National Flashcards
(146 cards)
1
Q
Metes and Bound
A
point of beginning, marker points and land description
2
Q
Why record a deed
A
Provides constructive notice of ownership
officially transfers where grantor delivers deed to grantee
3
Q
national or state federal fair housing laws
A
must follow the more restrictive federal or state law
4
Q
bundle of rights
A
ability to separate one right for the others while leaving the rest of the bundle intact
5
Q
Real Property
A
Real estate, plus all interests, benefits, rights included in ownership
6
Q
Federal Fair Housing complaint
A
Fair Housing specialist will review complaint
have a year to file complaint
7
Q
Buyer Agent task or duty
A
representing buyers interests
8
Q
Firm charges flat fee for listing
A
Group Boycott- antitrust violation
9
Q
Right of redemption
A
takes a long time to process foreclosure sale
right of redemption may expire in that time before lender puts REO on market
10
Q
Appraisal necessary for Conventional Loan
A
Not if sales price is less than 400,000
11
Q
Reduce Building density via bulk zoning
A
setbacks in height, front/sides
makes a city more livable
12
Q
Misaligned doors and window issue
A
foundation issue
13
Q
Tenants installing fixures
A
must repair any damage, but may take fixtures
14
Q
Material Facts- which fiduciary duty
A
Disclosure
15
Q
Ratification
A
get a signed agency agreement or act as client’s agent
16
Q
Statute of Limitations
A
TIMEFRAME
in which a party can file a lawsuit relative to the contract
17
Q
Defeasance
A
rendering something null and void
18
Q
A
18
Q
Adjustable Rate Mortgage
A
Interest may change periodically based on changes in the financial index
19
Q
Amortized Loan
A
Pays of interest first, remaining goes to principal
20
Q
Easement permission
A
often established w written agreement
21
Q
Overview of title history
A
preliminary report:
outlines what insurance covers
22
Q
Ordinary life estate
A
for the life of the grantee
when dies, its returned to the original owner or remainderman
23
Q
How do you count townships
A
start in upper right, NE, and follow zigzag pattern
24
Fair Housing Act of 1968- finance and housing legislation
ECOA prohibits discrimination - all classes are protected
25
Title VIII prohibits discrimination in sale, rental and financing
Civil Rights Act of 1968- Fair Housing Act of 1968
26
Ad compliance must list when interest rate is mentioned:
APR, down payment, and terms of mortgage must be disclosed
27
Indemnification
parties are held liable if there are losses
28
Landlord tenant disputes
URLTA provides tenant to remedy situation after notifying landlord in writing and allowing reasonable time to correct issue
29
Spot Zoning
allows a specific property to be rezoned
illegal in some states
30
Lead Renovation, Repair, and Painting RRP
Requires painting firm to have certifications when working on homes prior to 1978
31
Life Estate
32
Credit Card debt
General
33
National or state overrides
National
33
Categories of Adjustment in cost approach?
34
Silent second?
35
transfer tax
calculated on price sold
36
Mortgage contingency
documents type and timeline for financing, routines what to do if financing falls through
37
MIP
(mortgage insurance premium) required for FHA loan
38
PMI
PMI (private mortgage insurance) required for conventional loans with LTV > 80%
39
Sales comparison approach category of adjustment
financing terms and cash equivalency, conditions of sale, market conditions at time of contract and closing, location, physical characteristics
40
URLTA
Uniform Residential Landlord Tenant Act
41
uses compass headings and directions
metes and bounds
landmarks, physical points
42
43
joint tenancy
time, title, interest and possession
equal ownership shares w undivided possession rights. right of survivorship
44
property manager agreement
must be written
45
appraisal
always use smaller number
46
Agency coupled w interest
licensee has interest or right to property
a standard transaction isn't agency w/ interest
47
Straw buyer
used to purchase a property and secure financing
48
with no buyer representation agreement
not represented
49
Property ownership income tax possible mortgage interest deductions
ownership stage for investors or homeowners
50
Conveyance with trustees deed
property sold at auction in a foreclosure
51
Legal conforming use
business or structure legally established according to zoning ordinances at the time
grandfathered
52
deed of trust conveyance
to a third party trustee for the beneficiary named in the deed
53
contract performance
parties have met the terms of the contract
54
life estate
ends upon death of trustee, person named
54
Preservation of chain of title
record the signed deed- shows broken chain of title
55
transfer tax
based on sales price
56
tenancy in common
default
ownership passes on to the heirs
no right of survivorship
debt inherited
57
deed of trust conveys real estate
to a trustee for the beneficiary named in the deed
58
Amortized Loan
Fixed periodic payments, applied to both principal and interest
More in interest paid at the start of loan
59
Arbitration
after mediation?
