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25 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Exculpatory Clause |
The mortgage property become the lenders only security for the debt |
Chapter 14-13 |
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Condemnation Clause |
When the government uses its power of eminent domain to condemn the mortgaged property |
14-13 |
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Straight Term Mortgage |
A straight term mortgage is one that allows the borrower to make periodic payments of interest only for the duration of the loan with the full amount borrowed due at the end of the term. The final payment is called a balloon payment. |
14-14 |
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Buydowns |
If the interest is 5% the builder could offer 2% off the first year and 1% second year and the interest returns to 5% the third year |
14-17 |
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What are the different types of agency? |
Actual agency – relationship intentionally Ostensible agency- when a third-party relies on the principles express or implied representation that's a particular person is his or her agent Implied agency – when a broker showing a property to a prospective buyer, by words and actions causes the buyer to feel the broker is acting on his behalf |
6-3 |
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What are the agents obligations to the principal? |
Poland Performance, obedience, loyalty, accountability, notice, due care and diligence |
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What are the agents obligations to the principal? |
Poland Performance, obedience, loyalty, accountability, notice, due care and diligence |
6-6 |
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What must a broker disclose to all parties during a buyer or seller transaction? |
Material facts about the neighborhood to a radius of 1 mile. Material facts about a property that the buyer could not readily discovered by inspections or by contacting government agencies and records |
6-20 |
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What are agents obligations to third parties or customers? |
Reasonable skills and care, Accountability, honesty and Integrity |
6-9 |
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What are reasons for termination of an agency agreement? |
Performance, expiration, revocation, renunciation, abandonment, agreement, death, incapacity, super vening illegality, extinction |
6-7 |
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What are called agents obligations to third parties or customers? |
Reasonable skills and care, Accountability, honesty and Integrity |
6-9 |
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What are latent defects? |
Issues that are hidden and not readily apparent cause. They should be disclosed to the agent and the seller. |
6-9 |
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What are patent defects? |
Defects they are visibly and can be easily discovered through an ordinary inspection |
6-9 |
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What is the law that "let the buyer beware" control in these situations and place no burden of disclosure upon the seller or agent, unless fraud is involved? |
Caveat Emptor |
6-9 |
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What does the Georgia Stigmatized Property Law states? |
Emotional or psychological impact of a heinous crime or the presence of ghost. A licensee shall be truthful but not required to volunteer the information unless its they buyers client |
6-9 |
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Under buyer representation. If a company policy permits, a licensee has four choices in working with a buyer or tenant. What are they? |
Representing the seller and agent for sub-agent Representing the buyer as agent Representing both buyer and seller as a duel agency Representing neither buyer or seller as a transaction agent |
6-16 |
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What are Material Facts? |
Facts a party does not know, could not reasonably discover and would want to know |
6-20 |
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What is CALL? |
Consideration, Assent Legal capacity, Legal purpose |
8-2 |
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What is express contracts? |
When the parties communicate their intentions to each other either in writing or verbally. Example owner and agent agree on a commission. |
8-1 |
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What are Voidable contracts? |
When all of the essential elements of a valid contract are present (CALL). One or more of the elements may be removed at the option of the party who has acted under a disability. Only the injured party has the right to resend or disaffirm to complete the contract |
8-2 |
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What are Executory and Executed contracts? |
Executory is one in which one or both parties have not yet been performed. A sales contract is an example of Executory. Executed once the documents are signed and the deed is conveyed it's now executed |
8-3 |
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What are Bilateral or unilateral contracts? |
Bilateral is when both parties make a promise and therefore incur obligations Unilateral is when one party is making a promise and only that party is obligated |
8-3 |
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What is negative fraud? |
Concealment of important information |
8-6 |
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What is Novation? |
The substitution of a new obligation for an old one. It allows a new party to be submitted under the new contract |
8-10 |
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Define Assemblage? |
The process of combining several individually owned a joining parcels into one tract |
12-9 |
