Terms & Deffs Flashcards
What is immobile unique and indestructible
 land
When Supply goes up what goes down
 Price
What is Land plus appurtenances
Real Estate
When buying or selling real estate what “runs with the land”
 appurtenances
What rights are associated with a moving body of water that is navigable think river
 riparian
What rights are associated with a body of water that is not moving but is still navigable think lake
 Littoral
Where do you Littoral rights end?
At the mean high water mark
What divides out water rights
Doctrine of prior appropriation
Trade fixtures or personal property that is acquired at the end of a lease if not removed
 Accession
The process of converting personal property into real property. Such as buying materials to make concrete to pour a driveway or sidewalk
Annexation
An interest or right in real property that allows or will allow ownership for an indefinite duration.
Freehold estate
An interest or right in real property that allows or will allow possession for a fixed term
Leasehold estate
Type of estate you will deal with 99% of the time which involves people buying or selling it
Freehold “fee simple absolute”
Freehold estate that offers the maximum ownership estate in real property
Fee simple absolute
Type of freehold estate that is created by a deed condition often a gift
Fee simple defeasible or qualified fee
If a fee simple defeasible freehold estate deed condition is violated what happens to the estate
It reverts to the grantor or their heirs
What happens to the freehold estate with a life tenant who dies
It returns to a fee simple absolute estate and reverts to either the grantor (reverted) or third-party remainderman (if named)
What makes a leasehold estate for years
The lease has a specific termination date which requires no notice to vacate
True or false, death or sale of a  leasehold estate for years terminates the agreement
False, The lease is only terminated upon the predetermined date, unless  otherwise specified in the agreement
With regard to governmental powers what does the acronym PETE stand for
Police power, eminent domain, taxation, and escheat
Eminent domain is the right of the government to acquire privately owned real estate what is the proceeding by which the rate is exercised
Condemnation
What is the process by which the state may acquire privately owned real or personal property if the owner dies intestate (without a legal will)
Escheat
Type of partnership that gives partners equal say but also full liability
General partnership
What type of partnership limits the partner’s liability to their investment only
Limited partnership
What is the best way a couple should take title of a property
Based on the legal advice of their attorney
What right do co-owners have in a joint tenancy (must be specified in the deed)
The right of survivorship, which divides the equal interest of the member that passed away between the remaining members. Without going through probate and overrides a will.
What type of concurrent ownership is almost exactly opposite of joint tenancy and provides the members with no right of survivorship
Tenants in common, the deceased co-owners interest goes to the heirs or devisees
Type of survey that starts and ends at a point of beginning
Metes-and-bounds
In the rectangular (government) survey system what do the commas, semicolons; stand for
Commas = of
Semicolons = and
Because of a semicolon area = 60 acres
This method of describing real estate is typically used in urban or subdivided areas
Lot-and-block method
One tricky OR and EE is for Mortgage who is the mortgagor and who is the mortgagee
Mortgagor = Borrower (2x Os) Mortgagee = Lender (2x Es)
What is OWNERSHIP recognized by the courts after open, continuous, exclusive actual, and notorious (hostile) possession of another’s land for a certain period of time set by state law
Adverse possession
What is EASEMENT recognized by the courts after open, continuous, exclusive actual, and notorious (hostile) use of another’s land for a certain period of time set by state law
Easement by prescription/prescriptive easement
What type of deed states I hear by remise, release, alienate, and convey to X the following real property
Quitclaim
The person who employs another to act on his or her behalf
The principal (not necessarily the person that pays the agent, think buyers agent)
The one who is employed to represent the principal
The agent or fiduciary
What is another name for a transaction broker
Facilitator, someone who does not act as a fiduciary but does provide services to a party
What is the acronym used to remember fiduciary duties to principal as defined by common law of agency
OLD CAR
What does the acronym OLD CAR stand for?
Obedience
Loyalty
Disclosure (only material facts to all)
Confidentiality (Price, Terms, Motivation)
Accounting (Responsible f/ $ or Property)
Reasonable Skill and Care
All you owe to 3rd parties is DAH
Disclosure (at 1st substantive contact)
- Material Facts
Accounting
Honesty and Fair Dealing
Type of agent who is authorized to perform a particular act without the ability to bind the principal
Special Agency
Agency in which the agent is authorized to perform a series of acts associated with the continued operation of a particular business
General agency (ex. Realestate salesperson to Brokerage; Property manager)
Scope of agency where an agent is authorized to perform in place of the principal. The agent has unlimited ability to bind the principal.
