Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
127 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
what is blockbusting |
the practice of persuading owners to sell property cheaply because of the fear of people of another race or class moving into the neighborhood, and thus profiting by reselling at a higher price. |
|
|
|
what is redlining |
refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. |
|
|
|
What does C.A.R.E stand for? |
Call, Allow, Respect, Excavate |
|
|
|
What type of estate to time share owner have? |
freehold estate / estate for years |
|
|
|
Which of the following statements is true if a broker has repaid the amounts awarded from the Transaction Recovery Fund? |
The Real Estate Board could deny reinstatement of his license, forever
He may apply for license reinstatement |
|
|
|
The Virginia Residential Landlord and Tenant Act does not apply to |
single family houses when the owner rents 2 or fewer homes |
|
|
|
what is puffery |
exaggerating |
|
|
|
what is steering ? |
the practice of influencing a buyer's choice of communities based upon one of the protected characteristics under the Fair Housing Act, which are race, color, religion, gender, disability, familial status, or national origin |
|
|
|
Under the Property Owners' Association Act, an association has how long after receipt to deliver a requested disclosure packet? |
14 days |
|
|
|
who would not be allowed to act as an escrow agent? |
salesperson |
|
|
|
A final disciplinary decision by the Board is NOT subject to an appeal or a hearing if it involves |
A licensee who didn't pay the Transaction Recovery Fund assessment |
|
|
|
An associate broker is described as a: |
Broker working for another broker |
|
|
|
Acting for more than one client in a transaction without first obtaining the written consent of all clients is: |
dual agency : violation of the law and rules |
|
|
|
what is commingling ? |
mixing commission w/ escrow : Placing earned commissions in the same account as earnest money deposits |
|
|
|
Condominium by-laws must include |
the form of self-governance for unit owners |
|
|
|
A broker is NOT required to hold money in an escrow account if: |
all parties to the contract consent |
|
|
|
The broker can ONLY remove his commission for the sale |
when the closing is complete |
|
|
|
When acting as a buyer's agent, what responsibilities should the broker have towards the seller of the property? |
treat the seller fairly |
|
|
|
in the market data appraisal approach how many comparables need to be involved in a comparison |
3-5 |
|
|
|
what expences would a renter in a flat lease be responsible for ? |
rent |
|
|
|
1 acre is : |
43560 sq.ft |
|
|
|
Usury laws have been established to: |
regulates maximum interest rates and protects Borrowers |
|
|
|
A broker is conducting a training class for her agents about property condition disclosure forms. Under State law, the ________________ must complete these forms to be provided to any potential buyers. |
seller |
|
|
|
what is escheat ? |
the reversion of property to the state, on the owner's dying without legal heirs. |
|
|
|
Who regulates the duties, rights and obligations of residential landlords and tenants? |
the state laws |
|
|
|
Using the _____________ approach to valuation would be most effective in the appraisal of a shopping center. |
income approach |
|
|
|
Which of the following imposes hazardous waste mitigation, abatement and cleanup requirements? |
superfund & CERCLA |
|
|
|
what is CERCLA ? |
The Comprehensive Environmental Response, Compensation and Liability Act of 1980 |
|
|
|
Broker Sam tries to collect his commission after closing, but the seller refuses and correctly asserts that she has no legal obligation to pay. What type of listing did Sam have? |
net listing |
|
|
|
what is Novation ? |
Novation is where contracting parties agree to substitute one agreement in part or in full for another agreement. Through novation, the old agreement terminates and is replaced by the new agreement. |
|
|
|
In the typical agency relationship between brokers and clients, commission is determined by: |
mutual agreement |
|
|
|
An appraiser is responsible for: |
estimating the market value |
|
|
|
An owner entered into a valid listing agreement. During the agreement period, the owner sells the property himself. The seller is not legally required to pay a commission to any broker. What type of listing agreement did the seller have? |
open listing and/or an exclusive agency |
|
|
|
Which act prohibits credit lenders from discriminating against applicants based on race, color, religion, national origin, sex, marital status, age or dependence on public assistance? |
Equal Credit Opportunity Act (ECOA) |
|
|
|
Deed restrictions usually affect: |
current and subsequent owners |
|
|
|
An intermediary who arranges and closes loans in the name of a lender is called: |
mortgage broker |
