Real Estate

Front 1

A legal document used to transfer ownership rights to real estate from one party to another is

Back 1

deed

Front 2

Which of the following does not have any bearing on the validity of the deed?

Back 2

Amount of the consideration

Front 3

From the grantees perspective which of the following types of deeds offers the most protection?

Back 3

General warranty

Front 4

A marketable title is one that

Back 4

Is free and clear of all past,present and future claims that would cause a reasonable purchaser to reject a title

Front 5

A title examination includes all except

Back 5

Determining that the proper price is paid

Front 6

The purchase of title insurance is a means of protecting a buyers interest in case what is defective?

Back 6

Grantors title

Front 7

Which of the following terms is an exchange of promises?

Back 7

Contract

Front 8

Option to buy is one way to ensure the property won't be sold to another buyer until the

Back 8

contract expires

Front 9

In real estate who may sue for specific performance

Back 9

buyers and sellers

Front 10

Partial performance is

Back 10

the fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred

Front 11

Valid real estate leases do not require

Back 11

A complete legal description of the property

Front 12

Not find among the elements of lease ?

Back 12

Grantor and grantee

Front 13

A tenancy from period to period

Back 13

Is an indefinite duration

Front 14

When the lessee pays the operating expenses the insurance premiums and the real estate taxes the lease is a

Back 14

Net -net- net lease

Front 15

The rent payments for a percentage lease are usually determined as a percentage of the

Back 15

Gross sales combined with a base rent

Front 16

An expense stop in a commercial lease property lease is typically a benefit to the

Back 16

Landlord

Front 17

The primary function of the real estate brokerage industry is to

Back 17

Match properties and customers (a & b)

Front 18

When a single broker represents both parties?

Back 18

Dual

Front 19

The broker owner agency relationship may be terminated without liability when which of the following occurs?

Back 19

The parties mutually agree to terminate

Front 20

The listing agreement will NOT contain

Back 20

The selling price

Front 21

Regulation of the appraisal profession

Back 21

FIRREA

Front 22

Which of the following statements is not true

Back 22

Price and market value are identical

Front 23

The sales comparison approach is

Back 23

Very dependent on how you make adjustments between comparables and the subject property

Front 24

Which of the following is not true

Back 24

an older building the cost approach deducts tax depreciation

Front 25

(most accurate in the valuation of a church

Back 25

Cost approach

Front 26

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

Back 26

Upward

Front 27

Investment value, market value

Back 27

(value in use,value in exchange)

Front 28

Title Insurance

Back 28

an insurance policy that protects property owners and lenders against undiscovered defects in a properties chain of title

Front 29

Financing contingency

Back 29

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

Front 30

sales contract

Back 30

a contract providing for the transfer of property

Front 31

Option to buy contract

Back 31

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

Front 32

(lease turnover) all the responsibilities of your unexpired lease to a new tenant

Back 32

assignment

Front 33

Steering

Back 33

the illegal practice of steering potential

homebuyers into certain areas to influence the racial or ethnic composition of the area

Front 34

Blockbusting

Back 34

the illegal practice of encouraging property

owners to sell their homes when minorities behind moving into an area

Front 35

Gross rent multiplier

Back 35

Dividing the price of a comparable property by its gross income multiplier

Front 36

Income approach

Back 36

NOI

Front 37

title search

Back 37

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

Front 38

torrens system of land registration

Back 38

provides an alternative to the more traditional method of exchanging tittle to real estate by

delivery of a deed

Front 39

breach of contract

Back 39

failure to perform contractual duties

Front 40

contracts include

Back 40

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

Front 41

contracts for deed

Back 41

combination of a sales contract and a financing arrangement

Front 42

closing

Back 42

settlement includes the closing of the loan,of the escrow arrangements, and of the title

Front 43

closing costs

Back 43

are the charges incurred by the buyer and seller at the close of the transaction

Front 44

lease

Back 44

contract that conveys use and possession of a property from the landlord to the tenant in return for the tenants agreement to pay rent

Front 45

ground lease

Back 45

lease of land to the exclusion of any improvements

Front 46

gross lease

Back 46

the landlord agrees to pay the overhead expenses that arise in connection with the use of the premises

Front 47

real estate broker

Back 47

intermediary who arranges real estate or lease transactions for a fee or commission

Front 48

federal fair housing laws

Back 48

prohibit housing discrimination based on buyers sex,race,color,religion,national origin,disabilities,or familial status

Front 49

income approach

Back 49

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

Front 50

sales approach

Back 50

appraisers compare the subject property with similar properties that have sold recently