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MN Real Estate Salesperson Exam 1 > 7 S.R. > Flashcards

7 S.R. Flashcards

0
Q

Avulsions

A

A sudden and violent change to the bed or course of a stream or river causing a measureable loss or addition to land.

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1
Q

Riparian Owner

A

An owner or possessor of land that abuts a natural stream or river.

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2
Q

Accretions

A

The natural erosion of soil on one side of a watercourse and the gradual addition of soil to the other side.

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3
Q

Littoral

A

Part of the shore zone of a body of water such as a pond or lake.

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4
Q

Chattel

A

A type of personal property which, in its most general definition, can include any asset other than real estate.

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5
Q

Metes and Bounds

A

Oldest type of legal description. Clockwise direction. Has the words “beginning at a point’ or ‘point of beginning’.

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6
Q

Restrictive Covenant

A

A legal obligation imposed in a deed by the seller upon the buyer of real estate to do or not do something.

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7
Q

Property Taxes in MN

A

Tax year runs January 1-December 31 Payable in two installments: May 15 and October 15

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8
Q

PITI

A

P-Principal
I-Interest
T-Taxes
I-Insurance

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9
Q

Ad Valorem Tax

A

A tax based on the assessed value of real estate or personal property.

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10
Q

Pending Assessements

A

An assessment that has begun, but not yet completed OR an assessment that has been approved but not yet levied.

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11
Q

Levied Assessments

A

An assessment that has been billed, work completed, but not yet paid.

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12
Q

Escheat

A

The reversion of property to the state in the event that the owner dies intestate and with no legal heirs.

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13
Q

Police Power

A

The rights of any governmental body to enact and enforce regulations for the order, safety, health, morals and general welfare of the public; this does not allow for reversionary rights.

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14
Q

Habeas Corpus

A

A court proceeding

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15
Q

Eminent Domain

A

The right of government or a public utility to acquire property for necessary public use by condemnation and the owner must be fairly compensated.

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16
Q

Fee Simple Absolute

A

A real estate term in which the owner is entitled to: The entire property with unconditional power of disposition during the owner’s life and, The property descends to the owner’s heirs and legal representative upon the owner’s death intestate. The most common type of value sought.

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17
Q

Fee Simple Defeasible

A

A type of property ownership in which the grant of title or duration of ownership is dependent on a specified condition. Also known as Fee Simple Determinable or Determinable Fee.

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18
Q

Life Estate

A

A freehold interest (in real property) that expires upon the death of the owner or some other specified person.

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19
Q

Remainderman

A

The person who is to receive possession of the property after the death of a Life Tenant.

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20
Q

Leasehold

A

A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form or title fro a lessor or landlord.

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21
Q

Statute of Frauds

A

A state law that provides that certain contracts must be in writing in order to be enforceable. Applies to deeds, mortgages and other real estate contracts, with the exception of leases for periods shorter than 12 months, in residential properties, containing fewer than 12 units.

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22
Q

Tenancy for Years

A

A fixed term tenancy or tenancy for years lasts for some fixed period of time.

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23
Q

Periodic

A

An estate that exists for some period of time, determined by the term of the payment of rent.

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24
Q

Tenancy at Will

A

Describes any leasehold where either the landlord or the tenant may terminate at any time on reasonable notice. It usually occurs in the absence of a lease or where the tenancy is not for consideration.

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25
Q

Nonconforming Use

A

Use of land that lawfully existed before enactment of a zoning ordinance and that may be maintained after the effective date of the ordinance, although it no longer complies with use restrictions newly applicable to the area.

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26
Q

Tenants in Common

A

Property owned by two or more persons at the same time. The proportionate interests and right to possess and enjoy property between the tenants in common do not have to be equal. Upon death, the interest passes to his/her heirs named in the will, who then become new tenants in common with the surviving tenants.

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27
Q

Tenancy in Severalty

A

An individual owns a property.

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28
Q

Syndication

A

A corporation owns a property.

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29
Q

Alienation

A

The act of conveying or transferring Title and Possession of property.

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30
Q

Land Patent

A

The right of ownership to a tract of land, usually granted by the federal or state government to an individual or private company.

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31
Q

Dedication

A

The gift of land by its owner for a public use and the acceptance of it by a unit of government.

