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Success Licensing Michigan Real Estate > Real Estate Vocab > Flashcards

Real Estate Vocab Flashcards

1
Q

HUD stand for what ?

A

Housing & Urban Development

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2
Q

Who appoints Director of Department for Licensing and Regulatory Affairs (LARA)

A

The Governor

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3
Q

How many members in the department of LARA have a License

A

6 out of 9

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4
Q

Equitable Title

A

Buyer has interest in land without a title, until transfer of deed from seller

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5
Q

Estoppel

A

aka a certificate of no defense, estoppel is made to prevent someone from arguing something that contradicts what they have already said.

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6
Q

Revenue Stamp

A

Tax on conveyance (transfer) of title. $1.10 per $1,000 is the County portion, $7.50 per $1,000 is the states portions. DON’T FORGET ROUND SELLING PRICE OF HOUSE TO NEAREST $500.00.

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7
Q

2 days

A

The broker has 2 days to transfer earnest money into escrow account. Agent has to give that to broker right away.

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8
Q

Value determination of house

A

D emand
U tility
S carcity
T ransferablity

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9
Q

5,280

A

Feet per Mile

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10
Q

Caveat Emptor

A

Let the buyer beware

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11
Q

Censure

A

Formal Disapproval

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12
Q

Title Theory and Lien Theory

A

Title Theory is not obtaining the Title of property until the mortgage is payed.
Lien Theory is being able to obtain the Title even if mortgage is due.

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13
Q

Survivorship

A

Part owner absorbs dead post owners share. Last Person Standing

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14
Q

Chattel or Personality

A

Personal property

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15
Q

Curtesy vs Dower

A

“Kurtesy”, the widower; Dower, W for woman, the widow

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16
Q

NAR

A

National Association of Realtors

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17
Q

Fiber is

A

Asbestos

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18
Q

Radon

A

Odorless and Colorless gas

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19
Q

PUD

A

Planned Unit Development

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20
Q

43,560

A

How many square feet in one acre

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21
Q

Subordination

A

Lower in priority

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22
Q

72/120

A

How many hours a buyer can back out after sellers disclosure

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23
Q

10 days

A

How many days a buyer can exit a purchase of property upon finding Lead

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24
Q

Commingle

A

Mixing personal money with business money in the escrow account. $2,000 Limit

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25
Q

5 Days

A

How long the Broker has to give the state the agents license after they quit.

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26
Q

$10,000

A

Maximum fine given from LARA

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27
Q

Punishment for Operating without License

A

90 days imprisonment, $500 fine

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28
Q

When are 2 bonus splits given ?

A

When a new road is put in !

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29
Q

7 days

4 days

A

7 days is how long the old tenant has to return the landlords checklist. 4 days is when you need to FOURward your new address for your safety deposit.

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30
Q

2,6,18

A

2 is the legal requirement for how much legal continued education hour you get in 1 year, 6 is recommended per year, and 18 is all education in 3 years.

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31
Q

October 31

A

When all licences need to be renewed by. Recently outdated rule

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32
Q

20 days

A

That is how long the landlord needs to make corrections to the lease.

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33
Q

Promulgate means ?

A

To Publish

34
Q

Fiduciary

A

Loyal financier/representative

35
Q

1978

A

Lead in paint outlawed. Any house built before 1978 needs to be disclosed to the buyer

36
Q

Exclusive Right-to-Sell

A

You are contracted to sell the property if there was a recognized agreement.

37
Q

1866

A

Civil Rights Act

38
Q

640

A

Acres in 1 section

39
Q

Capital Gains, Universal Exclusion

A

The Section 121 Exclusion is your protection of a chunk of money that is free from tax if property has been held for 5 years and you lived in the property for 2. Single file is $250,000 and married is $500,000.

40
Q

Percentage Lease

A

Cost of lease is base lease plus percentage of income from lessee’s gross sales

41
Q

Package Mortgage

A

Both Personal and Real property is pledged to secure payment of mortgage

42
Q

DTI

A

Debt to Income is your percentage of your monthly gross income to your monthly debt payments

43
Q

Paid tax is credit to ??

A

Seller

44
Q

Easement

A

Non-Possessory right to use or enter real property without possessing it.

45
Q

Encroachment

A

Piece of property is intruding onto another’s without legal consent

46
Q

Encumbrance

A

Claim or other liability against a property by a party other than the owner.

47
Q

LTV

A

Loan to value

48
Q

Lis pendens

A

Lien/Lawsuit pending

49
Q

Blanket Mortgage

A

With 2 properties or more, a blanket mortgage covers all

50
Q

Notary

A

A person authorized by state to take oath and acknowledgements.

51
Q

Novation

A

Substitute of a new contract for an old contract.

52
Q

Laches

A

Loss of legal rights because of failure to assert them on a timely basis

53
Q

Perc

A

Water test to see how the soil retains and absorbs water.

54
Q

14 days

A

2 weeks is how long the landlord has to tell you where the security deposit is held.

55
Q

30 days

A

The landlord has 30 days to return your security deposit.

56
Q

45 days

A

45 days is how long the landlord can take legal action for damages done.

57
Q

Parole Evidence Rule

A

“Judge Judy rule”, the words you speak have to match what has been written and recorded.

58
Q

Carryover Provision Protection Period

A

Protection from a Client waiting until contract closure to sell property for personal reasons.

59
Q

What do you do if you are spending more than 10,000 dollars for business ?

A

Fill out IRS form 8300

60
Q

Do Not Call Registry Exemptions

A

18 Month Relationship if you showed a house to them. 3 Month protection if they called you.

61
Q

Dodd-Frank act

A

The act that merged TILA and RESPA

62
Q

REG Z/Truth in Lending Act

A

Protects the consumers from Credit advertisements being misleading

63
Q

Quit Claim

A

No Warrenty, Removes clouds and claim on the Title.

64
Q

Ad Valorem

A

“According to Value”

65
Q

Usury

A

11 % is maximum interest rate in Michigan. Any rate above 25% is considered criminal.

66
Q

Fee Simple Defeasible

A

Limit to property Rights

67
Q

Fee Simple Absolute

A

Form of freehold estate where you have ABSOLUTELY all the rights to the property.

68
Q

ARM

A

Adjustable Rate Mortgage.

69
Q

Life Estate in Reversion

A

When the property owner passes, the property goes to the previous person.

70
Q

Sellers Agency

A

Allows broker to market property for a given time.

71
Q

Brownfield

A

A reuse or reconstruction of typically underused property which is thought to be contaminated, whether it be a dry cleaner or an old gas station.

72
Q

Buffer Zone

A

The separation of Commercial and Residential property.

73
Q

Accession

A

Process of adding to real property.

74
Q

Emblement

A

Personal Property growing in soil.

75
Q

Special Warranty

A

Deed with Limited Warranty of title.

76
Q

Spot Zoning

A

Rezoning in an area for different use. Example would be an old restaurant in a now residential area.

77
Q

Reverse Mortgage

A

Typically done with older folks, this method is used to get some value of your property while you are still living inside of it.

78
Q

Primary Market

A

Where bonds, securities and notes are first created.

79
Q

Secondary Market

A

This is the market where investors trade securities.

80
Q

Deed in Lieu

A

Giving property back (Lucy Lieu is very nice)

Success Licensing Michigan Real Estate (1 decks)

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