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Flashcards in Principles Deck (47):
0

What triggers alienation clause

Sale of property

1

When property is being foreclosed and entire balance is due

acceleration clause

2

How can buyer be assured of getting earnest money back if loan isn't approved

Place a contingency clause in contract

3

What happens to property if person dies without will and has no heirs

Property will escheat to state

4

What is very first transfer of real property from government to private party called?

Patent deed

5

Property owner erected a block wall on the property.

By what means did the block wall become real property?

Annexation

6

When cost approach is used to determine value, which apply

Replacement minus depreciation

7

What does an application for variance most likely show

Hardship on property

8

An office building has been damaged by flood, which appraisal approach is used to establish replacement cost

Cost

9

The right of a mortgagor to obtain legal title after payment in full is in

Title theory state

10

What is the example of a unilateral contract

Reward poster

11

Which of the following is true regarding an s corp.

Limited number of investors.

12

Property has cap rate of 10%

What affect does property value does each additional 8 dollars of operating expense have

Value decreases $80

13

When a person decided to dramatically improve her existing home, she first needs to evaluate the principle of

Contribution

14

Who regulates the limit of fees slender can charge in escrow for impound accounts

RESPA

15

What is the purpose of a bring down search (fee)

To update the title prior to the close of escrow

16

A purchase contract was signed under duress. The status of the contract is

Voidable

17

An agent writes an offer on another brokers listing.
What should she do

Contact listing broker

18

When is an estoppel certificate used

When a lender sells loans

19

A person wants to buy a property in the future, but also wants the right to reject the offer.

What is this called

First right of refusal

20

A non recourse loan does not provide for

Deficiency judgement

21

Wetlands come under what control

Police power

22

Before a mortgage foreclosure is held the mortgagor can redeem the property.

This is called

Equitable period of redemption

23

What happens to a property if a person does without a will and has no heirs.

The property will escheat to the state

24

What does the gross rent multiplier indicate

A factor of rents to price

25

What happens if a person does intestate? The estate is...

Handled by the administrator

26

In order to qualify for tax deferred exchange, properties must be

Like for like

27

If a sales person represents a seller in all real estate matters.

What type of agency is this

General

28

In an escrow in closing, the signed deed is delivered to

The escrow agent

29

What is it called when legal action is being used to enforce a contract.

Specific performance.

30

The right of a mortgagor to regain title is called

Redemption

31

Who pays the loan doc. Prep fees on a BA guaranteed loan

Seller

32

What is a covenant in a deed

Quiet enjoyment

33

A deed is delivered to an escrow agent and before the sale is consummated the escrow agent dies.

The deed is

Not affected

34

True or false

A deed of trust conveys legal title to trust or

False

35

All of the following are specific liens except

Income taxes

36

What is not covered in a standard owners TIP that would be covered in an extended title policy

Encroachments

37

John made an offer on bills property.

Bill accepts offer with condition that john moves in 4 days after COE

what is status of bills offer

Counter offer

38

Owner of 50 acres lakefront property divides it and keeps the lots closest to the lake.

How would potential buyers prefer an easement to the lake

Easement appurtenant

39

What is a brokers duty to a third party

Honesty

40

What connects studs at top and bottom

Top and sole plate

41

When an appraiser uses subjective value, it refers to

Market price

42

In a property management contract, what relationship does the manager hAve with the owner

Fiduciary

43

What is a term loan

Interest only

44

The market data approach in appraising refers to

Substitution.

45

Who does salesperson represent

Employing broker

46

Which type of deed may be assigned

Trust deed