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RE Exam > Comp Review > Flashcards

Comp Review Flashcards

1
Q

Appurtenant easement

A

Conveys the right to use adjoining property. Owner of parcel that benefits from this is the dominant tenement .

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2
Q

Avulsion

A

The removal or addition of land by the action of water

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3
Q

Dominant estate

A

The parcel of property which benefits from an easement

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4
Q

Easement in gross

A

Attaches a particular right to an individual and not to a piece of property.

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5
Q

Fee Simple

A

Most complete bundle of rights one can hold in land. No limitations or restrictions on one’s estate.

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6
Q

Physical characteristics of land

A

Find out all

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7
Q

Prescriptive easement

A

Created when someone uses land of adjoining property with no recorded easement. After statutory amount of time easement can be granted to trespasser.

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8
Q

Tenancy by Entireties

A

A form of married ownership with the right of survivorship with neither spouse having disposable interest during the lifetime of the other. (Does not exist in alabama)
In this type of estate both parties must consent to sell, both are liable for debt secured by such property.
May be ended by divorce or death of one party

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9
Q

Estate for years

A

Any lease with a specific starting time and ending time. If a property under estate for years is sold it binds the new owner

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10
Q

Severalty ownership

A

Sole ownership - owned by only one person

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11
Q

Tenancy in common

A

Shared ownership in a single property among two or more persons without any right of survivorship nor without the necessity of any equal interest.

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12
Q

Joint Tenancy

A

Form of co-ownership that features the right of survivorship. Also features four units of title: time, title. Interest, and possession

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13
Q

Deficiency judgement

A

A judgement against a borrower if the foreclosure sale does not bring enough to pay the balance owed.

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14
Q

Statutory Lien

A

A mechanics lien would fall in this category

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15
Q

Judgement lien

A

Type of lien in which both real and personal property can be sold to pay the debt

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16
Q

Covenant of Seisin

A

Covenant in a deed which states that the grantor is the owner and has the right to convey the title.

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17
Q

Title Insurance

A

Provides the buyer with best assurance of a clear, marketable title

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18
Q

Deed

A

Primary purpose is to transfer title rights

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19
Q

Special warranty deed

A

Grantor’s covenant applies only to a definite limited time. Usually covers defects occurring during the grantor’s ownership

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20
Q

Alabama Real Estate Commission

A

Appointees must have been legal residents for 5 years.
Commissioner must serve term of 5 years and cannot serve more that 2 consecutive terms in office.
Has 9 members

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21
Q

Real estate

A

The earth’s surface extending downward to the center of the earth and upward into space including all thing permanently attached.

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22
Q

Blockbusting

A

The illegal practice of inducing homeowners to sell their property by making representations about the prospective entry of persons of certain race/national origin into the neighborhood.

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23
Q

Statute of Frauds

A

The law that requires real estate contracts to be in writing to be enforceable.

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24
Q

Procuring clause

A

The effort that brings about the desired result in a real estate sale.

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25
Q

Lis Pendens

A

A recorded legal document that give constructive notice that an action affecting a certain property has been filed in court

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26
Q

Listing Agreement

A

The document that defines the relationship between the real estate firm and and the seller

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27
Q

Riparian rights

A

The rights of a landowner to use waters of an adjacent river or stream

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28
Q

Littoral rights

A

The rights of a landowner to use adjacent lake or ocean. (No flowing waters)

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29
Q

Cloud on title

A

A claim or interest revealed in a title search

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30
Q

Survey

A

Measures boundaries and land areas

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31
Q

Rectangular survey system

A

The system established in 1785 by the US government which describes land with principal meridians and base lines

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32
Q

Open listing

A

The broker only earns commission if he provides a ready, willing and able buyer before anyone else does.

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33
Q

Easement in gross

A

Easement given to a person or business that is not created for the benefit of the land owned by the owner of the easement, but attaches personally to the easement owner.

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34
Q

Estate from period to period

A

A lease that goes from month to month etc

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35
Q

Estate at will

A

A type of lease which is for an indefinite amount of time and may be cancelled by the landlord or tenant at any time

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36
Q

Estate at sufferance

A

A situation in which the tenant’s lease has expired and the tenant is no longer paying rent, but is living on the property

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37
Q

Due-on-sale clause

A

A mortgage clause which states that, should the borrower sell the property the entire balance of the mortgage would be due immediately.

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38
Q

Foreclosure

A

The legal procedure in which a property that is pledged as security is sold to satisfy the debt.

