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198 Cards in this Set

  • Front
  • Back
What does the civil rights act of 1866 prohibit?
Race Discrimination
What does the federal fair housing act of 1968 prohibit
Race, Color, Creed, national Origin
What does the sherman Antitrust Act prohibit
Price Fixing
What rule did the Real Estate Settlement Procedures Act create?
All costs must be disclosed
If a designated broker is a member of NAR, does his agent have to be also?
What sign must be displayed in all real estate brokerages?
Fair Housing and Equal Opportunity Sign
In order for an adverrtisement to not be considered a blind ad, what must it contain?
Employing Brokers Name
The terms "Team or Group" may not refer to what?
Trade Name (DBA)
If the terms "Team or Group" are used in an ad, what must they refer to?
Sales Agents
Every Action that the salesperson makes is done under whos name?
Designated Broker
What words are subdivision ads never allowed to use?
Endorsed by the commissioner - No Risk
When is a property manager required to hld a real estate license?
More than two properties
What type of lease and contract do not have to be in writing
Under 12 months or Broker to broker
In a sale and leaseback, who owns the property?
What type of lease has the tenant paying a fixed rent?
Gross Lease
What two things does an agreement for sale contain in one document?
Security, Promissory Note
What type of lease is used for land only?
Ground Lease
What is it called when you transfer your right and interest to another?
What are security deposits treated as?
Trust Money
What is a Broker who works for the designated broker of a company called?
Associate Broker
Who does the term agent refer to?
The salesperson
When does personal property change to real property
What it's affixed
What is an attached item called when it changes from personal property to real property?
A Fixture
What is used to transfer personal property?
Bill of Sale
What type of value approach is being used when land is appraised seperate from improvement?
Cost approach
what is personal property called when used in a business or trade and attached to real estate?
Trade Fixture
Who owns trade fixtures
Tennant during lease
Landlord after lease
What is required to identify and legally convey any interest or estate in real property?
A legal description
How many square feet in an acre?
What does ADA cover if property has less than or equal to 25 employees?
Hiring costs, inteviewing, planning
How many feet in a mile?
The term contigiuous means what
Touching at any point
How many square miles are in a township?
36 square miles
Where is a habendum clause found?
In the deed
How many sections are in a township?
What are the three types of legal descriptions?
Metes and Bounds, Government Rectangular Survey, Lot Black tract
What type of legal description uses distances and directions?
Metes and Bounds
Who does the assignment of rents clause protect?
The beneficiary
Which type of legal description is most commonly used with subdivisions
If you are returning to the POB, which type of legal description are you using?
Metes and Bounds
A lease is an example of what type of property restrictions
When a deed of trust is satisfied, what does the trustor receive?
Deed of ReConveyance
A lien is an example of what kind of property restrictions
What are the four things about a property tax?
Specific, Involuntary, Priority, Unrecorded
What type of a lien is income tax?
What is the effective date of a mechanics lien?
Date when work began
What establishes position of lien or time and place of lien/
When must a mecahincs lien be filed by?
120 days after compeltition of entire project
When does a mechanics lien take priority
When the work began
What does the word appurtenant mean?
Attached to the land
What type of estate is the giver of the easement?
Servient Estate
In order to obtain an easement by prescription, whats the time frame of use?
10 years (hostile)
What does an easement by necessity provide with the land?
Ingress and Egress
What did the 1988 fair housings amendment add to the FFH act?
Disability and marital Status
Who is responsible for restoring property if a handicap person makes some adjustments for convenience?
The Tennant
What is HUD's policy on unsolicited disclosure of the fact a seller has AIDS?
Its illegal
Does the protected class of handicap under FFH act include people with physical illnesses
Which act prohibits discrimination against gender
House development act of 1974
The federal Reserve Board implemented what regulation in the Truth in Lending Act?
Reg Z
what must be shown whenever monthly payments or interest rates are advertised?
The APR rate
If an equal housing opportunity sign is not displayed in a mortgage brokers office, what does this constitute?
What is it called when brokers direct members of certain minority groups away from some of their listings?
How much is an origniation fee usually?
What is it called when a broker tries to profit by telling owners to sell because a minority groups may be moving into the neighborhood
Who typically pays for owners title insurance policy?
