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real estate

Question	Answer
Real Estate Commission compromised and appointed by	8 members 5 were brokers for 10+ years 2 members chosen from general public 1 member reps a dept of the state govt appointed by governor
Real Est Licenses not required by	owners handling own property attorneys executors trustees banks and trust companies insurance companies
exception for education requirements	licensed from another state someone previously licensed in NJ within the past 5 years NJ attorneys college degree in real est
RE sales full disclosure act	deals with out of state land being sold in NJ
Bureau of Subdivided Land Sales Control	must approve certain new out of state properties being offered to NJ residents
Place of Business main office	every broker must maintain an office
Branch office	each branch office must be under the supervision of a broker or salesperson broker and must have a duplicate license.
supervisor	must be present full time during normal business hrs M-F
Trust Account/Escrow	must be deposited within 5 days
Advance fees require account of how the money has been spent to the client within ____ days	90 days
broker turn over money to salesperson within ___ days after a commision is received	10 days
when a salesperson leaves an account of monies owed must be given within _____ days	30 days
Licensees can prepare sales contracts only for	1-4 family homes and single building lots
written offers must be forwarded to sellers within	24 hours
broker business relationships	listing broker and seller/principal broker and buyer/principal broker as disclosed dual agent broker as transaction broker
rebates	are generally forbidden with one exception. the buyers broker can give a rebate of commission to the buyer if stated in their original buyer agreement
the commission must give ____ days notice before a hearing	10 days
types of agency	universal general special
universal agent	has the authority to act for the principal in all matters that can be delegated
general agent	is empowered to represent the principal in all matters that can be delegated
special agent	authorized to represent the principal in a specific capacity only ie: real estate broker
fiduciary responsibilities	care obedience accounting loyalty (confidentiality) disclosure general duty of fair deal to all
salespersons share of commission must be paid by the broker within ______ days of receipt by the broker and it is paid only by the sponsoring broker	10 days
salespersons share of commission must be paid by the broker within ______ days of receipt by the broker and it is paid only by the sponsoring broker	10 days
Consumer Info Statement (CIS)
Consumer Info Statement (CIS)	NJ regulations mandate agency disclosure, it must be a apart of all sales or rental contracts
Broker's compensation	can be compensated for providing "ready willing and able" buyer
Antitrust Laws	Illegal price fixing allocation of customers or markets penalties up to one million dollars and ten years in prison
Misrepresentations	puffing vs fraud -fraudulent misrep -negligent misrep -innocent misrep
Defense Against Claims of Liability	dual contracts prohibited
civil rights act of 1866	all property, commercial or residential no discrimination based on race or color no exception federal
federal fair housing act of 1968	residential only race religion national origin
state regulations on rentals	cant discriminate based on source of income or children cant refuse to same sex couples service dogs allowed aids is considered a handicap bad credit is a valid reason for non rental
NJ law against discrimination	race creed color national origin ancestry gender familial status lawful source of income affectional and sexual orientation disability physical or mental
zoning discrimination	mount laurel I and II lower income individuals may not be excluded from residential areas municipalities have an obligation to provide a range of housing
bundle of legal rights	possession use of property in any legal matter enjoyment exclusion disposition or alientation
fixture	personal property that has been permanently attched to a land or a building
chattels	items of personal property
trees are considered	real estate
crops are considered	personal property
emblements	annual crops; tenants property
severance occurs when	real property is changed to personal property
estate in land	the amount and kind of interest that a person has in real property
leasehold estate	involve tenants and are estates for a specific period of time classified as personal property
fee simple estate	highest types of interest in real estate recognized by law holder is entitle to all rights in the property owners death results in the estate passing down to his/her heirs also called fee, fee simple, fee simple absolute
life estate	limited to the life of a specific person reversionary or remainderman interest life estate can be tied to the life of a third party, pur autre vie means for anothers like holder of a life estate has true ownership of real property life interest
appurtenance	property rights or items that are permanent and are passed along with the sale of the property
enroachment	property owner violates the property rights of his neighbor by building on or extending a structure to the neighbor's land or property.