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32
Q

Warranty Deed

A

Explicitly promises (warrants) that the grantor/seller holds good title to the property. Five Promises:

  1. Warranty of seisin
  2. Quiet enjoyment
  3. Right to convey
  4. Freedom from encumbraces
  5. Good forever
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33
Q

Quitclaim Deed

A

Transfers any ownership interest the grantor/seller has in the property, but makes no promises or guarantees about what that interest is or that title is good.

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34
Q

Bargain and Sale Deed

A

Implies that the grantor has the right to convey title but makes no warranties against encumbrances. This type of deed is most commonly used by court officials or fiduciaries that hold the property by force of law rather than by title, such as properties seized for unpaid taxes and sold at sheriff’s sale.

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35
Q

Special Limited Warranty Deed

A

The grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property.

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36
Q

Bill of Sale

A

A written instrument given to pass title of personal property from a seller to a buyer.

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37
Q

Chain of Title

A

Linkages from grantor to grantee

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38
Q

Doctrine of Constructive Notice

A

Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they haven’t searched the records in the recorder’s office.

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39
Q

Mortgage Registry Tax

A

.0023

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40
Q

State Deed Tax Rate

A

.0033

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41
Q

Adverse Possession

A

15 continuous years; open for all to see; exclusive; hostile

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42
Q

Easement by Necessity

A

The right of an owner to cross over another’s property for a special necessary purpose.

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43
Q

Minnesota Homestead Exemption Amounts

A

$300,000 Agriculatural - $750,000 Half acre within city, 160 acres everywhere else

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44
Q

Assignment

A

Transfers duties but not responsibility

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45
Q

Novation

A

A contract transferred by the novation process transfers all rights and obligations from the original owner to the new owner.

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46
Q

Addendum

A

An addition to the agreement and is a part of it.

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47
Q

Amendment

A

A change to the agreement after it was originally accepted.

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48
Q

Flat or Fixed Lease

A

A single rent is set for a definite period of time.

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49
Q

Gross Lease

A

The tenant pays a flat monthly amount. The landlord pays for all operating costs for the building. In some cases, the tenant pays for its electricity, heat, and air conditioning. This type of lease often contains an escalation clause that allows the landlord to increase the rent annually to offset increased expenses.

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50
Q

Step Lease

A

The rent is increased at a set amount on an annual basis during the life of the agreement. The increase is to cover the landlord’s expected increases in expenses. The increase is based on estimated rather than actual costs.

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51
Q

Cost-of-Living Lease

A

The rent goes up in proportion to an economic index.

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52
Q

Net Lease

A

The tenant pays a base monthly rent plus some of the expenses. The increases are based on actual costs rather than on estimates. The rent increases at the time that the landlord incurs an increase in costs. In some cases, the tenant pays rent plus all of the real estate taxes. If leasing only a portion of the building, the tenant will pay a proportionate share of the taxes.

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53
Q

Net-Net Lease

A

The tenant pays the base rental amount, real estate taxes, and insurance premiums. The insurance and real estate taxes are allocated among the tenants based on the proportion of space occupied.

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54
Q

Net-Net-Net Lease

A

The tenant pays the base rental amount plus the landlord’s operating costs. Included in this amount are real estate taxes, insurance, maintenance, and repairs.

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55
Q

Percentage Lease

A

The tenant pays either both a base amount and a percentage of gross income or, depending on which is higher, pays a base amount or a percentage of the business’s gross income.

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56
Q

Index Lease

A

Rental agreement in which the rent is adjusted periodically based on changes to an agreed-upon index, usually a general economic index such as the Consumer Price Index or the Wholesale Price Index. The lease provision that calls for the adjustment is an escalation clause.

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57
Q

Sandwich Lease

A

A leasehold estate in which the lessor has acquired a leasehold interest from an owner or another lessee, and has in turn subleased the premises to a subtenant. All leases that lie between the original lessor and the ultimate subtenant are sandwich leases.

58
Q

Trade Fixtures

A

Property placed on or annexed to rented real estate by a tenant for the purpose of the conduct of a trade or business.

59
Q

Emblements

A

The crops of products of the land, which legally belong to a tenant.

60
Q

Government Rectangular Survey

A

Primarily used west of the Mississippi. 1 township = 6 mi. x 6 mi. (36 sq. mi.) = 36 sections 1 Section = 1 mi. x 1 mi. (1 sq. mi) = 640 acres 1 Acre = 42,560 sq. ft. 1 mile - 5,280 ft.

