Review Flashcards
Hunting on another land is an example of
a License ( temporary right)
Commercial zoning can regulate
The insanity of usage
1 inch how many feet ?
0.0833
Abstract of title
history of the all the recorded documents including change in title liens ..etc.
5 individual join together to purchase a property, they own a property in severalty. what business organization they have ?
Corporation/ In order for people to create sole ownership of a single property they should create corporation.
Passive Fraud
intentional non disclosure of the material fact.
metes and bounds
explain the irregular piece of the property
platform-frame construction
used generally in home building.
broker’s commission is not part of
closing and purchase price.
Spot zoning
Reclassifying one piece of property.
Non conforming Use
Grandfathering/
A nonconforming use is a use of property that was allowed under the zoning regulations at the time the use was established but which, because of subsequent changes in those regulations, is no longer a permitted use
Naturally occurring Gas causing lung cancer
Radon/ Radioactive odorless, tasteless gas
FHA insured loan 203 b
low down payment
Banking math ( discount point)
8 discount point increase the percentage yield from one point spread to the next.
PCBs
electrical equipments/
Open-End mortgage
Expandable loan , allows the lender to increase the outstanding balance of the loan up to the original sum in the note while advancing additional funds…
What time the seller is entitled to receive earnest money ?
At the time of the settlement
A promissory note is
the lender’s evidence of the debt.
Coinsurance clause
homeowner insurance policy to spread risk among multiple insurers /80% coverage replacement cost
condominium
hybrid form of ownership of multi-unit residential or commercial properties./In Texas, if an owner does not pay condo assessments, it can count as an enforceable lien against the homestead.
co-brokerage
A transaction involving a cooperating sub-agent/listing broker splits the commission with the “co-broker,” typically on a 50-50 basis
The cost of credit
must be disclosed to be in compliance with in regulation Z
