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RE National Exam Glossary Reviews > Glossary Reviews > Flashcards

Glossary Reviews Flashcards

1
Q

All property other than real estate is known as _____

A

Personal Property

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2
Q

Real Estate consists of three things: land, improvements, and _____

A

Rights

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3
Q

If a seller is taking a fixture, it must have been ______ from the purchase contract.

A

excluded

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4
Q

Ownership of rights to a creek is known as _______ rights

A

riparian

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5
Q

When articles of personal property, including landscaping, are permanently attached to the improvements, the become ________

A

fixtures

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6
Q

Before a new building can be inhabited, a ________ is required

A

certificate of occupancy

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7
Q

Permission to vary from strict compliance with zoning requirements may be obtained in the form of a _______

A

variance

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8
Q

When a previously established use does not comply with the requirements of a new zoning ordinance, it may be allowed to continue as a _________

A

nonconforming use

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9
Q

Townships, sections, and meridians are used in the _________ form of legal description

A

rectangular (government) survey

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10
Q

A legal description that uses compass degrees is _______

A

metes and bounds

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11
Q

The type of legal description used in most urban areas is __________

A

lot, block, and subdivision

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12
Q

A _________ may be used to separate two incompatible zoning uses

A

buffer zone

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13
Q

Real estate and fixtures are transferred with a _______

A

deed

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14
Q

Personal property is transferred with a _________

A

bill of sale

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15
Q

If the buyer is keeping the seller’s personal property, it must be _______ in the purchase contract.

A

included

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16
Q

List two ways the government can acquire privately held land:

A
  • Escheat

- Eminent domain

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17
Q

If there is a conflict between a local, state, or federal rule, the _________ will apply

A

strictest rule

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18
Q

A right of use or enjoyment that one person has in the lands of another for a specific purpose is an _______

A

easement

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19
Q

A tenant’s right to possess real estate for the term of a lease is a __________

A

leasehold estate

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20
Q

A tree limb that overhangs into a neighbor’s yard is an example of an _________

A

encroachment

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21
Q

An easement is not _______, but a license is

A

revocable

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22
Q

A claim that one person has against the land of another to secure payment of a debt is a _______

A

lien

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23
Q

A person who has not beed paid for work performed on real property may record a ____________

A

mechanic’s lien

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24
Q

A party wall or a shared driveway is an example of an easement _______

A

appurtenant

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25
Q

The right of an owner to occupy a parcel of real estate forever is a ___________

A

fee simple absolute

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26
Q

The type of lien that takes priority over all others is the ____________ for property taxes (also known as a property tax lien)

A

government lien

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27
Q

As part of their right to govern land use under police power, local municipalities enact and enforce ___________

A

zoning ordinances

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28
Q

A freehold estate is an estate of ownership with an

A

indefinite duration

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29
Q

Leasehold estates are estates of possession with an _______

A

definite duration

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30
Q

Zoning laws are set at a ___________

A

local level

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31
Q

Deed restrictions are created as a form of __________ over land use

A

private control

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32
Q

A written legal document by which ownership of real property is transferred from one party to another is a _______

A

deed

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33
Q

The two parties to a deed are the owner _______ and the buyer _______

A

grantor

grantee

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34
Q

In order to convey title, a deed must be signed by the owner _____________

A

grantor

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35
Q

Title does not pass to the grantee until the deed is __________

A

delivered and accepted

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36
Q

Assurance to grantees that they will not be disturbed by someone else with a lawful interest in the property is the covenant of ________

A

quiet enjoyment

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37
Q

The type of deed that is considered the best deed for a grantee is a _________

A

general warranty deed

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38
Q

A deed that conveys whatever interest in the property that grantor holds at the time of conveyance, has no liability for the grantor, and contains no covenants or warranties is a __________

A

quitclaim deed

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39
Q

A deed with the warranty of seisin that applies only to the period the grantor owned the property is a ____________

A

special warranty

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40
Q

Property owned by one person is said to be owned in ______

A

severalty

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41
Q

A form of concurrent ownership in which all owners have equal shares in the property and the right of survivorship is _______

A

joint tenancy

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42
Q

An undivided interest in a resort condominium as a tenant in common for a specific period each year is a ________

A

time-share

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43
Q

A _________ has a will and knows who will inherit her real and personal property

A

testator

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44
Q

_________ does not require co-owners to go through probate to obtain title

A

Joint tenancy

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45
Q

A person who holds stock in a building owned by a corporation owns the rights to a __________

