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10 at a time > del examen que fallastes > Flashcards

del examen que fallastes Flashcards

1
Q

in the purchase price section of the residential contract of sale the amount the buyer is offering is referred as the….

A

purchase price

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2
Q

which of the following information’s about sub agency in Maryland is true?

A

subagency is legal in Maryland

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3
Q

why would an advertisement that includes the words home prices in your neighboorhood are falling fast. better cal xyz brokerage at 555’255’1234 be prohibited–

A

it incentives panic selling

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4
Q

buyer penelope adores the hoiuse at 212 maple street, but two weeks after making her offer, she discoverd it got some issues that weren’t identified on the state required seller disclosure form. she still wants to buy the house. since the seller appears to have lied on the disclosure form, what can Penelope do_

A

ask the seller to make the repairs needed, or ask for a credit to coverr the cost of those repairs

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5
Q

which of the following is an example of positive misrepresentation

A

and agent knowingly made a false statement that caused harm

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6
Q

what is a legal description

A

a description of the land that specified the boundries and dlocation of a specified piece of real property

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7
Q

what is a legal description?

A

a description of the land that specified the boundries and dlocation of a specified piece of real property

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8
Q

which of the following measurements system is mostly used in states that were part of the original 13 colonies?

A

metes and bounds

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9
Q

which loan type is fixed rate mortgage where the monthly payment increases over time, according to a set schedule?

A

growing equity

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10
Q

species habitad, beauty, erosion control, and pollution treatment a real reason why wheatlands are__?

A

protected

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11
Q

Jays new loan to purchase a property includes the sellers existing mortgage. what type of loan is this?

A

wraparound

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12
Q

shelly buys mark house, which is still and option period with Monique. Monique decides to exercise her option after shelly moves in. what will happen

A

shelly will have to sell the house to Monique

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13
Q

shelly buys mark house, which is still and option period with Monique. Monique decides to exercise her option after shelly moves in. what will happen

A

shelly will have to sell the house to Monique

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14
Q

james is obtaining and 80/20 loan. what does the 80/20 loan signify?

A

amount financed / down payment

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15
Q

In order for you to earn compensation for brokerage activities, you must be employed as the agent of the client. how is this employment accomplished?

A

the client must make and express agreement to pay a commission to your broker

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16
Q

certain properties are exempt from fair housing law requirements. which of the following is NOT except?

A

owner occupied buildings with fewer than four-unit market by a real estate license

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17
Q

if and agency have limited authority to act on behalf of their clients. they will be in what type of relationship then?

A

special

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18
Q

mortgage lenders will ___

A

sometimes extend credit, even when a FICO score is low

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19
Q

a buyer can submit their earnest money deposit in the form of ___

A

a personal check

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20
Q

earnest money is sometime referred to as a down payment of a ….

A

down payment

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21
Q

which of the following is a potential drawback to a real property exchange?

A

taxable gains

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22
Q

what is the definition of land contract?

A

seller provides funds of credit to buyers in order to close the transaction

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23
Q

if you take gross income and deduct operating expenses, what do you get?

A

Net operating income

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24
Q

what effect will a property utility have on the value if its currently unihabitable?

A

value will be pushed downwords

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25
Q

under what name must sole proprietors conduct business?

A

they must use their own name in combination with a registered business name

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26
Q

which of the following is a residential dwelling with shared walls where the owner typically owns te land on which the home sites

A

townhome

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27
Q

when one or more agents from the same firm represent both the buyer and the seller in a single transaction, this is known as____

A

dual agency

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28
Q

what do gross rent and income multipliers help appraisers determine?

A

value of income producing properties

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29
Q

what does the rectangular government system use as the base for a legal description?

A

principal meridians, base lines and sections

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30
Q

under which types of buyer agency agreement does a buyer receive the most representation from a single agent

A

exclusive right to represent

offers the buyer the highest level of exclusive representation

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31
Q

in the conveyance of real property after death, what trumps any terms specified in the deceased persons will?

A

operation of law

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32
Q

if a consumer wants to file a deceptive ad complaint which entity should be contacted?

A

The BBB

better business bureau national advertising division can handle regional or national complaints and the local BBB can help resolve local ad complaints

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33
Q

how many members are on the Maryland real estate commission Boars¡?

