Definitions Flashcards
Office Exclusive Listing?
Seller does not want on MLS
Anti Trust Laws
Sherman 1890 Free And unfettered competition
Clayton 1914
FTC 1914
Adverse Possession
NOAH Notorious Open Adverse Hostile
Terminate restrictive clause 4(
Termination date Release Abandoning Circusstances change
Appropriation?
Act of taking through eminent domain
Article 9A NYS
Vacant land on installment plan
Article 78
Allows to bring action against government
Use variance? Area variance?
Use other than zoned
Variance when area is not conforming
Apputenance?
Rights that go with real property
Altered Building Certificate?
Not CO but Certificate of compliance
New Construction 36A
Start and finish date i yr workmanship 2 yr Mech
6 years material defects
Ventilation minimum?
15 CFM per person
Electrical supply
Service lateral underground Drop above ground
What year and what NEPA
1970 National CAA CWA CERLA superfund extra taxes from oil and chemical industies 1980 SARA 1986 added money and innocent landowner immunity
EIS
1 Investigate 2 Testing 3 Cleanup 4 Management
Wetlands
Filter Flood control US Army Corps of Engineers
Asbestos regulator
NYS Dept of Labor
CFC HCFC HFC
Freon Better Best Current
Urea Foemaldehyde
Foam Insulation blown in asthma cancer breathing
Civil Rights violations reported to
HUD
ADA 1990
Reasonable modification or nreasonable accomodation for the disabled to have an equal opportunity to enjoy space
NYS Agency for civil rights
NYS Diision of Human Rights also called executive law state law knocks out federal exemptions
NYC agency
NYC Commission on Human Rights
Title III ADA
Public and Commercial facilities 100%
executory contract
one or both parties not completed performance
executing contract executed?
signing Done
Elements of Contract (6)
competent parties lawful purpose
consideration description
Meeting of minds written format and signed
Statue of frauds
must be written Plain language (sullivan)
parol evidence
written agreement overides oral agreement
Remedies for Breach of Contract (7)
Cancellation Compensatory damages
injudtion liquidated damages
Reformation Recission Specific performance
Discharge Contract (6)
Agreement Partial performance full performance
impossibility of performance alteration bankruptcy
Assignment & Novation
Assig to other still liable New Contract
Sales Agreemnet purchase agreement & Earnest Money agreement
- sets price & counteroffers
2) receipt for earnest money
3) Contract between Buyer & Seller
Accepting offer Meeting of Minds
acceptance must be communicated
must be communicated in manner specified
acceptance not vary terms
Binder (3)
Deal Sheet Sales Agreement Purchase agreement
Elements of Sales Contract
Signatures Parties Names and addresses Propwerty description Interest to be coneyed (full bundle) Terms price and method of payment
Escape or Kick out clause
Seller has right to pursue other buyers
rider
ammendment
Installment Sale AKA
land contract deed passes after so many payments
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
lease in writing?
YES IF FOR MORE THAN ONE YEAR
Promissory note Maker? Payee financing instrument security instrument hypothecate?
Maker borrower Paylee lender Hypothecate debtor can pledge property without giving up
Fannie Mae
private corporation supervised by HUD
Freddie Mac
FHA 1970
Ginnie Mae
1968 Hud Govt owned guarantees FHA and VA Loans
FHA
Part of HUD Insures loans not make loans
VA guarntee not loan
No down No Max 1 point max may be assumeable
SONYMA
1970 only govt direct lender first time buyers
Straight Loan? Partial Amortize loan?
interest only Baloon
Types of Mortgage (8)
- Construction Temporary
- bridge swing gap
- Blanket subdivision
4 Sale Leaseback - Wraparound combine 1st and second owner financing
- Land Contract Installment contract deferred deed owner holds deed not mortgage lien
ARM
shifts risk to borrower lower rate rate adjustment period (6 months) cap rate limits the interest points it can raise oer life
Mortgage Clauses (4)
Alienation due now because of default
Due on Sale Due because of transfer
Prepayment penalty
Subordination changes priority of lien
Equitable right of redemption
DEBTOR can redeem by paying off
Deed in lie of forclosure
give deed back to avoid foreclosure
Truth in Lending
Regulates lenders to consumers Regulation Z full lender disclosure
APR
Higher
Lending adertizing regs
Reg Z numbers trigger disclosure
Right to recind
borrower has 3 days on existing primary residence
Evaluating the Borrower (5 C’s)
Capacity Character Collateral Credit Conditions
Mortgage loan originator requirements
20 hours plus written test NMLS surety bond renewed annually calendar year
Debt to income ratio
36% 43% FHA more than 10 payments
Planning Board vs Planning Department
Board decides Department does
Gold Star and Star?
Reduce taxes for nparents who lost child in war
Reduce School tax only for elerly primary residence
Taxes figured?
Aceesed value X uniform percentage X Tax Rate
Challenge acessment not tax
excessive assessment
unequal assessment
Unlawful assessment
Misclassified assessment
Tax certiori
legal action challenging assessment within 30 days SCAR Commercial state supreme court
Tax foreclosure “IN REM”
lawsuit against property not person
IRS Section 121 Taxpayer relief act 1997
Every 2 years $250K per Husband and wife 2 years after death of one spouse
IRS and aquisition costs ( 5)
Points on secured home in year paid cash method of accounting principal residence shown on HUD 1 Settlement statement
Reverse Like Kind Exchange
Buy before sell Defer Capital gains tax
Like Kind Exchange
must find 45 days close 180 days must own new property 2 years
boot?
Extra not like kind property to make up for $ disparity
Condo Sponsor
Evictioon 50% Non Eviction 15% Controls Board 5 years or 50% CC&R Condo Covenants and Restrictions Rules BYlaws Rules of management
CPS 1
Co-operative Policy Statement 1 co-ops and condos 120 days used to test market
C of O When
1938
Holder of Shares?
investor in Co-op who is not living there not governed by sublet rules, flip taxes
Attornment?
Establishes right of continued lease with new owner Protects tenant
Estoppel Certificate
Tenant signs to certift lease terms to protect landlord new and old
Subordination and Nondisturbance (lease)
existing lease junior to new mortgge
Nondisturbance lender promises no to evict tenant if current
Options when tenant wants to end lease (4)
Close Down
Buyout
Sublease
Assignment
Pass through
Landlord passes expenses to tenant also might have expense cap to protect tenant
graduated, step or bump lease
escalation per contract
Portwer’s wage excalation
Tied to porter’s wage index
Triple net lease
Absolute net lease
Investment RE Risk (3)
Space Market Risk supply and demand of space
Capital market risk interest rate or money supply
Financial risk leverage
depreciation AKA
Cost recovery