encumbrance	claim lien charge or liability attached to and binding on real property
life interest	may be sold leased mortgaged or given away, but it always will end on the death of the person against whose life the estate is measured
freehold estates	fee simple fee determinable life estate
freehold estate	an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time
probate	official proving of a will
prorate	allocation or dividing of certain money items at the closing
liens	financial claim against property that provides for a debt or obligation to the owner involuntary, voluntary, general or specific
licenses	the privledge to enter the land of another for a specific purpose
liens and other encumbrances	run with the land
liens attach to the	property not owner
priority of liens	tax liens take priority over all other liens
easement	right acquired by one party to the use of the land of another party for a special purpose
types of easements	appurtenant in gross in necessity by prescription party walls creating an easement terminating an easement
easement by prescription	gained under principles of a legal concept known as "adverse possession", under which someone other than the original property owner gains use or ownership rights to certain property. Fences built in incorrect locations often result in the creation of p
enroachment	arises when all or part of a building, fence, driveway or any other installation illegally extends beyond the land of its owner and covers some land of an adjoining owner or a street or alley
business ownership of real estate	partnerships, general or limited corporations limited liability company LLC syndicate joint venture real estate investment trust
tax liens	state and local governments have the power to impaose tax liens to pay for governmental functions
forms of ownership	tenancy in severalty tenancy in common joint tenancy tenancy by the entirety
condominium ownership	fee simple, ownership from the paint inward
cooperative ownership (co op)	owns stock in the corporation and proprietary lease to occupy
town houses	units share a common wall
time share	owner receives a portion of a years ownership and use of the property
Tenancy in severalty	Although it may sound like more, this type of ownership is by one person or a corporation.
Tenancy in common:	Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. If an owner dies, the deceased person’s share is conveyed to his or her heirs, not the other owners.
Joint tenancy must have:	Interest: Each owner has the same interest. Possession: All owners hold an undivided interest. Time: All owners receive their interest at the same time. Title: All owners acquire their interest with the same deed.
joint tenancy and someone dies	that owner’s interest reverts to the other owners
rem proceeding	process used during tax foreclosure
special assessments (improvement taxes)	levied on real estate that require property owners to pay for improvements that benefit the real estate they own, i.e. taxes for streets, alleys, lighting curbs, sewers and similar items
escheat	the reversion of property to the state, or (in feudal law) to a lord, on the owner's dying without legal heirs.
restrictive covenant	any type of agreement that requires the buyer to either take or abstain from a specific action
federal and state exclusions from capital gains on principal residence	$500k for married couples filling jointly $250 for singles or married filling separately. must have lived in the residence 2 of the previous 5 years
building code	a set of laws enacted by state, county and city governments to determine the required design and construction standards for home construction. For example, building codes determine how electrical, plumbing and framing must be built
advertising words permitted	realtor realtist real est broker broker real est agency
advertising words prohibited	realty real est land sales land investments
under contract	must use these words instead of sale pending
terms approx or estimated	must be used when an ad specifies of down payments, monthly payments, carrying charge, taxes, mortgage
blockbusting	persuading owners to sell property due to another "type" of people moving into the neighborhood
every office must have _____ poster posted in office	fair housing
if property isnt commercial, what doesnt apply?	FFHA doesnt apply to commercial
NJ Law against Discrimination	includes race, civil union, familial status, etc but also section 8 vouchers, child support, unemployment
out of state property can be promoted if	registered with NJ commission less than 100 lots must be affiliated with broker residential, not commercial
an open listing can have	more than one broker
time share cancellation policy	7 days
conveyance/alienation	transferring title from one person to another
full covenant and warranty deed general warranty deed warranty deed	most desirable for grantee bc it offers most protection
covenant of seizin	promise by the grantor that he/she is legal owner
bargain and sale deed covenants vs grantor CVG special warranty deed	warrants only that the grantor has in no way impaired the title during the term in which he/she held it
bargain and sale deed	transfers title and doesnt make any warranties whatsoever as to the condition of such title
quitclaim deed	releases all rights title and interest the grantor may have in the property
executor	named in the will and is their responsibilty to collect preserve and distribute the assests of the estate according to the descendents wishes
administrator	court appointed to handle the estate
sherrifs deed	used to convey property to highest budder after foreclosure bargain and sale deed w/o warranties
dedication	property given to the public
adverse possession	the right of a non owner occupant of land to acquire title against the true owner where possession of the property has been actual for 20 years holding period
eminent domain	the right of the govt to take private property
partition action	legal remedy available to co owners that disagree with each other regarding what should be done with the property
components of a deed	competent grantor (legal age) readily identifiable grantee granting clause-must include word conveyance habandum clause-defines extent of ownership property description exceptions and conditions-encumbrances -signature of grantor -delivery + accept
conveyance	transferring an ownership interest in property from one party to another
metes and bounds	A land survey process wherebya licensed land surveyor starts at an easilyidentifiable point of beginning (POB) anddescribes a property’s boundaries in terms ofcourses, (compass directions), and distances,ultimately returning to the point of beginning.