A

9

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34
Q

how does discrimination testers work?

A

they send different applicants whose only difference is statues within a protected class, and test whether the applicants are treated differently

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35
Q

the National fair housing alliance believes in promoting message that___ neighborhoods are stronger neighborhoods

A

diversse

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36
Q

which of these items should real estate professionals help first time buyers and buyers who have experience recent credit issues to understand?

A

appropriate financing

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37
Q

which agency duties survive termination of an agreement

A

confidentiality and accounting

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38
Q

in real state contracts, which are required: legal descriptions or street addresses

A

legal descriptions are required, because they provide less ambiguous and more complete description of properties than street addresses provide.

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39
Q

who can be impacted by violations you committed as a licensee?

A

you, your supervising broker, and other licensees at your brokerage

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40
Q

which statement best describes a trade fixture?

A

a fixture or item installed by a commercial tenant that’s considered personal property of the tenant

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41
Q

what is a subordination agreement

A

its and agreement that a previous lender signed allowing a later lender to take over the primary, or first, loan position

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42
Q

which of these situations will result in and earnest money being disbursed to the selelr’?

A

the buyer includes hard money in the purchase offer, then terminates the sale when the appraisal come in low

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43
Q

why will a retail tenant be willing to sign a lease in which a percentage of sales proceeds are paid to the landlord

A

the tenant wants to reduce the base rent

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44
Q

what is a survey

A

a professional on-site measurement of the lot lines dimensions of a property

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45
Q

if full disclosure states, whose responsibility is to notify the seller of the seller’s duty to disclose all known material facts

A

licensee representing the seller

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46
Q

Edgard is in the process of selling his home ass a short sale. what’s a short sale?

A

the sale of a property at and amount less than is owned, not including closing costs

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47
Q

___ is when one party didn’t meet the terms of the contract in the specified timeframe, and is now being required to do exactly what was agreed to in the contract

A

specific performance

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48
Q

___ occurs when all parties meet all the terms of the contract

A

performance of the contract

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49
Q

which term describes the process of a real property becoming personal property by detaching it form the land

A

severance

50
Q

although kirk has been paying rent towards his ground lease for more than 17 years, he will never be able to buy the lease from the landowner. what type of ground lease does kirk have?

A

Irredeemable

51
Q

dual agency is iilligal without

A

inform consent

52
Q

how many of the nine appointed Maryland real estate commission board members are consumers and how manya re resal estate professional?

A

4 consumers

5 real estate professionals

53
Q

Gia is acting as a seller agent. which of there is a duty she must perform??

A

market and sell the property

54
Q

what is annexation in real property

A

annexation is

An attachment of personal property to real property, thereby making it a fixture (also known as an attachment)

Ex. When Mrs. Goldman planted the rosebushes in her yard, the resultant annexation meant that the rosebushes were now made part of the property.

55
Q

severance

A

occurs when an item that was real property becomes personal property by detaching it (severing it) from the land

56
Q

emblements are considered____ even dough they are part of the soil

A

personal property

57
Q

modular home

A

A modular home is not actually in the same class as a manufactured home, but we’ll define it here because it’s easy to confuse the terms. A modular home is built in pieces off-site, then those pieces are transported to the spot where it will spend the rest of its days, and the build is completed there.

58
Q

mobile home

A

Don’t use this term unless you’re talking about something that was built before 1976. (Honest, it’s a legal thing.) That was the year that HUD began using federal construction standards for this type of home, as enacted by Congress in the Mobile Home Construction and Safety Standards Act. Mobile homes are those constructed without any regulation, before 1976; manufactured homes are built according to HUD construction and safety standards. Otherwise, they share the common elements of a home that can be transported because of attached chassis, tongue, axles, and wheels.

59
Q

manufacture home

A

This is a home that is constructed with a permanent chassis and wheels because it is made to be transported. After it is constructed in a factory, it is towed to its destination and anchored to the ground. In theory, it can be removed and towed to a different site because the chassis, tongue, axles, and wheels are still attached.

60
Q

precolating

A

water rights include the right to draw water from underground resources (such as wells) for the landowner’s use.

