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208 Cards in this Set
- Front
- Back
What best describes personal property? |
Chattel |
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Monthly rent is not corporeal property. |
True |
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Lumber is not realty |
True |
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Real estate is best defined as |
Land and all permanent atachments |
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What is a freehold estate |
An estate with an uncertain duration |
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What is a personal item that is affixed to realty |
A fixture |
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What is not considered a permanent atachment to land |
Chattels |
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A person who has some rights in land but not all possessory rights has |
An interest in land |
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A person who only has permission to use land has |
License to use |
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Adverse possession |
A person receives title of land by virtue of having occupied it for a certain period of time w/o paying |
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A person who dies with no will |
Intestate |
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Right of survivorship/ undivided intrest |
Joint tenants |
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Tenancy in severalty |
Ownership by one person or 1 entity |
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What are dower rights |
Rights that allow spouse to receive a portion of deceased spouses estate |
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Easement |
The right to use property of another for specific purchase |
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Foreclosure |
Person holding a claim against property can sell property to pay claim |
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A person that appears to own property bit does not is said to have |
Color of title |
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Fee simple estate = |
Freehold estate |
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Color of title= |
Appearance of title |
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Pur autre vie life estate is |
A life estate based on life of someone besides tenant |
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T/F A one month lease is not real property |
T |
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Adverse possession might establish |
Claim to title |
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An easement by prescription might establish |
Use of a property |
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Accretion |
Land added because of receding water |
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Avulsion |
Land removed because of water rising |
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Riparian land borders |
Any body of water. River, stream, watercourse etc |
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A person holding title to real property in severalty would most likely have |
Sole ownership |
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Joint tenancy w/o survivorship |
Tenancy in common |
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Government taking land= |
Eminent domain |
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Bought apartment and receiving property tax= |
Condominium |
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Real property |
Land, improvements, bundle of rights |
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Fixtures are included in contract chattels are not |
T |
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Land owned apart from buildings on it is |
Ground lease |
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Abstract of title includes |
Summary of title search |
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In order to reach the beach the smith's have permanent right of way across neighbors beachfront property this is an example of |
An easement |
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A cooperation usually owns property in |
Tenancy in severalty |
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Littoral rights for property's on ocean give ownership up to |
The mean high water mark |
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Lumber for a deck that has not yet been built is |
Personal property |
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Intestate personal property is passed by |
Succession |
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Tenancy in common leaves property's to |
Heirs |
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Property that can become real estate through physical attachment is |
Fixture |
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What gives the state the right of property left by one who died with no will or heirs |
Escheat |
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A fee simple estate is |
Complete ownership |
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Process of using eminent domain |
Condemnation |
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Tenancy in common |
Heirs |
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T/F A devisee inherits real estate under will |
T |
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Grandpa died and u get land |
Inherited by decent |
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Proprietary lease is unique to what kind of ownership |
Cooperative |
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At the expiration of a life estate it passes to |
Remainderman |
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Typical relationship of broker to principal is |
Special agent |
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Listing contract says broker will receive commission no mater who sells |
Exclusive right to sell |
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Principal is required to |
Compensate agent for services |
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A special agent |
Powers limited to specific functions |
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Rate of commission is |
Negotiable |
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An unlicensed person who makes advertisement must |
Have broker written approval |
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In a transaction broker relationship |
Seller or buyer are not responsible for brokers acts |
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In transaction relationship there is no |
Undivided loyalty from broker |
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No agency relationship may assist |
Buyer and/or seller |
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A sales person is ____________ of the broker |
An agent |
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Prima facie evidence |
Establishes a given fact |
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When a broker is the agent of the owner the salesperson is |
A subagent |
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Single agent= |
Fiduciary |
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If a real estate attorney wants commission |
Must obtain license |
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Is it good practice for a broker to prequalify prospective buyer |
