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60 Cards in this Set

  • Front
  • Back
Two ways an investor can use leverage to make money
Amortization and Appreciation
A home that is significantly older than the others in the same area would be appraised using the
Cost Approach
Any person who applies for a loan, but does not meet the requirements
does not get the loan
In appraising for value the appraiser does not concern him/herself with
The racial makeup of a neighborhood
In real estate the establishment of priority b/t diff. existing interests, claims, liens and encumbrances on the same parcel of land is a
Subordination clause (agreement)
The tenant who holds over after a lease has expired where the rent is accepted by the lessor is called
Holdover Tenant
A seller & buyer sign a contract. The seller later finds out there will be a marina built and wants out of the contract. The recourse the buyer would have is called a
Suit for Specific Performance
The purpose of the alternative minimum tax is to
insure all who earn income pay some tax even if they have deductions
What type of interest rate does the APR compare to
Effective interest rate
Regulation Z required that the
APR be disclosed at closing
What determines discount points
The market
The interest rates are regulated by the
Federal Reserve
Deed restrictions are created by
The Grantor
If the commission finds you guilty, who would have jurisdiction
Either party can appeal to the appellate court having jurisdiction
The recording of document gives
Constructive notice
The party who signs the Deed of Trust is called the
A salesman takes a listing and enters it into MLS stating it has 2000 sq. ft. and tells the buyer it has 2550 sq.ft. The fault belongs to the
Salesman and the sponsoring broker
The provisions of this clause in a Deed of Trust/Mortgage, that states when the note has been fully paid, the lender is required to execute a release of lien is called
Defeasance clause
Who might apply for a flexible mortgage is
Someone who needs help in qualifying or making the montly payments
An economic characteristic of RE - people's choice and preference for a given area is called
A ownership recognized by a court of equity or founded upon equitable principles as opposed to formal legal title is called
Equitable Title
The interest a buyer has prior to closing is called
Equitable Title
How is a option different from a contract
Lack of mutuality
A lessee who leased a fee simple estate for 10 years would have a
Estate for years
The use of an actionof forcible detainer would be used by the
The instrument given by the borrower which pledges real property as security for the loan is the
Deed of Trust / Mortgage
An investment in real estate, but not the property itself is called a
The overhang of a slopping roof that extends beyond the house is called
Concrete support under a fondation that usually rests on solid ground is called
The item that serves as main support for a roof or second floor is called a
The deed that is given at a tax foreclosure sale is a
Sheriff's Deed
the law which limits the amount that lenders can require in escrow accounts to insure payment of taxes and insurance is
When interest rates are very low, a clause the lender would put in the note to discourage borrowers is called
Partial amortization
Estate or interest in real property for life or of a uncertain duration, lasting at least as long as the life of the present holder is called
Freehold estate
Estate for a term of years is called
Non-Freehold estate
Both real and personal property which is capable of being inherited is called
Hereditaments that include only actual physical property capable of being touched or seen is called
Hereditaments that cannot be seen or handled, such as the right to remove oil, gas, gravel etc. are called
On a personal home the interest paid on the mortgage is
Tax deducible
On a personal home the property taxes paid are
Tax deducible
A person who would like to avoid paying their capital gains tax to a later date on investment property would do a
1031 tax deferred exchange
The easement that has been obtained and held by the claimant for 10 yrs. against the wishes of the landowner is called
A Easement by Prescription
The agreement to change the order of lien filing by contract between the parities
Subordination agreement
To lease or to grant the use of realty for a compensation is sometimes called
To let
Written acknowledgment of a debt with a promise to pay is called
Debenture (used some times by FHA & VA)
The act of committing is called
The failure to do something or neglect to perform what the law requires, which maybe intentional or unintentional is called
The three (3) parties to a Deed of Trust are called
Trustor/Mortgagor - Trustee-Beneficiary/ Mortgagee
A system of land title registration used in Australia, England, Canada and the state of Massachusetts is called the
Torrenn System
What are the CC & R's in a Deed
Covenants, Conditions and Restrictions
The studs in the framwork of a house are connected to each other at the top and bottom by
When a lessee abandons a property b/c something does not work, the eviction is called
Constructive Eviction
The clause which requires the lender to execute a release of the lien, when the note has been paid in full is called
Defeasance Clause
The covenant that is given by a owner(s) that warrants that the owner(s) are owner(s) and have the right to convey title to the property is called
Covenant of Seisin
The personal property or cash given in a real property exchange is called
The principal which dictates the after a real estate contract has been signed, escrow has been entered and deposits made, the death or insanity of the Grantor does not terminate the process but the escrow takes on a life of it's own and will continue through closing as if the death or insanity had not occurred is called
Relation Back Doctrine
Under adverse possession, the joining together or the uniting of the periods of successive adverse possessors to complete the period necessary to establish title by adverse possession is called
A mortgage that has no end b/c there is no due date and the collateral for the original loan is still used for the new amount loaned is called
Open-end mortgage
Usually the ownership of property held by a single individual or other legal entity (corporation) is called
Ownership in Severalty
Permission from zoning officials to make an exception to the zoning ordinances is called a