61
Q

ratification

A

Acceptance after the fact, sometimes in contrast to a prior agreement

Ex. Even though the sellers were supposed to leave behind the washer and dryer, they took them when they moved out. The buyer ratified their decision by moving in and getting a set of his own without making a fuss about it.

62
Q

estoppel

A

A legal concept that says that a person may not disavow something that the person had previously affirmed either by action or words
Ex. Marjorie told the buyers that Kindra was her agent, even though they had no written agreement. Marjorie cannot later assert that Kindra isn’t her agent

63
Q

agents who represent the seller

A

In this section, Seller’s Agent and Sub-agent are defined.

64
Q

agents who represent the buyer

A

This section describes the buyer’s agent relationship. It’s important to note that the buyer’s agency agreement must be in writing and must be provided before showing properties; otherwise, the agent will be considered a sub-agent of the seller.

65
Q

a non-agent

A

also known as a facilitator or a transaction broker —typically acts as a middleman to consumers in real estate transactions.

66
Q

a title theory

A

the borrower receives the deed, but the lender keeps the title and owns the house, until the borrower pays off the loan

(lender does not need court order to foreclosed on property)

67
Q

lien theory

A

the borrower holds the title and owns the house

lender needs court order to foreclose the property

68
Q

a promissory note

A

is a promise on the part of the borrower to repay a certain sum of money to another party during a certain set of terms.

69
Q

insured value

A

the cost of replacing a building in case of total loss

70
Q

mortgage value

A

the price a lender believes the property will bring at a foreclosure sell

71
Q

mortgage

A

A legally binding instrument that creates a lien on a piece of property

72
Q

A requirement that the borrower repay the loan when transferring ownership to another

A

due on sale caluse

73
Q

A term that requires disclosure of other terms related to the loan; if any such term is used, all terms must be disclosed

A

Triggering term

74
Q

An estate for a limited time (e.g., renting, leasing

A

leashold estate

75
Q

An estate for a specified time (e.g., days, months, years)

A

estate for years

76
Q

An estate that renews itself automatically at the end of each lease period

A

periodic estate

77
Q

An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.

A

Estate at will (a.k.a. tenancy at will)

An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.

78
Q

The person receiving title upon the death of the life tenant

A

remainderman

79
Q

Fee simple present interest in conjunction with receipt of title upon the death of the life tenant

A

remainderman interest

80
Q

Right of repossession of the property by the owner after the end of the life estate

A

reversionary interest

81
Q

With a fee simple defeasible estate, the property holder owns the property with all legal rights, but subject to a condition. If the condition is breached, the property may go back to the original owner.

A

fee simple to a condition

82
Q

A type of fee simple defeasible, this ends automatically when the stated event or condition occurs. The original owner retains a possibility of reversion. Property is retained “while,” “during,” or “so long as” the condition occurs; this is the language most often seen in the deed.

A

fee simple determinable

83
Q

A type of fee simple defeasible, and also known as a fee on condition, this is created when an estate is given on the condition that the owner does or doesn’t take a specific action. The grantor has the right of reentry if the condition is violated. The estate doesn’t automatically revert to the original owner; it may require legal action on the part of the original owner.

A

fee simple subsequent

84
Q

A permanent right to use another’s land for the benefit of a neighboring parcel

A

easement appurtenant

85
Q

Easements fall into this category of rights.

A

nonpossessory

86
Q

right to occupy the property

A

possessory

87
Q

The owner owns both the structure and the land

A

townhomes

88
Q

income tax liens

A

The IRS will file a general lien against all property belonging to that person for various taxes owed and unpaid.

89
Q

Created by the property owner or with the property owner’s consent

A

voluntary lien

90
Q

involuntary lien

A

A lien created without the property owner’s consent (e.g., property tax lien or mechanic’s lien)

91
Q

Mortgage lien

A

A lien created on the property used as collateral for a loan to purchase a home

92
Q

Property tax lien

A

When an owner does not pay property taxes a lien is levied against that property

93
Q

Ownership of property allows purchaser to use for periods through the yea

A

timeshares

94
Q

Condominiums

A

The owner owns a unit within the structure, but no land.

