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47 Cards in this Set
- Front
- Back
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What is tax deductible for homeowners? |
Interest expense |
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A home whose value increases due to the proximity of higher priced homes in the area is an example of... |
Progression |
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Soliciting listings based on a fear of racial change in an area is called... |
Blockbusting |
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Which of the estates has a definite duration? |
Estate for years |
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What would accomplish a business owning real estate, wishing to increase its liquidity, while reducing its long term debt? |
Sale and leaseback |
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What is both a lien and an encumbrance? |
Mortgage |
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How might a father and son hold title to real estate owned together? |
Joint tenants |
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Primary purpose of appraisal? |
Estimate value |
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To have a valid deed, there must be a... |
Description of the property |
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Over improvement of a property is an example of... |
Functional Obsolescence |
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The lender in a deed of trust is known as what? |
Beneficiary |
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What is required to have a valid contract? |
An offer and acceptance |
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Liquidation of a loan using equal payments is called what? |
Amortization |
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A clause in a mortgage that calls for assignment of rents benefits whom? |
Mortgagee |
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A deed restriction is often described as what? |
Encumbrance |
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In a joint tenancy between two single persons, if one were to sell their interest to a third party the tenancy would become what? |
Tenancy in common |
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A contract for an illegal purpose would be considered what kind of contract? |
Void |
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To alienate a property means to... |
Transfer it |
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First step in the appraisal process? |
Highest and best use |
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In a closing statement, the sale price is a... |
Credit to seller debit to buyer |
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The transfer of equitable title while there is retention of legal title describes what? |
Land contract |
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When the appraiser is concerned about the commercial tenants in the area doing well economically, that is an evaluation of what? |
External obsolesence |
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The appraisal principle holding that the greater the similarity among properties in the area, the better they will hold their value is called... |
Conformity |
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What is a delinquent tax? |
Lien |
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Collateral for a real estate loan is the... |
Property` |
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The lower the loan-to-value ratio, the higher the... |
Owners equity |
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An owner of an undeveloped property does not want to sell or build on it, what kind of lease would accomplish this? |
Ground lease |
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The Real Estate Settlement Procedures Act (RESPA) applies to federally related loans for... |
Residential properties with one to four units |
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What purchases mortgage loans that conform to their standards? |
Fannie Mae |
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When someone buys property via a land contract, the party making the payment is considered the... |
Vendee |
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A lease that automatically renews itself is a... |
Periodic Tenancy |
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An equal amount of depreciation as an expense each year is called a... |
Straight Line depreciation |
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An example of an involuntary alienation would be a... |
Sheriffs sale |
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The Indiana Real Estate Commission consists of? |
9 district commissioners, 2 citizen members at large, and 1 real estate member at large |
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Regarding the Real Estate Recovery Fund, can't drop below... |
$450,000 |
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Agency relationship involving two or more clients who are represented by different licensees within the same firm is called... |
An in-house agency relationship |
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Who would not be required to complete a Residential Real Estate Disclosure Form? |
Builder selling a newly constructed single-family home |
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Who would be required to have a real estate license? |
An attorney soliciting listings from "For Sale By Owners" |
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What is the requirement for continuing education for real estate licensees? |
36 hours of continuing education in each license renewal period |
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How long after expiration does the licensee have to reinstate their license without having to retake the state exam? |
3 years |
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Regarding purchase agreements, when must they be presented to the seller? |
Immediately |
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A buyer agent offers a rebate to buyers who buy a home through him, the rebate is allowable but... |
Must be disclosed to all parties to the transaction |
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Upon termination of a brokers license with a managing broker, the termination form must be returned to the licensing agent within... |
5 business days |
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What must net listing show? |
The maximum amount of commission |
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If a broker is unable to collect a commission from their managing broker, what action can be taken? |
File a lawsuit against the broker |
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When a managing broker has money in their escrow that is supposed to be in their business account, and money in their business account that is supposed to be in escrow is called? |
Commingling |
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How long do you have to send in application information to the state after you pass the state exam? |
1 year |
