General Facts And Information Flashcards
RESPA would cover residential real estate
1 to 4 units
Does RESPA cover cellar carry back or loan assumptions
No
Blue sky commissions referred to
Commissions paid on securities and investments
When you use borrowed money to buy real estate, this is called
Leverage
When a homeowners association is calculating an assessment, it would be based on
Pro rata share
A limited partnership is closest to a
Syndicate
Homeowners association fees are paid by
All owners of the property in the association
A sales person would not be required to present a buyers offer if
The listing is expired
A master-planned community is defined as
Two or more plotted subdivisions with CC&R’s
When a person forms an LLC it is the tax benefits of
A limited partnership and the investors are called members
Leasee b gives his rights to c. C now pays a lesser a, And C is liable for the balance of b’s lease this is called then
Assignment
A conveys to B for the life of B, and upon B’s death it goes to A’s daughter. This is referred to as
Estate in reversion
Regulation Z shows all cost of borrowing the money except for
Document preparation fees
What is important and an adjustable rate mortgage
Rates and terms can change with market conditions
In interest only payment loan is called
Term
Which of the following best describes a construction loan
Draws over a period of time
If a condo association we’re paying for improvements to the common areas what would they not pay for
Carpet for the individual unit
What kind of lien is a mortgage
A voluntary lien
What clause is in a loan if the borrower does not make timely payments and the entire loan balance will be due
Acceleration clause
In easement to the use property from A to B that runs with the land is
Appurtenant
If real estate companies agreed not to do business with each other’s areas it would violate the
Sherman antitrust act
What kind of listing is it if the broker is paid no matter who sells the property
Exclusive right to sell
When the lender charges a fee for paying off a loan before it’s time, it’s called
Prepayment penalty
A property is given to a school and it will revert back to the grantor when the school ends, this is an example of
Feesimple determinable
Event hood in a business would be a
Trade fixture
Regarding a commission in court you need
Terms of listing and conditions of sale
The rate the Federal Reserve charges when loaning money to a bank is
The discount rate
Price-fixing violates the
Sherman antitrust act
If a residential property was built before 1978, the buyer or tenant is to receive
Lead-based paint disclosure and booklet
A tenant has a trade fixture in the landlord would like to purchase the trade fixture the landlord is allowed to
Offered to buy the item from the tenant
Secondary market is the same as
Re-sale mortgage market
Does the buyer have to disclose to the seller if the buyer is unable to obtain financing
Yes
When a person obtain the loan the lender charges a fee to cover their overhead this is called
An origination fee
When Real Estate is depreciated for tax purposes it must be
Improved
