Principles of Real Estate II Flashcards
Government’s authority to regulate the health, safety, welfare, and morals of its citizens
Police power
Regulation by a municipality of the use of land located with the municipality’s corporate limits as well as the regulation of the buildings and structures located thereon
Zoning
Limit how close a structure can be built to neighboring property lines
Setbacks
Request of the Board of Adjustment to vary development standards (not uses) such as building setbacks in the zoning ordinance
Variance
Combines the individual ownership of private dwellings with the right to use shared common facilities of the entire project
Common Interest Development (CDI)
Has the authority to enforce deed restrictions and to raise money through regular and special assessments
Homeowner’s Association (HOA)
Consists of a seperate fee interest in a particular specific space (the unit), plus an undivided interest in all common or public areas of the development
Condominium
Requires that federal agencies and other entities undertaking activities on federal property conduct an environmental analysis of the proposed project
National Environmental Policy Act (NEPA)
A construction loan is called a(n)
Interim Loan
The term lessor is MOST likely to be used to describe a(n)
owner
While a buyer’s funds are held by the escrow agent, they are kept…
in a trust account
What results from factors outside the property?
Economic Obsolescence
The clause that gives the lender the right to call in the note if the mortgaged property is sold or otherwise conveyed by the borrower is known as the
due-on-sale clause/alienation clause
The expenses, which a lender incurs while processing a mortgage loan application, are recovered from the borrower as…
origination fees
Jack has a lien on his home. The lien will be repaid in full by the maturity date without the need for a balloon payment. This type of loan is known as a(n)
Amortized loan
The rates that consumers pay for the title insurance in Texas are set by
Texas Dept. of Insurance
The difference between the market value of a property and the sum of the liens against it is called
The equity
A lender may voluntarily take a lower priority position that he would otherwise be entitled to by a virtue of his recording date is
subordination
The placing of funds belonging to others in a broker’s personal bank account constitutes
Commingling
