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Real estate
| Question | Answer |
|---|---|
| A buyer and seller sign a contract for sale of real property. A few days later, they decide to change many of the terms of the contract, while retaining the basic intent to buy and sell. The process by which the new contract replaces the old one is called | Novation |
| Rate of return an income property will produce | Capitalization rate |
| The Civil Rights Act of 1866 prohibits discrimination based on | Race |
| A seller signed an exclusive right to sell agreement with a real estate professional. If the seller finds a suitable buyer with no assistance, the real estate professional is entitled to | Full compensation from the seller |
| A lien that arises as a result of a judgement, estate or inheritance taxes, a decedent' debts, or federal taxes is what type of lien? | General |
| A known defect or a cloud on the title to property may be cured by | Obtaining quitclaim deeds from all appropriate parties |
| A home is the smallest in a neighborhood of large, expensive houses. The effect of the other houses on the value of the small home is known as | Progression |
| A grantor conveys property by delivering a deed. The deed contains five covenants. This is most likely a | General warranty deed |
| Land characteristics | Immobility, indestructibility & uniqueness |
| Another word for uniqueness | Non homogeneity |
| Economic characteristics | Scarcity, improvements, permanence of investment & area preferences |
| Easement appurtenant | (Neighbor's driveway) attached to the ownership of real estate & allows the owner of that property the use of a neighbor's land. |
| Easement in gross | (MLGW) an individual or company interest in or right to use someone else's land. |
| Easement by necessity | When an owner sells a parcel of land that has no legal access to a street or public was except over the seller's remaining land. (Not merely for convenience) (enter or exit) |
| Easement by prescription | If the claimant has used another's land for a certain period of time (Use of property for so long) (10-21 years) |
| Fee Simple Estate | The highest interest in real estate. Entitled to all rights to the property by law |
| Freehold estate | Lasts for an indeterminable length of time, such as for a lifetime or forever |
| Life estate | A freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons. Not inheritable. It passes to the future owner according to the provisions by which the life estate was created. T |
| Fee simple defeasible estate | A qualified fee estate that is subject to the occurrence or non occurrence of some specified event |
| The 2 types of fee simple defensible estates | Fee Simple Determinable- inherited (as long as or while during) Fee Simple Subject to a condition subsequent- an owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a viol |
| Legal life estate | Not created by a property owner. Established by state law. It becomes effective when certain events occur. (Dower, Curtesy & Homestead are the legal estates currently used in some states |
| Joint tenancy | Property owned by two or more people, whether married or unmarried. (Right of survivorship upon the death of a joint tenant) no formal action is required. (PITT) |
| In what way does a deed of trust differ from a mortgage? | Number of parties involved in the loan |
| A document that protects against hidden risks such as forgeries and loss due to defects in the title, subject to specific exceptions, is called | A title insurance policy |
| The clause in the deed that defines the ownership is the | Habendum clause |
| The type of title insurance that will protect the owner and heirs is called | An owner's policy |
| General real estate taxes are also called | Valorem taxes |
| The law that requires real estate contracts to be in writing to be be enforceable is the | Statute of frauds |
| Taxes levied on a property owner to pay for installation of sidewalks or sewers are called | Special assessments |
| The Fair Housing Act is administered by the | Department of Housing and Urban Development |
| A title insurance policy that protects the interests of a mortgage is called | A lender's policy |
| A standard rectangular survey system section contains | 640 acres |
| A trust that is established after the death of the owner is called a | Testamentary trust |
| When a prospective buyer makes a written purchase offer that the seller accepts, then the | Buyer receives equitable title to the property |
| An involuntary alienation of property is | Condemnation |
| A suit to quiet title refers to | The removal of a cloud on the title by court action |
| When a mortgage loan has been paid in full, it is important for the borrower to be sure that | A satisfaction of mortgage is recorded |
| A proration of any prepaid utility charges is reflected on a closing statement. | Debit to buyer, credit to seller |
| Real property can become personal property by the process known as | Severance |
| A borrower applies for a mortgage, and the loan officer suggests that the borrower consider a term mortgage loan. What statement best explains what the loan officer means? | The entire principal amount is due at the end of the term. |
| An agency may be terminated for any of the following reasons: | â¢Completion, performance, or fulfillment of the purpose for which the agency was created â¢death or incapacity of either party â¢destruction or condemnation of property â¢expiration of the terms of the agency â¢mutual agreement by all parties to c |
| A legal exaggeration of a property's benefits | Puffing |
| The intentional misrepresentation of a material fact to harm or take advantage of another person | Fraud |
| The seller of residential property may have the duty to disclose any known _________ that threaten a building's structural soundness or an occupant's personal safety. | Latent defects (hidden) |
| â¢There are multiple agents ⢠only the selling agent is entitled to a commission ⢠seller retains the right to sell independently without obligations | Open listing |
| The broker is entitled to any amount exceeding the seller's stated net proceeds. | Net listing (illegal in TN) |
| When a contract provide that "Time is Essence" which means that each of the elements of the contract must be performed within a specified time. | Performance of contract |
| Refers to a transfer of rights or duties under a contract. |
Created by:
Shelby166