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Definitions Flashcards

1
Q

Office Exclusive Listing?

A

Seller does not want on MLS

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2
Q

Anti Trust Laws

A

Sherman 1890 Free And unfettered competition
Clayton 1914
FTC 1914

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3
Q

Adverse Possession

A

NOAH Notorious Open Adverse Hostile

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4
Q

Terminate restrictive clause 4(

A

Termination date Release Abandoning Circusstances change

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5
Q

Appropriation?

A

Act of taking through eminent domain

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6
Q

Article 9A NYS

A

Vacant land on installment plan

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7
Q

Article 78

A

Allows to bring action against government

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8
Q

Use variance? Area variance?

A

Use other than zoned

Variance when area is not conforming

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9
Q

Apputenance?

A

Rights that go with real property

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10
Q

Altered Building Certificate?

A

Not CO but Certificate of compliance

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11
Q

New Construction 36A

A

Start and finish date i yr workmanship 2 yr Mech

6 years material defects

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12
Q

Ventilation minimum?

A

15 CFM per person

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13
Q

Electrical supply

A

Service lateral underground Drop above ground

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14
Q

What year and what NEPA

A

1970 National CAA CWA CERLA superfund extra taxes from oil and chemical industies 1980 SARA 1986 added money and innocent landowner immunity

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15
Q

EIS

A

1 Investigate 2 Testing 3 Cleanup 4 Management

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16
Q

Wetlands

A

Filter Flood control US Army Corps of Engineers

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17
Q

Asbestos regulator

A

NYS Dept of Labor

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18
Q

CFC HCFC HFC

A

Freon Better Best Current

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19
Q

Urea Foemaldehyde

A

Foam Insulation blown in asthma cancer breathing

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20
Q

Civil Rights violations reported to

A

HUD

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21
Q

ADA 1990

A

Reasonable modification or nreasonable accomodation for the disabled to have an equal opportunity to enjoy space

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22
Q

NYS Agency for civil rights

A

NYS Diision of Human Rights also called executive law state law knocks out federal exemptions