|
|
|
The unity that exists in both a tenancy in common and a joint tenancy is: |
possession |
|
|
|
A lease where the tenant pays taxes and maintenance costs is a: |
net lease |
|
|
|
Which legal instrument could convey a tenancy for years? |
a lease |
|
|
|
The FDIC insures depositors up to ___________________ per individual account and per institution. |
250,000 |
|
|
|
If a person has been discriminated against in a real estate transaction, they could file a complaint with the HUD within: |
1 year |
|
|
|
who enforces the Real Estate Settlement Procedures Act (RESPA)? |
Consumer Financial Protection Bureau (CFPB) |
|
|
|
what is the most common type of lease agreement? |
gross lease |
|
|
|
what is a encumbrance ? |
a burden or impediment |
|
|
|
what is another word for government survey ? |
rectangular |
|
|
|
What action returns the parties of a contract to their original position? |
rescission |
|
|
|
What are the elements of value (DUST) ? |
demand utility scarcity transferability |
|
|
|
what doe severalty mean ? |
one person owns a piece of property |
|
|
|
interval ownership is also know as : |
a time share |
|
|
|
what is a free-hold estate |
A Freehold Estate (ownership interest) is land in which one has both possession and (indefinite) ownership rights in real property. indeterminable duration |
|
|
|
what is a Non-Freehold estate ? |
also known as a leasehold estate only conveys the right of possession without the right of ownership & a definite duration |
|
|
|
chattel is another word for ? |
personal property |
|
|
|
What are the 6 bundle of rights ? |
Possess , Control , Eonjoy , Exclude , Encumber , and dispose |
|
|
|
What are the physical characteristics of land ? |
immobility , indestructibility , and uniqueness (heterogeneity) |
|
|
|
The four part test to determine if a fixture may be severed are : |
attachment , adaption , agreement , and relationship of parties |
|
|
|
What is an encroachment ? |
intrusion on a person's property (Ex : neighbors fence is 12 inches over the property line ) |
|
|
|
What is testate ? |
person dies w/ a will |
|
|
|
What is Intestate ? |
person dies w/o a will |
|
|
|
What is a testor ? |
Person with a will |
|
|
|
What is a Executor ? |
person named in the will to distribute testor property |
|
|
|
what is the main difference between riparian water rights and littoral water rights ? |
Whether the water is moving or non moving |
|
|
|
Proprietary = |
cooperative apartment |
|
|
|
What is the difference between joint tenancy and tenancy in common ? |
In Tenancy in Common, the ownership portion passes to the individual's estate at death. In Joint Tenancy, the title of the property passes to the surviving owner. |
|
|
|
What is RESPA ? |
The Real Estate Settlement Procedure Act (disclosure act) |
|
|
|
how many sections are in a township and what part of the township does the section numbering begin ? |
36 sections , numbering begin northeast corner |
|
|
|
The lender wants to auction the property (which secures the loan) in order to satisfy his debt. This is known as: |
foreclosure |
|
|
|
ad valorem means : |
according to value |
|
|
|
Title to real estate passes when a valid deed is: |
delivered and accepted |
|
|
|
What are excise taxes |
fees charged for the privilege of buying or selling property in a particular jurisdiction |
|
|
|
How far does a title Searcher go back? |
40 years |
|
|
|
The condensed history of a title is called : |
Abstract |
|
|
|
a deed restriction is : |
a limit on property use place on the property by the owner |
|
|
|
Carbon monoxide is : |
a poisonous gas emitted from furnaces stoves and chimneys |
|
|
|
Condemnation is also known as : |
eminent domain |
|
|
|
What is EPA ? |
U.S. Enironmental Protection Agency |
|
|
|
What is CERCLA ? |
The Comprehensive Environmental Response, Compensation, and Liability Act -- otherwise known as CERCLA or Superfund who clean up hazardous-waste |
|
|
|
What is Bulk Zoning ? |
Controls building density |
|
|
|
A covenant is also known as: |
A Deed Restriction |
|
|
|
One of the principal reasons for zoning is to: |
Effectively plan |
|
|
|
the dontion of real estate for public use is : |
dedication |
committed to |
|
|
The process of subdividing land is governed by which authority ? |
The local laws |
native ; community |
|
|
When leasing property under a net lease, the tenant could deduct all of the following as business expenses, EXCEPT: |
depreciation |
deduction in value |
|
|
Property management agreements usually represent which type of agency? |
general agency |
|
|
|
For tax purposes, what deductions is a homeowner allowed if he only uses his residence as a home? |
interest payments |
|
|
|
What is a Net Lease |
a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner pro rata share of building expenses |
|
|
|
The process of acquiring two or more parcels of land and combining them into a single, larger parcel is called : |
