to repay a mortgage loan

at a stated interest rate

during a specified period of time

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2
Q

An arrangement to repay delinquent installments or advances

A

Repayment Plan

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3
Q

An exclusive right to buy contract is similar to

A

An exclusive right to sell

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4
Q

Foreclosure

A

The legal process which the borrower in default under a mortgage

*is deprived of their interest in the property

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5
Q

According to the EPA, real property, expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant is called

A

Brownfields

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6
Q

Liabilities, including long term and short term debt can be called

A

Financial obligations

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7
Q

Members Of the real estate commission are selected by

A

The governor

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8
Q

An index used to determine interest rate changes For certain adjustable rate loans is called

A

Treasury index

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9
Q

When describing an analysis of the transfers of title to a piece of property over the years it’s called a

A

Chain of title

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10
Q

An income-based community land in model in which mortgage insurers and Fannie May offer flexible underwriting guidelines to increase a low or moderate income family’s buying power and to decrease the total amount of cash you need to borrow a home is called

A

Fannie Mae Community Home Buyer’s Program

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11
Q

In order for a loan to be insured through the FHA, the property must

A

Meet certain minimum standards as determined by an FHA appraiser

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12
Q

Under which law is it not permissible for a broker to only sell a property under the condition that the broker obtains the listing for future sales

A

Sherman Antitrust Act

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13
Q

When No tangible consideration is given, which type of deed is used to convey title

A

Gift Deed

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14
Q

Chattel real can be interest of a lessee and is NOT

A

Real property (which is fixed)

Chattel is moveable

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15
Q

The law that governs the redistribution of properties when a marriage is dissolved

A

Civil code

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16
Q

An interest in real property can be obtained by

A

Prescription

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17
Q

In Idaho this person is exempt from passing the RE exam

A

Attorney

But must apply for a license to engage in RE activities

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18
Q

What is specific performance

A

Forcing a party to do as the contract says they would do

Mostly buyers suing sellers

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19
Q

Anthony receives a tax bill that is related to cost per front foot and amount of benefit he receives. This type of tax bill would be called

A

SPECIAL ASSESSMENT

(Repayment for installation of curbs, gutters, etc based on the amount of benefit property receives from the enhancements)

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20
Q

If Leo has a mortgage and decides to transfer title to Derek but fails to inform the lender of the title transfer, the lender can demand payment by means of a clause in the mortgage contract called

A

ACCELERATION CLAUSE

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21
Q

If a lender is performing loan origination, they are in the process of

A

Getting a new loan

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22
Q

What protects a lender ensuring that the mortgage is an enforceable lien

A

Title insurance

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23
Q

When a corporation holds title to land, under whose or what name holds the title

A

The charter

24
Q

Who has the most percentage of their funds invested in real estate mortgages

A

Savings and Loan Associations

25
Q

If an owner reduces the principle on a loan before the due, its called

A

PREPAYMENT

Because it reduces principle

26
Q

If a married couple purchase property as tenants by the entirety, neither can obtain a court order for

A

PARTITION

27
Q

If Nila has a mortgage that is considered a balloon mortgage, she is required to

A

Pay the remaining BALANCE at a specific point in time

28
Q

If a tenant in a commercial building pays a rental fee that includes all property maintenance charges, utilities, and cleaning services, this type of lease is called

A

GROSS LEASE

Includes rent and operating expenses

29
Q

Estoppel

A

A rule of equity that holds that one who causes another to rely on his words or actions

shall be prohibited from later taking a contrary position detrimental to the person who is relied

30
Q

Main justification for zoning ordinances

A

To promote the general health, safety, and welfare of the community.

Its a Requirement!!

31
Q

A legally enforceable relationship that exists between the persons who are parties to a contract

A

Privity

32
Q

How big is a section in RE

A

One square mile

33
Q

How big is a township

A

36 square miles

34
Q

Condemnation is the due process proceeding for

A

Eminent Domain

35
Q

An easement is an example of

A

A non-possessory right

36
Q

How many acres in a township

A

23,040

37
Q

The person to whom an interest in real property is conveyed is called the

A

Grantee

38
Q

Four degrees of real property are

A

Demand
Utility
Scarcity
Transferability

39
Q

A high risk listing open to fraudulent activity

A

NET

Agent keeps the sales price above a certain amount. Can get agent n broker suspended or revoked

40
Q

PITI stands for

A

Principle
Interest
Taxes
Insurance

(The reserves must equal the cash amount that the borrower would have to pay for a predefined number of months)

41
Q

In Idaho, the RE Commission only performs

A

The administration of RE license laws

42
Q

The borrower in the mortgage agreement is called

A

Mortgagor

43
Q

ECOA

A

Equal
Credit
Opportunity
Act

44
Q

The civil penalty for a first violation of the federal fair housing laws cam be as much as

A

$50,000

Up to $100,00 subsequent violations

45
Q

In certain cases were damage to the value of a property from strict adherence of zoning ordinances would far outweigh any benefit to be derived from enforcement, a person would likely apply for a

A

Variance

Ex..building came before zoning law so it would cost to much to conform

46
Q

If a person is obtaining a loan thru the government (FHA & VA) which entity provides the funds?

A

Ginnie Mae

*gov loan is the key word

47
Q

A time deposit held in a bank which pays a certain amount of interest to the depositor is called a

A

CD… certificate of deposit

48
Q

The statutorily required disclosure form that licensees must give prospective buyers & sellers

A

The Agency Disclosure Brochure/

“Blue Brochure”

49
Q

In idaho, if an agent wishes to purchase a listing that is procured by their supervising broker, the agent must

A

Notify the owner

In writing

That they have a license

50
Q

In an ARM, the fully indexed rate equat

A

Index PLUS margin

51
Q

When a loan is being paid off, over time

A

The amount of interest DECREASES

while the principal balance DECREASES.

(Interest charged is recalculated based on remaining loan balance at predetermined intervals)

52
Q

What is the difference between market value of a property and the debt on the property including all liens?

A

Equity

53
Q

The civil rights act of 1866 prohibits

A

Racial discrimination in the sale or lease of residential or commercial property

54
Q

Government loans are guaranteed by

A

VA

RHS

55
Q

Look up fee simple estate

A

…

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