Nv Re 3

Front 1

encroachment

Back 1

real property that extends onto adjacent land owned by someone else. Encroachments may be the result of incorrect surveys,or mistakes or miscalculations by builders &/or owners when erecting a building. Encroachments may be corrected by giving or selling the encroaching party an easement or lease for the lifetime of the building, or in the case of small structures, actually moving it onto the owner's own property

Front 2

easement by necessity

Back 2

allows an owner of a landlocked parcel to cross over another's land in order to access a public road. Easements by necessity benefit a particular piece of land, rather than an individual person

Front 3

easement by prescription (aka prescriptive easement)

Back 3

IMPLIED easements granted after the DOMINANT estate has used the property in a hostile, continuous & open manner for a statutorily prescribed number of years. Prescriptive easements differ from adverse possession by not requiring exclusivity.

Front 4

Kai's neighbor, Mrs. Kaneshiro, has built a shed extending beyond her property boundary & onto Kai's property. Mrs Kaneshiro has created what?

a. an easement by necessity;

b. an easement by prescription;

c. an encroachment;

d. laches

Back 4

ANS. an easement by necessity

Front 5

Federal Reserve (The "Fed")

Back 5

central banking system of the U.S., comprised fo the Federal Reserve Board, the 12 Federal Reserve Banks, the Federal Open Market Committee, & the national & state member banks. Its primary purpose is to regulate the flow of money & credit in the country.

Front 6

FDIC

Back 6

insures the checking accounts of banks & savings & loan association

Front 7

Freddic Mac (FHLMC) and

Ginnie Mae (GNMA)

Back 7

are involved in the secondary mortgage markets

Front 8

Which of the following federal agencies control the reserve requirements for banks?

a. FDIC;

b. FHA;

c. GNMA;

d. The "Fed"

Back 8

ANS. The "Fed"

Front 9

term loan

Back 9

PAID OFF like a mortgage for usually between one year & ten years. A TERM LOAN is an INTEREST ONLY LOAN, in which the borrow is only REQUIRED TO PAY INTEREST UNTIL the END OF THE TERM of the LOAN. The PRINCIPLE BALANCE is DUE AT THE END of the TERM.

Front 10

amortization

Back 10

gradual elimination of a liability, such as mortgage, in regular payment over a specified period of time. Such payments must be sufficient to cover both principal & interest

Front 11

installment loan

Back 11

repaid with a fixed number of periodic equal-sized payments

Front 12

reverse mortgage

Back 12

arrangement in which the homeowner can borrow again the equity in their home & receives regular monthly tax-free payments from the lender

Front 13

When interest on a loan is paid during the term of the loan & the principal is paid at the end of the loan it is considered:

a. a term loan;

b. amortized loan;

c. fixed installment loan

d. reverse loan

Back 13

ANS term loan

Front 14

if Mr. Osaka left his property to his sons named in his will, in which of the following situations could his property not be taken when he dies?

Back 14

ANS. Through escheat