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39
Q

PCB’s (Polychlorinated biphenyls)

A

Environmental hazard found mostly in electrical equipment

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40
Q

Acceleration clause

A

Allows the lender to move up the date of when the entire sum is due. Can be enforced to make the entire sum of the debt due immediately if the mortgager defaults on the loan

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41
Q

The remainder estate

A

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, as when an owner conveys a life estate to one party and the remainder to another.

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42
Q

Quitclaim deed

A

A deed that contains no warranties, but in which the grantor does give up his own rights or claims.

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43
Q

Cost Approach

A

A type of value estimate in which the estimated land value plus the reproduction costs of any improvements, after depreciation costs have been subtracted.

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44
Q

Income approach

A

Appraisal method which estimates the value of the present worth of the future rights to the income the property generates by converting the net income of the property into a value

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45
Q

Constructive eviction

A

Occurs when a landlord breaches a lease by allowing the property to fall into severe disrepair, which causes the tenant to leave the property because it is uninhabitable.

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46
Q

Index lease

A

Type of lease that allows rent to be increased or decreased based on changes in the government cost of living index

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47
Q

Graduated lease

A

Allows for step up of rent payments. Used to attract tenants to hard to lease properties.

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48
Q

Leased fee interest

A

In a lease, the lessor’s interest.

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49
Q

Writ of execution

A

Authorizes the sale of a property of a defendant as required by the judgement decree of the court.

50
Q

Writ of attachment

A

An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided.

51
Q

Vender

A

Buyer or purchaser under a land contract

52
Q

Wraparound Mortgage

A

A type of mortgage in which the existing mortgage amount, plus any additional purchase funds is loaned to a buyer by the seller.

53
Q

Testator

A

Person who makes a will.

54
Q

Intestate

A

Indicates that the person who died did not have a will

55
Q

Zoning ordinance

A

An exercise of police power by a municipality to regulate and control the character and user of a property

56
Q

Seisin

A

The possession of land by one who claims to own land and had the right to convey it.

57
Q

Covenant of quiet enjoyment

A

The grantor guarantees that the grantee’s title is good against anyone who challenges the grantee’s ownership

58
Q

Covenant of further assurance

A

The grantor promises to procure any documents necessary to make good the grantee’s title

59
Q

Covenant against encumberances

A

The grantor warrants that the property is free from any liens and encumbrances

60
Q

Covenant of warranty forever

A

A grantor promises that if at any time in the future the title fails, he will be liable.

61
Q

Datum

A

The point, line or surface from which elevations are measured.

62
Q

Metes and bounds

A

Type of description that uses the boundaries and measurements of the land in question.

63
Q

Fully amortized loan

A

Type of loan in which the entire debt is paid off at the end of the term

64
Q

Straight loan

A

Calls for payments of interest only with the principal to be paid in full at the end of the loan

65
Q

Principal meridian

A

The primary survey line running north and south in the rectangular survey system

66
Q

Principle of substation

A

Ex: apartments in an area are selling for $100,000 and a buyer offers 100,000 for an apt.

67
Q

Principle of regression

A

Ex: family buys largest most expensive home in a subdivision and when they sell 5 years later, their home value has increased proportionately less than other homes in their neighborhood

68
Q

Gross rent multiplier

A

Calculated by property value divided by monthly rent

69
Q

Partition Suit

A

Occurs when one co-owner of a property wants to sell and the other co-owners are unwilling to either sell the property or buy the other’s interest.

70
Q

Platform frame construction

A

First floor joists are completely covered with sub-flooring to form a platform upon which exterior walls and interior partitions are erected

71
Q

National environmental policy act of 1969

A

Requires that an environmental impact statement be filed with the appropriate state or local agency before implementing any new construction or development.

72
Q

Ostensible agency

A

Same as implied agency, the relationship is created by the actions of the parties rather than written contract.

73
Q

Land contract

A

Aka installment sale wherein the person acquiring the property usually occupies it and makes payments to the owner but doesn’t take title until the final payment is made.

74
Q

Reversion

A

The estate remaining in the grantor who has conveyed a lesser estate to from the original. Ex: Rich grants Merle a life estate in a property, when Merle dies the property goes back to Rich

75
Q

Govt requires that purchasers of homes prior to ____ be given a notice that outlines the dangers of _____

A

1978, lead paint

76
Q

Naked title

A

Title without the usual rights of ownership. Ex: in the case of a trust deed

77
Q

Deed of trust

A

Instrument that pledges real property as security

78
Q

Equitable

A

Generally refers to inherent fairness of an action

79
Q

Budget mortgage

A

Has payments including principal, interest, taxes, and insurance. Each monthly payment covers all costs of the loan

80
Q

Partial release clause

A

A real ease of a portion of property from a mortgage-Provides that as payments are made on an accelerated or greater ann an pro data rate, specific lots in the subdivision will be partially released from the mortgage

81
Q

Regulation Z

A

Part of the Truth in Lending Act. Stipulates that once one financing aspect is advertised that all other aspects must also be disclosed. cost of credit must be disclosed ie monthly payment, interest, other fees including how

82
Q

Institute for Real Estate Managers

A

Created as as subsidiary group of the national association of realtors in 1933. Offers educational and professional programs in property mgmt.