The Seller
Who typically pays for lenders insurance policy?
What is it called when a lender bases a loan application on national Origin?
What is it called when a housing complex rejects a 35 year old person in a senior housing community?
Can a private club legally give different treatment to it's own members?
What is the minimum penalty for a violation of fair housing laws?
What is the statue of limitiation on fair housing laws
one year
when a mortage is paid in full, when must a satisfation piece be recorded?
Within 30 days of full payment
What does the successful bidder of a mortgage foreclosure receive?
Sherrifs Deed
What is the redemption period of a mortgage foreclosure sale?
6 months
What happens to excess funds at a foreclosure sale?
Goes back to the borrower
What happens when the money from a foreclosure sale is not sufficient to repay debt?
Deficiency Judgement
In a deed of trust, who is the trustee
Impartial third party
Upon full payment of a deed of trust, what is required on the deed of reconveyance?
Trustee Signature
What is the redemption period on a trustee's sale
90 days prior to the sale
What type of loan provides for a sum payment at the end of specified term?
Partial Amortization
What type of loan covers more than one property?
Blanket loan
What type of loan covers personal and real property?
Package Loan
What type of financing cannot be a wrap around?
Due on Sale
What type of finacning is where a buyer receives title and gives note and mortage to seller?
Carry back
How does a lender get paid for writing the loan?
What type of lenders purchase and sell exisitng loans
Secondary Lenders
Who is PMI risk insurance for?
The lender
How much does a borrower need to put down to avoid paying PMI?
PMI is used with what type of loan?
MIP is used with what type of loan?
In a net lease, what does the lesee pay for?
Rent plus charges
with a FHA loan, who must do the appraisal?
approved appiaser
What type of loan does a borrower pay principle and interest monthly whereby ending with a zero balance loan?
What type of loan does not lend directly to the borrower?
FHA loan
With what type of loan does the seller pay escrow fees?
VA loan
What are the four governemnt powers?
Police, Eminenet Domain, Taxation, Escheat
What type of private property is exempt from Eminent Domain
What is the process by which the government takes property by eminent domain?
What administers federal superfund sites
What did the Comprehensive Environmental Response, compensation and liability act of 1980 create?
Superfund sites
What can leaking USTS cause/
Contaminated ground water
What kind of license is required to subdivide land?
What is the rescission period on unsuspected, unsibdivided land?
Six months (7 days if inspected)
What is the rescession period on inspected unsubdivided land?
7 days
What can a subdivide do before receiving the CPR
take reservations (Max 5000)
When is CPR not needed?
Unsubdivided land
What is the max lot reservation a subdivider can take?
how long does a subdivider have to keep the receipt of acceptance of cpr?
5 years
How long is a contract without proof of CPR voidable for?
3 years
In an open listing, who gets the commission?
Whoever lists and sells the property
What type of listing gaurenttes the broker a commission?
Exclusive Right to Sell
What type of listing does the broker get nothing if the seller sells it himself?
Exclusive Agency
How are commissions expressed?
Percentage of list price
How are commissions calculated?
Percentage of Sale price
When are commissions earned?
When you find a willing, able, able buyer
when are commissions paid and whom are they paid to?
Employing Broker, @ COE
Is it legal for an agent to earn a commission from both the buyer and the seller on the same transaction?
Yes. Duel agency
Who can take a seller to court to fight a commission dispute?
Designated Broker
Does an agent hvae to disclose a stigmatized property?
When must a lead based paint disclosure form be attached to a Contract?
Prior to 1978
What is misrepsentaiton with intent called?
Is puffing legal?
Yes, but frowned upon
What type of environmental testing is required at schools by federal law?
What is an option a form of?
Unilateral Contract
What is not a component of a valid contract?
Earnest MOney
What does death do to a contract?
If seller wants to change only the closing date on an offer, what must he do;/
Write a counteroffer
What does the broker do once earnest money is received?
Trust account within 24 hours or straight to title
What happens when an agent is unavailable for 24 hours and another broker wants to present offer?
WIth the permission of the seller this can happen (must be kept for 1 years)
Once a counter offer is written, what happnes to the original contract?
What is consideration in an Option contract
Option Fee or Option Money
Can an agent tell his buyer how to take title?
