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34 Cards in this Set
- Front
- Back
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Improved |
When real estate is depreciated for tax purposes, it must be... |
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1 to 4 plex |
RESPA would cover residential real estate... |
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Seller Carrybacks or Loan Assumptions |
RESPA would not cover... |
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Blue Sky Commissions |
__________________ refer to commissions paid on securities and investments. |
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Leverage |
When you use borrowed money to buy real estate, this is called... |
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Pro Rata Share |
When a homeowner's association is calculating an assessment, it would be based on a... |
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Syndicate |
A limited partnership is closest to a... |
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All owners of property in the association |
Homeowner's association fees are paid by... |
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If the listing expired |
A salesperson would not be required to present a buyer's offer... |
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Master Planned Community |
A _____________________ is defined as two or more platted subdivisions with CC&R's. |
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LLC (Limited Liability Company) |
When a person forms a __________________, it has the tax benefits of a Limited Partnership and the investors are called members. |
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Assignment |
Lessee B gives his rights to C. C now pays lessor A, and C is liable for the balance of B's lease, this is called a(n)... |
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Estate in Reversion |
A conveys to B for the Life of B, and upon B's death it goes to A's daughter. This is referred to as... |
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Document Preparation Fees |
Regulation Z shows all costs of borrowing the money except for... |
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Adjustable Rate Mortgage (ARM) |
What is important in an _________________? Rates and Terms can change with market conditions. |
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Term |
An interest only payment loan is called... |
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Draws over a period of time |
Which of the following best describe a construction loan? |
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Carpet for the individual unit |
If a condo association were paying for improvements to the common areas, what would they not pay for? |
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Voluntary Lien |
A mortgage is a... |
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Acceleration clause |
Having an _______________ in a loan means if the borrower does not make timely payments, the entire loan balance will be due. |
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Appurtenant |
An easement to use property from A to B that runs with the land is... |
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Sherman Anti-Trust Act |
If real estate companies agreed not to do business in each others areas, it would violate the... |
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Exclusive right to sell |
Why do brokers prefer a(n) ________________? The broker is paid no matter who sells the property. |
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Pre-Payment Penalty |
When the lender charges a fee for paying off a loan before its time, it is called... |
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Fee Simple Determinable |
A property is given to a school and it will revert back to the grantor when the school ends, this is an example of... |
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Trade fixture |
A vent hood in a business would be a... |
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Terms of listing and conditions of sale |
Regarding a commission in court you need... |
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Discount Rate |
The rate the federal reserve charges when loaning money to banks... |
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Sherman Anti-Trust Act |
Price fixing would violate... |
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Lead Based Paint Disclosure and Booklet |
If a residential property was built before 1978, the buyer or tenant is to receive... |
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The landlord may offer to buy the item from the tenant. |
A tenant has a trade fixture and the landlord would like to purchase the trade fixture... |
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Re-sale mortgage market |
Secondary market is the same as... |
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Must disclose |
The buyer __________ to the seller if the buyer is unable to obtain financing. |
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Origination Fee |
When a person obtains a loan, the lender charges a fee to cover their overhead. This is call a(n)... |
