Missed Test Questions Flashcards
Leaking underground storage tanks
LUST
One example of police power by acuity is
Environmental protection laws
Zoning laws that include tree cutting rules, dredging regulations and waste disposal exemplify
Shore line regulations
A recorded restriction is best described as
A limitation on use
Oversees federal environmental issues
EPA
Combining all three appraisal approaches to determine an indicated value
Reconciliation
Results from building in excess of the value of the neighborhood
Diminishing returns
Essential to creating value
Scarcity
Reporting tool to help agents determine a price range for a property
CMA
The universal appraisal report
URAR
Sales not influenced by unusual circumstances used to determine the market value of a property
Arms length or most
In the cost approach this is added back after subtracting depreciation from replacement cost new
Land
A name for sold homes used in a CMA
Comparables
Sold price divided by annual income
GIM
Dollar value of any housing component measured probable sales price by its worth using “paired sales” in an open market
Contribution
Sold price divided by monthly rents
GRM
Due on sale clause
Alienation clause
Clause that calls the balance owed because of the borrowers default
Acceleration clause
Loan that allows for periodic payments of interest only, with principle due as a lump some payment at maturity
Straight
Is a DVA loan insured or guaranteed?
Guaranteed
What must a borrower provide a lender who is granting a conventional loan?
Mortgage and promissory note
The tandem plan involves..
Fannie Mae and Ginnie Mae
The difference between interest rates in financing arrangements such as wraparound mortgages is called
Arbitrage
