Real Estate Principles

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Consumer purpose mortgage

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A residential mortgage primarily for personal, family or house hold use and secured by a deed or a trust on a dwelling

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Steering

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Involves the restriction of a person seeking to buy or rent a dwelling in a community in a manner that perpetuates segregated housing patterns

Owner

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Owner statement fee

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A broker is required to regularly account to an owner on the status, expenditure and location of negotiable trust fund

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Federal fair housing Act (FFHA)

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The printing or publishing of an advertising for the sale or rental or a residential property that indicates a wrongful discriminatory preference is a violation of the

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Environmental hazards not itemized in the transfer disclosure statement (TDS) include?

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Weather the property is located in a special flood hazard

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The natural hazard disclosure statement (NHD) handed you a prospective buyer does not disclose?

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Environmental hazards and physical deficiencies in the soil or property improvements.

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All records of an agent activities on behalf of a buyer or seller during the listing period are to be retained by retained by the agents broker for ?

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3 years

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The specific duties of the escrow officer in a particular transaction are documented in

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Escrow instructions

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Appurtenant rights

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Incidental rights to real estate which are not located on the real estate nor reflect on its title

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State water recourses control board

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To act as a referee for all disputes over water rights.

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Declaration of covenants, conditions and restrictions (CC&Rs)

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Record restrictions against the title to Real Estate prohibiting or limiting specified uses of the property

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Affirmative convent

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A record restriction limiting the use of a property to a specific purpose like railroads schools highways irrigation systems

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Negative covenant

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A record restriction prohibiting identified uses of a property like not selling alcohol and activities otherwise allowed to take place on the property

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Personal convenant

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The restriction is only impossible as long as original buyer holds a title this is classified as a personal covenant.

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Common boundary improvement

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And improvement which acts as a demarcation of the property line

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Nuisance

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In action which is injurious to health offensive to the sense of obstructs the use and enjoyment of surrounding property

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Encroachment

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An improvement on one parcel of real estate which extends onto the real estate owned by another

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Encroachment

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And improvement on Real Estate which extends onto Real Estate’s belongings to another person without their consent (buildings fence driveway or trees)

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Easement

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It’s a right of one property owner to use the property of another

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Ingresa and egress

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Access to a property by its owner directly from Publix he dedicated streets or by using their rights to traversa and portion of another land using an easement

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Dominant tenement

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The property benefiting from an easement on a servient tenement

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Servient tenement

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A property burden by license or easement

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Appurtentant easement

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A type of easement which is incidental to the ownership and belong to the property which benefits from its use

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Easement gross

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An easement which belongs to an individual and it’s not appurtentant to a property

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Solar easement

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And easement restricting and owners ability to maintain improvements interfering with the neighbors solar energy system

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Conservation easement

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A voluntary conveyance of the right to keep land in its natural or historical condition to a conservation organization or government agency

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Implied easement

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An easement created by the conduct of parties without prior agreement

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Easement by reservation

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Create it as a burden on the property conveyed for the beneficial use of another property

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Easement by necessity

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An easement providing access to a landlocked property

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Perspective easement

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The right to use another’s property established by the adverse use of the property for a period in excess of five years without a claim of ownership

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Merger

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The termination of an easement when one owner acquires fee title to both the properties benefiting from the property burden by an easement

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Forfeiture

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The termination of an easement when the easement holder exceeds their authorize use of the easement by placing an excessive burden on the property in encumbered by the easement

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Adverse possession

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A method of acquiring title to real estate owned by another by openly maintaining exclusive possession of the property for a period of five years in paying all property tax

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Nuisance per se

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Any activities pacifically declared by statute to be an nuisance, such as construction of fences or excessive height or the illegal sale of controlled substances

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Agreed-boundary doctrine

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When owners of adjacent properties uncertain over the true boundary agreed to establish the location of their common lot line and acquiesce to the boundary line for at least five years

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Grant

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The transfer of an interest in title to Real Estate

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Grantor

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An individual capable of conveying an interest in real estate

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Fee simple

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The absolute ownership of possessory rights in real estate for an indefinite duration

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Adverse possession

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A method of acquiring title to Real Estate owned by another by openly maintaining exclusive possession to the property for a period of five years and paying all the property taxes

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Quitclaim deed

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A document used to convey whatever interest if any of the grantor may hold in the real estate

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Grant deed

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The document used to pass a fee simple interest in real estate from the grantor to another individual unless a lesser interest is stated

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Vesting

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A method of holding title to Real Estate including tendency in common joint tenancy community property and community property with the right of survivorship.

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All property acquired jointly by a marriage couple during the marriage no matter how vested is presume to be

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Community property

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Joint tenancy

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A best thing is characterized by an ownership interest in property concurrently received by two or more individuals who share equally and have the right of saviorship

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Lis pendens

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Notice of pending action

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To properly record a lis pendens the list pendens is required to identify the party to the lawsuit and

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Give an adequate description of real estate

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Expungement

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A court order removing from title to Real Estate the effect of a record list pendens regarding litigation asserting a claim to title or possession of the property

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Abstract of title

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A written statement which presents in accurate and factual representation of title to the property being acquired incumbled or leased

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California land title association (CLTA) standard policy

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Insurers against all encumbrances affecting title which can be discovered by a search of public records prior to insurance of the policy but does not cover against an record recorded encumberes

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Homestead

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The dollar amount of equity in the home owners principal dwelling the homeowner qualifies to shield as exempt from creditors seizures

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Mortgage application

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The submission of a mortgage application to provide or institutional lender is the catalyst which sets the machinery of the mortgage industry in motion

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Mortgage capacity

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Buyers ability to make mortgage payments as equivalent by their debt to income ratio

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Federal housing administration (FHA)

