Wi Real Estate Exam Study Cards

Front 1

Recovery Fund

Back 1

State-regulated fund used to pay purchasers of real estate who have suffered a loss due two actions or inactions of the licensee.

Front 2

Civils right act of 1866

Back 2

Prohibits discrimination against race and color in certain real estate transactions.

Front 3

Federal fair housing act

Back 3

Act that prohibits discrimination against race, color, religion, national origin, gender, family status and handicapped in certain real estate transactions.

Front 4

Sherman Anti-Trust Act of 1890

Back 4

Act which ensures fairness in the marketplace.

Front 5

Blind Ads

Back 5

Advertisements place by a sales agent that doesn't include the employing broker's name.

Front 6

Salesperson

Back 6

One who performs real estate activities while employed by or associated with a licensed real estate broker.

Front 7

Designated broker

Back 7

One who supervises all activities of sales agents and is liable for their actions.

Front 8

Employing broker

Back 8

Firm name or entity - not a person.

Front 9

Associate broker

Back 9

A real estate broker working for a designated broker.

Front 10

Referring broker

Back 10

Real estate broker who receives referral fee.

Front 11

Agent

Back 11

Broker or salesperson.

Front 12

Loan-to-value or LTV

Back 12

Ratio of a mortgage principal to the property appraised value or its sales price, whichever is lower.

Front 13

Collateral

Back 13

Property that is pledged as security for a debt.

Front 14

Equity

Back 14

Value over and above what is not debt.

Front 15

Promissory Note

Back 15

Unconditional promise made in writing to repay a debt.

Front 16

Mortgage

Back 16

A written instrument to secure repayment of a debt for real property.

Front 17

Mortgagor

Back 17

In a mortgage, the buyer or borrower.

Front 18

Mortgagee

Back 18

In a mortgage, the lender.

Front 19

Assignment

Back 19

When a mortgage is sold or assigned to another lender.

Front 20

Trustor

Back 20

In a deed of trust, the borrower.

Front 21

Trustee

Back 21

Impartial third party.

Front 22

Beneficiary

Back 22

Lender.

Front 23

Interest

Back 23

Charge for using another's money.

Front 24

Usury

Back 24

When A lender charges an interest rate above the legal limit.

Front 25

Origination fee

Back 25

Featured by the lender for making the loan.

Front 26

Discount point

Back 26

Fee charged by the lender for lowering the interest rate for the borrower.

Front 27

Assumption

Back 27

When a buyer assumes the current loan under the same terms and conditions of the original borrower.

Front 28

Conforming loans

Back 28

Standardized conventional loan that meets the requirements of Fannie Mae and Freddie Mac.

Front 29

Non conforming loans

Back 29

Loan that fails to meet the requirements of Fannie Mae and Freddie Mac.

Front 30

FHA escape clause

Back 30

Borrower must be shown the appraisal and if not met withdrawal from the sale penalty-free.

Front 31

Title

Back 31

The right to ownership.

Front 32

Estate

Back 32

The extent of interest a person has in real estate.

Front 33

Ownership

Back 33

Method of taking title.

Front 34

Leasehold

Back 34

In the state that last for a fixed period of time (rent or lease).

Front 35

Freehold

Back 35

An estate in real property that could last an indefinite duration.

Front 36

Dower

Back 36

Interest of ownership that they wife has in the real estate of her deceased husband.

Front 37

Curtesy

Back 37

Interest of ownership that a husband has in the real estate of his deceased wife.

Front 38

Pur Autre Vie

Back 38

For the life of another - life estate contingent on the life of someone other than the guarantee.

Front 39

Intestate

Back 39

Dies with no will.

Front 40

Judicial Partition

Back 40

When a court divides property due to a dispute regarding the use or sale of the property.

Front 41

Separate property

Back 41

Real and personal property owned solely by either spouse before marriage.

Front 42

Community property

Back 42

Property obtained after marriage.

Front 43

Right of survivorship

Back 43

When the interest of a property is equally divided between its surviving owners or remaining owner.

Front 44

Inter Vivos Trust

Back 44

Living trust.

Front 45

Testamentary Trust

Back 45

A trust that becomes effective after a person dies.