Yes |
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If a broker dies his listings are |
Terminated |
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A salesperson may receive compensation from |
Broker only |
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Brokers role when working for the seller is to |
Bring a ready willing and able buyer |
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If a salesperson goes to a new brokerage what happens to his listings |
They stay with the original broker |
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A licensee license must be posted |
In a public place in brokers office |
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Does an apartment complex manager need a real estate license |
No |
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What kind of listing creates conflict of interest |
Net listing |
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When working for a buyer the broker does not have to disclose |
Buyers motavation |
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You must have an escrow account if |
U hold earnest money |
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Role of a broker who seeks buyer |
Special agent |
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How is a buyers broker typically paid |
By the listing broker through a commission split |
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Can a salesperson working for a broker be classified as an independent contractor |
Yes |
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A contract in which an owner employs broker to find buyer is |
A listing |
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Contract in which ownership of real property is transferred is |
A deed |
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2 parties to a lease contract are |
Lessor and lessee |
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A person who is too young to be held to a contract is |
Incompetent |
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A person that lies on order to mislead to a contract is |
Fraud |
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Holding a gun to someone's head in order to make him sign is |
Duress |
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A contract in which one agrees to purchase another real estate at a later date is |
A contract of sale |
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Contracts made by a minor are voidable by |
Minor only |
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Parties to a deed include |
Grantor and grantee |
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T/F A broker must present all offers no matter what |
T |
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In a legal sale contract the seller is referee to as |
The vendor |
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To have a valid purchase and sale agreement it must contain |
Purchase price and terms and conditions of sale |
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Person who has the right to act for another is |
An attorney in fact |
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Due dates are not necessary for a valid contract |
T |
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An attorney in fact can bind a principal to a contract |
T |
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A bill of sale is used to convey |
Retail store inventory |
|
A contract that states the price and terms in writing is |
Express |
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Is earnest money essential to a contact |
No |
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Number of acres in 1 square mile |
640 |
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What is the best way to determine boundary line enroachment |
A survey |
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A parcel of land is 1/2 a mile by 1/2 a mile how many acres does it contain |
640 × 1/4= 160 |
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A township is how many square miles |
36 |
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Base lines run east and west |
T |
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Pob |
Point of beginning |
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Principal meridians run north and south |
T |
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Township is |
36 square miles |
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Best method to determine enroachment is |
Survey |
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Statute of frauds makes contacts enforceable |
T |
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A valid contact of purchase mist be signed by |
Buyer and seller |
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Earnest money |
Hand money paid upon signing of agreement of sale |
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Seller of real estate |
Vendor |
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In any contract of sale there must be |
An offer and acceptance |
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Shaking hands for a transaction is |
Unenforceable |
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A buyers final inspection is called |
A walk through |
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A valid contract to purchase real estate must include |
A legal description |
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In a contract of sale the closing date must be |
Clearly stated |
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What is used to substitute an new borrower with lender approval |
Novation |
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A signed purchase and sale agreement is |
A binding contract |
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An option agreement is |
When the buyer has the option to buy at a later date |
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A prospective purchaser has the right to demand |
The ruturn Earnest money deposit before the seller accepts offer |
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Legal remedy to force the seller to close on a sale is called |
Specific performamce |
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A valid real estate contract must be signed by |
Buyer and seller |
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A contract form for sale of real estate that is not signed yet is |
Executory |
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A contract of sale is signed by the buyer and seller. Before closing the buyer has |
Equitable title |
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If a buyer defaults on a sale where does the earnest money go |
Seller |
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When a buyer purchases personal property what document is prepared |
Bill of sale |
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A quitclaim deed conveys the interest of the |
Grantor |
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Habendum |
Defines or limits the quantity of the estate granted |
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For a deed to be recorded it must be in writing and |
Acknowledged |
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A quitclaim deed creates the least liability |
T |
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What does the recording of a deed do |
Gives constructive notice of ownership |