61
Q

Lot and Block Survey System

A

It is sometimes referred to as the Recorded Plat Survey or the Recorded Map Survey System. It is the newest type of legal description.

62
Q

Encumbrance

A

A burden, obstruction, or impediment on property that lessens its value or makes it less marketable.

63
Q

Lien

A

A creditor’s claim against property to secure repayment of a debt.

64
Q

Mechanic’s Lien Pre-lien Notice

A

General contractor - at time of making contract or within 10 days after the work is agreed upon. Subcontractor - 45 days of starting work. Draft, serve and file a mechanic’s lien within 120 days of the last date of contribution. Commence a mechanic’s lien foreclosure action within one year of the last date of contribution.

65
Q

Tenancy at Sufferance

A

A tenancy at sufferance exists when a tenant remains in possession of property after the expiration of his lease, and until the landlord acts to eject the tenant form the property.

66
Q

Variance

A

An administrative exception to land use regulations, generally in order to compensate for a deficiency in a real property which would prevent the property from complying with the zoning regulation.

67
Q

Sale-Leaseback

A

Conveyance of interest in a property by a seller who simultaneously leases (back) the property

68
Q

Package Mortgage

A

Includes personal property.

69
Q

Blanket Mortgage

A

More than one parcel pledged.

70
Q

Open-End Mortgage

A

Allows the borrower to obtain further advances at a later date.

71
Q

Purchase Money Mortgage

A

Seller advances money to the buyer and takes a mortgage. Title transfers and seller has lien.

72
Q

Insured Conventional

A

Loan to value ratio greater than 80% Buyer (mortgagor) pays private mortgage insurance (PMI) to protect lender against losses due to non payent. Think of it as default insurance.

73
Q

Construction Mortgage

A

New construction loans. Interim financing is available in installments as improvements are completed (obligatory advances). Typically short term.

74
Q

Wraparound Mortgage

A

Junior financing that includes the remaining first mortgage balance, which the buyer does NOT assume. Buyer pays second lender (usually the seller) who makes payments on the first mortgage.

75
Q

Adjustable Rate Mortgage

A

May include rate and/or payment caps. Interest rate adjusts based on economic index or indicators.

76
Q

Graduated Payment Mortgage

A

Commonly use negative amortization. Payments level off after three to five years. Offers lower payments in the beginning.

77
Q

Reverse Annuity Mortgage

A

Repaid upon: Sale of the property. Balance reaches maximum limit. Mortgagee pays mortgagor monthly.

78
Q

Budget Mortgage

A

Mortgage payment plus tax and insurance escrow - PITI. Minnesota requires lender to pay interest on funds in escrow with most conventional loans.

79
Q

Valid Contract

A

Meets all legal requirements. Binding and enforceable in court.

80
Q

Void Contract

A

No legal effect; unenforceable by either party. Lacks any of the basic elements of a valid contract.

81
Q

Voidable Contract

A

A contract that may be treated as legally unenforceable at the option of a party (usually the injured party) but remains enforceable until that party exercises her option.

82
Q

Bilateral Contract

A

An agreement in which each of the parties to the contract makes a promise or promises to the other party.

83
Q

Unilateral Contract

A

Only one party to the contract makes a promise. The other party performs.

84
Q

Forbearance

A

Agreement not to perform.

85
Q

Breach of Contract - Law of Remedies

A 
Specific Performance 
Liquidated Damages
Penal Damages
Recission
Partial Performance
86
Q

Contract for Deed

A

Vendor = Seller
Vendee = Buyer
Vendor grants equitable title to the vendee.
When the full amount of the purchase is paid, the vendor is obligated to deliver legal title to the vendee. Needs to be recorded by the vendee within 4 months of the agreement. Civil penalty if not recorded equals 2% of the principal. If vendee defaults, remedy is cancellation. Equitable redemption period is 60 days from receipt of notice in contracts after July 31, 1985.

87
Q

Acceleration Clause

A

Lender has the right to accelerate foreclosure if one of the following promises is broken:
Non payment of taxes
Insurance coverage lapse
Not keeping up on repairs/upkeep
Removal of improvements
Non payment of principle and interest
Enforce the due-on-sale-clause-allows the lender to accelerate the loan if the property is sold or transferred.

