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Broker > National > Flashcards

National Flashcards

1
Q

Metes and Bound

A

point of beginning, marker points and land description

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2
Q

Why record a deed

A

Provides constructive notice of ownership
officially transfers where grantor delivers deed to grantee

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3
Q

national or state federal fair housing laws

A

must follow the more restrictive federal or state law

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4
Q

bundle of rights

A

ability to separate one right for the others while leaving the rest of the bundle intact

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5
Q

Real Property

A

Real estate, plus all interests, benefits, rights included in ownership

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6
Q

Federal Fair Housing complaint

A

Fair Housing specialist will review complaint
have a year to file complaint

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7
Q

Buyer Agent task or duty

A

representing buyers interests

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8
Q

Firm charges flat fee for listing

A

Group Boycott- antitrust violation

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9
Q

Right of redemption

A

takes a long time to process foreclosure sale
right of redemption may expire in that time before lender puts REO on market

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10
Q

Appraisal necessary for Conventional Loan

A

Not if sales price is less than 400,000

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11
Q

Reduce Building density via bulk zoning

A

setbacks in height, front/sides
makes a city more livable

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12
Q

Misaligned doors and window issue

A

foundation issue

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13
Q

Tenants installing fixures

A

must repair any damage, but may take fixtures

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14
Q

Material Facts- which fiduciary duty

A

Disclosure

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15
Q

Ratification

A

get a signed agency agreement or act as client’s agent

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16
Q

Statute of Limitations

A

TIMEFRAME
in which a party can file a lawsuit relative to the contract

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17
Q

Defeasance

A

rendering something null and void

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18
Q
A
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18
Q

Adjustable Rate Mortgage

A

Interest may change periodically based on changes in the financial index

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19
Q

Amortized Loan

A

Pays of interest first, remaining goes to principal

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20
Q

Easement permission

A

often established w written agreement

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21
Q

Overview of title history

A

preliminary report:
outlines what insurance covers

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22
Q

Ordinary life estate

A

for the life of the grantee
when dies, its returned to the original owner or remainderman

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23
Q

How do you count townships

A

start in upper right, NE, and follow zigzag pattern

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24
Q

Fair Housing Act of 1968- finance and housing legislation

A

ECOA prohibits discrimination - all classes are protected

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25
Q

Title VIII prohibits discrimination in sale, rental and financing

A

Civil Rights Act of 1968- Fair Housing Act of 1968

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26
Q

Ad compliance must list when interest rate is mentioned:

A

APR, down payment, and terms of mortgage must be disclosed

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27
Q

Indemnification

A

parties are held liable if there are losses

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28
Q

Landlord tenant disputes

A

URLTA provides tenant to remedy situation after notifying landlord in writing and allowing reasonable time to correct issue

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29
Q

Spot Zoning

A

allows a specific property to be rezoned
illegal in some states

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30
Q

Lead Renovation, Repair, and Painting RRP

A

Requires painting firm to have certifications when working on homes prior to 1978

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31
Q

Life Estate

A
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32
Q

Credit Card debt

A

General

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33
Q

National or state overrides

A

National

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33
Q

Categories of Adjustment in cost approach?

A
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34
Q

Silent second?

A
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35
Q

transfer tax

A

calculated on price sold

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36
Q

Mortgage contingency

A

documents type and timeline for financing, routines what to do if financing falls through

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37
Q

MIP

A

(mortgage insurance premium) required for FHA loan

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38
Q

PMI

A

PMI (private mortgage insurance) required for conventional loans with LTV > 80%

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39
Q

Sales comparison approach category of adjustment

A

financing terms and cash equivalency, conditions of sale, market conditions at time of contract and closing, location, physical characteristics

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40
Q

URLTA

A

Uniform Residential Landlord Tenant Act

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41
Q

uses compass headings and directions

A

metes and bounds
landmarks, physical points

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42
Q
A
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43
Q

joint tenancy

A

time, title, interest and possession
equal ownership shares w undivided possession rights. right of survivorship

