del examen que fallastes Flashcards
in the purchase price section of the residential contract of sale the amount the buyer is offering is referred as the….
purchase price
which of the following information’s about sub agency in Maryland is true?
subagency is legal in Maryland
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–
it incentives panic selling
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_
ask the seller to make the repairs needed, or ask for a credit to coverr the cost of those repairs
which of the following is an example of positive misrepresentation
and agent knowingly made a false statement that caused harm
what is a legal description
a description of the land that specified the boundries and dlocation of a specified piece of real property
what is a legal description?
a description of the land that specified the boundries and dlocation of a specified piece of real property
which of the following measurements system is mostly used in states that were part of the original 13 colonies?
metes and bounds
which loan type is fixed rate mortgage where the monthly payment increases over time, according to a set schedule?
growing equity
species habitad, beauty, erosion control, and pollution treatment a real reason why wheatlands are__?
protected
Jays new loan to purchase a property includes the sellers existing mortgage. what type of loan is this?
wraparound
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
shelly will have to sell the house to Monique
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
shelly will have to sell the house to Monique
james is obtaining and 80/20 loan. what does the 80/20 loan signify?
amount financed / down payment
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?
the client must make and express agreement to pay a commission to your broker
certain properties are exempt from fair housing law requirements. which of the following is NOT except?
owner occupied buildings with fewer than four-unit market by a real estate license
if and agency have limited authority to act on behalf of their clients. they will be in what type of relationship then?
special
mortgage lenders will ___
sometimes extend credit, even when a FICO score is low
a buyer can submit their earnest money deposit in the form of ___
a personal check
earnest money is sometime referred to as a down payment of a ….
down payment
which of the following is a potential drawback to a real property exchange?
taxable gains
what is the definition of land contract?
seller provides funds of credit to buyers in order to close the transaction
if you take gross income and deduct operating expenses, what do you get?
Net operating income
what effect will a property utility have on the value if its currently unihabitable?
value will be pushed downwords
under what name must sole proprietors conduct business?
they must use their own name in combination with a registered business name
which of the following is a residential dwelling with shared walls where the owner typically owns te land on which the home sites
townhome
when one or more agents from the same firm represent both the buyer and the seller in a single transaction, this is known as____
dual agency
what do gross rent and income multipliers help appraisers determine?
value of income producing properties
what does the rectangular government system use as the base for a legal description?
principal meridians, base lines and sections
under which types of buyer agency agreement does a buyer receive the most representation from a single agent
exclusive right to represent
offers the buyer the highest level of exclusive representation
in the conveyance of real property after death, what trumps any terms specified in the deceased persons will?
operation of law
if a consumer wants to file a deceptive ad complaint which entity should be contacted?
The BBB
better business bureau national advertising division can handle regional or national complaints and the local BBB can help resolve local ad complaints
how many members are on the Maryland real estate commission Boars¡?
9
how does discrimination testers work?
they send different applicants whose only difference is statues within a protected class, and test whether the applicants are treated differently
the National fair housing alliance believes in promoting message that___ neighborhoods are stronger neighborhoods
diversse
which of these items should real estate professionals help first time buyers and buyers who have experience recent credit issues to understand?
appropriate financing
which agency duties survive termination of an agreement
confidentiality and accounting
in real state contracts, which are required: legal descriptions or street addresses
legal descriptions are required, because they provide less ambiguous and more complete description of properties than street addresses provide.
who can be impacted by violations you committed as a licensee?
you, your supervising broker, and other licensees at your brokerage
which statement best describes a trade fixture?
a fixture or item installed by a commercial tenant that’s considered personal property of the tenant
what is a subordination agreement
its and agreement that a previous lender signed allowing a later lender to take over the primary, or first, loan position
which of these situations will result in and earnest money being disbursed to the selelr’?
the buyer includes hard money in the purchase offer, then terminates the sale when the appraisal come in low
why will a retail tenant be willing to sign a lease in which a percentage of sales proceeds are paid to the landlord
the tenant wants to reduce the base rent
what is a survey
a professional on-site measurement of the lot lines dimensions of a property
if full disclosure states, whose responsibility is to notify the seller of the seller’s duty to disclose all known material facts
licensee representing the seller
Edgard is in the process of selling his home ass a short sale. what’s a short sale?
the sale of a property at and amount less than is owned, not including closing costs
___ 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
specific performance
___ occurs when all parties meet all the terms of the contract
performance of the contract
which term describes the process of a real property becoming personal property by detaching it form the land
severance
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?
Irredeemable
dual agency is iilligal without
inform consent
how many of the nine appointed Maryland real estate commission board members are consumers and how manya re resal estate professional?
