Term
| Person who adheres to the Code of Ethics of the National Association of REALTORS (NAR) |
|
Definition
|
|
Term
| Members of the National Association of Real Estate Brokers (NAREB) |
|
Definition
|
|
Term
|
Definition
| an article installed by a tenant under a commercial lease and removable before the lease expires |
|
|
Term
|
Definition
| conversion of personal property into real property |
|
|
Term
| another word for personal property |
|
Definition
|
|
Term
| the interests, benefits, and rights automatically included in the ownership of land and real estate |
|
Definition
|
|
Term
|
Definition
| growing crops, such as corn and soybeans, that remain PERSONAL property |
|
|
Term
| trade fixtures are typically _____ from a mortgage |
|
Definition
| EXCLUDED (they are personal property) |
|
|
Term
|
Definition
| all of the rights, privileges, and improvements that belong to and pass with the transfer of property but are not necessarily a part of the actual property |
|
|
Term
| True/False: Lighting Fixtures are normally considered to be real property |
|
Definition
|
|
Term
|
Definition
| A term used for a factory-built home that was manufactured before 1976. (**AFTER 1976: MANUFACTURED HOUSING) |
|
|
Term
|
Definition
| cost of repairing damaged property without deduction for depreciation or annual wear and tear |
|
|
Term
|
Definition
| replacement value MINUS depreciation |
|
|
Term
| how to evaluate if a prospective buyer can afford a home |
|
Definition
| set limit on PITI (principal, interest, taxes, insurance) of 28% gross monthly income, and on TOTAL DEBT payments of 36% gross monthly income. Fool. |
|
|
Term
| single taxpayers are allowed to exclude ________ from capital gains tax for profits on the sale of a principal residence |
|
Definition
|
|
Term
| under most homeowner's insurance policies, the insured is usually required to maintain insurance equal to at least ____ % of the replacement cost of the dwelling, INCLUDING THE PRICE OF THE LAND. |
|
Definition
|
|
Term
| an agent who is authorize to represent the principal in ONE SPECIFIC act or business transaction, under detailed instructions |
|
Definition
|
|
Term
| an affiliation of trust and confidence as between a principal and an agent |
|
Definition
|
|
Term
|
Definition
the responsibilities of CARE, OBEDIENCE, ACCOUNTING, CONFIDENTIALITY, LOYALTY, AND DISCLOSURE.
(COLDAC) |
|
|
Term
|
Definition
| the common law doctrine of "let the buyer beware" |
|
|
Term
| When is a broker's commission payable in a normal transaction? |
|
Definition
| Once the deed is delivered |
|
|
Term
| a listing agreement in which the seller receives a specific dollar amount from the sales price, and the selling broker retains the balance as compensation |
|
Definition
| net listing. ILLEGAL IN MARYLAND, BITCHES |
|
|
Term
|
Definition
| the right of a government to acquire privately owned real estate for public use |
|
|
Term
|
Definition
| the process by which the government exercises its right of eminent domain |
|
|
Term
| the automatic transfer of real property to the state when the owner dies without heirs or a will |
|
Definition
|
|
Term
|
Definition
| the highest interest in real estate recognized by law |
|
|
Term
| life estate pur autre vie |
|
Definition
| an estate based on the lifetime of a person other than the life tenant |
|
|
Term
|
Definition
| the person to whom property passes when a life estate ends |
|
|
Term
|
Definition
| the right to use another's land for a particular use |
|
|
Term
| an appurtenant easement is said to run with the land and this benefit transfers with the deed of the ______ tenement |
|
Definition
|
|
Term
| True/False: A merger terminates an easement |
|
Definition
|
|
Term
| What must exist for an an appurtenant easement to exist |
|
Definition
| two adjacent parcels, different owners |
|
|
Term
| a form of trust established by will after the owner's death |
|
Definition
|
|
Term
| the three basic ways om which a fee simple estate may be held |
|
Definition
in severalty
in co-ownership
in trust |
|
|
Term
| in a _____ , property is owned by two or more owners with the right of survivorship |
|
Definition
|
|
Term
| the person who creates a trust is referred to as the ______ |
|
Definition
|
|
Term
| in the case of land trusts, the beneficiary is usually also the ______ |
|
Definition
|
|
Term
| type of legal description that relies on a property's physical features to determine and to describe the boundaries and measurements of the parcel |
|
Definition
|
|
Term
