Study Flashcards

1
Q

Doctrine of Prior Appropriation

A

-state controls water usage
-stage grants usage permits

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2
Q

Tenancy in Severalty

A

sole ownership; passes to heirs

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3
Q

Tenancy in Common

A

-co-tenants own indiviaul interests
-no survivorship
-can convey to outside parties

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4
Q

Joint Tenancy

A

equal undivided interest
-requires PITT (possession, interest, time, title)

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5
Q

Tenancy by the Entireties

A

Husband & wife

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6
Q

Lien Theory

A

lender holds equitable title; borrower holds legal title

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7
Q

Title Theory

A

lender holds legal title until mortgage is satisfied

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8
Q

Actual Notive

A

Knowledge acquired from evidence

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9
Q

Constructive Notice

A

Knowledge one could have obtained

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10
Q

Bargain and Sale Deed

A

“I own but won’t defend”

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11
Q

Special Warranty

A

“I own and warrant myself only”

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12
Q

Gross lease

A

Landlord pays expenses; tenant pays higher rent

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13
Q

Net Lease

A

Tenant pats some of all expenses; rent is less

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14
Q

Ground Lease

A

Landlord owns and leases ground but does not own improvements

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15
Q

Proprietary Lease

A

For cooperative unit owners

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16
Q

Metes & Bounds

A

Starts at point of beginning

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17
Q

Meridians

A

North-south lines six miles apart

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18
Q

Township Lines

A

east-west strip of area between parallels

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19
Q

Township

A

six mile by six mile square at the intersection of a range and tier

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20
Q

Universal Agency

A

-represents in all matters
-can contract for principal

21
Q

General Agency

A

-represents in business matters
-agent can contract for principal

22
Q

Special Agency

A

-represent in single business transaction
-normally agent cannot contract for principle
-characterizes broker relationship

23
Q

Appraisal Process

A
  1. Identify the purpose
  2. Gather relevant data
  3. Assess the highest and best use
  4. Estimate value of the land
  5. Apply the three approaches
  6. Reconcile the values
  7. Compile report
24
Q

Purchase Money Mortgage

A

seller-financed loan

25
Reverse Annuity Mortgage
With a reverse mortgage, the lender makes payments to the homeowner for a specified period of time, and gains corresponding ownership.
26
General Partnership
All members own and manage
27
Limited Partnership
General partner manages; limited partners own but do not manage
28
Bridge Loan
A temporary loan used to cover the interval between two transactions.
29
Wrap-Around
Seller's mortgage remains in place and seller receives payments directly from buyer. Generally short term until buyer can qualify for mortgage
30
Journal
Escrow account
31
Triple Net Lease
A lease in which the tenant is required to pay rent plus taxes, insurance, and maintenance costs
32
1stHomeIllinois
$7,500 down payment assistance
33
Accretion
Gradual growth in size of land because of water-deposited sand, silt, or gravel
34
How many square feet in an acre?
43,560
35
Alienation Clause
Due-on-sale
36
Avulsion
loss of existing land by the sudden change in watercourse (washing it away)
37
Bundle of Rights (DEEP C)
Disposition Enjoyment Exclusion Possession Control
38
CAN-SPAM
email solicitation
39
Regulation Z
Legislation from the Truth in Lending Act that requires disclosure of terms by lenders. Applies to loans secured by a residence
40
What is the function of a note?
Evidence of borrower's debt
41
Hypothecation
Process of securing a loan by pledging property without giving up ownership of the property
42
Real Estate Settlement Procedures Act (RESPA)
requires borrowers to be provided with estimates within 3 business days of completing loan application. Applies to residential real estate (1-4 family homes)
43
What is the role of Fannie Marie in the secondary mortgage market?
Buys conventional, FHA-backed, and VA-backed loans
44
What is the role of the FHA in the mortgage lending market?
FHA does not lend money but insures loans made by approved lenders
45
What is the role of the VA in the mortgage landing market?
Offers loan guarantees to qualified veterants.
46
Real Estate Administration and Disciplinary Board
-15 members appointed by governor -12 must be brokers for 10+ years; 2 active instructors; 3 general public -serve 4 year terms; max of 12 years
47
Function of Department of Real Estate Coordinator
liasion between IDFPR and real estate industry -appointment by Secretary
48
Absorption
Amount of available properties that become occupied over a period of time, usually measured in sq ft