Mod 1

Question 1

What is a NOTE

Answer 1

A legal document requiring a borrower to repay a mortgage loan

at a stated interest rate

during a specified period of time

Question 2

An arrangement to repay delinquent installments or advances

Answer 2

Repayment Plan

Question 3

An exclusive right to buy contract is similar to

Answer 3

An exclusive right to sell

Question 4

Foreclosure

Answer 4

The legal process which the borrower in default under a mortgage

*is deprived of their interest in the property

Question 5

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

Answer 5

Brownfields

Question 6

Liabilities, including long term and short term debt can be called

Answer 6

Financial obligations

Question 7

Members Of the real estate commission are selected by

Answer 7

The governor

Question 8

An index used to determine interest rate changes For certain adjustable rate loans is called

Answer 8

Treasury index

Question 9

When describing an analysis of the transfers of title to a piece of property over the years it’s called a

Answer 9

Chain of title

Question 10

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

Answer 10

Fannie Mae Community Home Buyer’s Program

Question 11

In order for a loan to be insured through the FHA, the property must

Answer 11

Meet certain minimum standards as determined by an FHA appraiser

Question 12

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

Answer 12

Sherman Antitrust Act

Question 13

When No tangible consideration is given, which type of deed is used to convey title

Answer 13

Gift Deed

Question 14

Chattel real can be interest of a lessee and is NOT

Answer 14

Real property (which is fixed)

Chattel is moveable

Question 15

The law that governs the redistribution of properties when a marriage is dissolved

Answer 15

Civil code

Question 16

An interest in real property can be obtained by

Answer 16

Prescription

Question 17

In Idaho this person is exempt from passing the RE exam

Answer 17

Attorney

But must apply for a license to engage in RE activities

Question 18

What is specific performance

Answer 18

Forcing a party to do as the contract says they would do

Mostly buyers suing sellers

Question 19

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

Answer 19

SPECIAL ASSESSMENT

(Repayment for installation of curbs, gutters, etc based on the amount of benefit property receives from the enhancements)

Question 20

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

Answer 20

ACCELERATION CLAUSE

Question 21

If a lender is performing loan origination, they are in the process of

Answer 21

Getting a new loan

Question 22

What protects a lender ensuring that the mortgage is an enforceable lien

Answer 22

Title insurance

Question 23

When a corporation holds title to land, under whose or what name holds the title

Answer 23

The charter

Question 24

Who has the most percentage of their funds invested in real estate mortgages

Answer 24

Savings and Loan Associations

Question 25

If an owner reduces the principle on a loan before the due, its called

Answer 25

PREPAYMENT | Because it reduces principle

Question 26

If a married couple purchase property as tenants by the entirety, neither can obtain a court order for

Answer 26

PARTITION

Question 27

If Nila has a mortgage that is considered a balloon mortgage, she is required to

Answer 27

Pay the remaining BALANCE at a specific point in time

Question 28

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

Answer 28

GROSS LEASE | Includes rent and operating expenses

Question 29

Estoppel

Answer 29

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

Question 30

Main justification for zoning ordinances

Answer 30

To promote the general health, safety, and welfare of the community. Its a Requirement!!

Question 31

A legally enforceable relationship that exists between the persons who are parties to a contract

Answer 31

Privity

Question 32

How big is a section in RE

Answer 32

One square mile

Question 33

How big is a township

Answer 33

36 square miles

Question 34

Condemnation is the due process proceeding for

Answer 34

Eminent Domain

Question 35

An easement is an example of

Answer 35

A non-possessory right

Question 36

How many acres in a township

Answer 36

23,040

Question 37

The person to whom an interest in real property is conveyed is called the

Answer 37

Grantee

Question 38

Four degrees of real property are

Answer 38

Demand Utility Scarcity Transferability

Question 39

A high risk listing open to fraudulent activity

Answer 39

NET | Agent keeps the sales price above a certain amount. Can get agent n broker suspended or revoked

Question 40

PITI stands for

Answer 40

Principle Interest Taxes Insurance (The reserves must equal the cash amount that the borrower would have to pay for a predefined number of months)

Question 41

In Idaho, the RE Commission only performs

Answer 41

The administration of RE license laws

Question 42

The borrower in the mortgage agreement is called

Answer 42

Mortgagor

Question 43

ECOA

Answer 43

Equal Credit Opportunity Act

Question 44

The civil penalty for a first violation of the federal fair housing laws cam be as much as

Answer 44

$50,000 Up to $100,00 subsequent violations

Question 45

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

Answer 45

Variance | Ex..building came before zoning law so it would cost to much to conform

Question 46

If a person is obtaining a loan thru the government (FHA & VA) which entity provides the funds?

Answer 46

Ginnie Mae *gov loan is the key word

Question 47

A time deposit held in a bank which pays a certain amount of interest to the depositor is called a

Answer 47

CD... certificate of deposit

Question 48

The statutorily required disclosure form that licensees must give prospective buyers & sellers

Answer 48

The Agency Disclosure Brochure/ | “Blue Brochure”

Question 49

In idaho, if an agent wishes to purchase a listing that is procured by their supervising broker, the agent must

Answer 49

Notify the owner In writing That they have a license

Question 50

In an ARM, the fully indexed rate equat

Answer 50

Index PLUS margin

Question 51

When a loan is being paid off, over time

Answer 51

The amount of interest DECREASES while the principal balance DECREASES. (Interest charged is recalculated based on remaining loan balance at predetermined intervals)

Question 52

What is the difference between market value of a property and the debt on the property including all liens?

Answer 52

Equity

Question 53

The civil rights act of 1866 prohibits

Answer 53

Racial discrimination in the sale or lease of residential or commercial property

Question 54

Government loans are guaranteed by

Answer 54

VA RHS

Question 55

Look up fee simple estate

Answer 55

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