What is the maxium possible estate on can possess in real property?
Fee Simple
What is the duration of a freehold estate?
What type of estate is contingent on someones life?
What type of ownership exists if it is not states and the couple is not married?
Tennants in Common
In joint tenancy with right of survivorship, what four factors must be equal?
Possession, Time, Interest, Title
How can corporations hold title?
In community Property Ownership, what happens when one spouse dies?
Remaining spouse only owns half
What are the owners of an LLC called?
Managing Members
What type of wonership does a condominum owner have in the common area?
Tennancy in COmmon
Who owns a co-op
What is the cancellation period of a time share?
7 days
What must be disclosed before time share presentaiton is given?
Value of the time share
What type of ownership does a single man hold for his townhouse?
Severalty Of Land
When is the closing official?
Date of recording
In joint tenancy with right of survivor ship, what happens when one person dies?
reduces the amount of people on title by one
What is recorded, signed document indicated the sale price of the property called?
Affidavid of Sale
What is it called when a title company turns earnest money over to the court because of a dispute
Interpleader Actions
Who supervises escrow agents?
State supervisor of land
What establishes or proves sales price to help determine taxes?
Affidavid of sales
How are taxes paid
In arrear
How is insurance paid?
In advance
When doing proration, what is the amont of days in a year and month if not stated otherwise?
360 and 30
Who prepares the HUD 1 statement
Escrow Agents
Who is repsonsible for delivering settlement statemnt to the buyer and seller?
The agent
What is the ownership hisotry of a property called?
Chain of title
What is a history of all recorded instruments that has affected title to a property ?
Abstract of title
What insurance policy is paid for by the buyer to protect the lender?
Lenders Policy
What type of document prevents forgery and ensures that the grantor has signed Voluntarily
Acknowledged Deed
What has to happen for the deed to be valid?
Acceptance and Delivery
What does it mean when a person dies intestate?
WIthout a will
What is it called to transfer real property by will?
What kind of properties does RESPA apply to?
Residential Properties
How long must a lender keept a settlement statemnt after COE
2 years
Who administers RESPA regulations
When must the settlement statement be available to the buyer and seller according to RESPA?
1 day prior to closing
Under RESPA what is the kick back penalty?
1 year in jail, 10K, and loss of license
What type of loans are not covered by respa
What prohibits kickbacks in real estate?
Which clause is the "To have and to hold"?
Habendum clause
Who must sign the deed for it to be valid?
Who must sign the deed for it to be valid?
What can distinguish a deed froma mortage instrument?
Words of conveyance
In recordation, what is not recorded by priority?
Properrty Taxes (always first)
What does proper redecoration of a property provide?
Constructive Notice
What is always first in priority
Property Taxes
In order for proper recordation, where must the property be recorded?
County where it is located
Which type of deed does the grantor accept responsibilyty for title defects that arose only during his ownership?
Special Warrenty Deed
Which type of deed offers the greatest protection
General Warrenty Deed
After redemtopion period, what type of deed is given at a foreclosure sale for failure to pay property taxes?
Treasurers Deed
What type of deed is given to convey property out of a deed of trust?
Trustees Deed
Which type of deed is often used as an expedient to remove defects in a title?
How is a loan value establishes
Lowest number between appriased and sale price
What are the tow major requirments to become an appriaser?
Appraisers license and 2000 hours of apprentice work
What are the four property characteristics that affect value?
Demand, Scarcity, Utility, Transferbility
What is a sllers market?
More demand than Supply
Which approach to value is most frequently used for residentail sales?
Market Approach
What is the only approach an appraiser can use to value land?
Market Approach
What type of appraisal approach would be used to value a post office?
Cost Approach
What type of appraisal approach would be used to value new homes?
Cost apporach
What is a home with five bedrooms and one bathroom an example of?
Functional Obsolescence
What type of deprecitaition is an example of railroad tracks running besides a home?
Economic Obselence
What type of approach to value would be used for office space?
Income Approach
What is designed to reflect the recapture of the original investment
CAP Rate
What type of agency is between a broker and his salesperson?
General Agency
What measures the risk involved in an investment?
Cap Rate
Which type of appraisal approach does not allow for variations in vacancies or bad debts?
Gross Rent Multiplier