lot and block	legal description is created by filing a subdivision survey in the land records. This survey is called a plat and creates the subdivision name
FHA	insures loans made by lending institutions to qualified persons
FHA charges/requires	UFMIP and MIP
defeasance clause	clause in a mortgage that "defeats" the conveyance
straight mortgage or term mortgage straight term mortgage	secures a short term note that provides for periodic payments of interest only. at maturity the full principal amount is due in one lump sum payment
amortized loan	direct reduction loan is one in which equal periodic payments of principal and interest will extinguish the debt by the time of maturity
purchase money mortgage	seller financing. the mortgage is directly being used a purchase money
open end mortgage	open credit allowing mortgagor to borrow additional funds
package mortgage	secured by real and personal property as security
wrap around mortgage	second mortgage on property. securing first mortgage
appurtenance	something that goes with the land yet is not necessarily apart of the land. passes along with title
easement	a legal right to use another's land for a specific limited purpose
writ of attachment
reverse mortgage
in the event of foreclosure , when you buy subject to an existing mortgage the most you can lose is your	equity
bridge mortage	temporary method of financing
APR	annual percentage rate, different than interest
equity	the value of real estate over and above any mortgages of liens
real est settlement procedure act	provide borrowers with better understanding of settlement procedure and what to expect in closing costs
estoppel certificate	document executed by either mortgagor or mortgagee which states the amount of outstanding balance due on the mortgage and interest rate
loan estimate	due in 3 days of application
mortage assignment	document which indicates that a mortgage has been transferred from the original lender or borrower to a third party.
NJ Fair Foreclosure Act	residential property is defined, under the act, to include a house or condo (no more than 4 dwellings) which one of them is planned to be occupied by the debtor or member of debtors immediate family at the residence at the time the loan is originated
short sale	distressed sale and occurs when a property is sold at a price that is less than the property owner owes on the existing mortgage and the lender consents to the short payoff
primary mortgage market	the market that is made up of lenders who loan mortgage money directly to borrowers. this is where the mortgage loans originate (banks and lenders)
secondary mortgage market	alternative to holding the mortgage until it matures or is paid off, a lender may decide to sell it. this consists of the buying and selling of existing mortgages
tax sale certificate	lien
bridge mortage	short term financing. allowing the borrower to purchase a replacement property before selling the currently owned property
truth in renting act	informs tenants of their rights doesnt apply to: properties with rental terms less than one month or owner occupied properties with less than 4 units
revocation	loss of license
agent must visit office	1x a week
option	unilateral contract. buyer has option to purchase for a certain amount of time
bilateral contract	an executory mutually binding contract
rescission	cancellation/anullment of contract
valid contract	competent parties consideration lawful objective property description signatures
statue of frauds	certain contracts must be in writing
NJ Law against discrimination	ALL PROPERTY no discrimination based on everything (including: sexual orientation, source of income, familial status,aids)
summation	cost approach
summation/cost approach	the amount of $ it would take to construct the same improvement today plus value of land
economic external obsolence	uncontrollable factors outside property itself, like air pollution, declining neighborhood, etc
constructive eviction	landlord fails to make necesarry repairs
graduated lease	re appraisel lease, rent increase, graded lease
sandwich lease	when lessee sublease property
percentage lease	rental consideration based on gross sales
economic life	period of time property can be feasibly used
estate for years	definite beginning date and a definite ending. could be days months years etc
periodic estate month-to-month	automatically renews and will continue to do so until proper notice is given by one party to terminate AKA month to month lease
periodic estate is also known as	month to month
leased fee	property owners interest in leased real estate
leasehold estate	tenants interest in real property during term of a lease
depreciation	annual income tax deduction that allows you to recover the cost of property over the time you used the property
to be depreciable	must have used in business or income producing activity must have determinable useful life expected to last more than a year must be property you own
affidavit of title	written statement, under oath, that the grantor is the righful owner of property and hasnt impaired the condition of title since the date it was examined
lien is	an ecumbrance
attachment	process of taking ones property into legal custody of the court by a court order (writ of attachment)
easement	entitles the holder to a limited use or enjoyment in the lN the land BELONGING TO ANOTHER
enroachment	building or some portion of property, fence, driveway, etc illegaly intrudes into another persons land
constructive notice	recording deed with county clerk
to be eligible for recording a deed must contain	recorded in english selling price lot and block acknowledgment