88
Q

Alienation Clause

A

If all or any part of the property or any interest in it is sold or transferred without lender’s prior written consent, lender may, at its option, require immediate payment in full of all sums secured by this mortgage. Also known as Due-on-Sale Clause.

89
Q

Subordination Clause

A

A clause in an agreement which states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.

90
Q

Satisfaction of Mortgage

A

A ‘defeated’ mortgage is one that is paid in full. You receive a ‘satisfaction’ or ‘release’ from mortgagee.

91
Q

FHA Mortgage

A

3.5% down
Mortgage Insurance Premiums (MIP)
Loan terms:
Lender must approve assumption of FHA loans; there are no due-on-sale (alienation) clauses prior to 12/15/1989 Escape clause MUST be part of the purchase agreement.

92
Q

VA Financing

A

No down payment required
No insurance
No premium
No due on sale (alienation) clauses prior to 3/1/1988
Need lenders approval for assumption on loans since 3/1/1988
Escape clause MUST be part of the purchase agreement

93
Q

Rural Housing Service

A

Originates and insures loans in rural commuities. RHS also guarantees loans made by private lenders (Population 20,000 or less).

94
Q

RESPA: Real Estate Settlement Procedures Act

A

Eliminates kickbacks and referral fees. Prohibits home sellers from requiring home buyers to purchase title insurance from a particular company. Good Faith Estimate - At time of loan application or within three business days. HUD-1 - Actual charges disclosed one day before closing.

95
Q

Regulation Z: Truth in Lending Act

A 
Protects consumers in credit transactions.  
Disclosure of the following:
Finance Charge
APR
Amount Financed
Total of Payments
Total Sales Price
96
Q

Redlining

A

Refusal to offer loans to certain areas of town.

97
Q

Capital Gains

A

$250,000 if you’re single.
$500,000 if you’re married.
You don’t have to buy another home.
No limit on number of times you can use the exemption.
The property you’re selling must be your principal residence; live in it two of the five years prior to the sale.

98
Q

Secondary Mortgage Market

A

FNMA - “Fannie Mae” purchases all types of mortgages. FHLMC - “Freddie Mac” purchases conventional mortgages. GNMA - “Ginnie Mae” purchases FHA and VA.

99
Q

Well Disclosure

A

The buyer has six years after the purchase of the property to bring action against the seller.

100
Q

Location Map

A

Private Sewer System
Well
Methamphetamine Production Area

101
Q

Septic Tank Disclosures

A

A seller is held responsible for providing accurate information for two years after the property transfer.

102
Q

Certificate of Compliance

A

The certificate is valid for three years from the date of issuance (for five years in the case of new systems).

103
Q

Methamphetamine

A

An action against the seller must be commenced within six years after the date on which the buyer closed the purchase.

104
Q

Lead Based Paint

A

Home buyers and renters will receive known information on lead-based paint and lead-based paint hazards during sales and rentals of housing built before 1978.

105
Q

Underground Storage Tanks

A

The following USTs do not need to meet federal requirements:
Farm and residential tanks of 1,100 gallons or less capacity holding motor fuel. Tanks storing heating oil used on the premises where it is stored. 110 gallons or less of petroleum.

106
Q

Stigmatized Property

A

Describes a house stigmatized because a past incident such as a murder could affect the enjoyment of future occupants.

107
Q

CERCLA

A

Comprehensive Environmental Response Cleanup and Liability Act. Also known as Superfund.

108
Q

How do you get a residential real property appraiser license?

A

90 hours of Minnesota approved pre-licensing.

109
Q

USPAP

A

The rules of real estate appraisal are codified in the Uniform Standards of Professional Appraisal Practice (USPAP).

110
Q

Four Elements of Value

A

Utility
Scarcity
Demand
Transferability

111
Q

Three Approaches to Value

A

Sales Comparison Approach
Cost Approach Income
Capitalization Approach

112
Q

Economic Life

A

The remaining period for which real estate improvements are expected to generate more income than operating expenses cost.

113
Q

Chronological Age

A

The actual age of an improvement

114
Q

Effective Age

A

The age of a property based on the amount of wear and tear.

115
Q

Economic Obsolescence

A

Changes in the use of neighboring property; depreciation that is not curable.