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Title to real property may pass by |
Deed |
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Recordation of a deed is the reponsibility of the |
Grantee |
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Deeds should always be recorded |
As soon as possible |
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A deed of conveyance must be signed by |
Only the grantor |
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A deed conveys real estate to |
The grantee |
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Deeds are recorded in |
The county courthouse |
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Property is identified in the deed by the |
Description |
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Why is a deed recorded |
To give notice of the transaction to the world |
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Ownership of property is transferred when |
Delivery of the deed is made |
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A notary public |
Provides acknowledgement |
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Alienation means |
Transferring title |
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What is a trust deed |
When the borrower gives deed to disinterested 3rd party |
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A quitclaim deed is given by |
Grantor |
|
Devisee |
Receives real estate under a will |
|
A deed is usually used to convey ownership |
T |
|
To be valid a deed must include |
A legal description |
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A deed of trust is the voluntary alienation of real property |
T |
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What clause defines the quantity of real estate being conveyed |
Habendum clause |
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T/F tenant is the lessee |
T |
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A percentage lease requires tenant to pay |
Percentage of gross sale as rent |
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A lease that requires landlord to pay operating expense is |
A gross lease |
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A lease for less than a year |
May be oral |
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When a individual holds property after lease is up with out landlords consent |
Tenancy at sufferance |
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Percentage lease is based on |
Tenants gross sales |
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Vacancy |
Does not terminate a lease |
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An estate at will is |
A tenancy of uncertain duration |
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Property managers are required to be licensed in all states |
True |
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A lease in which tenant pays maintenance expenses utility |
Net lease |
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Right if a tenant to not be evicted by someone who claims superior rights |
Covenant of quiet enjoyment |
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The interest of a tenant in a rented building is |
A leasehold |
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A stores lease in a shopping center is often a percentage lease |
T |
|
Term that describes a tenants interest in a property is |
A leasehold estate |
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A leasehold estate that has a definite beginning and ending date is known as |
Estate for years |
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Upon expiration of a lease the tenant may remove |
Trade fixtures |
|
In a gross lease the lessor pays operating expenses |
T |
|
If one or more broker is employed to sell real estate there exists |
An open listing |
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A brokers responsibility is regulated by |
Law of agency |
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A listing agreement may not be terminated |
Without compensation if the broker has found a buyer |
|
If an agent has not located a buyer by the end of the listing period |
Relationship terminates |
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What party establishes listing prices |
Seller |
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Property that is used to equalize value of all property exchanges is called |
Boot |
|
Sale of land with a deed delivered at final payment is called |
Land contract |
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Type of mortgage that requires lender to make periodic payments to borrower who is 62 or older in the fha is |
Reverse mortgage |
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The lending of money at a rate of interest above legal rate is |
Usury |
|
One discount point is equal to |
1% of the loan amount |
|
Discount points in fha and va loans are paid by |
Seller |
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Main appeal of VA mortgages is |
Minimum down payments |
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When a loan is assumed on purchase who becomes liable |
Purchaser |
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An estoppel certificate is required when |
Mortgage is sold to investor |
|
A second mortgage is |
A lien |
|
A large final payment on a mortgage is |
A ballon |
|
Amortization |
Liquidation of debt |
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A mortgage is related of record by |
Satisfaction peice |
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The borrower is |
Mortgagor |
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Mortgage is characterized by |
Interest only payments until maturity |
|
REIT |
Real estate investment trust |
|
Refinancing |
Arranging a new loan to replace an existing loan |
|
REIT is like a |
Mutual fund |
|
Casualty insurance is |
A fixed expense |
|
Purchase money mortgage |
Seller of realty takes a partial payment |
|
FHA |
Insures loans made by approved lender |
|
PMI |
Public money insurance |
|
What is a VA loan based on |
Certificate of reasonable value |
|
A loan from the seller to the buyer is called |
Purchase money mortgage |
|
A blanket mortgage includes 2 or more properties |
T |
|
If a property is sold subject to the mortgage who is responsible |
Seller |
|
Fannie Mae |
A purchaser of mortgage loans |
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P&I |
Principal and interest |
|
Exculpatory clause |
Limits the owners liability to property |
|
Lien with the first claim on real estate is |
The one recorded first |
|
Package mortgage |
Both real and personal property as collateral |
|
What is the definition of a mortgage |
A pledge of property as collateral for debt |
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The borrower of mortgage is |
The mortgagor |
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Adjustable rate mortgage is |
Index plus margin |
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Ad valorem tax is based on |
The value of the thing being taxed |
|
Property tax |
Ad valorem tax |
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A deduction for a business property that requires no cash outlay is |
A depreciation expense |
|
The report of sale to the irs is made by |
Closing agent |
|
RESPA applies to |
First mortgage loan on one's home |
|
RESPA requires good faith estimate within |
3 days |
|
RESPA applies to |
Financing of 1-4 family residences |