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RE Practice > Overall Concepts/Definitions > Flashcards

Overall Concepts/Definitions Flashcards

1
Q

What are the 4 ownership types

A

SECJ

  1. Severalty
  2. Entireties
  3. Common
  4. Joint
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2
Q

An ___________ allows the holder of one property to benefit from another’s.

A

Easement appurtenant

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3
Q

The burdened party in an easement

A

Servient Tenement

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4
Q

A metes-and -bounds legal description _____________.

A

must commence and finish at the same identifable point

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5
Q

The illegal and discriminatory practice of _____________ occurs when one person induces another to enter into a real estate transaction by insinuating that the real property values in neighborhood will decline as a result of a member of a protected class buying property in that neighborho

A

blockbusting

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6
Q

_______purpose is to protect the health, saftey and welfare of the community

A

Police Power

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7
Q

_______secured by a specific piece of property

A

Specific Lien

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8
Q

________secured by collective assets of debtor

A

General Lien

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9
Q

A __________is what the brokerage firm has left after licensee commissions have been paid

A

company dollar

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10
Q

A broker collects a non-refundable fee from the seller when the listing is signed to cover the advertising of the property for sale. Such a fee is called an _______ and is considered trust funds.

A

advance fee

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11
Q

What is the name of the lender in a three-party security instrument that hypothecates real estate?

A

Beneficiary

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12
Q

A portion of a township in the rectangular survey system, which is a square with mile-long sides, is called a:

A

Section

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13
Q

While both sections and townships are used in the rectangular survey system, a _________ is the portion under the system that is a square with mile-long sides.

A

Section

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14
Q

A section is how many square miles?

A

1 square mile

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15
Q

To have an outstanding debt satisfied through the sale of a debtor’s property, which of the following legal elements may be required?

A

Writ of Execution

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16
Q

__________refers to the now illegal practice of lenders to refuse to write loans on properties in certain neighborhoods.

A

Redlining

17
Q

One square mile = ________ Acres

A

640

18
Q

A lease that goes from month to month is known as ________

A

an estate from period to period

19
Q

A point, line, or surface from which elevations are measured is known as the:

A

datum

20
Q

The system established in 1785 by the U.S. government, which describes land with principal meridians and base lines, is called:

A

rectangular survey system

21
Q

When a listing on a residential property is signed, which type of agency relationship is usually created?

A

Special Agency

22
Q

A ___________ is a court-ordered document and would not only be enforced in the event of a forced sale, it is often the reason behind it

A

judgement

23
Q

A loan company was referring loan applicants to a particular insurance company, which in turn paid the loan company a referral fee. This is

A

illegal, since the Real Estate Settlement Procedures Act prohibits kickbacks.

24
Q

Real Estate Settlement Procedures Act prohibits _________

A

kickbacks

25
Q

Property over which an easement runs in favor of another parcel of real estate is known as a

A

servient tenement

26
Q

A claim or interest revealed by a title search is called a

A

cloud on title

27
Q

A person who dies without leaving a will is known as having died:

A

intestate

28
Q

A trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. The trustee may take action in those circumstances because he holds

A

naked title

29
Q

The seller under a land contract is also known as:

A

vendor

30
Q

An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided is known as:

A

Writ of attachement

RE Practice (11 decks)

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