Acronym List

Question 1

I’m In 1

Answer 1

Immobility, INdestructibility, UNIqueness (uno)

Question 2

S.L.I.P.

Answer 2

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

Question 3

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

Answer 3

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

Question 4

DEEP-C

Answer 4

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

Question 5

IRMA

Answer 5

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

Question 6

VISE

Answer 6

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

Question 7

Essential elements of a valid deed

I Get Paid With Every Deal

Answer 7

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

Question 8

Non-essential elements of a deed

A Dog Caught Sneezing While Relaxing

Answer 8

• Acknowledgment
• Date
• Consideration
• Seal
• Witnessing
• Recorded

Question 9

General warranty deed covenants

Sell Real Estate Quickly With Full Confidence

Answer 9

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

Question 10

OCEAN

Answer 10

Elements needed for adverse possesion:

• Open
• Continuous
• Exclusive
• Adverse
• Notorious

Question 11

OLD CAR

Answer 11

Agents responsibilites to principal

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

Question 12

FSBO

Answer 12

For Sale By Owner

Question 13

CAP

Answer 13

Principals truths of agency law:

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

Question 14

PTM

Answer 14

Confidential information

• Price
• Terms
• Motivation

Question 15

ACED BED

Answer 15

Termination of agency:

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

Question 16

RPOAD (NC)

Answer 16

Residential Property Disclosures Act

Question 17

MCLL

Answer 17

Essential elements of a valid contract:

• Mutual agreement
• Consideration
• Legal capacity
• Legal objective

Question 18

MOG

Answer 18

Mineral, Oil, & Gas

Question 19

OTP

Answer 19

Offer To Purchase

Question 20

President Values Every Old Nerd in DC

Answer 20

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

Question 21

FEMA

Answer 21

Federal Emergency Managment Agency

Question 22

MF

Answer 22

Material Fact

Question 23

CLUE

Answer 23

Comprehensive Loss Underwriting Exchange

Question 24

LTV

Answer 24

Loan To Value

Question 25

P&I

Answer 25

Principal & Interest

Question 26

PITI

Answer 26

* Principal * Interest * Taxes * Insurance

Question 27

PIP

Answer 27

Payment, Interest, Principal (PIP sandwich)

Question 28

ARM

Answer 28

Adjustable Rate Mortgage

Question 29

CFPB

Answer 29

Consumer Financial Protection Bureau

Question 30

PMI

Answer 30

Private Mortgage Insurance

Question 31

MIP

Answer 31

Mortgage Insurance Premium

Question 32

CRV

Answer 32

Certificate of Reasonable Value

Question 33

HOA

Answer 33

Home Owners Association

Question 34

TILA

Answer 34

Truth In Lending Act

Question 35

RESPA

Answer 35

Real Estate Settlement Procedures Act

Question 36

TRID Rules

Answer 36

T(ILA) R(ESPA) Integrated Disclosure Rule

Question 37

APR

Answer 37

Annual Percentage Rate

Question 38

CD

Answer 38

Closing Disclosure

Question 39

DUST

Answer 39

characteristics of value * Demand * Utility * Scarcity * Transferability

Question 40

CMA

Answer 40

Comparative Market Analysis

Question 41

BPO

Answer 41

Brokers Price Opinion

Question 42

PB

Answer 42

Provisional Broker

Question 43

GI

Answer 43

Gross Income

Question 44

NOI

Answer 44

Net Operating Income

Question 45

OPP

Answer 45

Original Purchase Price

Question 46

Fred's Corn (FRDS CRN)

Answer 46

* Familial status * Race * Disability * Sex * Color * Religion * National origin

Question 47

UST

Answer 47

Underground Storage Tank

Question 48

CERCLA

Answer 48

Comprehensive Environmental Response, Compensation & Liability Act

Question 49

EPA

Answer 49

Environmental Protection Agency

Question 50

LE

Answer 50

Loan Estimate

Question 51

HUD

Answer 51

Housing and Urban Development

Question 52

NCREC

Answer 52

North Carolina Real Estate Commission

Question 53

BIC

Answer 53

Broker In Charge

Question 54

CE

Answer 54

Continuing Education

Question 55

PGI

Answer 55

Potential Gross Income

Question 56

LBP

Answer 56

Lead-Based Paint

Question 57

EMFs

Answer 57

Electro Magnetic Fields

Question 58

ADA

Answer 58

Americans with Disabilities Act

Question 59

FHA

Answer 59

Federal Housing Administration

Question 60

USDA

Answer 60

United States Department of Agriculture

Question 61

NFIP

Answer 61

National Flood Insurance Policy