MUST KNOWS Flashcards

Question

PLOTTAGE

Answer 1

PROCESS OF INCREASING VALUE BY PURCHASING ADJOINING LAND/INCREASES VALUE WHEN OWNED BY ONE PERSON

Answer 2

Tenant pays a fixed rent and some or all of the utility expenses, while the landlord pays all taxes, insurance, repairs , and other utility expenses, and maintenance connected with the property

Answer 3

Either a gross lease, or a net lease, generally used for retail business leases. The rent is based on a minimum fixed rental fee plus a percentage of the gross income received by the tenant doing business on the leased property

Answer 4

added sex to the list of not being discriminated against

Answer 5

expands its coverage to include disabled persons and families with children

Answer 6

(ONE- TO FOUR-UNIT) GRM based on monthly income could be used for a rough approximation of value. GRM is the ratio of the price of a real estate investment to its annual rental income before expenses Sale price / Monthly gross rent = Gross rent multiplier $155,000/$1,250= 124 GRM

Answer 7

any person who abides within the dwelling unit, or any person who owns or occupies a manufactured or mobile home, but who is not a tenant or an unemancipated minor child of a tenant, and who is not legally obligated by the terms of the rental agreement/someone who is staying but their name is not on the lease

Answer 8

Delivery = 5 days in person/10 days by mail, may deliver the notice to any family member as young as 12 years old

Answer 9

If the premises have been flooded within the last 5 years, the landlord shall include that information and in writing as part of any written rental agreement

Answer 10

The landlord can not deny or terminate tenancy to a blind, deaf, or physically handicapped person because of the guide, signal, or service dog and may not charge extra rent for the animal

Answer 11

Any damage or security deposit required by a landlord of a tenant must be kept in an escrow account for the tenant, which account shall be account shall be maintained in the State of Oklahoma with a federally insured financial institution

Answer 12

An occupancy limitation of 2 persons per bedroom residing in a dwelling unit shall be presumed reasonable for this state. If woman has more kids during her lease can not force her to take a larger unit

Answer 13

a contract by which an optionor (owner) gives an optionee (purchaser) the right to buy or lease the owners property at a fixed price within a certain period of time. An option is enforceable by the optionee only (a unilateral contract)

Answer 14

aka contract for deed, contract of sale, bond for title, installment contract, land sales contract, articles of agreement for warranty deed.. the Owner/Seller/Vendor retains Legal Title while the Vendee takes possession and gets Equitable Title

Answer 15

buyer receives title to the property but places a security interest on it in favor of the seller

Answer 16

a feature of the home or property that acts as a benefit to the buyer but that is not necessary to its use.

Answer 17

A binder, or an offer to purchase is a preliminary agreement secured by the payment of cash money between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. The binder does not legally bound the buyer to absolutely purchase the property. If the buyer changes his mind or is unable to purchase, the money is forfeited unless the binder expressly provides that it is to be refunded.

Answer 18

An equitable doctrine used by courts to bar a legal claim or to prevent the assertion of a right because of undue delay or failure to assert the claim or right

Answer 19

the earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees

Answer 20

FIVE OR MORE UNITS Sales Price/ Annual Gross Income =GIM if commercial property sold for $155,000 and its annual rental income is $15,000, The GIM would be $155,000/$15,000 = 10.33 GIM