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44
Q

property manager agreement

A

must be written

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45
Q

appraisal

A

always use smaller number

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46
Q

Agency coupled w interest

A

licensee has interest or right to property
a standard transaction isn’t agency w/ interest

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47
Q

Straw buyer

A

used to purchase a property and secure financing

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48
Q

with no buyer representation agreement

A

not represented

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49
Q

Property ownership income tax possible mortgage interest deductions

A

ownership stage for investors or homeowners

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50
Q

Conveyance with trustees deed

A

property sold at auction in a foreclosure

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51
Q

Legal conforming use

A

business or structure legally established according to zoning ordinances at the time
grandfathered

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52
Q

deed of trust conveyance

A

to a third party trustee for the beneficiary named in the deed

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53
Q

contract performance

A

parties have met the terms of the contract

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54
Q

life estate

A

ends upon death of trustee, person named

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54
Q

Preservation of chain of title

A

record the signed deed- shows broken chain of title

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55
Q

transfer tax

A

based on sales price

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56
Q

tenancy in common

A

default
ownership passes on to the heirs
no right of survivorship
debt inherited

57
Q

deed of trust conveys real estate

A

to a trustee for the beneficiary named in the deed

58
Q

Amortized Loan

A

Fixed periodic payments, applied to both principal and interest
More in interest paid at the start of loan

59
Q

Arbitration

A

after mediation?

60
Q

Purchase money mortgage

A

seller finances loan for difference in list price and their loan

61
Q

CERCLA

A

Innocent landowners aren’t responsible for clean up of hazardous waste

62
Q

CONTRIBUTION- economic principles

A

Value of a component of a property depends on its contribution to the value of the total property

63
Q

Indemnification

A

compensation for harm or loss

64
Q

General warranty deed

A

seller defends against all claims on title

65
Q

Amortization Chart Factor

A

multiply chart factor by sale price/ 1000

65
Q

Special warranty deed

A

seller warrants only claims that stem from when he owned property

66
Q

Choose Your Neighbor campaign

A

discrimination of people in a protected class

67
Q

Bridge Loan

A

temporary, short term, interest only loan secured by borrowers home

68
Q

Defeasance

A

lender cannot pursue borrower for additional funds when loan is paid in full

69
Q

Estoppel

A

prohibits individual from making a statement that’s in opposition to their actions

70
Q

Recorded Deed

A

provides constructive notice of ownership

71
Q

Official transfer of ownership

A

Delivery of deed
recording is constructive notice

72
Q

Federal or state law

A

The more restrictive

73
Q

Survey

A

shows encroachments and property definition

74
Q

Personal Property

A

Anything other than real property

74
Q

Value

A

worth of a property

75
Q

Review all covenants

A
76
Q

Enforcing Title II under Am w Diabilities Act of 1990

A

Dept of Housing and Urban Development

77
Q

When are earnest money checks deposited

A

after seller accepts purchase offer

78
Q

Accounting fiduciary duties

A

paperwork, keys, copies

79
Q

Multiple Listing Clause (MLS Clause)

A

gives broker authority and obligates broker to market to other brokers

80
Q

account that covers maintenance costs for an apt

A

operating acct for that specific apt

81
Q

Trust account for apartment housing

A

holds security deposits

82
Q

Strict liability

A

responsible for cleanup

83
Q

Cost

A

recreate property completely

84
Q

Usury

A

prohibits excessive interest charges

85
Q

underwriter considerations

A

Credit, capacity collateral

86
Q

Density management

A

Limits overgrowth

87
Q

Affects adjustable rate mortgage

A

Rate, index, margin

88
Q

Financing a commercial investor

A

they use rental income to qualify

89
Q

Comprehensive plan

A

areas zoning

90
Q

2 categories of comparison

A

elements and units

91
Q

Sales comparison approach of braketing

A

averaging

92
Q

Penalty for violation of federal do not call rules

A

more than 40k per violation

93
Q

offer and acceptance

A

one party makes and offer, the other signs and returns to the original party

94
Q

Defeansance

A

lender must discharge mortgage lien

95
Q

Farm Service Agency

A

provides guarantees for agricultural loans

96
Q

Conventional Loan waiving PMI

A

Loan to value ratio of 80% or less

97
Q

CHAIN OF TITLE

A
98
Q

Agency enforcing Title II of Amendment with Disabilities Act of 1990

A

HUD?

