More questions :) Flashcards
Which of the following liens takes priority?
This years real estate taxes wins over tax lien
satisfying debt PRIOR to foreclosure
Equitable redemption
satisfying debt AFTER to foreclosure
statutory redemption
use personal and real property as security for a loan:
package mortgage EX: farm and farm equipment
12 properties being used as security to secure a loan:
Blanket mortgage
when leasing commercial space, the rent is based on the gross sales of the business-
Percentage lease
Primary purpose of a deed is to:
transfer title rights
primary purpose of a title:
prove ownership
Which of the following would be classified as a general lien?
Judgment lien
going from real property to personal property
severance ex: tree gets cut down for firewood
going from personal property to real property
fixture ex: ceiling fan
Ad Valorem tax
according to value- most common is property tax
the governments right to change regulations and make laws is:
police power- government telling you how to use your property
government taking property away:
eminent domain- ex: widening a road onto your property
cloud on a title are resolved by :
quitclaim deed
Actual fraud is
lying- intentional misrepresentation
Fully amortized note
normal loan - interest and principal are fully paid
strait note (term loan)
Interest only.. short term approx 1 year ending with balloon payment EX: construction loan
partially amortized note:
loan that pays part of the principal and interest ending with balloon payment
Acceleration clause
allows a lender to force a buyer to pay all of an outstanding loan if the buyer misses payments or violates the contract (think of loan)
License
owner can give PERMISSION only to access their land instead of a right or easement, can be revoked EX: letting someone camp on your yard
Real estate
land plus appurtenances (streams, trees, bushes, houses, natural gas, water rights)
capital gain
profit from the sale of a property or an investment property
depreciation is also known as:
cost recovery
land, mineral and air rights are:
real property
annexation, adaption and agreement of the parties are the legal tests for determining:
real property or personal property
land is:
indestructible
a free hold estate lasts for:
an indeterminable time
leasehold interest
tenants interest
leased fee
landlords interest
tenancy of entirety
only offered to married couples- both parties have to agree to sell
usury law
prohibit lenders from charging borrowers excessively high rates of interest on loans.
