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Pre-licensing flashcards > Acronym List > Flashcards

Acronym List Flashcards

1
Q

I’m In 1

A

Immobility, INdestructibility, UNIqueness (uno)

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2
Q

S.L.I.P.

A

economic characteristics of land: scarcity, location, improvements, permanence

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3
Q

L.L.B.E.A.N.S.

A

License is required: list, lease, buy, exchange, auction, negotiate, sell (real property, for others, for compensation)

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4
Q

DEEP-C

A

Rights of real property: Disposition, Enjoyment, Exclusivity, Possession, Control

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5
Q

IRMA

A

Total circumstances test or legal tests of a fixture: intention, relationship, method, adaptation

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6
Q

VISE

A

How liens are created: voluntary, involuntary, statutory, equitable

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7
Q

Essential elements of a valid deed

I Get Paid With Every Deal

A
  • In writing
  • Grantor competent
  • Property description
  • Words of conveyance
  • Execution (grantor)
  • Delivery & voluntary acceptance
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8
Q

Non-essential elements of a deed

A Dog Caught Sneezing While Relaxing

A
  • Acknowledgment
  • Date
  • Consideration
  • Seal
  • Witnessing
  • Recorded
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9
Q

General warranty deed covenants

Sell Real Estate Quickly With Full Confidence

A
  • Seisin
  • grantee’sright to Recovery
  • against Encumberances
  • Quiet enjoyment
  • Warranty forever
  • Further assurances
  • right to Convey
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10
Q

OCEAN

A

Elements needed for adverse possesion:

  • Open
  • Continuous
  • Exclusive
  • Adverse
  • Notorious
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11
Q

OLD CAR

A

Agents responsibilites to principal

  • Obediance
  • Loyalty
  • Disclosure
  • Confidentiality
  • Accounting of funds
  • Reasonable skill, care & dilligance
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12
Q

FSBO

A

For Sale By Owner

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13
Q

CAP

A

Principals truths of agency law:

  • Communication to agent = communication to principal
  • Any info known by agent = info know by principal
  • Principal & agent = one
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14
Q

PTM

A

Confidential information

  • Price
  • Terms
  • Motivation
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15
Q

ACED BED

A

Termination of agency:

  • mutual Agreement by all
  • Completion
  • Expiration
  • Death
  • Breach
  • Eminent domain
  • Destruction of property
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16
Q

RPOAD (NC)

A

Residential Property Disclosures Act

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17
Q

MCLL

A

Essential elements of a valid contract:

  • Mutual agreement
  • Consideration
  • Legal capacity
  • Legal objective
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18
Q

MOG

A

Mineral, Oil, & Gas

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19
Q

OTP

A

Offer To Purchase

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20
Q

President Values Every Old Nerd in DC

A

Potential gross income - Vacancy & collecion = Effective gross income - Operating expenses = Net operating income - Debt service = Cash flow

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21
Q

FEMA

A

Federal Emergency Managment Agency

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22
Q

MF

A

Material Fact

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23
Q

CLUE

A

Comprehensive Loss Underwriting Exchange

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24
Q

LTV

A

Loan To Value

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25
Q

P&I

A

Principal & Interest

26
Q

PITI

A
  • Principal
  • Interest
  • Taxes
  • Insurance
27
Q

PIP

A

Payment, Interest, Principal (PIP sandwich)

28
Q

ARM

A

Adjustable Rate Mortgage

29
Q

CFPB

A

Consumer Financial Protection Bureau

30
Q

PMI

A

Private Mortgage Insurance

31
Q

MIP

A

Mortgage Insurance Premium

32
Q

CRV

A

Certificate of Reasonable Value

33
Q

HOA

A

Home Owners Association

34
Q

TILA

A

Truth In Lending Act

35
Q

RESPA

A

Real Estate Settlement Procedures Act

36
Q

TRID Rules

A

T(ILA) R(ESPA) Integrated Disclosure Rule

37
Q

APR

A

Annual Percentage Rate

38
Q

CD

A

Closing Disclosure

39
Q

DUST

A

characteristics of value

  • Demand
  • Utility
  • Scarcity
  • Transferability
40
Q

CMA

A

Comparative Market Analysis

41
Q

BPO

A

Brokers Price Opinion

42
Q

PB

A

Provisional Broker

43
Q

GI

A

Gross Income

44
Q

NOI

A

Net Operating Income

45
Q

OPP

A

Original Purchase Price

46
Q

Fred’s Corn (FRDS CRN)

A
  • Familial status
  • Race
  • Disability
  • Sex
  • Color
  • Religion
  • National origin
47
Q

UST

A

Underground Storage Tank

48
Q

CERCLA

A

Comprehensive Environmental Response, Compensation & Liability Act

49
Q

EPA

A

Environmental Protection Agency

50
Q

LE

A

Loan Estimate

51
Q

HUD

A

Housing and Urban Development

52
Q

NCREC

A

North Carolina Real Estate Commission

53
Q

BIC

A

Broker In Charge

54
Q

CE

A

Continuing Education

55
Q

PGI

A

Potential Gross Income

56
Q

LBP

A

Lead-Based Paint

57
Q

EMFs

A

Electro Magnetic Fields

58
Q

ADA

A

Americans with Disabilities Act

59
Q

FHA

A

Federal Housing Administration

60
Q

USDA

A

United States Department of Agriculture

61
Q

NFIP

A

National Flood Insurance Policy

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