Practice Test Flashcards
When cost of updating far exceeds value of homes in area, lack of feasibility is
Incurable
FREC are volunteers because____
No salary/ employees and do not work on daily schedule
Characteristic of value/ component that would cause lender to refuse making new loan for buyer=
Transferability- title is NOT marketable
PUD
More density than residential zoning, designed to maximize development by using green space
“Have and to hold”
Habendum clause, describes two rights of being transferred
(2) items that MUST be present before the taking of a property=
1) condemnation proceedings
2) owner must be compensated
real estate recovery fund will never cover (2)
1) Legal fees
2) punitive damages
This can be considered abandoning of real property-
Failure to pay property taxes
NOT a tax advantage of of real estate ownership-
Property depreciation
JTWROS
Joint tenancy w/ rights of survivorship- must be shown in THIS manor
Has a definite ending date-
Estate for years
These are considered constitutional because it protects health/ safety/ private property-
Zoning laws
VA loans require less cash from vet borrowers because there is_
No downpayment but there are closing costs
Base homestead exemption price-
25,000 dollars
Sales price is to buyer and seller-
Buyer- debit
Seller- credit
Promise to do or not to do something-
Contract
Property is sold in forced sale to highest bidder-
Foreclosure
NOT an authorized brokerage under FL law-
Disclosed dual agency
MIP-
Mortgage insurance premium
What protects a lender due to low down payments made by FHA borrowers?
mortgage insurance premium (MIP)
Bill of sale transfers-
Personal property
Violent tearing away of soil by hurricane is an example of -
Avulsion