99
Q

Graduated Lease

A

Based on changing index rates

100
Q

Loan Origination FEes

A

1-3%

101
Q

Exclusive Agency

A
102
Q

Covenant of quiet enjoyment

A

Grantee won’t be disturbed by a title defect passed on by grantor

103
Q

Common element of buyer rep agreeement

A

Description of property being sought

104
Q

Lot and block survey

A

reference metes and bounds
then divide into numbered lots and blocks- that becomes a plat map

105
Q

SARA

A

release homeowners from cleaning up hazardous waste

106
Q

Loans w only 3.5% down

A

FHA

107
Q

Escrow agent preps this paperwork

A

Settlement statement - all $ changing hands
that buyers and sellers will have- with lender

108
Q

Open Agency

A

allows sellers to work with any agent

109
Q

HOA dues

A

townhome and condo both

110
Q

COVENANTS

A

Encumbrances
seisin: you own the property
Right to Convey: right to sell the property
Warranty: grantor will warrant and defend the title against lawful claim of others

111
Q

TITLE insurance

A

Insures no one has claim to title

112
Q

REDLINING

A

Refusing to serve certain demographics

113
Q

MILLS AS TAX RATE

A

Multiply total value of property by # of mills and divide by 1000

114
Q

FTC ADS that trigger commission to investigate

A

Ad that makes a health or safety claim thats difficult for the consumer to evaluate
Determines the severity of the penalty based on the severity of the violation

115
Q

GROSS LEASE VS NET

A

Gross, the landlord pays PITI, utilities, maintenance

116
Q

Actual Notice

A

observing closing and documents changing hands

117
Q

Property taxes change

A

new sale may prompt a reassessment

118
Q

Familial status and disability to existing federally protected classes

A

Fair Housing Amendment Act

119
Q

Housing and Community Development Act?

A
120
Q

Community growth controlled by…

A

Planning Board

121
Q

Sets guidelines for public and common use areas

A

Americans w Disabilities Act

122
Q

Supervision for anti trust violations. max

A

10 yrs

123
Q

Joint tenancy interests

A

Not inheritable, but can sell

123
Q

Constructive notice

A

deed is filed

124
Q

Loan paid off, note holder

A

signs note, marks paid in full, returns to borrower

125
Q

blockbusting

A

Sell immediately because demographic shift is occurring

126
Q

Redlining

A

withholding services to a specific demographic

127
Q

Bundle of rights disposition

A

right to use without interference?

128
Q

Fee Simple Determinable

A

so long as, while, during phrases to described required conditions

129
Q

Bounds

A

physical features defining boundaries of property

130
Q

Sales comparison approach

A

financing and cash equivalency is applied first
then
conditions of sale
market conditions at time of contract and closing
location
physical characteristics

131
Q

Disposition

A

property right

132
Q

FTC ads

A

claim that’s likely to cause injury and is misleading

133
Q

Contribution

A

increases value of adjoining properties?

134
Q

Appraisal process

A

state the process
determine highest and best use
identify date that’s needed
gather data

135
Q

Ratification

A
136
Q

Amortized loan

A
137
Q

Subagency

A

agents from different firms agree to work together

138
Q

Progression

A

bump in value from a higher priced property next door

139
Q

PITI payments

A

interest receives most of the mortgage payment

140
Q

Tax abatement

A

lower property taxes on a given property for a set amount of time for improvement. rehabilitation or new construction

Broker (5 decks)

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