Front 46

Actual notice

Back 46

Express information or fact attained in a transaction.

Front 47

Uniform residential landlord & tenant act of 1973

Back 47

Created for regulating the relationship between landlord and tenant in residential leases.

Front 48

Constructive notice

Back 48

Knowledge that is implied by the law or legal notice.

Front 49

Parol evidence rule

Back 49

Written agreement is the final expression of the agreement of the parties and prevails over prior oral negotiations.

Front 50

Liquidated damages

Back 50

Compensation amount predetermined and paid to an injured party because of a contract breach.

Front 51

Escheat

Back 51

Revision of property to the state or county.

Front 52

Acknowledgement

Back 52

Formal declaration made before an authorized officer to confirm a person has signed a document not under duress.

Front 53

Recession agreement

Back 53

Mutual agreement signed by the seller and buyer to cancel the contract, stating disposition of earnest money.

Front 54

Homestead

Back 54

Life estate and real estate occupied as the family home.

Front 55

Laches

Back 55

A doctrine to bar a legal claim due to delay or failure to assert the claim or right.

Front 56

Conversion

Back 56

When a broker spends trust money.

Front 57

Revisionary rights

Back 57

Right to take back possession of a property if a lease ends.

Front 58

Inverse condemnation

Back 58

When an owner request that his property be condemned because of damages caused by government actions.

Front 59

Taxation

Back 59

Right of the government to tax private property to pay for the cost of government and area improvements.

Front 60

Ad Velorem

Back 60

According to value.

Front 61

Assessment tax

Back 61

A specific Levi for a definite purpose such as adding curbs or sewers in a neighborhood.

Front 62

Prior appropriation

Back 62

Landlords right to use available water based on a government-administered permit system.

Front 63

Non-Conforming Use

Back 63

Permitted uses of real property that no longer conforms to current zoning laws.

Front 64

Variances

Back 64

Permit deviations from existing zoning laws.

Front 65

RESPA

Back 65

Real estate settlement procedures act - requires full disclosure of all costs involved in obtaining financing and closing on a property.

Front 66

Temporary broker

Back 66

When designated broker becomes ill or dies, the broker that steps into manage agents.

Front 67

Cooperating broker

Back 67

Broker who assist another broker in a real estate transaction.

Front 68

Estoppel certificate

Back 68

Legal instrument verifying the exact loan amount, the current rate of interest and the date to which interest is paid.

Front 69

Grant

Back 69

The act of conveying ownership.

Front 70

Statute of frauds

Back 70

A requirement that everything must be in writing.

Front 71

Miss representation

Back 71

False statement of concealment of a fact.

Front 72

Distraint

Back 72

Landlords legal right to seize a tenant's belongings for damages or rents in arrears under court order.

Front 73

Unsubdivided land

Back 73

Land with six or more parcels of 36 acres but less than 160 acres each.

Front 74

Subdivided land

Back 74

Land with 6 or more parcels under 36 acres each.

Front 75

Master Planned Community

Back 75

Area of two or more plated subdivisions with the same CC &R's.

Front 76

Affidavit of legal value

Back 76

A recorded document indicating the sale price of the property and signed by the buyer and seller for tax purposes.

Front 77

Title evidence

Back 77

Proof in the form of documents that seller conveys legal title.

Front 78

Abstract of title

Back 78

A history of all recorded instruments that has affected title to a property.

Front 79

Descent or Intestate Succession

Back 79

Real estate distributed by descent statues after deceased owner died intestate.

Front 80

Interpleader action

Back 80

When the title company turns earnest money over to court due to a dispute between buyer and seller.

Front 81

Plottage

Back 81

Combining parcels for greater value.

Front 82

Assemblage

Back 82

Combining two or more adjacent lots to increase value.

Front 83

Government check

Back 83

In a 24 Mile square personal, there are 16 townships.

Front 84

Easement Appurtenant

Back 84

Easement that is attached to the land and passes with the land.

Front 85

Agency

Back 85

A legal relationship when a person acts on behalf of another in business.

Front 86

Attorney in fact

Back 86

A competent and disinterested person who is authorized by another person to act in his or her place.