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Prep Exam

Maryland & general prep exam questions and definitions

Title the right to and evidence of the ownership
Voluntary Alienation the owner intentionally conveys the ownership using some form of deed; may be a gift or a sale. The owner is the grantor. The person receiving title is the grantee.
Granting clause words of conveyance
Associate Broker individuals who have met the requirements for becoming a broker but affiliate under another broker
MD Real Estate Commission 9 members; 5 w/ real estate licenses from different subdivisions but must be licensed for 10 yrs and have resided in their subdivision for 5 yrs. other 4 members shall not have ownership interest receive compensation or be licensed
Who Appoints MD Real Estate Commission Governor with the secretary advice an d consent of senate
What are the MD Real Estate Commission duties are administration and enforcement of complaints, hearings subpoenas and injuctions
Guaranty Fund reimburse members of the public for actual financial losses at the result of a licensee or employees. Max reimbursement claim is $50,000
Broker Requirements good character, 18 years or older, 135 course hours (3 ethics) have been a licensed salesperson for 3 yrs and pass pre-licensing exam
Sales Person Requirements good character, 18 years or older, 60 credit course hours (3 ethics) pass exam, obtain written commitment for real estate broker
What kind of Law is Broker's Act? Legislative
Continuing Education Requirements total of 15 hrs (3 legislative state, 1.5 fair housing, 3 ethics, 3 agency, 3 broker supervision, 1.5 elective)
How many days do you have to respond to a hearing notice? 10 days
Errors and Omission insurance for mistakes made during a real estate transaction
Up to how many units are considered Residential? 4 Single units, 5 or more is commercial
Ministerial Acts performing according to legal duty established by law.
Cooperating Agents represents the seller but assist the buyer
Sub Agent sales associate acting as an agent of a broker and owes fiduciary duties to broker's client
Another term for Intra-company agents (Inca's) Dual agency
Dual Agency representing both parties to a transaction. both parties have to agree
Independent Contractor someone who perform a certain act but is subject to control and direction of another only
Trust Money Earnest Money Deposit
What must advertisements have? Broker name ( company), office phone number
Requirements for a valid deed grantor, grantee, consideration, granting clause, habendum clause, acknowledgement, notary, delivery and acceptence
General Warranty Deed
alienation clause in a mortgage or deed of trust starting that the balance secured debt becomes immediately due and payable at lenders option if the property is by the borrower. voluntary alienation by sale or gift
Assumption acquiring title to property on which there id an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage including payments
Due on sale clause a provision in the mortgage stating the entire balance of the note is immediately due and payable if the mortgagor transfers the property
Variance permission obtained from zoning authorities to build a structure of conduct a use that is prohibited by current zoning laws
actual eviction legal process that result in tenants being physically removed from the premises
Mastered Planned Community
Planned Urban Developments
Title insurance a policy insuring a property owner or mortgagee against loss by defects in the title
Joint Tendency possession- undivided right to; interest- equal ownership; time title (PITI)
Tenancy by the entirety
Community Property each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage
Legal Title to use the property
Equitable Title sell the property
Vendee/ Vendor
Purchase Money Mortgage (PMM)
Broker Protection Clause clause in a contract that protects a broker from losing a commission in the event a transaction is not completed o intentionally delayed until after the listing expires
Reversion when ownership returns to the original owner
Remainderman person whom the property will pass when the life estate ends
Primary Mortgage Insurance (PMI) additional insurance
Bargain and Sale a deed that carries with it no warranties against liens or other encumbrances but does imply that the grantor had the right to convey title
Special Warranty Contains clause "remise, release, alienate, and convey" Warrants only that the title was not encumbered while the grantor held it except as noted in the deed. Any additional warranties must be specifically stated in the deed. May be used by a fiduciary
Quit Claim deed transfers whatever interest the grantor has in the specified real estate without warranties or obligations
Further Assurances the grantor will furnish whatever is needed to make the title good
Sesin the owner has full ownership and the legal right to convey the title
Marketable Title no serious defects, doesn't expose buyer to hazard of litigation, call sell or mortgage property at a later time
Quiet Enjoyment the grantor assumes responsibility for protecting the title against the claims of third parties
Estoppel method of creating agency relationship where someone states incorrectly that another person is a agent and a third relies on the representation
Adverse Possession actual open notorious hostile and continuous possession of another's land under a claim of title
Conveyance transfer of title
Title Insurance Policy insuring a property owner or mortgagee against loss by reason defects in the title to a parcel of real estate other encumbrances, defects and matters specifically excluded by the policy
Warranty Forever the grantor is liable for reimbursing the grantee for any title interest lost in the future
certificate of title a statement of opinion of the title's status on the date issues but is not a guarantee of ownership
Torrens System legal registration used to verify ownership of real estate
Subrogation the right to any remedy or damages available to the insured
Subordination a written agreement between holders of liens on a property that changes the priority of mortgage, judgment and other liens under certain circumstances
Entitled to Compensation a licensed broker, employed by a buyer/ seller under a valid contract and procuring cause of the sale
tie in agreements agree to sell one product only if the buyer purchases another product as well
group boycott 2 or more businesses conspire against another business or agree to with hold patronage
Penalties for the Sherman Antitrust Act Maximum of $1 million fine and 10 years in jail; Corporations $100 million
Common law Court decisions
Statutory Law State legislative and governing bodies
adjustable rate mortgage a loan characterized by fluctuating interest rate usually one tied to a bank or savings and loan association cost of funds index
Novation substitutes a new contact
statute of limitations the period of time within which certain actions must be brought to court
4 ways to create a lien voluntary, involuntary, statutory, equitable
General liens affect all the property real and personal
Specific liens a lien affecting or attaching only to a certain identified parcel of land or piece of property
Superfund hazardous waste clean up fund established by the compensation and Liability Act (CERCLA)
Ginnie Mae
Gross rent multiplier gross monthly income of property to produce an estimate of property value
reconciliation final step in appraisal process in which appraiser considers the estimates of value received from the sales comparison cost and income approaches to arrive at a final opinion of market value the subject property
assessment equalization factor assessed value of property is multiples to arrive at a value for the property that is in line with state wide tax assessments
Fannie Mae Conventional, FHA insured, VA guaranteed
Freddie Mac provide a secondary market for mortgage loans primarily conventional loans
Primary mortgage market lenders that originate mortgage loans where they make money available directly to the borrower
Federal Reserve System maintain sound credit conditions, help inflation and deflation trends and keep market stable
Created by: studyhard89