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Real Estate-AZ > Principles > Flashcards

Principles Flashcards

0
Q

When property is being foreclosed and entire balance is due

A

acceleration clause

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1
Q

What triggers alienation clause

A

Sale of property

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2
Q

How can buyer be assured of getting earnest money back if loan isn’t approved

A

Place a contingency clause in contract

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3
Q

What happens to property if person dies without will and has no heirs

A

Property will escheat to state

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4
Q

What is very first transfer of real property from government to private party called?

A

Patent deed

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5
Q

Property owner erected a block wall on the property.

By what means did the block wall become real property?

A

Annexation

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6
Q

When cost approach is used to determine value, which apply

A

Replacement minus depreciation

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7
Q

What does an application for variance most likely show

A

Hardship on property

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8
Q

An office building has been damaged by flood, which appraisal approach is used to establish replacement cost

A

Cost

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9
Q

The right of a mortgagor to obtain legal title after payment in full is in

A

Title theory state

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10
Q

What is the example of a unilateral contract

A

Reward poster

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11
Q

Which of the following is true regarding an s corp.

A

Limited number of investors.

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12
Q

Property has cap rate of 10%

What affect does property value does each additional 8 dollars of operating expense have

A

Value decreases $80

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13
Q

When a person decided to dramatically improve her existing home, she first needs to evaluate the principle of

A

Contribution

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14
Q

Who regulates the limit of fees slender can charge in escrow for impound accounts

A

RESPA

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15
Q

What is the purpose of a bring down search (fee)

A

To update the title prior to the close of escrow

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16
Q

A purchase contract was signed under duress. The status of the contract is

A

Voidable

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17
Q

An agent writes an offer on another brokers listing.

What should she do

A

Contact listing broker

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18
Q

When is an estoppel certificate used

A

When a lender sells loans

19
Q

A person wants to buy a property in the future, but also wants the right to reject the offer.

What is this called

A

First right of refusal

20
Q

A non recourse loan does not provide for

A

Deficiency judgement

21
Q

Wetlands come under what control

A

Police power

22
Q

Before a mortgage foreclosure is held the mortgagor can redeem the property.

This is called

A

Equitable period of redemption

23
Q

What happens to a property if a person does without a will and has no heirs.

A

The property will escheat to the state

24
Q

What does the gross rent multiplier indicate

A

A factor of rents to price

25
Q

What happens if a person does intestate? The estate is…

A

Handled by the administrator

26
Q

In order to qualify for tax deferred exchange, properties must be

A

Like for like

27
Q

If a sales person represents a seller in all real estate matters.

What type of agency is this

A

General

28
Q

In an escrow in closing, the signed deed is delivered to

A

The escrow agent

29
Q

What is it called when legal action is being used to enforce a contract.

A

Specific performance.

30
Q

The right of a mortgagor to regain title is called

A

Redemption

31
Q

Who pays the loan doc. Prep fees on a BA guaranteed loan

A

Seller

32
Q

What is a covenant in a deed

A

Quiet enjoyment

33
Q

A deed is delivered to an escrow agent and before the sale is consummated the escrow agent dies.

The deed is

A

Not affected

34
Q

True or false

A deed of trust conveys legal title to trust or

A

False

35
Q

All of the following are specific liens except

A

Income taxes

36
Q

What is not covered in a standard owners TIP that would be covered in an extended title policy

A

Encroachments

37
Q

John made an offer on bills property.

Bill accepts offer with condition that john moves in 4 days after COE

what is status of bills offer

A

Counter offer

38
Q

Owner of 50 acres lakefront property divides it and keeps the lots closest to the lake.

How would potential buyers prefer an easement to the lake

A

Easement appurtenant

39
Q

What is a brokers duty to a third party

A

Honesty

40
Q

What connects studs at top and bottom

A

Top and sole plate

41
Q

When an appraiser uses subjective value, it refers to

A

Market price

42
Q

In a property management contract, what relationship does the manager hAve with the owner

A

Fiduciary

43
Q

What is a term loan

A

Interest only

44
Q

The market data approach in appraising refers to

A

Substitution.

45
Q

Who does salesperson represent

A

Employing broker

46
Q

Which type of deed may be assigned

A

Trust deed

Real Estate-AZ (4 decks)

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