60
Purchase money mortgage
seller finances loan for difference in list price and their loan
61
CERCLA
Innocent landowners aren't responsible for clean up of hazardous waste
62
CONTRIBUTION- economic principles
Value of a component of a property depends on its contribution to the value of the total property
63
Indemnification
compensation for harm or loss
64
General warranty deed
seller defends against all claims on title
65
Amortization Chart Factor
multiply chart factor by sale price/ 1000
65
Special warranty deed
seller warrants only claims that stem from when he owned property
66
Choose Your Neighbor campaign
discrimination of people in a protected class
67
Bridge Loan
temporary, short term, interest only loan secured by borrowers home
68
Defeasance
lender cannot pursue borrower for additional funds when loan is paid in full
69
Estoppel
prohibits individual from making a statement that's in opposition to their actions
70
Recorded Deed
provides constructive notice of ownership
71
Official transfer of ownership
Delivery of deed
recording is constructive notice
72
Federal or state law
The more restrictive
73
Survey
shows encroachments and property definition
74
Personal Property
Anything other than real property
74
Value
worth of a property
75
Review all covenants
76
Enforcing Title II under Am w Diabilities Act of 1990
Dept of Housing and Urban Development
77
When are earnest money checks deposited
after seller accepts purchase offer
78
Accounting fiduciary duties
paperwork, keys, copies
79
Multiple Listing Clause (MLS Clause)
gives broker authority and obligates broker to market to other brokers
80
account that covers maintenance costs for an apt
operating acct for that specific apt
81
Trust account for apartment housing
holds security deposits
82
Strict liability
responsible for cleanup
83
Cost
recreate property completely
84
Usury
prohibits excessive interest charges
85
underwriter considerations
Credit, capacity collateral
86
Density management
Limits overgrowth
87
Affects adjustable rate mortgage
Rate, index, margin
88
Financing a commercial investor
they use rental income to qualify
89
Comprehensive plan
areas zoning
90
2 categories of comparison
elements and units
91
Sales comparison approach of braketing
averaging
92
Penalty for violation of federal do not call rules
more than 40k per violation
93
offer and acceptance
one party makes and offer, the other signs and returns to the original party
94
Defeansance
lender must discharge mortgage lien
95
Farm Service Agency
provides guarantees for agricultural loans
96
Conventional Loan waiving PMI
Loan to value ratio of 80% or less
97
CHAIN OF TITLE
98
Agency enforcing Title II of Amendment with Disabilities Act of 1990
HUD?
99
Graduated Lease
Based on changing index rates
100
Loan Origination FEes
1-3%
101
Exclusive Agency
102
Covenant of quiet enjoyment
Grantee won't be disturbed by a title defect passed on by grantor
103
Common element of buyer rep agreeement
Description of property being sought
104
Lot and block survey
reference metes and bounds
then divide into numbered lots and blocks- that becomes a plat map
105
SARA
release homeowners from cleaning up hazardous waste
106
Loans w only 3.5% down
FHA
107
Escrow agent preps this paperwork
Settlement statement - all $ changing hands
that buyers and sellers will have- with lender
108
Open Agency
allows sellers to work with any agent
109
HOA dues
townhome and condo both
110
COVENANTS
Encumbrances
seisin: you own the property
Right to Convey: right to sell the property
Warranty: grantor will warrant and defend the title against lawful claim of others
111
TITLE insurance
Insures no one has claim to title
112
REDLINING
Refusing to serve certain demographics
113
MILLS AS TAX RATE
Multiply total value of property by # of mills and divide by 1000
114
FTC ADS that trigger commission to investigate
Ad that makes a health or safety claim thats difficult for the consumer to evaluate
Determines the severity of the penalty based on the severity of the violation
115
GROSS LEASE VS NET
Gross, the landlord pays PITI, utilities, maintenance
116
Actual Notice
observing closing and documents changing hands
117
Property taxes change
new sale may prompt a reassessment
118
Familial status and disability to existing federally protected classes
Fair Housing Amendment Act
119
Housing and Community Development Act?
120
Community growth controlled by...
Planning Board
121
Sets guidelines for public and common use areas
Americans w Disabilities Act
122
Supervision for anti trust violations. max
10 yrs
123
Joint tenancy interests
Not inheritable, but can sell
123
Constructive notice
deed is filed
124
Loan paid off, note holder
signs note, marks paid in full, returns to borrower
125
blockbusting
Sell immediately because demographic shift is occurring
126
Redlining
withholding services to a specific demographic
127
Bundle of rights disposition
right to use without interference?
128
Fee Simple Determinable
so long as, while, during phrases to described required conditions
129
Bounds
physical features defining boundaries of property
130
Sales comparison approach
financing and cash equivalency is applied first
then
conditions of sale
market conditions at time of contract and closing
location
physical characteristics
131
Disposition
property right
132
FTC ads
claim that's likely to cause injury and is misleading
133
Contribution
increases value of adjoining properties?
134
Appraisal process
state the process
determine highest and best use
identify date that's needed
gather data
135
Ratification
136
Amortized loan
137
Subagency
agents from different firms agree to work together
138
Progression
bump in value from a higher priced property next door
139
PITI payments
interest receives most of the mortgage payment
140
Tax abatement
lower property taxes on a given property for a set amount of time for improvement. rehabilitation or new construction