realty transfer fee paid by	seller
gross income tax estimated payment	to make sure non residents may end up not paying taxes, at the time of the deed recording, the buyer must also submit the seller's residency certificate/exemption form or non resident selelrs tax declaration. if not, deed cannot be recorded
evidence of title	abstract of title certificate of title title insurance affidavit of title
notice of settlement	public notice of impending mortgage, sale or conveyance of interest in real property
adverse possession	the right of a non owner occupant of land to acquire title against the true owner where possesion of the property has ben actual for 20 yeas
partition action	legal remedy to co owners that disagree with what should be done with property
conveyance/alienation	transferring of title form one person to another
judgement	an ecumbrance, not a lien court decree
components of a deed	competent grantor identifiable grantee granting clause habendum ownership property description signature of grantor delivery and acceptance
appurtenance	something that goes with the land yet is not necessarily apart of the land. passes along with title
mechanics lien must be filed within	90 days
enroachment	physical improvement of building intrudes into another persons land
easement	encumbrance the holder has limited use/enjoyment in land belonging to another
deed restriction	encumbrance restrictive covenant
attachment	referring to the action of seizing property in anticipation of a favorable ruling for a plaintiff who claims to be owed money by the defendant.
attachment	When a personal property item is attached to real property it becomes a fixture. It becomes real property because of its attachment to the real estate Besides land and appurtenances, there are also attachments (fixtures) which comprise real property. They
legal title isnt conveyed until the deed is	delivered and accepted
covenant of siezin	promise by the grantor that they are legal owner
notice of attachment	process if taking ones property into legal custody
mortgagee	lender. receives mortgage gives the money but receives mortgage
mortgagor	borrower, gives the mortgage
FHA Loans	Federal Housing Administration insures loans made by lending institutions to qualified persons
FHA is under the direction of	HUD housing and urban development
UFMIP	upfront mortgage insurance premium
MIP	mortgage insurance premium, paid monthly
acceleration clause	provides lender the right to demand immediate payment of the balance of the loan
equitable right of redemption	mortgagor has the right to redeem the property up until time of foreclosure sale
how much of a minimum must a successful bidder place on a foreclosed home	20%
equity	difference between market value of home and the amount owed to the lender and other liens
REAl Estate settlement procedure act is AKA	regulation X RESPA
RESPA	help consumers obtain better understand of settlement costs and process. closing costs. eliminates kickbacks and referral fees federally related first mortgage on a single family home
Truth in Lending act is AKA	Regulation Z TILA
Truth in LEnding	consumer credit protection act consumer credit protection act promotes the informed use of credit by requiring disclosures about its terms and costs also gives consumers the right to cancel certain credit transactions that involve a lien on a consumers
Truth in Lending Act	true effective annual interest rate and loan origination fees
Primary Mortgage MArket	lenders who loan money directly to borrowers
examples of primary mortgage market	state chartered banks, mortgage companies, life insurance companies, pension funds, federally chartered banks, savings and loan assoc, mutual savings banks
mortgage broker	procures money for client
mortgage banker	lender, must be licensed mortgagee and services the loan
Secondary Mortgage MArket	buying and selling of existing mortgages
Federal NAtional Mortgage Assoc	Fannie Mae FNMA
FNMA	private shareholder owned company purchases mortgages from lenders and holds those mortgages in their portfolio
Federal Home Loan Mortgage Corp	Freddie MAc FHLMC
FHLMC	chartered by congress as a private company serving a public purpose. Doesnt receive federal funds. stockholder owned corp designed to increase supply of funds that mortgage lenders can make available to home buyers and multi family investors
FHLMC sells	securities to investors
Govt National Mortgage Assoc	Ginnie Mae GNMA
GNMA	supports market for FHA, VA, RD and RIH loans wholly owned govt assoc with/in HUD provides guaranty explicitly backed by the full faith and credit of the US for the timely payment of principal and interest on mortgage backed securities for lenders
blanket mortgage	builder develops several lots secured by one mortgage
construction mortgage	a loan of construction money. the money is advanced to the mortgagor in stages, as construction progresses, rather than a lump sum. usually short term loan with permanent financing to be arranged when construction is completed
closing disclosure, prescribed by the _____, must be provided to the borrower no later than __ business says before consumation of the loan	CFPB 3 days
acceleration clause	first step of foreclosure, demanding the balance be paid in full
covenant of siezin	promise by grantor that they are legal owner
contract for deed	installment payments that when paid receive title to property
sale leaseback	the owner of a property sells an asset, typically real estate, and then leases it back from the buyer. In this way the transaction functions as a loan, with payments taking the form of rent.