assemblage |
|
|
|
Under the Interstate Land Sales Full Disclosure Act, how many days after ratification (signing of the sales contract) is the buyer given as a "cooling off" period which allows cancellation of the contract? |
7 days |
|
|
|
What is Ratification ? |
The signing of a contract |
|
|
|
What is the Equal Credit Opportunity Act (ECOA) ? |
prohibits discrimination in any aspect of a credit transaction . |
|
|
|
What is Fixity ? |
permanent investment |
|
|
|
What is Plottage ? |
Increase in value due to assemblage |
|
|
|
What is an Open-listing ? |
Only the person who sells the property receives commission. |
|
|
|
What is an exclusive right-to-sell listing ? |
The broker gets commission regardless of who sells the property |
|
|
|
what clause allows a seller to extend the settlement date to correct title defects that may arise during the buyer's title search? |
A Title Clause |
its in the text . |
|
|
novation |
substitution / replacement of a contract for another contract |
|
|
|
An option on real property is: |
A Contract |
the thing you sign to solidify the deal |
|
|
Without prior consent to the contrary, telephone solicitation calls may be made at which of the following times? |
between 8am and 9pm |
|
|
|
federal housing law of what year : |
1968 |
|
|
|
Fair housing law of what year ? |
1988 |
|
|
|
Who has ultimate responsibility for the management of real estate escrow accounts? |
The Broker |
|
|
|
What is the requirement for allowing the buyer/lessee time to inspect the property for lead-based paint? |
10 days |
|
|
|
S&Ls primarily make: |
conventional loans |
|
|
|
According to RESPA, which disclosure documents must be provided within 3 days of the loan application? |
Information Booklet, Loan Estimate, and Mortgage Servicing Statement |
|
|
|
what are the 6 steps of appraiser. |
define the problem, gather data, identify highest and best use, estimate value, reconciliation, appraisal report. |
|
|
|
The purpose of the Transaction Recovery Fund is to: |
Reimburse financial losses caused by licensee misconduct |
|
|
|
When a real estate license has expired, when can a person reinstate his license without monetary penalty? |
with in 30 days |
|
|
|
A broker receives an earnest money deposit from the buyer on Thursday. When is the latest day he can deposit into his escrow account without violating VREB rules? |
with in 5 business days |
|
|
|
How long must a broker keep copies of escrow records? |
3 years from date of ratification |
|
|
|
Repetitive risk loss" means : |
two or more claims of more than $1,000 were paid by the National Flood Insurance Program within any rolling 10-year period |
|
|
|
The Virginia Property Disclosure/Disclaimer Acts apply to all of the following situations, EXCEPT: |
All Leases |
|
|
|
Surface rights air rights and subsurface rights are also known as |
Severable rights |
|
|
|
There are many ways to take ownership of real property what type of ownership includes right of survivorship? |
Joint tendency each tenant has an equal right to the accounts assets and is a survivorship rights if the other account holders dies |
|
|
|
What is joint tenancy ? |
Defines ownership, interest and rights between two or more co-owners of real property |
|
|
|
What is real property? |
Real estate meaning the land and anything growing on it attached to it erected on it man-made objects buildings structures roads sewers fences. |
|
|
|
What is Fee simple? |
Permanent and absolute withholding of land with freedom to dispose of it at will till death then it goes back to the fee simple holder owner |
|
|
|
What is the highest form of land ownership which includes the full and complete bundle of property rights? |
Fee simple absolute |
|
|
|
What type of ownership would allow two or more owners to have various unequal percentages of ownership? |
Tenants in common |
|
|
|
What is tenancy in severity? |
One property owner. |
|
|
|
A report agents used to reconcile current listings recent cells in expireds is called? |
Comparative market analysis |
|
|
|
Discount points are determined by? |
The loan amount |
|
|
|
A property exposed to an open and free market and sold after a reasonable amount of time to unrelated buyer |
Arms length transaction |
|
|
|
What is a third party interest in a property that will revert to them in the time of a life-tenant passing |
Remainder man |
|
|
|
A contract between two parties both getting a promise for promise is called? |
Bilateral |
|
|
|
What is Ernest money? |
Good faith deposit at the end of closing |
|
|
|
What title bears the most protection for property owners? |
A warranty deed |
|
|
|
Who does a sub-agent work for? |
A sub agent of a listing agent works for the seller |
|
|
|
Inexpensive home that later becomes surrounded by cheaper homes would suffer a loss in property value attributed to? |
Economic obsolescence |
|
