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50 Cards in this Set
- Front
- Back
A legal document used to transfer ownership rights to real estate from one party to another is |
deed |
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Which of the following does not have any bearing on the validity of the deed? |
Amount of the consideration |
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From the grantees perspective which of the following types of deeds offers the most protection? |
General warranty |
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A marketable title is one that |
Is free and clear of all past,present and future claims that would cause a reasonable purchaser to reject a title |
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A title examination includes all except |
Determining that the proper price is paid |
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The purchase of title insurance is a means of protecting a buyers interest in case what is defective? |
Grantors title |
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Which of the following terms is an exchange of promises? |
Contract |
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Option to buy is one way to ensure the property won't be sold to another buyer until the |
contract expires |
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In real estate who may sue for specific performance |
buyers and sellers |
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Partial performance is |
the fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred |
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Valid real estate leases do not require |
A complete legal description of the property |
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Not find among the elements of lease ? |
Grantor and grantee |
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A tenancy from period to period |
Is an indefinite duration |
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When the lessee pays the operating expenses the insurance premiums and the real estate taxes the lease is a |
Net -net- net lease |
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The rent payments for a percentage lease are usually determined as a percentage of the |
Gross sales combined with a base rent |
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An expense stop in a commercial lease property lease is typically a benefit to the |
Landlord |
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The primary function of the real estate brokerage industry is to |
Match properties and customers (a & b) |
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When a single broker represents both parties? |
Dual |
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The broker owner agency relationship may be terminated without liability when which of the following occurs? |
The parties mutually agree to terminate |
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The listing agreement will NOT contain |
The selling price |
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Regulation of the appraisal profession |
FIRREA |
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Which of the following statements is not true |
Price and market value are identical |
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The sales comparison approach is |
Very dependent on how you make adjustments between comparables and the subject property |
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Which of the following is not true |
an older building the cost approach deducts tax depreciation |
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(most accurate in the valuation of a church |
Cost approach |
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The sales price of a comparable sale must be adjusted________to account for the lack of a fire place, when the subject property has a built in fireplace |
Upward |
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Investment value, market value |
(value in use,value in exchange) |
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Title Insurance |
an insurance policy that protects property owners and lenders against undiscovered defects in a properties chain of title |
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Financing contingency |
a clause in a sales contract that permits the cancellation of the contract if the buyer can successfully obtain financing for the purchase of the property according to the terms specified in the sales contract |
|
sales contract |
a contract providing for the transfer of property |
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Option to buy contract |
a contract that gives one party the right but not obligation to purchase a property within in a specified time horizon at a specified price |
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(lease turnover) all the responsibilities of your unexpired lease to a new tenant |
assignment |
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Steering |
the illegal practice of steering potential homebuyers into certain areas to influence the racial or ethnic composition of the area |
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Blockbusting |
the illegal practice of encouraging property owners to sell their homes when minorities behind moving into an area |
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Gross rent multiplier |
Dividing the price of a comparable property by its gross income multiplier |
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Income approach |
NOI |
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title search |
conducted by trained personnel who examine the grantor and grantee indexes,tax records, and judgments records to determine whether the grantor has the right and power to grant the stated interest |
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torrens system of land registration |
provides an alternative to the more traditional method of exchanging tittle to real estate by delivery of a deed |
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breach of contract |
failure to perform contractual duties |
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contracts include |
1)property description 2) purchase price and the way it is paid 3)escrow arrangement 4) the effect on the contract of the destruction of improvements 5) the closing date |
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contracts for deed |
combination of a sales contract and a financing arrangement |
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closing |
settlement includes the closing of the loan,of the escrow arrangements, and of the title |
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closing costs |
are the charges incurred by the buyer and seller at the close of the transaction |
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lease |
contract that conveys use and possession of a property from the landlord to the tenant in return for the tenants agreement to pay rent |
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ground lease |
lease of land to the exclusion of any improvements |
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gross lease |
the landlord agrees to pay the overhead expenses that arise in connection with the use of the premises |
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real estate broker |
intermediary who arranges real estate or lease transactions for a fee or commission |
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federal fair housing laws |
prohibit housing discrimination based on buyers sex,race,color,religion,national origin,disabilities,or familial status |
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income approach |
appraisers estimate value by forecasting the future income that is expected to be generated by the property,then converting that forecast into a present value |
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sales approach |
appraisers compare the subject property with similar properties that have sold recently |