4 consumers
5 real estate professionals
Gia is acting as a seller agent. which of there is a duty she must perform??
market and sell the property
what is annexation in real property
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.
severance
occurs when an item that was real property becomes personal property by detaching it (severing it) from the land
emblements are considered____ even dough they are part of the soil
personal property
modular home
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.
mobile home
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.
manufacture home
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.
precolating
water rights include the right to draw water from underground resources (such as wells) for the landowner’s use.
ratification
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.
estoppel
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
agents who represent the seller
In this section, Seller’s Agent and Sub-agent are defined.
agents who represent the buyer
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.
a non-agent
also known as a facilitator or a transaction broker —typically acts as a middleman to consumers in real estate transactions.
a title theory
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)
lien theory
the borrower holds the title and owns the house
lender needs court order to foreclose the property
a promissory note
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.
insured value
the cost of replacing a building in case of total loss
mortgage value
the price a lender believes the property will bring at a foreclosure sell
mortgage
A legally binding instrument that creates a lien on a piece of property
A requirement that the borrower repay the loan when transferring ownership to another
due on sale caluse
A term that requires disclosure of other terms related to the loan; if any such term is used, all terms must be disclosed
Triggering term
An estate for a limited time (e.g., renting, leasing
leashold estate
An estate for a specified time (e.g., days, months, years)
estate for years
An estate that renews itself automatically at the end of each lease period
periodic estate
An estate for an unknown period of time; either party may terminate the lease by giving notice to the other.
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.
The person receiving title upon the death of the life tenant
remainderman
Fee simple present interest in conjunction with receipt of title upon the death of the life tenant
remainderman interest
Right of repossession of the property by the owner after the end of the life estate
reversionary interest
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.
fee simple to a condition
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.
fee simple determinable
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.
fee simple subsequent
A permanent right to use another’s land for the benefit of a neighboring parcel
easement appurtenant
Easements fall into this category of rights.
nonpossessory
right to occupy the property
possessory
The owner owns both the structure and the land
townhomes
income tax liens
The IRS will file a general lien against all property belonging to that person for various taxes owed and unpaid.
Created by the property owner or with the property owner’s consent
voluntary lien
involuntary lien
A lien created without the property owner’s consent (e.g., property tax lien or mechanic’s lien)
Mortgage lien
A lien created on the property used as collateral for a loan to purchase a home
Property tax lien
When an owner does not pay property taxes a lien is levied against that property
Ownership of property allows purchaser to use for periods through the yea
timeshares
Condominiums
The owner owns a unit within the structure, but no land.
Rennie owns a 240-foot by 130-foot lot. How do you calculate the perimeter?
Add two times the length to two times the width.
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 ______.
plat map
plat map
is a detailed map of the given land, including streets, access roads, and measurements between features.
What responsibility does the seller’s agent have to the seller?
Seek a sale at the best price at terms acceptable to the seller.
Which of these statements about title marketability standards is correct?
Marketable title carries a higher standard of assurance than insurable title.
In completing a CMA, finding a comparable property that had a quick sale may indicate which of the following?
The market for similar homes is good.
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?
Ask Steve to generate quit-claim deeds on the properties.
What hazard do mining activities, landfills, or agricultural pesticides contribute to?
Groundwater contamination
Estelle is representing seller Margaret. Which of the following tasks is one that Estelle is required to perform as Margaret’s agent?
Inform Margaret about required property condition disclosures.
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?
Prepare an agency agreement or continue to assist Carly with the purchase.
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?
and offer
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?
apprisel
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?
Permanence of investment
and escrow agent may be 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
the real estate settlement prosedures act (respa) ensures that buyers recivee and estimate of closing costs by a lender at least within ….. buissness day
3 buissness day
property taxes are calculated based on the?
Property assed value
Foreign investment in real property tax act (firpta)
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
Defeasance clause
Orders the lender or trustee to immediately release full title tot he borrower once the loan is paid in full
Due on sale clause (aka alienation clause )
Requiere the borrower to repay the loan when transferring ownership to another
A mortgage involves two parties:
The lender and the borrower
Deed of trust involves _ parties
3 parties the trustor, beneficiary and trustee
A promissory note is always accompanied by a _______
Security instrument
Amortized loan
One in which the loan principal is paid in full over the life of the loan
Fully amortized loan
The loan principal will be paid in full after the last schedule loan payment. the monthly principal and interest is the same each month .
Straw buyers
Conceal there real identity behind someone else’s name and credit
Equity skimming
When this person docent make the mortgage payment and let the property go in default until for closure occurs
Loan underwriters
Will reviewer the borrower credit score