| A land description based on principal meridians and base lines |
|
Definition
| rectangular survey system |
|
|
Term
| lines running 6 miles apart and parallel to the baseline |
|
Definition
|
|
Term
| lines running parallel to the meridian |
|
Definition
|
|
Term
| a system of description that uses numbered area referred to in a plat map |
|
Definition
|
|
Term
| each township square contains ___ sections of ___ acres each |
|
Definition
36 sections
640 acres each |
|
|
Term
|
Definition
one square mile
which equals 640 acres |
|
|
Term
| number of square feet in one acre |
|
Definition
|
|
Term
| number of feet in one mile |
|
Definition
|
|
Term
| equitable right of redemption |
|
Definition
| the right of a delinquent taxpayer to recover property BEFORE a tax sale |
|
|
Term
| statutory right of redemption |
|
Definition
| the right of a delinquent taxpayer to recover property after a tax sale |
|
|
Term
| a writ that permits a court to retain custody of a debtor's property until the creditor's lawsuit it concluded |
|
Definition
|
|
Term
|
Definition
| a notice of a possible future lien based on a lawsuit |
|
|
Term
| All liens are encumbrances but |
|
Definition
| not all encumbrances are liens |
|
|
Term
| to reveal any recorded liens, a property buyer should require a _____ before closing the real estate transaction |
|
Definition
|
|
Term
| what is minimum consideration in a valid contract? |
|
Definition
| anything the parties agree is good and valuable |
|
|
Term
| when real property is sold to pay off a debt, the debtor should get a legal document known as a |
|
Definition
|
|
Term
|
Definition
| a contract that has been completely performed |
|
|
Term
|
Definition
| the status of a real estate sales contract prior to closing |
|
|
Term
| a contract that is without legal force or effect because it lacks one or more essential elements |
|
Definition
|
|
Term
|
Definition
| the transfer of rights or duties under a contract |
|
|
Term
|
Definition
| the substitution of a new contract to replace an earlier one |
|
|
Term
| True/False a listing agreement is the same as a contract for sale of real estate |
|
Definition
|
|
Term
| a real estate contract entered into by a minor is ______ |
|
Definition
|
|
Term
| when is an offer considered to be accepted? |
|
Definition
| when the broker NOTIFIES THE BUYER that the seller has accepted the offer. |
|
|
Term
|
Definition
| the right to, and evidence of, ownership of land |
|
|
Term
|
Definition
| the transfer of title by gift or by sale |
|
|
Term
|
Definition
| the person who transfers the title |
|
|
Term
|
Definition
| the person who acquires the title by gift or by sale |
|
|
Term
| a covenant in a deed that warrants that the grantor is the owner of the property and has the right to convey it |
|
Definition
|
|
Term
| a type of deed that warrants only that the grantor received title and that the property has not been encumbered during the grantor's ownership |
|
Definition
|
|
Term
| a deed that contains no covenants, warranties, or implications, and that provides the least amount of protection of any deed |
|
Definition
|
|
Term
| the gift of real property by will |
|
Definition
|
|
Term
| the person who makes a will |
|
Definition
|
|
Term
| a title is considered transferred when the deed is actually signed and _____ by the grantor |
|
Definition
|
|
Term
| the be valid, the deed must be signed by the _____ |
|
Definition
|
|
Term
| True/False: a deed must list all encumbrances |
|
Definition
|
|
Term
| the grantor is conveying an interest that is less than fee simple absolute. this explanation of the extent of ownership would be found in the ______ |
|
Definition
|
|
Term
|
Definition
| an oral will (not written) |
|
|
Term
|
Definition
| a modification to the original will |
|
|
Term
|
Definition
| the record of a property's ownership |
|
|
Term
|
Definition
| the individual who prepares a summary report of the results from a title search |
|
|
Term
| ____ notice means that information about a property is not only available, but that someone has been given access to that information |
|
Definition
|
|
Term
| True/False: a certificate of title is a guarantee of legal ownership |
|
Definition
|
|
Term
| the reason that deeds and liens and other claims are recorded is to give |
|
Definition
|
|
Term
| a history of all recorded liens and encumbrances is revealed in the |
|
Definition
|
|
Term
| the premium for a title insurance policy is paid |
|
Definition
|
|
Term
