Principles Flashcards
When property is being foreclosed and entire balance is due
acceleration clause
What triggers alienation clause
Sale of property
How can buyer be assured of getting earnest money back if loan isn’t approved
Place a contingency clause in contract
What happens to property if person dies without will and has no heirs
Property will escheat to state
What is very first transfer of real property from government to private party called?
Patent deed
Property owner erected a block wall on the property.
By what means did the block wall become real property?
Annexation
When cost approach is used to determine value, which apply
Replacement minus depreciation
What does an application for variance most likely show
Hardship on property
An office building has been damaged by flood, which appraisal approach is used to establish replacement cost
Cost
The right of a mortgagor to obtain legal title after payment in full is in
Title theory state
What is the example of a unilateral contract
Reward poster
Which of the following is true regarding an s corp.
Limited number of investors.
Property has cap rate of 10%
What affect does property value does each additional 8 dollars of operating expense have
Value decreases $80
When a person decided to dramatically improve her existing home, she first needs to evaluate the principle of
Contribution
Who regulates the limit of fees slender can charge in escrow for impound accounts
RESPA
What is the purpose of a bring down search (fee)
To update the title prior to the close of escrow
A purchase contract was signed under duress. The status of the contract is
Voidable
An agent writes an offer on another brokers listing.
What should she do
Contact listing broker
When is an estoppel certificate used
When a lender sells loans
A person wants to buy a property in the future, but also wants the right to reject the offer.
What is this called
First right of refusal
A non recourse loan does not provide for
Deficiency judgement
Wetlands come under what control
Police power
Before a mortgage foreclosure is held the mortgagor can redeem the property.
This is called
Equitable period of redemption
What happens to a property if a person does without a will and has no heirs.
The property will escheat to the state
What does the gross rent multiplier indicate
A factor of rents to price
What happens if a person does intestate? The estate is…
Handled by the administrator
In order to qualify for tax deferred exchange, properties must be
Like for like
If a sales person represents a seller in all real estate matters.
What type of agency is this
General
In an escrow in closing, the signed deed is delivered to
The escrow agent
What is it called when legal action is being used to enforce a contract.
Specific performance.
The right of a mortgagor to regain title is called
Redemption
Who pays the loan doc. Prep fees on a BA guaranteed loan
Seller
What is a covenant in a deed
Quiet enjoyment
A deed is delivered to an escrow agent and before the sale is consummated the escrow agent dies.
The deed is
Not affected
True or false
A deed of trust conveys legal title to trust or
False
All of the following are specific liens except
Income taxes
What is not covered in a standard owners TIP that would be covered in an extended title policy
Encroachments
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
Counter offer
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
Easement appurtenant
What is a brokers duty to a third party
Honesty
What connects studs at top and bottom
Top and sole plate
When an appraiser uses subjective value, it refers to
Market price
In a property management contract, what relationship does the manager hAve with the owner
Fiduciary
What is a term loan
Interest only
The market data approach in appraising refers to
Substitution.
Who does salesperson represent
Employing broker
Which type of deed may be assigned
Trust deed