Universal agency (POA)
Can a special agent be granted general agent powers?
Yes, for example a real estate sales person may be given power of attorney at some point during the process
Types of listing agreements include
Exclusive right to sell (best f/both)
Exclusive agency (Agent v. Owner)
Open listing (Wild West)
Type of contract that meets all legal requirements and contains all essential elements
 valid, binding and enforceable in court by both parties
Type of contract that has no legal affect and is not enforceable by either party because it lacks one or more of the essential elements of a valid contract
  void
Type of contract that appears valid but one party may disaffirm because the party is a minor or was subject to duress fraud or misrepresentation
Voidable
What type of contract termination occurs if A stipulations cannot be met that was requested
Contingency
Is a contract terminated by death?
No the estate must honor the contract
Long-term debt such as car payments, student loans, or other mortgages should not exceed what percent of monthly income
36%
Weather in mortgage is issued in a title theory or lien theory state what is the mortgage or deed of trust used for
Security for the promissory note
What is the legal instrument that provides evidence of the debt which is secured by either Mortgage or a deed of trust
The promissory note
Who signs the promissory note
The borrower not the lender so there’s not a contract it’s just an IOU
The special provision on promissory note will cause the lender to demand immediate payment of the entire balance if a borrower defaults on a payment
Acceleration clause
The purpose of a mortgage or deed of trust is
To pledge (hypothecate) the property as security for a debt
What type of interest is accrued on the majority of home loans
Simple not compounding
A reason for loan acceleration and foreclosure that results when maintenance of a property is so poor the value that is owed cannot be collected if foreclosed on
Waste
When are conventional loans insured by a Private Mortgage Insurance (PMI) to protect lenders
When the LTV (Loan to Value) is above 80%
Which two laws are enforced by the consumer financial protection bureau (CFPB)
TILA- Truth in lending act !! REG Z !!
RESPA- Real Estate Settlement Procedures Act
Law that deals with
— Loan Costs disclosure
— Not real estate specific
— Enacted by REG Z
Truth in lending act (TILA)
Law that deals with
— All closing costs
— real estate specific
— Standardizes closing practices for 1-4 family residential properties
Real Estate Settlement Procedures Act (RESPA)
TILA (Truth in Lending Act) = ?
REG Z (Federal reserve regulation Z)
Why you hear fast talker at end of commercial 
Four Primary Disclosures required by lenders under TILA
- True cost of credit, ex. APR
- Total finance charges
- Total # & amount of payments
- Total amount financed
What is the 3 day right of rescission?
TILA requirement that does NOT apply to home mortgages or construction loans
What triggers full disclosure under TILA
Mention of down payment, interest-rate, monthly payment, or number of payments. (Price and APR do not trigger)
What combined the TILA & RESPA to create a Loan Estimate that must be provided to the borrower no later than 3 business days after loan application?
TRID (TILA/RESPA Integrated Disclosure act
TRID requires what is provided to the borrower no later than 3 days before closing?
Closing Disclosure
Which act prohibits discrimination in all consumer credit transaction
Equal credit opportunity act (ECOA)
Race, color, religion, national origin, sex, marital status, dependence on public assistance, and age (if over 18)
ECOA adds what protected classes
MAP: Marital status, Age, and Public assistance
What is the Proration math formula
(Amount Paid / Days in Period) x Days Owed
360 Day Year Means each month has?
30 days
How many days are in a month for a 365-day year?
Need to know how many days are in specific month
- 30 days has September, April June and November. All the rest have 31. Except February, 28 & 29 in leap year
- Start at small knuckle & January. peaks = 31 Valleys = 30 or less
How to guess the right answer for proration using big side versus little side
Need to know who owes who, and which one has a bigger piece. Check for only one answer on test that passes test.
Prorated “accrued” items are what?
Owed by the seller but will be paid later by the buyer
How much do mortgage buy down points cost
One-percent of the total amount financed
For tax calculation purposes how many mills are in a penny
 10
Income/Rate = Value is the formula important when dealing with
Valuation of income property
What are the protected classes under the federal fair housing act
Race, color, national origin, sex, disability, and familial status
Under the fair housing act/civil rights act of 1968 are you allowed to advertise in local neighborhood newspapers or websites that may cater to a protected class
Yes as long as you advertise the property and not who should occupy it.