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Insurers mortgages with high loan to value ratio that are made with less demanding cash down payment requirements then loans originated by conventional lenders

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Seller financing arrangement

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Occurs when a seller carries back a note executed by the buyer to evidence a debt owed for the purchase of the sellers property

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Portfolio

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The tax impact a carryback seller will receive on their carryback financing category income regardless of whether the property sold was in another income category

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Usury laws

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The amount of interest a private non-exempt lender can charge is regulated by statute of California constitution collectively

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The most common penalties suffered by a non-exempt private lender in violation of usury laws

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The forfeiture of all interest paid on the loan

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Private mortgage insurance (PMI)

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Default mortgage insurance coverage provided by private insures for conventional loans with loan to value ratio is higher than 80%

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street note

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A note calling for the entire amount of its principles to be paid together with occurred interest in a single lump sum when the principal is due

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Adjustable rate mortgages (ARM)

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Periodic adjustments to the interest rate and the amount of scheduled payments

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Graduated payment mortgage (GPM)

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A mortgage providing for installment payments to be periodically increase by predetermined amounts to accelerate the payoff of principle

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Late charge provision

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Imposes an additional charge if a mortgage payment is not received by the lender when do or within the grace period.

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Is the minimum grace period allowed for private lenders secured by an owner occupied single family residence even if the homeowner agrees to a shorter grace period or no grace period is agreed to.

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10 days

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Pre-payment penalty

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And owner of Real Estate who wants to pay off principal on the debt before it’s due may be levied an additional charge by the lender

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Balloon payment

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Is a final payment on a note which is an amount greater than twice the amount of any one of six regular scheduled proceeding payments

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Balloon payment

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Is a final payment on a note which is an amount greater than twice the amount of any one of six regular scheduled proceeding payments

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Notice of final balloon payment needs to be given to the buyer or current owner the ( ) before it’s due date

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90 days

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Trust deed

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Is the preferential method used to impose a lien on Real Estate

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beneficiary

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Such as a lender or carry back seller is that entity entitled to performance of the promised activity referenced in the trust deed as the purpose for obtaining the security

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Novation

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When the lender enters into an agreement with both the buyer and the seller for the buyer assumption of the loan and a release of the seller’s liability

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acceleration

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The Occurrence of an event which triggers do on enforcement automatically allows the lender to call the loan

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The due-on class is triggered not only by a transfer using standard grant deed but by a lease with a term over?

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Three years

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Power of sale provision

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Contained in a trust deed authorizes the trustee to initiate a non-judicial foreclosure sale of the property on a declaration of default and instructions to foreclosure from the beneficiary

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Before recording a notice of the fault (NOD) on a trust deed security a purchase assistant mortgage on a borrowers principal residence, a mortgage holder needs to?

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Conduct a pre-foreclosure work out with the owner

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Within how many days after recording a notice of default(NOD) the trustee sends a copy of the NOD by registered or certified mail to holders of a recorded interest in the security property

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One month

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At least how many days to the date selected by a trustee to hold a trustee sell the trustees send two copies of the notice of trustee’s NOTS sell to each party of the trustee previous previously sent a notice of default NOD

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20 calendar days before

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I trust his self is considered a final and complete when ?

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On the trustees acceptance of the last and highest bid

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Judicial foreclosure

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It’s a court order sell by public auction of a secured property, lasting from eight months to multiple years before it is complete

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Mortgage interest deduction (MID)

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Is an itemized deduction for income tax reporting allowing homeowners to deduct interest and related charges they pay on the mortgage encumbering their primary or second homes

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Principal residence

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Is an individuals home where the homeowner immediate family stays and majority of the year is close to the homeowners place of employment and banks which handle homeowner accounts

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Apartment complex with how many units need to have a residential manager?

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16 units

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Goodwill

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The intangible image or opinion held about a property which affects its earning power

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Condition of premises addendum

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It’s to avoid dispute over who is responsible for any damage to the premises, the residential landlord and tenant complete and sign this before the tenant is given possession

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Choice of law

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A provision in the lease assures application of California law when a dispute arises between the tenant and the landlord

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The landlord under a month to month rental agreement can increase the rent or ship repairs and maintenance obligations to the tenant by serving a ?

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30 day notice of change in rental terms

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The landlord under a month to month rental agreement can increase the rent or ship repairs and maintenance obligations to the tenant by serving a ?

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30 day notice of change in rental terms

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If no repairs are made to the rented unit, the residential landlord needs to refund the security deposit, less reasonable deduction, with then how many days after 10 vacates

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21

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Incurable breach

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Attendant who commits incurable breach is served with a three day notice to quit

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The three day notice to perform or quit requires a tenant to vacate the premises or two?

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Perform under the breached lease provision

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Ways occurs when a tenant?

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Neglects the premises and impairs its value by failing to maintain it as agreed

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Ways occurs when a tenant?

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Neglects the premises and impairs its value by failing to maintain it as agreed

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When a tenant has resided in a residential property for one year or more the landlord terminate the tenancy by giving the tenant a?

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60 day notice to vacate

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Ways occurs when a tenant?

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Neglects the premises and impairs its value by failing to maintain it as agreed

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When a tenant has resided in a residential property for one year or more the landlord terminate the tenancy by giving the tenant a?

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60 day notice to vacate

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And owner by for a foreclosure who purchases a residential property at a trustee sell for investment purposes may only terminate an existing residential tenancy by serving a tenant with a?

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90 day notice to vacate

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Implied warranty of habitability

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Is When a landlord fails to comply with building and housing code standards and that affect the health and safety

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Orientation

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The placement of a building upon the law is referred to

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Orientation

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The placement of a building upon the law is referred to

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Subdivision map act

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Establishes the condition for approval of subdivision map, and provides the planning commission the authority to regulate and design and physical improvements to be installed in a common interest development