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32 Cards in this Set
- Front
- Back
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Offer |
An intention expressed in writing to enter into an agreement |
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Contract |
An offer that is fully negotiated, agreed to & signed by all parties |
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Listing agent responsibility |
To present all offers prior to the sellers acceptance of any offer |
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Termination of an Offer |
An offer can be terminated before acceptance of the other party with a written withdrawal notice to the other side |
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Laws & rules for agents |
May only receive commission from their broker |
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Conforming Loans |
Loans that meet the loan purchase requirements of both Fannie Mae & Freddy Mac |
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REITS Real Estate Investment Trusts |
A company must distribute at least 90% of its taxable income to shareholders annually in the forms of dividends |
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Fannie Mae FNMA |
Exchanges mortgage back securities for a block or pool of mortgages |
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FNMA Fannie Mae |
Nation's largest investor in residential media |
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FNMA Fannie Mae |
Primary responsibility is to maintain an active secondary market for mortgages |
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Secondary Market |
Main activities are buying loans & issuing mortgage backed securities |
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Jumbo Loans |
Over the conforming loan limit, tend to be tied to luxury residences |
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Wrap around mortgage |
Seller uses his equity to create a loan for the buyer (new financing wrapped around the existing mortgage) |
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Balloon mortgage |
Amortized payment of mortgage remains constant over the period of the loan but leaves an outstanding balance to be paid at the end of the term |
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Blanket mortgage |
Usually used to finance the purchase of raw land. Allows developer to include more than one property |
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Budget mortgage |
Equal payments to be made by the borrower to cover principle & interest for the life of the loan |
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Budget mortgage |
Equal payments to be made by the borrower to cover principle & interest for the life of the loan |
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Construction Mortgage |
Don't receive all funds at once, but receive draws as construction is completed |
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ECOA Equal Credit Opportunity Act |
Prohibits any creditor or banker from discrimination |
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Executed Contract |
Both parties have fulfilled their promises & have performed on their contract |
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Single Agency Company |
Works only with a buyer or seller, not both |
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Special Warranty Deed |
Does not go back to the sovereignty of the soil, but only for the duration of the title was held by that owner |
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General Warrant Deed |
An instrument conveying title & promises to forever defend the title. This provides the buyer the most protection |
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Civil Rights Act of 1866 |
1st Civil Rights Act. Federal Law protecting race |
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Deed |
Legal instrument which guarantees against defects in title & convoys title. The title to the property transfers at the time the deed is delivered. |
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Attorney-In-Fact |
One who has the right to sign the name of a principal on a sales contract. |
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Tenants in Common |
Each party has the right to alienate or transfer the ownership of their ownership interest. If 1 Omer does, the property goes to their heirs, not the other owners. |
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Joint Tenancy |
Creates "Right of Survivorship". If 1 member dies, estate goes to other tenant, not heirs of deceased. |
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RESPA required disclosures |
APR, Good Faith Estimate by lender, HUD-1 settlement statement |
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Client duties |
Compensation, indemnification, information, cooperation. |
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Open Listing |
Seller gives each listing broker the right to attempt to sell the property, but only the broker who produces a buyer & closes gets paid a commission |
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Exclusive agancy |
Seller reserves the right to sell the property himself & not pay a commission to the listing broker |
