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80 Cards in this Set

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Residential assessed value

10%

Assessed commercial value

18.5%

What is the penalty for deliquency?

16% and a lien

What warranty deed has the best warranty?

A general Warranty Deed

How does a grantee recieve title?

Through a deed of conveyance

Claims against the property that can restrict its free usage

Encumbarance

Who does the escrow company work for?

The buyer

Who is the neutral third party in charge of the transactions

the seller

The grantor has the right to convey legal title (transfer legal title)

The covenant of sesin

What doesn't have an impact on property value?

Title insurance

When an abstract of title is completed it means what?

a title search was completed

Loans that are not insured or guarenteed by the governmanet

Conventional loans

loans that are marketable to sellers with low credit scores

Sub prime loans

What is the most common type of loan?

Conventional

A loan that follows the guidlines of freddie mac and frannie mae

Conforming Loan

A gov sponsored enterprise that buys loans from lenders and sells them to investors

Frannie Mae

What is the purpose of frannie mae?

to make loans more available to the public

What protects the lender in case you default?

PMI - primary mortgage insurance

when a conventional loan is greater that 80% what is required?

PMI

When must PMI be paid?

The time of closing

owners title insurance protects who?

The buyer

Insurance that protects against defects that affect your interest

Owners title insurance

what policy doesn't cover the parties in possession?

owners title insurance

what would never show on a closing statement?

Principal Payments

When the escrow company turns the dispute over to the court it is what?

interpleader

What insurance policy covers encrochments?

Extended policy of title insurance

When one party has the right of rescision it is concidered what?

Voidable

What gives the parties the right to back out of contract if whats written does not happen?

Contingency Clause

Who benefits from a contingency clause?

a buyer when they do not qualify for a loan

What is it called when something of value is given in exchange for something else?

Consideration

Court action that compels a buyer or seller to carry out the terms of a contract

Specific performance

What can be terminated by emenent domain or condemnation?

A purchase contract

Which agent has the original contract and the earnest money?

The selling agent

Occurs when a buyer defaults on a purchase contract and the seller keeps the earnest money

Liquidated damages

What is the buyer-brokerage agreement?

It spells out who represents the buyer

A false statement with intention of inducing another party

Intentional misrepresentation

A purchase contract that is signed under duress is...

voidable

An illusory contract is...

Unenforcable

In a listing agreement what is the seller known as ?

Principal/client

Third party in a real estate transaction is..

customer

When a broker speaks for another without authority

ostensible

How long is a mechanics lien valid for from date of recordation?

6 months

Protects the value of a home & equity up to 150,000

Homestead exemption

When is a homestead exemption lost?

When a person sells or moves out of the property

how long are judgments valid for?

5 years

what is not used in the market analysis of the income approach?

Asking price

When is an appraser interested in the economic depreciation?

When using neighborhood analysys

Original sales price is not concidered in what approach?

Market approach

What does an appraiser use when apprasing land?

Market Approach

What doesn't the appraiser use in a market approach?

Building permits

Difference between replacement value and present value is what?

The depreciation

What is the least important factor in a market approach?

Foreclosure

What is the most important income in the income approach?

Net income

The estemated resale value (what you have at the end of the economic life

Salvage Value

property is in need of repair due to neglect

deffered maintence

benefits of property when compared to another

substitution

legal description used when subdividing

lot and block

Agency designed to protect public safety , what arizona envioronmental agencies are governed by

ADEQ

Arizona superfund sites are called..

wqarf

covers a 1-4 plex

RESPA

what does RESPA not cover?

carrybacks or loan assumptions

commisions paid on securities and investments

Blue skys

What is a limited partnership similar to ?

A sydnicate

Same benefits as limited partnership and investors are called members

LLC

Shows allcosts of documentation except for prep fees

reg z

interest only payment loan

term

a loan that draws over a period of time

construction loan

If conditions stated occur, estate will revert back to the grantor

fee simple determinable

who does the beneficiary instruct to issue a deed of reconveyance?

the trustee

when a lender chooses not to foreclose

forebearence

who pay monthly mortgage payments?

mortgagor

In agreement for sale what does the buyer have?

Equitable interest

when the seller is the lender

purchase money mortgage

a non navigable stream would be owned to the ..

low water mark

a navigable stream would be owned to the..

high water mark

brown vs. board of education

abolished seperate but equal

in what theory does the lender not hold legal title?

lien theory

theory where seller maintains title until loan is paid off

title theory

Loans designed for borrowers who are unable to make a large down payment

FHA loan

what loan is guarenteed?

va loan