95
Q

Rennie owns a 240-foot by 130-foot lot. How do you calculate the perimeter?

A

Add two times the length to two times the width.

96
Q

A surveyor created a lot and block survey for a new residential development. The first thing she did when she surveyed the new neighborhood was to reference a metes and bounds land description. From there, she divided the land into numbered lots and blocks. This output is known as a ______.

A

plat map

97
Q

plat map

A

is a detailed map of the given land, including streets, access roads, and measurements between features.

98
Q

What responsibility does the seller’s agent have to the seller?

A

Seek a sale at the best price at terms acceptable to the seller.

99
Q

Which of these statements about title marketability standards is correct?

A

Marketable title carries a higher standard of assurance than insurable title.

100
Q

In completing a CMA, finding a comparable property that had a quick sale may indicate which of the following?

A

The market for similar homes is good.

101
Q

Margot and Steve owned several rental properties at the time of their divorce. The divorce decree gave ownership to Margot in return for a cash payment by Steve. Fast forward six years, and Margot is ready to sell the properties. She soon discovers, though, that Steve’s name is still on the title. What’s her best course of action?

A

Ask Steve to generate quit-claim deeds on the properties.

102
Q

What hazard do mining activities, landfills, or agricultural pesticides contribute to?

A

Groundwater contamination

103
Q

Estelle is representing seller Margaret. Which of the following tasks is one that Estelle is required to perform as Margaret’s agent?

A

Inform Margaret about required property condition disclosures.

104
Q

Leigh Ann is a licensee. Her cousin, Carly, is interested in buying a house. Leigh Ann shows Carly how to look for properties online and runs some CMAs for her. When Carly finds a property she likes and asks Leigh Ann to help her make the offer, Leigh Ann decides she should ratify the agreement with Carly. What are Leigh Ann’s options for accepting an agency relationship after the fact?

A

Prepare an agency agreement or continue to assist Carly with the purchase.

105
Q

Casey signed a contract form offering a purchase price of $309,000 on a home, and gave his agent a $5,000 earnest money deposit. The owner is out of town and her agent can’t reach her. At this point, what does Casey have?

A

and offer

106
Q

Shannon doesn’t understand why her agent wants her to add a contingency to her purchase offer. Her agent, Scott, explains that the property is in a transitional neighborhood, and it might be overpriced. What type of contingency is Scott recommending?

A

apprisel

107
Q

Jacob is a developer who purchased 78 acres and had it subdivided into half-acre lots. He decided to install sewer and underground electric for the entire subdivision, because he thinks that he will easily recoup his initial infrastructure investment. This is an example of which economic characteristic of real property?

A

Permanence of investment

108
Q

and escrow agent may be a

A

broker, title representative, escrow officer, or attornery , thoght the most common is a title company representative. this individual is aso called the closing agent

109
Q

the real estate settlement prosedures act (respa) ensures that buyers recivee and estimate of closing costs by a lender at least within ….. buissness day

A

3 buissness day

110
Q

property taxes are calculated based on the?

A

Property assed value

111
Q

Foreign investment in real property tax act (firpta)

A

its when a non us resident foreign person sells real property in the U.S. is any person who is either not a resident alien, holder of a green card. or not a u.s citzen

112
Q

Defeasance clause

A

Orders the lender or trustee to immediately release full title tot he borrower once the loan is paid in full

113
Q

Due on sale clause (aka alienation clause )

A

Requiere the borrower to repay the loan when transferring ownership to another

114
Q

A mortgage involves two parties:

A

The lender and the borrower

115
Q

Deed of trust involves _ parties

A

3 parties the trustor, beneficiary and trustee

116
Q

A promissory note is always accompanied by a _______

A

Security instrument

117
Q

Amortized loan

A

One in which the loan principal is paid in full over the life of the loan

118
Q

Fully amortized loan

A

The loan principal will be paid in full after the last schedule loan payment. the monthly principal and interest is the same each month .

119
Q

Straw buyers

A

Conceal there real identity behind someone else’s name and credit

120
Q

Equity skimming

A

When this person docent make the mortgage payment and let the property go in default until for closure occurs

121
Q

Loan underwriters

A

Will reviewer the borrower credit score

10 at a time (6 decks)

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