Mod 1 Flashcards
What is a NOTE
A legal document requiring a borrower to repay a mortgage loan
at a stated interest rate
during a specified period of time
An arrangement to repay delinquent installments or advances
Repayment Plan
An exclusive right to buy contract is similar to
An exclusive right to sell
Foreclosure
The legal process which the borrower in default under a mortgage
*is deprived of their interest in the property
According to the EPA, real property, expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant is called
Brownfields
Liabilities, including long term and short term debt can be called
Financial obligations
Members Of the real estate commission are selected by
The governor
An index used to determine interest rate changes For certain adjustable rate loans is called
Treasury index
When describing an analysis of the transfers of title to a piece of property over the years it’s called a
Chain of title
An income-based community land in model in which mortgage insurers and Fannie May offer flexible underwriting guidelines to increase a low or moderate income family’s buying power and to decrease the total amount of cash you need to borrow a home is called
Fannie Mae Community Home Buyer’s Program
In order for a loan to be insured through the FHA, the property must
Meet certain minimum standards as determined by an FHA appraiser
Under which law is it not permissible for a broker to only sell a property under the condition that the broker obtains the listing for future sales
Sherman Antitrust Act
When No tangible consideration is given, which type of deed is used to convey title
Gift Deed
Chattel real can be interest of a lessee and is NOT
Real property (which is fixed)
Chattel is moveable
The law that governs the redistribution of properties when a marriage is dissolved
Civil code
An interest in real property can be obtained by
Prescription
In Idaho this person is exempt from passing the RE exam
Attorney
But must apply for a license to engage in RE activities
What is specific performance
Forcing a party to do as the contract says they would do
Mostly buyers suing sellers
Anthony receives a tax bill that is related to cost per front foot and amount of benefit he receives. This type of tax bill would be called
SPECIAL ASSESSMENT
(Repayment for installation of curbs, gutters, etc based on the amount of benefit property receives from the enhancements)
If Leo has a mortgage and decides to transfer title to Derek but fails to inform the lender of the title transfer, the lender can demand payment by means of a clause in the mortgage contract called
ACCELERATION CLAUSE
If a lender is performing loan origination, they are in the process of
Getting a new loan
What protects a lender ensuring that the mortgage is an enforceable lien
Title insurance
When a corporation holds title to land, under whose or what name holds the title
The charter
Who has the most percentage of their funds invested in real estate mortgages
Savings and Loan Associations
If an owner reduces the principle on a loan before the due, its called
PREPAYMENT
Because it reduces principle
If a married couple purchase property as tenants by the entirety, neither can obtain a court order for
PARTITION
If Nila has a mortgage that is considered a balloon mortgage, she is required to
Pay the remaining BALANCE at a specific point in time
If a tenant in a commercial building pays a rental fee that includes all property maintenance charges, utilities, and cleaning services, this type of lease is called
GROSS LEASE
Includes rent and operating expenses
Estoppel
A rule of equity that holds that one who causes another to rely on his words or actions
shall be prohibited from later taking a contrary position detrimental to the person who is relied
Main justification for zoning ordinances
To promote the general health, safety, and welfare of the community.
Its a Requirement!!
A legally enforceable relationship that exists between the persons who are parties to a contract
Privity
How big is a section in RE
One square mile
How big is a township
36 square miles
Condemnation is the due process proceeding for
Eminent Domain
An easement is an example of
A non-possessory right
How many acres in a township
23,040
The person to whom an interest in real property is conveyed is called the
Grantee
Four degrees of real property are
Demand
Utility
Scarcity
Transferability
A high risk listing open to fraudulent activity
NET
Agent keeps the sales price above a certain amount. Can get agent n broker suspended or revoked
PITI stands for
Principle
Interest
Taxes
Insurance
(The reserves must equal the cash amount that the borrower would have to pay for a predefined number of months)
In Idaho, the RE Commission only performs
The administration of RE license laws
The borrower in the mortgage agreement is called
Mortgagor
ECOA
Equal
Credit
Opportunity
Act
The civil penalty for a first violation of the federal fair housing laws cam be as much as
$50,000
Up to $100,00 subsequent violations
In certain cases were damage to the value of a property from strict adherence of zoning ordinances would far outweigh any benefit to be derived from enforcement, a person would likely apply for a
Variance
Ex..building came before zoning law so it would cost to much to conform
If a person is obtaining a loan thru the government (FHA & VA) which entity provides the funds?
Ginnie Mae
*gov loan is the key word
A time deposit held in a bank which pays a certain amount of interest to the depositor is called a
CD… certificate of deposit
The statutorily required disclosure form that licensees must give prospective buyers & sellers
The Agency Disclosure Brochure/
“Blue Brochure”
In idaho, if an agent wishes to purchase a listing that is procured by their supervising broker, the agent must
Notify the owner
In writing
That they have a license
In an ARM, the fully indexed rate equat
Index PLUS margin
When a loan is being paid off, over time
The amount of interest DECREASES
while the principal balance DECREASES.
(Interest charged is recalculated based on remaining loan balance at predetermined intervals)
What is the difference between market value of a property and the debt on the property including all liens?
Equity
The civil rights act of 1866 prohibits
Racial discrimination in the sale or lease of residential or commercial property
Government loans are guaranteed by
VA
RHS
Look up fee simple estate
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