What are the three prominent types of violations to the fair housing act/civil rights act of 1968
Steering
Blockbusting
Red Lining
When dealing with members with disabilities a landlord should not charge extra for the following
Damage deposits above what is normally requested or pet deposits for service animals
What are 4 risk management Points of Evaluation? (ACTR)
Avoid - Remove the Source
Control - Plan to deal w/emergency
Transfer - Use of Insurance
Retain - Too small to respond
What is used to control growth in regards to land-use and zoning
Master development plan
Who’s responsibility is it to verify that current zoning use and rules will meet the buyer’s needs
The buyer’s, but we will usually help
Things to remember when answering questions regarding “off the books” or “outside the company/office” sales
- Must comply with all License laws except listing brokers name on advertising
- Qualifying Broker always liable for licensee’s actions
- Money must be deposited in QB’s trust acct, unless owner of money agrees otherwise in writing
Who qualifies as an immediate family member under Alabama state law?
Parent, child or spouse
Two Possible solutions to earnest money dispute
- Pay the money into court with or without the word “interpleader” or
- The parties all agree in writing how the money should be handled
Is the broker a party in determining what happens to earnest money
No they have no option and cannot deposit anywhere except the court or disperse as agreed-upon by all parties
What do anti-trust laws protect against
Interference in free and open market competition (market dividing, price fixing, bid rigging, refusal to deal)
Who investigates the Alabama anti-trust violations
The office of Alabama attorney general
Is a RECAD disclosure form required in commercial transactions
Yes the only time it is NOT required is when dealing with a company, example transactions with a corporation, limited liability company, partnership, trust, government entity, or artificial person.
A transaction broker may NOT do what
Offer negotiation assistance
In Alabama does a buyer brokerage agreement have to be in writing
Yes if agency services are included and brokers owe some legal duties even after the agreement is terminated
Equation to find Alabama Deed tax
(Down Payment / 500) x $0.50
Equation to find Alabama Mortgage tax
(Amount Financed / 100) x $0.15
What two taxes make up Alabama Recordation taxes?
Deed & Mortgage
True or false Alabama is a community property state?
False
How many square miles are in one section
One
How many acres are in one section or one square mile
640 acres
How many square feet are in 1 acre
43,560  Square feet
When solving for Total Cost or Total Value remember the 2nd unknown will equal what?
100% ex. What is TC if Loan = $1,000, Fees = $100 & Interest = 10%. You know 90% of total = $1,100 so 1,100/.90= $1,222
Capitalization rates are annual so you have to remember to convert what
Monthly income to annual
To convert cubic feet to cubic yards you divide by
 27
How many hours of continuing education must licensees complete during a renewal period?
15
With 6 in Risk Management:
- 3hrs avoiding violations &
- 3hrs any other
 The duty to retain files is only three years, but, if files older than three years are destroyed after a commission request what will happen?
Will result in additional discipline by the commission
There are two correct answers on the test one regarding discipline by the real estate commission and the other regarding additional criminal charges which should you choose?
Always choose the correct answer for the real estate portion of the exam as this is not a bar exam for lawyers.
How long does a new licensee, holding a temporary license, have to complete their post license education requirements?
12 Months
With regard to mold what is required for disclosure in Alabama?
There’s a gray area but should still be disclosed even if professionally removed as spores could still return in the future.
If an agent thinks there is evidence of problems with a home but the owner denies them what should they tell a prospective buyer?
“I have no personal knowledge of ___, but it is always best to obtain a home inspection.”
For the purpose of the license exam once you assume that all rebates are?
 illegal
Who may nominate an individual to the Alabama real estate commission?
The Alabama association of realtors submit three names to the governor for any available position and the governor she uses among those names
What is the FDIC deposit insurance limit on trust accounts?
$250,000
When are your brokers license is revoked and all real estate activities cease under that broker what must also occur before real estate activities by sales persons may resume
The new broker must accept the licenses for sales persons and associate brokers before activities may recommence
To apply as a broker an Alabama sales person‘s license must have been active for how many months of the previous 36 months?
24, breaks in active status are allowed.
Type of contract which gives the buyer the right to purchase and the seller is bound contractually to sell
Unilateral option contract
If two sales people in the same real estate firm agreed to divide their town into northern southern regions and each handle their own is this agreement in violation of anti-trust laws?
No because they belong to the same firm
The licensee always requires buyers and sellers sign a receipt for estimated closing statements. This is because
It is required by Alabama license law that they sign for receipt of the statement before signing for offers and counter offers.
Watch out for MUST vs SHOULD
Sales person I MUST present written offers without waiting. But SHOULD disclose if other offers are pending. 
