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Broker > Broker Course > Flashcards

Broker Course Flashcards

1
Q

straight note

A

interest only w/balloon payment at end

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2
Q

package mortgage

A

furnishings and home as collateral

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3
Q

leverage

A

use small amount of your money and most of lender’s money

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4
Q

first principle (not step) appraiser should apply

A

define highest and best use of property

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5
Q

primary market

A

1st mortgages, 2nd mortgages, loans made to home purchaser

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6
Q

secondary market

A

loan is sold to another lender

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7
Q

price - balance and liens =

A

equity

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8
Q

Can Agency Agreements be assigned?

A

No (client or principal hires)

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9
Q

Impound

A

$ held in reserves (like for escrow account)

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10
Q

situs

A

location location location

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11
Q

Estoppel

A

agency created by court

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12
Q

Is agent direct agent for Client?

A

No Broker is. Agent is subagent

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13
Q

sales associate can be a

A

sub agent not direct agent

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14
Q

functional obsolescence

A

effects function (not condition) of home (uninsulated walls or bad floor plan) $$$$$$$$ to fix

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15
Q

third mortgage to CARRY BACK 1st two mortgages (carry back means seller lending a portion of the $$ for the purchase)

A

purchase mortgage (? check)

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16
Q

wraparound

A

Seller carries the ENTIRE purchase price

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17
Q

purchase money mortgage

A

any lender/seller lends to buy an item and borrower uses that exact item as collateral for loan (ie. home or car loan)

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18
Q

amortization

A

structuring and payments of loan

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19
Q

what happens if cap rate goes up?

A

rate of return goes up therefore RISK goes up

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20
Q

effect on loan of discounting a loan is

A

increases yield to secondary lender (they see it as prepaid interest)

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21
Q

Loan guaranteed by government

A

VA loan (FHA is insured but not guaranteed)

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22
Q

VA loan purchase discount points

A

cannot REDUCE borrowers down payment

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23
Q

FHA loan requires mortgage insurance…

A

to protect lender agains Buyer default (NOT GUARANTEED only insured)

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24
Q

defeasance clause

A

satisfaction of the entire debt (lender must release)

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25
Q

subordination clause

A

permits first lien to be refinanced without loss of priority to junior lien

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26
Q

acceleration clause

A

allows lender to call loan due under certain conditions

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27
Q

release clause

A
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28
Q

alienation clause

A

due on sale clause

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29
Q

Is Utah a lien theory or title theory state?

A

Lien Theory

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30
Q

Trust Deed involves

A

hypothecation (property as security)

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31
Q

In case of default, Trust Deed conveys to Trustee

A

Power to sell (no court order needed/non-judicial)

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32
Q

Title Theory State

A

more or less owner is renting property. Person has no legal ownership of the property. In exchange for not owning the property, they get a judicial foreclosure. They make lender prove they defaulted.

33
Q

Uniform Real estate contract written like Utah is what theory state?

A

Written like title theory (but Utah is lien theory)

34
Q

Subrogation

A

right of title company to step into shoes of indemnified policy holder and assert all rights

35
Q

mortgage

A

Judicial foreclosure

36
Q

Trust Deed & Notes

A

non-judicial foreclosure

37
Q

Uniform real estate contract

A

forfeiture

38
Q

Trust Deed

A

Power of Sale Foreclosure

39
Q

minimum time for personal residential depreciation

A

0 (cannot depreciate your personal residence)

40
Q

cost basis

A

what you paid for the property

41
Q

depreciation technical term

A

cost recovery

42
Q

covenant of Seizin

A

promise grantor owns property and has right to convey title

43
Q

CERCLA

A

Superfund

44
Q

variance

A

zoning allows exception to property that violates current zoning

45
Q

pur autre vie

A

“for the life of another” (life estate)

46
Q

cold calling requirement

A

4 rings or 15 seconds

47
Q

partially amortized

A

part of debt being paid monthly with balloon at the end

48
Q

prepayment privilege clause

A

“or more”

49
Q

disposition

A

bundle of rights to dispose of

50
Q

mortgage foreclosure

A

buyer receives certificate of sale

51
Q

blockbusting

A

panic selling b/c minorities are moving in

52
Q

how to create an easement

A

mutual agreement
deed or reservation of deed (at time of purchase created by seller AND seller
eminent domain (gov’t can take for utilities)
implication (created by acts of individual ie coming for mineral rights)
necessity (land locked)
prescription / adverse use (20 years or more)

53
Q

fixture

A

that which is attached without losing its identity

54
Q

metes and bounds property description

A

uses angles and degrees

55
Q

limited agent

A

is neutral in loyalty

56
Q

specific agent

A

agent hired for specific activities

57
Q

universal agent

A

agent hired for an in behalf of principal

58
Q

general agent

A

agent hired to use expertise to fulfill objectives of principle

59
Q

REIT

A

real estate investment trust (100 members and 90% paid out as profits)

60
Q

redlining

A

refusing loans to certain neighborhoods b/c of ethnic population

61
Q

APR higher than interest rate because

A

Buyer paid extra costs to obtain the loan

62
Q

emblements

A

crops nurtured in the year of sale

63
Q

greenbelt assessment

A

agriculture use at least two years before application, at least 5 acres

64
Q

remainder estate

A

“then to” (after a life estate for example

65
Q

devisee

A

person to whom real estate is left in will

66
Q

escheat

A

when someone dies without a will or heirs property goes to state

67
Q

holographic will

A

in testators handwriting

68
Q

color of title

A

document appears to be a legitimate claim, but theres a defect in title and it cannot be transferred

69
Q

novation

A

both parties of a contract agree the responsibility is now a third party’s

70
Q

all inclusive trust deed

A

wrap around mortgage

71
Q

constructive eviction

A

conditions are so bad you are forced to move out

72
Q

1 acre is how many feet

A

43,560ft

73
Q

Division of RE Recovery Fund Limits

A

$15k per transaction up to $50k per agent

74
Q

water rights: littoral

A

water not flowing (lakes or oceans)

75
Q

broker license requirements

A

45 points under broker and 15 equivalent activities

76
Q

two owners of a parcel not joint owners

A

undivided fractionalized fee estate or tenancy in common

77
Q

LEASE FOR CO-OPS

A

proprietary lease

78
Q

Utah Exemption Act Claim Amount

A

$30k per person (protected from bankruptcy)

79
Q

According to what act must subdividers register?

A

Utah Uniform Land Sales Practice Act. Person hired to sell must be a licensed agent.

Broker (1 decks)

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