A

cooperative

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46
Q

The priority of a recorded instrument is determined by the date of _______

A

recording

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47
Q

When an attorney or title insurance company traces the ownership of a parcel of land to the beginning of its recorded history, the process is known as a _________

A

title search

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48
Q

A recorded notice stating that a pending lawsuit may affect title to a particular property is a ________

A

lis pendens

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49
Q

A document that summarizes all recorded interests affecting title to a given parcel of land is an _________

A

abstract or title

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50
Q

All the documents that comprise the history of the title are the _________

A

chain of title

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51
Q

Protection against incomplete or defective records of the title to land can best be obtained by securing _______

A

title insurance

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52
Q

In many cases it is better to __________ asbestos than to ______ it

A

encapsulate

abate

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53
Q

A defect or problem that is not covered by standard or extended title insurance is an __________

A

exception

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54
Q

When prorating, an item paid in advance will be a _______ to the buyer

A

debit

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55
Q

Defects in title are covered only if they are found ______ closing

A

after

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56
Q

An item paid is arrears will be a _____ to the buyer

A

credit

57
Q

Most deeds to be recorded must be ______

A

notarized

58
Q

A new loan will show on the settlement statement as a buyer ______

A

credit

59
Q

Shared items, such as property taxes and water bills, will be ________ between the buyer and the seller

A

prorated

60
Q

______ is an odorless, colorless gas that, if found, is often mitigated by adding ventilation

A

Radon

61
Q

A contract whose terms have been explicitly declared either verbally or in writing is an ______ contract

A

express

62
Q

When only one party to the contract makes a promise, the result is a _______ contract

A

unilateral

63
Q

A contract in which one party has the right to void the contract is a ______ contract

A

voidable

64
Q

A contract created by the actions of the parties is an _______ contract

A

implied

65
Q

A contract with a minor will be ________

A

voidable

66
Q

A lease contract in which the tenant pays rent only is a ______

A

gross lease

67
Q

The protection for buyers in a contract that allows them to get their earnest money back if they cannot qualify for a loan is known as a _______

A

contingency

68
Q

A unilateral contract in which Buyer Allen has the right to purchase a property from Seller Betty if Buyer Allen chooses to do so is an _______

A

option

69
Q

A party attempting to enforce an oral executory contract for the purchase of real estate would be stopped by the _______

A

statute of frauds

70
Q

___________ means that there was an offer and acceptance; there was no fraud, misrepresentation, or mistake; and the consent was genuinely and freely given

A

Mutual agreement

71
Q

The party who makes an offer to another is known as the _______

A

offeror

72
Q

An accepted offer becomes binding on the offeror upon ___________

A

communication of acceptance

73
Q

Actual knowledge to enter into a contract by intentionally deceiving a party is ______

A

fraud

74
Q

Something of value given in exchange for something else of value is __________

A

consideration

75
Q

__________ is not consideration but may be required as part of liquidated damages in a purchase contract

A

Earnest money

76
Q

Additional material attached to and made part of an offer is an _________

A

addendum

77
Q

To modify a written contract, but parties must sign an ________

A

amendment

78
Q

The buyer has equitable title in an _________ contract

A

executory

79
Q

The right of parties to a contract to sue each other to perform that contract terms is _________

A

specific performance

80
Q

When the seller keeps only the earnest money or other things of value of a buyer who is in default, the contract remedy is ____________

A

liquidated damages

81
Q

The process of converting a future income stream into an expression of present value is _______

A

capitalization

82
Q

The cost of replacing an improvement with another of similar quality but not an exact replica is _________

A

replacement cost

83
Q

Loss in value due to causes external to the property is _________

A

economic obsolescence

84
Q

A method of valuing a property by comparing the subject property to similar properties that have recently sold is the _______ approach

A

market data

85
Q

Demand, utility, scarcity, and transferability are essential elements of _______

A

value

86
Q

An appraisal is an ______ of value

A

estimate

87
Q

To obtain the value using the capitalization approach, an appraiser would divide the _________ by the capitalization rate

A

net operating income

88
Q

All the approaches to value use the principle of ______

A

substitution

89
Q

An appraiser calculates accrued depreciation in the ________

A

cost approach

90
Q

When an appraiser determines the accrued depreciation, outdated electrical fixtures are considered __________

A

functional obsolescence

91
Q

An appraiser estimating operating expenses is using the ___________

A

income approach

92
Q

The market data approach is also known as ________

A

sales comparison

93
Q

The step in which the appraiser determining the value of a shopping center would use the ___________

A

income approach

94
Q

The best approach to determine that value of a library would be the __________

A

cost approach

95
Q

The borrower’s right to cure the default and stop the foreclosure sale is __________

