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30 Cards in this Set
- Front
- Back
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A broker must display what poster pleding adherence to the Fair housing act.
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equal opportunity poster
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Failure to display the equal opportunity poster by the broker is evidence of what?
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discrimination
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The equal opportunity poster is available from ---- and not from -----
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HUD, DRE
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the act of a lender or insurance company denying loans or presenting different terms or conditions for certain neighborhoods
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redlining
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What act requires advertisements to state the down payment, down payment percent, or the annual interst rate, all the financial terms including the annual percentage rate of interest be clearly shown
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regulation Z
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requires that property transactions must adhere to the following:
Form Hud -1 closing statement must be used, borrowers must be given a good faith advance estimate of probable closing cost by lender. |
Real Estate Settlement Procedures Act RESPA
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Commingling funds is only available to ----- and never to -----
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owners, brokers
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a buyer of a resale condominium unit must receive a copy of
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frequently asked questions and answers
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the gradual loss of land due to natural forces
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erosion
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personal property may become ------- by attachment
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real property (fixtures)
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When a contract doesn't state whether an item is to be considered real property or personal property, and the parties disagree about whether it should be included, sometimes courts decide using
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the IRMA Test
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conveys owner ship only for the life of the owner.
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a life estate
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when one partner dies, his/her share passes to the other parties on the deed because ===== is present
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survivor ship
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a ----- may not will the property to his or her heirs.
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joint tenant
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the death of one party makes the spouse the immediate owner of the property.
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survivorship
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the amount of homestead property exempt from forced sale is restricted in size to
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160 acres outside a city, or 1/2 acre inside the city
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The most desirable form of a time share because the buyer gets a deed and can rent, sell, and bequeath the property.
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time share estate (interval ownership)
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the most common method of acquiring title to real property.
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deeds
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the owner may ask for a condemnation hearing to protest the amount of consideration being offered when ------
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eminent domain occurs
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an important clause in a deed that is a promise that the seller owns and can convey the property.
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Seisin clause
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which type of deed transfers most effectively
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all of them
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has not warranties, transfers whatever rights the grantor may have. it often helps clear clouds on the title.
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quit claim deed
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an additional warranty on the general warranty deed that says grantor will deliver any other legal instrument to make the title good in the future.
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further assurance
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Leasese for more than one year must be in writing and signed by lessor and lessee or it is called a ------- if it is not in writing
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tenancie at will
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Where is section 36 located?
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at the southeast corner of a township
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a mile has
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5280 ft
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how many acres is a section
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640
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how many square ft does an acre have
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43,560
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requires that contracts pertaining to the transfer of real property must be in writing to be enforeable
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statute of frauds
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The party who did not breach the contract may
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sue to force the party to perform (specific performance)
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