National Colorado Exam Prep Flashcards
What is the best definition listed for the term: “conventional loan?”
A type of loan that is not insured or guaranteed by the government, but backed by private lenders
What is the general technique of determining three-dimensional positions of points and the distances and angles between them?
Surveying
An interest in real property which is held for the duration of the life of a designated person is called a
Life Estate
The statute of frauds, applies to
All real estate sales agreements. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). This is a bit of a trick question.
A lender agrees to release the first borrower from all financial obligations and let a second buyer be responsible for the repayment of the debt. What is this an example of?
A novation. Novation is the procedure in which an original contract is terminated and replaced with a new one. The legal process of novation makes it possible to transfer all contract benefits and liabilities from previous parties to a set of new ones. In plain terms, it’s a simple way to replace an old contract with a new one while maintaining most or all of its original properties.
What is the term Partition?
Partition is a term used in real estate to describe an act, by a court order, to divide up a concurrent estate into separate portions representing interests of the owners of a property.
3 physical characteristics of land
Indestructibility
Immobility
Uniqueness
Richard is renting property from Becky. Richard is on a month to month lease agreement. This past month he did not pay his rent. Richard’s interest would be classified as:
Estate at Sufferance - A tenant who continues to occupy property after his or her rights have expired is said to occupying the property under an Estate at Sufferance.
The ability to buy and sell is also known as what essential element of value?
Remember DUST and your essential elements of value. Demand: This means the desire to buy and an ability to pay. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. Scarcity: Limited in supply, as supply diminishes, value increases. Transferability: Able to transfer from one owner to another.
What is the government issued plan to guide the long-term physical development of a particular area?
The Master plan
Mrs. Jane lives in a small residential neighborhood. 100-year-old trees surround her home, and her neighbor Mr. Joe claims the trees are on his property and is planning on cutting them down. Mrs. Jane tries to reason with Mr. Joe, but he refuses to listen. Mrs. Jane files a lawsuit that includes a court order for Mr. Joe to stop his actions until they can work something out. What type of court order is this?
An injunction - A court ordered injunction can be used to prevent a harmful action, stop ongoing or repeated conduct, or force a defendant to take action to prevent harm.
An individual seeking to be excused from the requirements of a zoning ordinance needs a
Variance - A variance is a request to deviate from current zoning requirements. If granted, it permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
What is land dedication?
Dedication in property law means the donation of your land. Dedication would be considered voluntary, while the others are all involuntarily.
What does the Federal Housing Administration do?
Insures loans made by private lenders
What is the procedure used by a public or private entity with the powers granted to take privately owned real estate?
Condemnation