Qualifying brokers responsibility for her licensees’ actions include
Disciplined by the commission and civil damages to injured parties
Who has the duty to disclose to the seller, the sales person’s real estate license and relationship to a listing agent
The licensee Buyer (sales person), The listing agent would be prudent to disclose such things too but the Duty falls on the licensee Buyer
What is another term for the original sales person‘s license
 permanent
Sales person‘s license has been in inactive status for many years. What is necessary to activate it?
Complete current periods continuing education requirements and then obtain a broker who will request the license to be issued under that broker
Transaction broker may not
Offer Advice to the consumer. This is especially tricky to handle during offers and counter offers
Listing agreements (not buyer brokerage agreement) must have fixed what
Expiration dates
Is the company or brokerage address required to be displayed with the company name on all advertising including business cards?
No
What is the minimum age to take the real estate license exam
 19
Do witnesses testify during the appeals stage of a commission review
No appeals are decided based on the record which consists of transcripts of testimony before the commission and exhibits presented to the commission for review
What do licensees have to disclose if selling their own property
That they are licensed in Alabama
Who holds inactive real estate licenses?
The Alabama real estate commission
What is the last possible date to renew an Alabama license
30 September of even numbered years. 31 August is the last date to renew without been placed in an active status and paying a penalty to renew. 
How long was the person to be a US citizen before obtaining their Alabama real estate license
There’s no length requirement they simply must be a citizen before applying
How much time must pass post bankruptcy to apply for Alabama real estate license
None there is no credit check requirement for licensing
What time period must have passed before someone convicted of a felony or crime of moral turpitude may apply for a real estate license in Alabama
Two years
What is the minimum fine the commission can Levi even simply for a bad check
$100
How long does a temporary license holder have to complete their post license education?
12 months
6 Active
+ 6 Inactive if necessary
Alabama, the duties of a licensee while practicing agency are stipulated by what
The real estate consumer agency disclosure act (RECAD) that must be included on all buyer/seller contracts.
How does a consumer begin the process of converting a judgment into a check from the real estate recovery fund?
Consumer files a verified claim in the court that entered judgment against the licensee
What amount of personal funds may an Alabama broker keep in a trust account
No more than $1,000
How many days does a sales person have to file an application for rehearing
30
Is writing bad checks a violation of Alabama commission law?
No not unless written directly to the commission. However writing enough bad checks might demonstrate dishonest dealings, bad faith, or untrustworthiness which are punishable
Is there a requirement for estimated closing statements to be provided to those selling or buying commercial real estate
No
The appraised value of a residence with four bedrooms and one bath would probably be reduced because of
Functional obsolescence
The truth in lending act requires that lender supplied borrowers with information applying to
The true cost of credit or annual percentage rate
RESPA requires a new loan estimate of closing costs and a new loan closing disclosure before what
Settlement
Acceptable evidence of marketable title is
A title insurance policy
The sales comparison approach to value is MOST important when estimating the value of
An existing residence
To find an estimate of value for an apartment building, retail location, or hotel an appraiser would normally rely on which approach to value for each of these income producing properties?
Income approach
Between an estate for years and an estate from period to period. Which has an expiration date
The estate for years.
Estates from period to period automatically renew until notice is given
Type of easement granting a right of way for utility company’s power lines is?
Easement in gross
When presented with a tax problem for math what is the first thing you should always do?
Check time periods to make sure amounts given are in the same format
Why is in real estate property tax lien a specific involuntary lien when compared to other tax and judgment liens
Because those other liens will target both real property and personal property while the real estate property tax lien only targets the real estate
Demand, utility, scarcity and transferability (DUST) are all characteristics of what
Value
What three things will terminate an agency relationship
Completion of the agencies purpose, destruction of the property, and bankruptcy of the principal
According to federal do not call legislation when a consumer makes an inquiry or submits an application, a real estate licensee may call the consumer for up to how many months
3
If a change needs to be made to a contract how should it be made?
Using an amendment
Items that explain and are added to offers such as an addendum for a long legal description would be called what?
 attachment
A contract that conveys the right to quiet enjoyment and use of property but does not convey title
A lease
A contract in which one party purchases the right to buy at a fixed price within a specified period is
An option contract
An appraisal is based on analysis of what kind of properties
Those that have actually sold
The primary purpose of a profit and loss statement is to analyze what
How the property was managed and make projections for the new year
When the buyer is in default and the seller keeps the earnest money the contract most likely provided for
Liquidated damages
If the listing agent loses the sellers house keys. The agent has reached her fiduciary duties of?
 accounting
A mortgage loan from a seller to the buyer to allow the buyer to complete the transaction is called
A purchase money mortgage
A fixed rate home loan that is fully amortized according to the original payment schedule permits the borrower to pay ____ each payment.
the same amount.