83
Q

Expanded coverage to profit discrimination based on religion or familial status.

Est. administrative enfore event mechanisms

Expanded justice dept jurisdiction to bring suit of behalf of victims in federal district courts

A

1988 Fair housing amendments

84
Q

Loan to Value Ratio

A

lending risk assessment used by lenders. higher LTV generally means higher risk to lender and therefore higher interest rates.

To calc: LTV= mortgage amount\ appraised value of property

85
Q

Sale leaseback

A

The owner occupant sells his property and remains as tenant

86
Q

Functional obsolescence

A

Depreciation that results from inadequate improvements, lack of aesthetic appeal, or improper design.

87
Q

Principal meridian

A

The primary survey line running north and south in the rectangular survey system

88
Q

Effective age

A

The age of a property based on its condition

89
Q

Gross rent multiplier

A

To calc: property value/monthly rent

90
Q

Nonconforming use

A

An improvement that is inconsistent with current zoning regulations

91
Q

Variance

A

Allows an individual landowner to vary from zoning requirements

92
Q

Conversion

A

The unauthorized withdrawal of any portion of an rankest money deposit before the sale is consummated or otherwise terminated, regardless of intended use.

93
Q

Special agency

A

Created for the performance of specific acts only. Ex listing on a residential property

94
Q

Sales comparison approach is based on the premise that people buy a real property

A

After comparing it to others with similar features

95
Q

Promissory note

A

Lenders evidence of a debt

96
Q

Installment land contract

A

Seller retains title, but owner takes possession while he makes the payments. When all pmts are made then the buyer receives title. Buyer has equitable but not legal title

97
Q

Usury

A

Charging a higher rate of int that is permissible by law

98
Q

RESPA

A

Real estate settlement procedures act. Aims to provide customers with disclosures of settlement costs and to reduce the cost of closing by eliminating kickbacks and referral fees

99
Q

Novation

A

The substitution of a new contract or party for an old one

100
Q

Rectangular survey system

A

Unit of land approx 24 miles square bounded by baselines running east and west and meridians running north and south. Divided into areas six miles square called townships

101
Q

Township

A

Six miles square part of a 24 sq mi land survey.

102
Q

Section

A

36 per township, one square mile each

103
Q

Acre

A

43560 sq ft

104
Q

Mile

A

5280 ft

105
Q

ECOA

A

Equal credit opportunity act. Lenders cannot discriminate based on race, religion, color, national origin, sex, marital status, or age.

106
Q

Economic obsolescence

A

Loss of value in a prop due to external forces or events

107
Q

Easement in gross

A

Easement given to a person or business

108
Q

Redlining

A

Lender discriminating in its lending practices because of neighborhood

109
Q

Steering

A

The illegal practice of directing minority members to or away from certain neighborhoods

110
Q

Statute of Frauds

A

A law requiring all real estate transactions to be in writing to be enforceable in court

111
Q

Adjustable rate mortgage

A

Type of mortgage in which the interest paid on the outstanding balance varies according to a specific benchmark.

112
Q

Zoning

A

Regulations that control specified use of land.

Residential
Commercial
Industrial
Agricultural
Rural
Combination
Historic 
Esthetic- usually in upscale communities
113
Q

CEU requirements

A

1 course risk mgmt + 1 other. (Can be license law, fair housing, equal opportunity, RECAD

114
Q

Police power

A

The right of govt to enact laws and enforce them for the order, safety, health, morals and general welfare of the public

115
Q

Caveat emptor

A

Buyer beware

116
Q

Mills

A

Tax rate; 1 mill= one thousandth of a dollar or 1 mill= $1 for every $1000 of assessed value

117
Q

Spot zoning

A

Reclassifying on piece of property in a manner inconsistent with surrounding properties.

118
Q

Conversion

A

Unauthorized withdrawal of monies belonging to others

119
Q

Adverse possession

A

Acquisition of land through prolonged and unauthorized occupation. Possession of property must be visible, continuous, hostile, exclusive and notorious (in aka 20 years)

120
Q

Emblements

A

Annual plantings that req cultivation

RE Exam (2 decks)

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