116
Q

Income Capitalization Approach

A 
I = R x V
I = Annual Net Operating
R = Capitalization Rate
V = Value
117
Q

Abstract Title

A

Catalogues, in chronological fashionl, all legal documents pertaining to a parcel of land.

118
Q

Agency Law

A

Agency since October 1, 1993.

119
Q

Three Broad Classes of Agents

A

Univeral Agents hold broad authority to act on behalf of the principal. General Agents hold a more limited authority to conduct a series of transactions. Special Agents are authorized to conduct either only a single transaction or a specified series of tranactions..

120
Q

Five Options for Agency Relationships

A

Seller’s Agent Subagent Buyer’s Agent Dual Agent Facilitator

121
Q

Fiduciary Duties

A 
DR COLA: 
Disclosure
Resonable Care
Confidentiality
Obedience
Loyalty
Accounting
122
Q

Commingle

A

Mixing personal funds with trust funds.

123
Q

Conversion

A

Using trust funds for personal reasons.

124
Q

Settlements Statements

A

A debit to the seller decreases the amount of money, decreases the net. A credit to the seller increases the amount of money, increases the net. A debit to the buyer increases the amount of money the buyer has to bring to closing. A credit to the buyer decreases the amount of money the buyer must bring to closing.

125
Q

Federal Fair Housing Laws

A 
Can't discriminate on the basis of: 
Race
Religion
Color
National Origin
Sex (1974)
Handicap (1988)
Family Status (1988)
126
Q

Steering

A

An illegal practice of limiting the housing shown to a certain ethnic group.

127
Q

Blockbusting

A

A racially discriminatory and illegal practice of coercing a party to sell a home to someone of a minority race or ethnic background, then using scare tactics to cause others in the neighborhood to sell at depressed prices.

128
Q

Equal Credit Opportunity Act

A 
Prohibits credit discrimination on basis of: 
Race
Marital Status
National Origin
Age
Dependence on public assistance
Color
Religion
129
Q

Minnesota Human Rights Act

A 
Prohibits discrimination on basis of:
Race
Religion
Color
National Origin
Sex
Handicap (1988)
Familial Status
Marital Status
Status with regard to public assistance
Sexual Orientation
Creed
130
Q

Licensing Authority

A

Commisioner of Commerce

131
Q

Broker’s License

A

Applicant must have three years of licensed MN Salesperson experience within the five years prior to the date of application.

132
Q

Renewing your License

A

The term of a Salesperson license is two years, expiring on June 30.

133
Q

Continuing Education Requirements

A

Primary Broker must certify that the licensee has completed 30 hours of Minnesota approved continuing education within the two years prior to each renewal, including at least one hour of agency law. At least 15 of the 30 hours of continuing ed. must be completed within the first 12 months of each license period.

134
Q

Automatic Transfer

A

The Former Primary Broker is required to sign, date and time the termination. The New Primary Broker must sign, date and time the transfer application form no more than 5 days after the Former Primary Broker signed. An automatic transfer is effective as of the date and time that the New Broker signs and dates the application form, provided that the transfer application and fee are received in the Commerce Department within 72 hours.

135
Q

Minnesota New Home Warranty Law

A

One-year period from warranty date: Faulty workmanship. Two-year period from date: Faulty installation of plumbing electrical and heating and cooling systems. Ten-year period from date: Dwelling shall be free from major construction defects.

136
Q

Easement

A

The right privilege, or interest that one party has in the land of another.

137
Q

Easement in Gross

A

If the easement benefit the holder personally and is not associated with any land he owns (public utilities).

138
Q

Appurtenant

A

Attaches to the land permanently and benefits its owner. In order for it to exist, there must be two pieces of land owned by different individuals.

139
Q

Servient Estate

A

The land that has the burden of the easement.

140
Q

Dominant Estate

A

The land benefited by the easement.

141
Q

Seller’s Property Disclosure Statement

A

A seller is held responsible for providing accurate information for two years after the property transfer.

142
Q

Real Estate Education, Research and Recovery Fund

A

The maximum claim for a single real estate transaction is $150,000. The maximum claim per real estate salesperson is $250,000. If the commissioner pays a judgement against a licensee, the license is automatically suspended. No broker or salesperson shall be reinstated until:
The person has repaid in full, plus interest at 12%, twice the amount paid from the fund on the person’s account.
The person has obtained a surety bond in the amount of $40,000.

MN Real Estate Salesperson Exam 1 (41 decks)

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