A mortgage broker generally does what
Bring the borrower and the lender together
Federal income tax regulations allow Home Owners to reduce their taxable income by amounts paid for what
Real estate property taxes not repairs and maintenance
General real estate property taxes levied for the operation of the government are
Ad valorem taxes
The clause in the deed that conveys the rights and privileges of ownership is called
The granting clause
How long do parties have to file a discrimination suit in federal
Two years
Why is the civil rights act of 1866 unique
It provides no exceptions that would permit racial discrimination
Title 11 of the financial instructions reform, recovery and enforcement act of 1989 (FIRREA) regulates
 appraisers
A corporation takes title to real property in Severalty, because ?
they are treated like a single person and my own property in severalty
Value = NOI (net operating income)/ by
 capitalization rate
Which title of the ADA impacts commercial in public accommodations
Title III
In this type of lease the tenant agrees to pay rent along with some of the property expenses
A net lease
In this type of lease the tenant only pays rent
 Gross lease
A listing contract is best described as
A personal service contract
Which right of redemption is with the mortgagee/lender
An equitable right of redemption
Which right of redemption is with the court after foreclosure
Statutory right of redemption
Consumer financial protection bureau (CFPB) why is a lender to give the borrower what at the time of application
A new loan estimate of settlement costs
To compute the return on investment (ROI), property Manager must
Divide the after-tax cash flow by the equity and multiply by 100
Does bankruptcy affect agency contract for sale of a property?
Yes because title to the property transfers to a court appointed receiver
Determining the height of a structure a surveyor would most likely use
 A datum
Value = DUST
Demand, utility, scarcity, transferability
This is by definition government restriction on the amount a property owner may charge for rent
Rent control
In joint tenancy each owner has what share of the property
And undivided share they all share equally
Type of defect that is easily noticeable during inspection. Opposite of latent
Patent
How much is a buy down points worth to the lender
1.25% so if they provide a loan for 8% with a one by down point the pay out to the lender would be 8.125%
What is the purpose of a building code?
To make sure buildings are structurally safe
Clause in a mortgage or deed of trust the permits the lender to foreclose sale without court action is
The power of sale clause
Which lease is used to attract tenants for a property that is difficult to lease by offering a lower than market rate that increases as the business grows?
 graduated lease
An appraiser using the gross rent multiplier method would consider RENTAL INCOME and what
 market price
Provides the convenience of legal title at a future date
A contract for deed
Why would a reverse mortgage loan be better for A person over 62 years old be better than a home equity loan?
Because the reverse mortgages does not require the large recurring payments that a home equity loan would.
Which appraisal approach cost?
The cost approach
If a lender applies 28/36 qualifying ratios what percent of the borrowers monthly income can be applied to PITI and what percent is the max total obligations?
PITI = 28% Max
Total Obligations = 36% Max
Of Gross Monthly Income
In an executory purchase contract, the buyers interest is described as
Ownership in equity
In a land contract the buyer holds what
Possession or equitable title during the term of the contract while the seller maintains title to the property
What type of contract is a property management agreement
A personal service contract terminates upon the death of either party
Potentially responsible parties are least likely to include
Real estate licensees. More often than our past or present owners who are those disposing of hazardous waste
A tenant who remains in possession of the property after the lease has expired is called?
A holdover.
This is different than a lease at-will tenant who is still in legal possession
An appraiser uses estimate of the buildings replacement cost in what type of appraisal
 cost approach
In an executory purchase contract, the buyers interest is described as
Ownership and equity
What is a property manager who manages a commercial properties MOST Paramount concern
Environmental damage caused by the tenants business
The four unities of possession interest time and title are associated with which type of tenancy
Joint tenancy
A married couple who owns a farm together with the right of survivorship most likely maintains a
Tenancy by entirety. Because it includes the right of survivorship
A contract entered into without duress, misrepresentation or fraud means that it meets the legal requirements of what
consent
Can an encumbrance on real estate be transferred with title when sold?