A

equitable redemption

96
Q

An __________ would not be recommended for a retiree on a fixed income

A

ARM loan

97
Q

The clause that appears in both the note and the mortgage that allows the lender to demand immediate payment of the entire debt if the borrower defaults is an ______________

A

acceleration clause

98
Q

A loan that is repaid in one single lump sum at the end of its life is called a straight loan or ________

A

term loan

99
Q

A loan in which payments are scheduled so the entire principal balance is repaid by the maturity date is _____________

A

fully amortized loan

100
Q

A disadvantage of a term or partially amortized loan is the final _________ payment

A

balloon

101
Q

A ___________ is used when more than one property is pledged as security for a single loan

A

blanket mortgage

102
Q

A mortgage given by the purchaser to the seller in partial payment for the property is a __________

A

purchase money mortgage

103
Q

The difference between a property’s market value and the debts against it is _______

A

equity

104
Q

A loan that allows a borrower to make smaller payments of interest and principal but has a balloon payment at the end is a _____________

A

partially amortized loan

105
Q

If a borrower sells the property and loan without permission of the lender, the clause that allows the lender to call the loan due and payable is the ________

A

alienation clause

106
Q

Points charged by lenders are computed as a percentage of the ________

A

mortgage amount

107
Q

The higher the loan-to-value ration, the higher the _______

A

leverage

108
Q

A contract that gives a buyer the right to occupy the property now and receive a deed after payment in full of the purchase price is a _________

A

contract for deed

109
Q

The mortgage makes payments to the mortgagor in a _______

A

reverse mortgage

110
Q

A uniform measure of the cost of credit that includes interest and finance charges is known as the _________

A

annual percentage rate

111
Q

Lenders who define an area in which they will not lend as means of discrimination are _________

A

redlining

112
Q

Loans that require the owner to occupy and have no prepayment penalty are _______ and ______

A

FHA

VA

113
Q

Channeling buyers away from particular neighborhoods based on their ethnic background is illegal and is called ______

A

steering

114
Q

The market where loans are originated for consumers is known as the ___________

A

primary market

115
Q

An agency of the federal government that guarantees loans made to veterans is the ______

A

VA

116
Q

A government agency that insures (but does not make) mortgage loans in the ______

A

FHA

117
Q

Refusing to make a mortgage loan to an 80-year-old person is a violation of _________

A

ECOA

118
Q

Loans are bought and sold to support consumer loans in the ____________

A

secondary market

119
Q

ECOA adds protection from discrimination based on _______, which is not protected under fair housing law.

A

age

120
Q

When HUD receives a complaint, the first step HUD takes is to _______ it

A

investigate

121
Q

Senior housing communities are allowed to discriminate based on __________

A

familial status

122
Q

The _____________ prohibits discrimination based on race

A

Civil Rights Act of 1866

123
Q

A real estate salesperson or broker advertising that the “neighborhood is changing” might be guilty of ________

A

blockbusting

124
Q

Insurance used in high LTV conventional loans that gives lenders additional protection in case of default is _____

A

PMI

125
Q

One who employs an agent to act on her behalf is a _______

A

principal

126
Q

The person employed by a principal to act on his behalf is an _______

A

agent

127
Q

Commissions charged by brokerage firms for their services are set by ________

A

negotiation

128
Q

A listing contract in which the owner agrees to pay the agent a commission regardless of who sells the property during the listing period is an _____________ listing

A

exclusive right-to-sell

129
Q

A buyer representation contract that appoints a broker as the sole agent to find a property for a buyer, but allows the buyer to find her own property without paying a commission, is an ___________

A

exclusive agency

130
Q

A listing that allows an owner to list concurrently with more than one broker is an ______ listing

A

open

131
Q

The relationship of a broker to his principal is a ________ relationship

A

fiduciary

132
Q

When a broker serves as the agent for both the buyer and the seller, it is a _______ agency

A

dual

133
Q

Earnest money must be deposited in the broker’s ________

A

trust account

134
Q

Depositing a client’s money in the same account with the broker’s money (which is illegal) is __________

A

commingling

135
Q

Using trust funds for personal reasons is ___________

A

conversion

136
Q

The responsibilities of a property manager are to ________ and ____________

A

maintain value

seek well-qualified tenants

137
Q

A special agent can become a general or universal agent through a ____________

A

written agreement

138
Q

The buyer’s broker should deliver the earnest money to the listing broker __________ after acceptance of the offer

A

acceptance

139
Q

Real estate commissions charged by a firm are determined by the ___________

A

brokerage firm

RE National Exam Glossary Reviews (1 decks)

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