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80 Cards in this Set
- Front
- Back
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Residential assessed value |
10% |
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Assessed commercial value |
18.5% |
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What is the penalty for deliquency? |
16% and a lien |
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What warranty deed has the best warranty? |
A general Warranty Deed |
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How does a grantee recieve title? |
Through a deed of conveyance |
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Claims against the property that can restrict its free usage |
Encumbarance |
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Who does the escrow company work for? |
The buyer |
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Who is the neutral third party in charge of the transactions |
the seller |
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The grantor has the right to convey legal title (transfer legal title) |
The covenant of sesin |
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What doesn't have an impact on property value? |
Title insurance |
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When an abstract of title is completed it means what? |
a title search was completed |
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Loans that are not insured or guarenteed by the governmanet |
Conventional loans |
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loans that are marketable to sellers with low credit scores |
Sub prime loans |
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What is the most common type of loan? |
Conventional |
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A loan that follows the guidlines of freddie mac and frannie mae |
Conforming Loan |
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A gov sponsored enterprise that buys loans from lenders and sells them to investors |
Frannie Mae |
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What is the purpose of frannie mae? |
to make loans more available to the public |
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What protects the lender in case you default? |
PMI - primary mortgage insurance |
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when a conventional loan is greater that 80% what is required? |
PMI |
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When must PMI be paid? |
The time of closing |
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owners title insurance protects who? |
The buyer |
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Insurance that protects against defects that affect your interest |
Owners title insurance |
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what policy doesn't cover the parties in possession? |
owners title insurance |
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what would never show on a closing statement? |
Principal Payments |
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When the escrow company turns the dispute over to the court it is what? |
interpleader |
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What insurance policy covers encrochments? |
Extended policy of title insurance |
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When one party has the right of rescision it is concidered what? |
Voidable |
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What gives the parties the right to back out of contract if whats written does not happen? |
Contingency Clause |
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Who benefits from a contingency clause? |
a buyer when they do not qualify for a loan |
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What is it called when something of value is given in exchange for something else? |
Consideration |
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Court action that compels a buyer or seller to carry out the terms of a contract |
Specific performance |
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What can be terminated by emenent domain or condemnation? |
A purchase contract |
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Which agent has the original contract and the earnest money? |
The selling agent |
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Occurs when a buyer defaults on a purchase contract and the seller keeps the earnest money |
Liquidated damages |
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What is the buyer-brokerage agreement? |
It spells out who represents the buyer |
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A false statement with intention of inducing another party |
Intentional misrepresentation |
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A purchase contract that is signed under duress is... |
voidable |
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An illusory contract is... |
Unenforcable |
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In a listing agreement what is the seller known as ? |
Principal/client |
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Third party in a real estate transaction is.. |
customer |
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When a broker speaks for another without authority |
ostensible |
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How long is a mechanics lien valid for from date of recordation? |
6 months |
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Protects the value of a home & equity up to 150,000 |
Homestead exemption |
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When is a homestead exemption lost? |
When a person sells or moves out of the property |
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how long are judgments valid for? |
5 years |
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what is not used in the market analysis of the income approach? |
Asking price |
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When is an appraser interested in the economic depreciation? |
When using neighborhood analysys |
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Original sales price is not concidered in what approach? |
Market approach |
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What does an appraiser use when apprasing land? |
Market Approach |
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What doesn't the appraiser use in a market approach? |
Building permits |
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Difference between replacement value and present value is what? |
The depreciation |
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What is the least important factor in a market approach? |
Foreclosure |
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What is the most important income in the income approach? |
Net income |
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The estemated resale value (what you have at the end of the economic life |
Salvage Value |
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property is in need of repair due to neglect |
deffered maintence |
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benefits of property when compared to another |
substitution |
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legal description used when subdividing |
lot and block |
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Agency designed to protect public safety , what arizona envioronmental agencies are governed by |
ADEQ |
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Arizona superfund sites are called.. |
wqarf |
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covers a 1-4 plex |
RESPA |
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what does RESPA not cover? |
carrybacks or loan assumptions |
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commisions paid on securities and investments |
Blue skys |
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What is a limited partnership similar to ? |
A sydnicate |
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Same benefits as limited partnership and investors are called members |
LLC |
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Shows allcosts of documentation except for prep fees |
reg z |
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interest only payment loan |
term |
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a loan that draws over a period of time |
construction loan |
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If conditions stated occur, estate will revert back to the grantor |
fee simple determinable |
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who does the beneficiary instruct to issue a deed of reconveyance? |
the trustee |
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when a lender chooses not to foreclose |
forebearence |
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who pay monthly mortgage payments? |
mortgagor |
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In agreement for sale what does the buyer have? |
Equitable interest |
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when the seller is the lender |
purchase money mortgage |
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a non navigable stream would be owned to the .. |
low water mark |
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a navigable stream would be owned to the.. |
high water mark |
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brown vs. board of education |
abolished seperate but equal |
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in what theory does the lender not hold legal title? |
lien theory |
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theory where seller maintains title until loan is paid off |
title theory |
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Loans designed for borrowers who are unable to make a large down payment |
FHA loan |
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what loan is guarenteed? |
va loan |