| registration in the _____ provides evidence of title without needing to make an addition search of public records |
|
Definition
|
|
Term
|
Definition
| the borrower in a mortgage loan clause |
|
|
Term
|
Definition
| the lender in a mortgage loan |
|
|
Term
|
Definition
| a borrower's personal pledge to repay a debt according to agreed upon terms |
|
|
Term
| the pledging of a property as a security for payment of a loan without actually surrendering the property itself |
|
Definition
|
|
Term
| the part of a financing agreement that requires the lender to execute a satisfaction or release when the note has been paid in full |
|
Definition
|
|
Term
| a provision in a financing agreement that permits the lender to declare the entire debt due immediately in the event the property is sold |
|
Definition
|
|
Term
|
Definition
| the idea that a mortgage is purely a lien on real property |
|
|
Term
|
Definition
| concept that the borrower actually gives legal title to the lender and retains equitable title |
|
|
Term
| a mortage is a security instrument in which a ______ pledges real property to the ______ as a security for the debt |
|
Definition
|
|
Term
| states that recognize the lender as the owner of the mortgaged property are known as _________ |
|
Definition
|
|
Term
| True/False: borrower = mortgagor? |
|
Definition
|
|
Term
| type of loan in which payments are made to the borrower by the lender, and is usually repaid from the sale of the property |
|
Definition
|
|
Term
| thrifts, savings associations, and commercial banks |
|
Definition
|
|
Term
| a type of loan in which the borrower makes periodic interest payments, followed by the payment of the principal in full at the end of the term |
|
Definition
|
|
Term
| a loan in which both principal and interest are paid off gradually, over time |
|
Definition
|
|
Term
| The value portion of a property's loan-to-value (LTV) ratio is the ____ of the sale price or the appraised value |
|
Definition
|
|
Term
| True/False: the FHA is not a mortgage lender |
|
Definition
| FALSE! They insure loans, ya dick. |
|
|
Term
| The VA limites the amount of ____ |
|
Definition
| the loan it will guarantee |
|
|
Term
|
Definition
| Loan amount / Appraised value or sale price (whichever is lower) |
|
|
Term
| a leasehold estate with an indefinite term that may be terminated by the death of either the landlord or the tenant |
|
Definition
|
|
Term
| the leasehold estate created with a tenant, who was in lawful possession of real property, continues in possession without the landlord's consent |
|
Definition
|
|
Term
| the action by which a tenant may properly abandon premises that have become unusable due to the landlord's conscious neglect |
|
Definition
|
|
Term
| in a lease agreement, the landlord is the _____ and the tenant is the _____ |
|
Definition
|
|
Term
| a ______ estate is considered personal property |
|
Definition
|
|
Term
| a tenant pays for his own utilities and makes one payment each month to the landlord who pays the taxes, insurance on the building, and maintenance. What type of lease arrangement is this? |
|
Definition
|
|
Term
| if the tenant pays basic rent plus ALL or MOST of the property charges, the tenant has a ___ lease |
|
Definition
|
|
Term
| insurance policies that offer a package of standard coverages |
|
Definition
|
|
Term
| insurance policies that provide coverage against theft, burglary, and vandalism; specific, not all-inclusive |
|
Definition
|
|
Term
|
Definition
| an owner's protection against financial losses due to an employee's criminal acts |
|
|
Term
| the three types of maintenance necessary to keep a property in good condition |
|
Definition
corrective
routine
preventative |
|
|
Term
| the four alternative risk techniques |
|
Definition
control
avoid
retain
transfer
CART, YA STUPID PIECE OF LARD |
|
|
Term
| a way to estimate value based on the present worth of the rights to future income |
|
Definition
|
|
Term
|
Definition
| the most probable price that a property should bring in a fair sale |
|
|
Term
|
Definition
estimate of value
value of land if vacant + current cost of constructing improvements - accrued depreciation |
|
|
Term
| True/False: cost and market value are the same |
|
Definition
|
|
Term
| An estimate of the rate of return (yield) that an investor would expect for investing in a piece of property is called the ____ rate |
|
Definition
|
|
Term
| when appraising a new home in which NO ONE has ever lived, the appraiser would likely use the |
|
Definition
|
|
Term
