Voc

Question 1

Seisin

Answer 1

Possession of land by freehold ; ownership of land

Question 2

Acknowledgment clause

Answer 2

Formal declaration made before a notary by signing document

Question 3

Grantor

Answer 3

Seller

Question 4

Grantee

Answer 4

Buyer

Question 5

Consideration

Answer 5

Seller has received some form of payment- usually money.

As a gift- love and affection would be consideration

Question 6

Granting clause

Answer 6

Words of conveyance; convey and warrant, states sellers intentions

Question 7

Habendum

Answer 7

To have and to hold and specify owner’s rights. As in time share or life estate… duration of natural life

Question 8

Exceptions and reservations

Answer 8

Notes encumbrances, reservations, limitations or easements, restrictions….

Zoning, population density ,

Question 9

Covenant of quiet enjoyment

Answer 9

Can take possession and will not interfere with use of property

Question 10

Equitable title

Answer 10

After seller and buyer have signed contract, buyer has equitable title before acceptance of deed

Question 11

Unenforceable contract

Answer 11

A contract w all elements of valid contract yet neither party can sue for preformance. Unsigned contract

Question 12

Escrow agreement

Answer 12

Closing transaction through 3 rd party; escrow holder sets rights and responsibilities

Question 13

Implied contract or agreement

Answer 13

A contract under which the agreement of parties is demonstrated by actions and conduct

Question 14

Executors

Answer 14

During the period after contract is signed but before the title passes. Working toward execution

Question 15

Oral contract

Answer 15

Is unenforceable

Question 16

Unilateral contract

Answer 16

One sided contract where one party makes a promise as to induce a second party to do something. 2nd party is not bound to preform. However, I’d 2nd party complies, the 1st is obligated to keep promise

Question 17

Voidable contract

Answer 17

Contract that seems valid on the surface but may be rejected by one or booth parties

Question 18

Specific preformance

Answer 18

Legal action to compel a party to carry out terms of the contract. Buyers wants the seller to convey property as contract states

Question 19

Land sell contract

Answer 19

Installment contract; deed is given to buyer when all payments are completed

Question 20

Ground lease

Answer 20

Lease of land only; tenet usually owns building

Question 21

Gross lease

Answer 21

Landlord pays all property charges normally associated with ownership. Repairs, taxes, insurance, operating expenses…. Residential leases are gross lease usually

Question 22

Percentage lease

Answer 22

Commercial lease based on gross sales ; usually a base plus percentage of gross

Question 23

Net lease

Answer 23

Lease w rent and maintenance… ie taxes insurance, utilities and repairs

Question 24

Sherman Anti Trust

Answer 24

Bans Price fixing, or fixed fees or prices w other firms

Fees and commissions are always negotiable

Licensees may not discuss commissions outside the firm.

Each brokerage sets own rates.

Question 25

Commission

Answer 25

No set commission. Broker can set fees. Negotiation between listing broker and seller Market will determine the commission price.

Question 26

Sherman Antibtrust prohibition

Answer 26

Can’t Collude to boycott certain business Establish rates paid to associates Assign specific territory or price ranges

Question 27

BPO

Answer 27

Broker Price Opinion

Question 28

CMA

Answer 28

Competitive Market Analysis

Question 29

CRSP

Answer 29

Circle formula for commission. Commission, rate, selling price

Question 30

TAR

Answer 30

Circle formula for assessed value. T tax A assessed value R rate

Question 31

Teneancy at Will

Answer 31

No lease, willing to allow lease without a specific end date. Can be terminated at Will or death

Question 32

FRESH CORN

Answer 32

``` Familial status Race Sex Handicap Color Religion National origin ```

Question 33

Exclusive agency

Answer 33

Allows the seller to sell property himself w/o paying the brokerage any commission

Question 34

In an open listing, where any brokerage can sell the property and get paid, the broker must be the _______ of the sale in order to receive a commission

Answer 34

Procuring cause

Question 35

The buyer defaulted on a purchase contract, and the sellers only remedy is to keep the Ernest money. Seller’s remedy is know as___

Answer 35

Liquidated damages.

Question 36

Lease contract that specifies an end date fir tenancy and does NOT require advanced notice of termination

Answer 36

Estate for years, a definite termination date defines an estate fir years

Question 37

Attached to the land and automatically convey w property with deed without being listed

Answer 37

Fixtures are appurtenances

Question 38

Must be listed on a bill of sale in order to be included in sale

Answer 38

Personal property

Question 39

The government’s right to take private land for public uses.

Answer 39

Eminent Domain

Question 40

The PROCESS by which government takes private land for public use

Answer 40

Condemnation

Question 41

Mortgage title insurance

Answer 41

Lenders policy or loan policy. Requires Borrower purchases policy

Question 42

Fiduciary relationship created by express written agency agreement between a person and a brokerage authorizing brokerage to work as agent for real estate services

Answer 42

Agency relationship

Question 43

The brokerage authorized by express written consent to act as fiduciary; also associate broker authorized to act on behalf of qualifying brokerage

Answer 43

Agent

Question 44

Associate broker

Answer 44

Engaged under qualifying broker . List, sells, managing property, leases, rents, advertises as being engaged in real estate, charges a fee

Question 45

Brokerage

Answer 45

Licensed qualifying broker and real estate business and its affiliated licensees

Question 46

Contractual relationship between a person and brokerage

Answer 46

Brokerage relationship

Question 47

Client

Answer 47

Person who enter into express written agreement for real estate services subject to ann commission

Question 48

Customer

Answer 48

Person who uses RE services w/o express written agreement w brokerage

Question 49

Transaction broker

Answer 49

Qualifying broker, associate broker, or brokerage provides RE services w/o agency relationship

Question 50

NM Real estate commission

Answer 50

5 members, residents of NM for 3 consecutive years, appointed by the governor. 4 associate brokers or qualifying brokers, 1 member of public whose never been a RE agent. One per county, 5 yr appt, Gov May remove for cause.

Question 51

NM continuing Ed

Answer 51

30 hours every 3 yrs Specialities as per NM RE commission Exempted prior to July 1 2011

Question 52

LTV

Answer 52

Loan to Value … find sale price or appraised value, whichever is less

Question 53

Point

Answer 53

1% of loan value… after down payment

Question 54

Defeasance Clause

Answer 54

In financing document , lender is required to release or satisfaction of mortgage when note is paid in full.

Question 55

Deed of reconveyance

Answer 55

Release of deed when real estate loan secured by deed of trust has been completely repaid