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Broker > Broker License > Flashcards

Broker License Flashcards

1
Q

Principal Meridian

A

N/S

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2
Q

Base Line

A

E/W

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3
Q

Acre

A

43,560

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4
Q

Mile

A

5280

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5
Q

Dominant easement

A

right to use

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6
Q

Servient easement

A

owns land being used

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7
Q

Easement appurtenant

A

rights attached to land

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8
Q

Easement in gross

A

assigned to individual or business

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9
Q

Abandoned easement

A

owner must take action to abandon

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10
Q

Easement merger

A

purchased property

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11
Q

Easement out of necessity

A

purpose of in and out

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12
Q

Accretion

A

land build up- water carries rock, sand soil

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13
Q

Alluvion

A

new deposits of land

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14
Q

Erosion

A

gradual loss of land

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15
Q

Avulsion

A

sudden loss of land, change in water flow

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16
Q

Reliction

A

water recedes, uncovers new land

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17
Q

Ownership in Severalty

A

Single ownership, no joint interest, estate passes according to will or law

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18
Q

Tenants in Common

A

-Co ownership
-inheritable, default arrangement if deed doesn’t specify,
-owners debt can attach
-termination by tenancy in severalty,
-each owner owns a partition

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19
Q

Joint Tenancy

A

Unity, time, title interest
owners debt attaches
right of survivorship
precedence over devisees in a will
co owners inherit
converts to estate in severalty when one owner left

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20
Q

Freehold estate

A

ownership can be inherited ad infinitum
specified by will or law

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21
Q

ordinary life estate

A

lasts till death
remainder man inherits
or revision or originator

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22
Q

Fee simple estate

A

no fixed duration
most rights conveyed
rights above, below
inheritable
probate process

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23
Q

Fee simple defeasible

A

buyer must meet certain conditions
subject to certain events or conditions
no judicial process

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24
Q

Fee simple subject to condition

A

specific condition
requires court process to revert

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25
Q

Fee simple absolute

A

no restrictions

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26
Q

Estate for years

A

specific date
mutual agreement

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27
Q

periodic estate

A

period to period renewal
ends automatically

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28
Q

estate at will

A

no established ending
termination by either party

29
Q

estate at sufferance

A

tenant didn’t leave

30
Q

Seisin

A

ownership/possession

31
Q

MARIA

A

methodof attachment
adaptability
relationship of parties
intention in placing
agreement of parties

32
Q

Economic Principals of Value

A

Demand
Utility
Scarcity
Transferability

33
Q

Emblements

A

crops

34
Q

Bundle of Rights

A

Possession- may possess
Controls- use
Exclusion- who is allowed on prop
Enjoyment- any legal use
Disposition- right to sell or convey

35
Q

Land Characteristics

A

Metes and bounds
Lot and Block
Rect Govt Survey System

36
Q

Metes and Bounds

A

Metes- boundary
Bounds- physical features
Point of beginning
Monuments to mark boundaries

37
Q

Lot and Block

A

divide into lots
reference RGSS

38
Q

RGSS

A

Townships and sections
Principal meridian- N/S
Base Line- E/W
Township 6 sq miles
640 acres= section

39
Q

Physical Characteristics

A

Immobility
Indestructability- land doesn’t deteriorate
Uniqueness- can’t be replicated

40
Q

Fed Fair Housing complaint

A

can file up to a year after incident
complaint will be reviewed

41
Q

FHEO part of HUD

A

enforces federal fair housing laws

42
Q

Protected classes

A

race, color, religion, sex, disability, familial status, national origin

43
Q

Civil Rights Act 1866

A

Race or color protected

44
Q

Title VIII

A

Fair Housing Act
Race, color, national origin and religion protected

45
Q

Equal Credit Opportunity Act

A

Civil Rights Division
protects: race, color, religion, nat origin, sex, marital status, age

Respond in 30 days

46
Q

Housing and Community Development Act 1974

A

sex

47
Q

Fair Housing 1988

A

familial and disability

48
Q

Housing for Older Persons 1995

A

age

49
Q

Federal Fair Housing Violations

A

Redlining
Blockbusting
Steering

50
Q

FTC

A

Protects consumers against false and misleading unfair ads

51
Q

Present Warranties for Deeds

A

Covenant of seisin- holds title and possession of property
Right to convey- title and possession
No encumbrances

52
Q

Future Warranties for Deeds

A

Quiet enjoyment- unrestricted
Further assurances- correct title defects
Warranty- protect and defend title

53
Q

Special Warranty

A

protection only while grants lives there

54
Q

Deed characteristics

A

writing
legal name
identify grantee
conveyance
consideration
legal description
limitations
habendum- rights and privileges
acknowledgement- notary, voluntarily signed

55
Q

Bargain and Sale

A

tax foreclosure sale

56
Q

Quitclaim

A

no warranties, clears simple cloud

57
Q

Title

A

lenders policy offering protection of mortgage balances

58
Q

Subrogation

A

pursuing a party causing loss on property

59
Q

Title chain sequence

A

started with current

60
Q

Marketable title

A

clear defects, best

61
Q

Insurable Title

A

known defects, but efforts to clear have been made

62
Q

Prorations

A

taxes
fuel
water
sewer

63
Q

RESPA

A

LE within 3 days of loan application/ closing costs-
3 days before closing

64
Q

RESPA change of 1/8% or more

A

new 3 day wait period

65
Q

Indemnification Clause

A

one party will compensate other if any losses occur

66
Q

General Deed

A

no encumbrances, liens, indemnification clause

67
Q

special warranty deed

A

only guarantees occurrences during owner’s occupancy

68
Q

datum and benchmarks

A

vertical measurement

Broker (5 decks)

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