Practice Exam #1 Flashcards
When 2 or more persons agree to act and the agreed upon action has the effect of restraining trade, this is called
an anti-trust conspiracy
if bob is conveying an interest in a ranch that he owns out of town to kevin, his friend, Bob is the _______ in this transaction
grantor
another term for a title search is…
due diligence
What kind of loans to origination fees apply to
government loans
if a property is in probate, the real estate commission for the property is set by
the individual court district
if Gregory had his credit report pulled by his lender that included data from two or more of the major credit bureaus (TransUnion,Equinox, Experian), the lender pulled a
Merged credit report
in regards to a lease option
each month’s rent may consist of the rent and an additional amount which can be applied toward the down payment
in the event of death in a joint tenancy
survivor assumes ownership in full
a general agent has full authority to
bind the principle to all agreements
which condition creates a seller’s market
- rising of property prices due to inflation
- the sudden influx of people to an area
- neighboring homes selling for above list price
- the addition of several new housing tracts of new homes
sudden influx of people to an area
what type of arrangement is a less-than-freehold estate
owner tenant
power of attorney means
broker can execute contracts on behalf of the principle
if married couple acquires property during their marriage, the property is considered to be
both jointly owned and community property
jumbo loan is also known as:
non conforming loan
what is the definition of a “note” in terms of real estate
a legal doc. requiring a buyer to repay a mortgage loan at a stated interest rate during a specific period of time.
if a mortgage note was executed and a new loan was established on the same property at a higher rate, the prepayment penalty could be..
waived due to recouping losses through a higher interest rate
Joy is a public official that keeps records of real property transactions in her area. Joy is known as a:
- registrar of deeds
- recorder
- all of these
- county clerk
all of these
in regards to closing costs, they can be..
both recurring and pre-paids
which if the following is considered an “encumbrance”?
all of these
leases
mortgages
easements
all of these
grant offered to help in the construction of a new bedroom of his brother’s home and in the rehabilitation of the existing garage that needed repairs. in this situation, grant is contributing:
sweat equity
: contribution to the construction of rehabilitation of a property in the form of labor or services rather than cash
if a contractor intends to sell 10 properties in a calendar year, he/she will need
a real estate license
: 8 or more in calendar year requires RE license
Even if a person has a low credit worthiness, the fair housing law requires
- none of these
- that lender make good faith attempt to obtain loan
- that the lender make loan away at higher rate
- that lender reconfigure the loan requirements to fit the individual
none of these
if an “as-is” clause is inserted into sales contract for a property that seems to be generally ok on outside, this would be
disallowed
: only allowed in most situations if there are “obvious defects” that any prudent person could discover. … to protect consumers
a satisfactory home inspection performed by qualified inspector is typically a
contingency
if gale (broker) gives financing to jim (owner of construction co.) that is remodeling condo under agreement that gale will have listing, gales agency is
coupled with an interest
if a deed includes a promise that the owner will not build a fence, this is one example of
negative covenant
: a promise that owner will NOT do something.. (opposite is “affirmative covenant”)
a thorough inspection by a pro that evaluates the structural and mechanical condition of property, and is typically a contingency, is called a
home inspection
If Ronald owns a parcel of land complete with a fence surrounding that says “NO TRESPASSING”, he is able to enforce notice by which right?
right to exclude…. one of rights bundled into legal rights of ownership
a credit arrangement which allows a customer to borrow against a pre-approved line of credit when purchasing goods and services is called
revolving debt
when danielle issues a promissory note to henrietta, she has given her
a written promise to repay a specific amount over a specified period of time
a contract for a deed is best described as when
property purchased on an installment plan
..also includes seller holding title to the property for at least 1 year after selling date
fund set aside for replacement of common property in condo, PUD or coop project is called a
replacement reserve fund
when jenny and max sign the doc that includes the price and terms of property which they are ready to buy, they create
a purchase offer
….until sellar accepts, it is offer, not agreement.
in order to make a withdrawal from broker’s trust acct., in addition to authorization from broker, an employee must be
bonded
