State Exam Ch 27 Lock Down

Front 1

Chapter 27

Sales comparison approach.

Market data approach.

Back 1

This approach, is essential in almost, every appraisal of Real Estate. This is the most reliable of the 3 approaches, in appraising residential property. This approach, compares the subject property. (Property under appraisal) to comparables or comps.

Front 2

Cost approach.

Appraisal by Summation.

Back 2

Helpful in appraising of special-purpose buildings such as, schools, churches, and public buildings. How much would it cost to reproduce or replace this property?

Construction cost, depreciation, market value.

Front 3

Income approach.

Capitalization approach.

Back 3

Value based on, the present worth, of future rights to income. This is used for income-producing properties, such as: apartment buildings, Office Buildings, and shopping centers.

Front 4

Joint tenancy, and tenancy by the entirety, both have, right of survivorship.

Back 4

Upon the death, of tenancy in common, the interest, passes on to his or her, heirs or devisees

Front 5

OR = Person Giving

EE = Person Receiving

Back 5

Mortgagee = Giving money

Mortgagor = Receiving money

Front 6

Housing and Community Development Act of 1974 (1)

Back 6

SEX

Front 7

Fair Housing Act Amendment of 1988

(2)

Back 7

1. Disability.

2. Familial status.

Front 8

Civil Rights Act of 1866 (No exceptions) (2)

Back 8

1. Race.

2. Color.

Front 9

Fair Housing Act of 1968 (4)

Back 9

1. Race.

2. Color.

3. Religion.

4. National Origins.

Front 10

Equal Credit Opportunity Act of 1974 Lending - (8)

Back 10

1. Race.

2. Color.

3. Religion.

4. National origin.

5. Sex.

6. Age.

7. Marital status

8. Lawful source of income, or rent payment.

Front 11

New Jersey law against discrimination. (13)

Everything, except, Age.

Back 11

Race, Color, Religion, Sex,

National origin, Marital status, Disability, Familial status,

Lawful source of income,

Ancestry,

Affectional or sexual orientation,

Nationality,

Gender Identity or expression.

Front 12

Freddie Mac - Warehouses packages of mortgages.

Back 12

Fannie Mae - Buys FHA Loans, sets standards.

Ginnie Mae - Pools mortgages for investors.

Front 13

Essential elements of a valid contract

Back 13

1. Competent parties.

2. Offer and acceptance.

3. Consideration.

4. Legality of object, can't be illegal

Front 14

Valid contract

Back 14

Contract that complies, with all Essentials of a contract, and is binding and enforceable, on all parties to it.

Front 15

Voidable contract

Back 15

Seems to be valid, but may be rejected or disaffirmed, by one of the parties.

Front 16

Void contract

Back 16

Has no legal force or effect, because it does not meet the essential elements of a contract.

Front 17

Unenforceable contract

Back 17

Neither party can successfully, sue the other, to force performance. If the parties, perform the agreement, it will be valid. Example if one person was drunk, when the contract was made.