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23
Q

NYC agency

A

NYC Commission on Human Rights

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24
Q

Title III ADA

A

Public and Commercial facilities 100%

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25
executory contract
one or both parties not completed performance
26
executing contract executed?
signing Done
27
Elements of Contract (6)
competent parties lawful purpose consideration description Meeting of minds written format and signed
28
Statue of frauds
must be written Plain language (sullivan)
29
parol evidence
written agreement overides oral agreement
30
Remedies for Breach of Contract (7)
Cancellation Compensatory damages injudtion liquidated damages Reformation Recission Specific performance
31
Discharge Contract (6)
Agreement Partial performance full performance | impossibility of performance alteration bankruptcy
32
Assignment & Novation
Assig to other still liable New Contract
33
Sales Agreemnet purchase agreement & Earnest Money agreement
1. sets price & counteroffers 2) receipt for earnest money 3) Contract between Buyer & Seller
34
Accepting offer Meeting of Minds
acceptance must be communicated must be communicated in manner specified acceptance not vary terms
35
Binder (3)
Deal Sheet Sales Agreement Purchase agreement
36
Elements of Sales Contract
Signatures Parties Names and addresses Propwerty description Interest to be coneyed (full bundle) Terms price and method of payment
37
Escape or Kick out clause
Seller has right to pursue other buyers
38
rider
ammendment
39
Installment Sale AKA
land contract deed passes after so many payments
40
Leasehold Types (4)
Estate for years (any specific period start and end) Periodic ( auto renew same period week month Estae at Will ( no rent necessary no period usually family member 30 day notice Tennant at Sufferage Hold over tenant not leasehold estate
41
lease in writing?
YES IF FOR MORE THAN ONE YEAR
42
Promissory note Maker? Payee financing instrument security instrument hypothecate?
Maker borrower Paylee lender Hypothecate debtor can pledge property without giving up
43
Fannie Mae
private corporation supervised by HUD
44
Freddie Mac
FHA 1970
45
Ginnie Mae
1968 Hud Govt owned guarantees FHA and VA Loans
46
FHA
Part of HUD Insures loans not make loans
47
VA guarntee not loan
No down No Max 1 point max may be assumeable
48
SONYMA
1970 only govt direct lender first time buyers
49
Straight Loan? Partial Amortize loan?
interest only Baloon
50
Types of Mortgage (8)
1. Construction Temporary 2. bridge swing gap 3. Blanket subdivision 4 Sale Leaseback 5. Wraparound combine 1st and second owner financing 6. Land Contract Installment contract deferred deed owner holds deed not mortgage lien
51
ARM
shifts risk to borrower lower rate rate adjustment period (6 months) cap rate limits the interest points it can raise oer life
52
Mortgage Clauses (4)
Alienation due now because of default Due on Sale Due because of transfer Prepayment penalty Subordination changes priority of lien
53
Equitable right of redemption
DEBTOR can redeem by paying off
54
Deed in lie of forclosure
give deed back to avoid foreclosure
55
Truth in Lending
Regulates lenders to consumers Regulation Z full lender disclosure
56
APR
Higher
57
Lending adertizing regs
Reg Z numbers trigger disclosure
58
Right to recind
borrower has 3 days on existing primary residence
59
Evaluating the Borrower (5 C's)
Capacity Character Collateral Credit Conditions
60
Mortgage loan originator requirements
20 hours plus written test NMLS surety bond renewed annually calendar year
61
Debt to income ratio
36% 43% FHA more than 10 payments
62
Planning Board vs Planning Department
Board decides Department does
63
Gold Star and Star?
Reduce taxes for nparents who lost child in war | Reduce School tax only for elerly primary residence
64
Taxes figured?
Aceesed value X uniform percentage X Tax Rate
65
Challenge acessment not tax
excessive assessment unequal assessment Unlawful assessment Misclassified assessment
66
Tax certiori
legal action challenging assessment within 30 days SCAR Commercial state supreme court
67
Tax foreclosure "IN REM"
lawsuit against property not person
68
IRS Section 121 Taxpayer relief act 1997
Every 2 years $250K per Husband and wife 2 years after death of one spouse
69
IRS and aquisition costs ( 5)
Points on secured home in year paid cash method of accounting principal residence shown on HUD 1 Settlement statement
70
Reverse Like Kind Exchange
Buy before sell Defer Capital gains tax
71
Like Kind Exchange
must find 45 days close 180 days must own new property 2 years
72
boot?
Extra not like kind property to make up for $ disparity
73
Condo Sponsor
``` Evictioon 50% Non Eviction 15% Controls Board 5 years or 50% CC&R Condo Covenants and Restrictions Rules BYlaws Rules of management ```
74
CPS 1
Co-operative Policy Statement 1 co-ops and condos 120 days used to test market
75
C of O When
1938
76
Holder of Shares?
investor in Co-op who is not living there not governed by sublet rules, flip taxes
77
Attornment?
Establishes right of continued lease with new owner Protects tenant
78
Estoppel Certificate
Tenant signs to certift lease terms to protect landlord new and old
79
Subordination and Nondisturbance (lease)
existing lease junior to new mortgge | Nondisturbance lender promises no to evict tenant if current
80
Options when tenant wants to end lease (4)
Close Down Buyout Sublease Assignment
81
Pass through
Landlord passes expenses to tenant also might have expense cap to protect tenant
82
graduated, step or bump lease
escalation per contract
83
Portwer's wage excalation
Tied to porter's wage index
84
Triple net lease
Absolute net lease
85
Investment RE Risk (3)
Space Market Risk supply and demand of space Capital market risk interest rate or money supply Financial risk leverage
86
depreciation AKA
Cost recovery

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