Yes as long as it is excepted by the buyer
What is a 1031 tax deferred exchange used for the sale of
Investment property
Type of loan used to cover more than one parcel or lot and maybe used to finance subdivision developments
A blanket loan
If a property is misrepresented because defects are not disclosed to the buyer, The buyer may be able to resend a sales contract or receive
Compensatory damages for repair of the defect
There are no exceptions to fair housing law for what
Racial discrimination
For an FHA insured loan discount points may be paid by who
Either the buyer or the seller
If the borrower discovers that the loan is not assumable what clause did the borrower find
Due on sale
Time, title, interest and possession are necessary for?
Survivorship interest
Private used land restrictions must be in
 writing no verbal agreements
The acquired legal privilege for the right of use or enjoyment, short of an estate, that one may have in the land of others
Easement
True or false property which has been previously encumbered is frequently transferred or sold
True
The Americans with disabilities act requires access for all people to all services in buildings except
Private dwelling
A voidable contract is valid until what
One of the parties elects to resend
This type of contract presents a promise for a promise
A bilateral contract
If the lessee subleases what do they retain
An interest in a leasehold estate
The present worth of a future benefit coming from the ownership of property defines what
Market value
Before the government can exercise the right of eminent domain the use must be
Public with just compensation
 during the period of an exclusive right to sell listing if the principal no longer desires that the broker act for him he may
Revoke the agency created by the listing contract but may be held liable for damages. He’s NOT forced to sell the property in accordance with terms of the listing contract
When appraising the value of a parcel of undeveloped land the first and most important thing to consider is
Market price of comparable properties
An individual who engages in multiple discriminatory practices can be fined by an administrative law judge what
25,000 to 50,000 without limitations of time.
The clause that makes a mortgage note un-assumable is which
Alienation clause
At the time of entering into a conditional installment sales contract the seller retains what
Legal title
A high loan to value ratio would indicate
 Low equity
The type of mortgage requiring the borrower to pay only interest during the term is what type
term
On a construction loan interest is charged to who
The builder
What is a legal right for dissolution of coownership
Bill of partition
In Alabama the annual license fee for salesman and companies is
$85
The annual license fee for brokers in Alabama is
$95
From the final hearing of any complaint brought before aREC they shall render a decision within
30 days
A licensee paying $30 on receipt of their initial active license funds white
The Alabama real estate recovery fund
A licensee desiring to appeal a decision or ruling of the Alabama real estate commission in court shall post a satisfactory bond in the amount of
$200
Does a broker have to pay a license fee for each company they work for
Yes $95 each
 while a licensee may offer an owner money for a listing or if the listing cells or even A vacation to Florida they may not offer what?
A portion of the commission they earn
If a licensee is appealing a decision what happens to their license during the appeal
It is stayed pending the outcome of his appeal
Which estate in real property is often described as being a potentially perpetual estate
Fee simple estate
A lien is always a result of what
 A debt
How many years is required for a prescriptive easement in Alabama
Minimum of 20
Paint peeling off the interior of the building would be considered deferred maintenance, physical depreciation, functional obsolescence, or economic obsolescence?
Physical depreciation
Which of the following would be a negotiable instrument?
 trust deed
 note
Mortgage
The note, neither a trust deed or mortgage is negotiable
Capital required to equalize the value of two like kind properties in a real estate exchange is called the
Boot
Type of control that includes building codes, zoning and subdivision regulations is?
Police power
A tenant of a store in the Local shopping center pays different amounts of rent each month for the same amount of space. The tenant most likely has which type of lease
Percentage lease, where the tenant pays a base rent plus percentage of gross sales revenue each month
If a buyer buys a property “subject to” A mortgage and subsequently defaults on payment, Who is responsible for payments?
The seller only
On the closing statement, the purchase money mortgage would appear as a credit to who?
The Seller
 The fed can usually make the price of real estate go down by doing what
Increasing their discount rates to member banks
Deed restrictions are placed on a subdivision development by who
The developer
Because a person is considered a minor if there are 18 years of age or younger a contract is voidable by the minor if they are not how old?
 19
Do commercial banks provide mortgage loan funds on the secondary mortgage market?
No they provide mortgage loan funds on the primary mortgage market
Listing contracts are not
 assignable
Rent the property would command in a perfectly informed market is?
 economic rent
Which clause in a mortgage would prevent the current holder to pass to a new buyer
Alienation clause
Under a mortgage a mortgagor is the party who
Signs the mortgage is the maker
Do all associate broker is qualified to become qualifying brokers
No they meet the requirements to be a broker but must have a business to be a qualifying broker
What must a student have before they can begin the 30 hour post licensing course
A temporary license