| which appraisal approach would be best to appraise a 25 year old owner occupied house in a 30 year old neighborhood? |
|
Definition
| sales comparison (use whenever owner occupied) |
|
|
Term
| in which approach to value are the square foot method, the unit in place method, and the quantity survey method used? |
|
Definition
|
|
Term
|
Definition
income/value = rate
income/rate = value
value*rate = income |
|
|
Term
| the most common and easiest method of cost estimation is the |
|
Definition
|
|
Term
| device by which a daycare center might be permitted to operate in a residential neighborhood |
|
Definition
|
|
Term
| a lot or improvement that is not in harmony with current zoning, because it existed prior to the enactment or amendment to zoning |
|
Definition
|
|
Term
| the legal means by which states confer zoning powers on local government |
|
Definition
|
|
Term
| standards for building style, setbacks, and use that are included in a deed for property in a subdivision |
|
Definition
|
|
Term
| a state delegates zoning powers to a municipality through |
|
Definition
|
|
Term
| when an area was rezoned as residential, a store was grandfathered in and allowed to continue business. this is an example of |
|
Definition
|
|
Term
| a law that prohibits discrimination in housing based on race, color, religion, and national origin |
|
Definition
| the civil rights act of 1968 |
|
|
Term
|
Definition
| the agency that administers federal fair housing laws |
|
|
Term
| a highly friable mineral commonly used as insulation prior to being banned from use in construction in 1978 |
|
Definition
|
|
Term
| chemical used in foam insulation and certain wood products that can release harmful gases |
|
Definition
|
|
Term
| natural level at which the ground is saturated |
|
Definition
|
|
Term
| The EPA estimates that approximately __% of commercial and public buildings contain asbestos insulation. |
|
Definition
|
|
Term
| federal regulations on underground storage tanks do not apply to ____ or _____ |
|
Definition
| storm water or wastewater |
|
|
Term
| True/False: Liability under Superfund is strict, joint and several, and retroactive |
|
Definition
| TRUETRUETRUE dingdingding idiot |
|
|
Term
| __________ under the Superfund means that the owner is responsible to the injured party without excuse |
|
Definition
|
|
Term
| Who is responsible for the administering of the Superfund |
|
Definition
| The EPA, bitches and hoes,. |
|
|
Term
| Lead based paint is found in about 75% of all private housing built before |
|
Definition
|
|
Term
| at least how much of a tank must be underground for it to be considered an undergroun storage tank |
|
Definition
| 10! TEN! TENTENTENTEN ASEDRHDJFGHBH! |
|
|
Term
| the division of financial responsibility for various items between the buyer and the seller |
|
Definition
|
|
Term
| expenses to be divided between the parties that are owed by the seller but later will be paid by the buyer |
|
Definition
|
|
Term
| an unearned fee, paid as part of a real estate transaction, that is prohibited by RESPA |
|
Definition
|
|
Term
| True/False: the buyer is responsible for the preparation of the mortgage and the note |
|
Definition
|
|
Term
| What is the minimum time period a lender must retain a HUD-1 after the date of closing? |
|
Definition
|
|
Term
| the second title search, known as the ____ ____ is done after the closing and usually is paid for by the purchaser of the property |
|
Definition
|
|
Term
| usually, the ____ pays for recording charges, such as recording the deed, that are due to the actually transfer of title |
|
Definition
|
|
Term
|
Definition
| the process of using one property to drive the acquisition of additional properties |
|
|
Term
|
Definition
| a business venture in which people pool their resources to own or develop a particular piece of property |
|
|
Term
| a ____ degree of leverage in real estate investing means lower risk for the investor and the lender |
|
Definition
|
|
Term
| if a taxpayer sells real estate on an installment plan, the seller pays tax only on the _____ portion of each payment received |
|
Definition
|
|
Term
| any additional capital or personal property included with a real property transaction to even out the value of a property exchange is called a |
|
Definition
|
|
Term
| in terms of real estate investment, another name for depreciation is |
|
Definition
|
|
Term
| to calculate the ___________ for a property, add the cost of any physical improvements to the basis and subtract the amount of any depreciation claimed as a tax deduction |
|
Definition
|
|