NJ Fair Foreclosure Act	requires lender to serve the mortgagor with a notice of intention to foreclose
FHA loans require	ammendatory clause
FHA ammendatory clause	states that the buyer cannot be required by the seller to purchase the home if the appraisal is lower than the sales price listed on the sales contract.
alienation clause	requires loan balance to be paid at closing of sale rather than be assumed by purchaser
defeasance clause	makes conveyance null and void upon satisfaction of the obligation "defeats" the conveyence
removal clause	prohibits the mortgagor from removing any buildings or improvments to the property
restrictive covenants	clause in a deed which limits the use of the land
eminent domain	an owner suffers a loss form govt for which she is justly compensated
metes and bounds	most accurate of descriptions POB
true southerly degrees	S 0 degree 45' 0" E
section equals	1 sq mile
non comforming use	doesnt comply with zoning ordinance
variance	must apply if breaks municipal code
enroachment example	building or fence on someone elses property
certificate of occupancy	building inspector approves
bill of sale	written instrument which transfers title to personal property
assets transferred	1. real property 2. stock or inventory 3. business personal property---> chattell 4. trade name 5. rights of the business
uniform commercial code	uniform law regarding many aspects of business
asbestos	known for its fire resistant and insulating qualities fiber used for insulation, tiles and shingles
who can provide rebate to purchaser	broker
Under Real Est Full Disclosure Act the buyer has ____ days to cancel contract	7 days
broker may legally advertise free or discounted services/products as long as	consumer isnt required to enter into a sale doesnt involve a lottery, contest, game or drawing, or an offer of parcel of land
office supervisor must be	licensed
ostensible agency	when a person makes it appear that theyre acting as an agent but they havent been granted authority
estate for years	definite period of time (doesnt have to be years 0
estate from period to period	automatically renews
licensees must inform buyers and sellers about 4 possible businessrelationships, when?	prior to any discussion regarding selling price
first time home buyers may make penalty free withdrawls	from their individual retirement fund IRA for first time buyers
CERCLA	comprehensive environmental response compensation and liability act
CERCLA is administered by	EPA
ISRA	industrial site recovery act and wetlands protection
responsibility for disclosure	material info true tax figure statement of rents and expenses leases and security deposits flood area info restrictives ordinances
Attorney Generals Memorandum	summary of NJ laws against discrimination
listing requirements	attorney geneRAL memorandum expiration of listing period
contract	voluntary agreement b/w legally competent parties to perform or refrain from performing some legal act, supported by legal consideration
valid contract contains:	competent parties offer and acceptance consideration legality of object
statue of frauds	1996 risky to rely on oral contracts
novation	simply replacing someone or something in a contract with someone or something else all parties must agree
broker's authorization must be	in writing and signed
unenforceable contract	seems to be valid but neither party can force the other party to perform
voidable	valid contract which may be either affirmed or rejected at the option of one of the parties.
land contracts also known as	contract for deed
lease is both a	contract and conveyance
the americans with disabilities act	prohibits discrimination in commercial properties
estate for years	for a specific time, has a definite beginning and ending date
periodic estate period to period	indefinite . notice is required to terminate
valid lease contains	capacity to contract demising clause description of premises duration rent specifics and how it will be paid lease must be in writing if for a term of more than 3 years signatures
imputed interest	when IRS charges higher tax rate if the interest rate is artificially low
mortgage	pledge of real property that serves as security for a loan
defeasance clause	ensures that when the debt is repaid, the mortgagee has no further claim to the property
FHA and VA programs	mortgage financing govt backed loans
adjustment period	anniversary when adjustments may be made
index	national indicator upon which the interest rate is based on
margin	the % above the index
cap	the most any rate adjustment may increase during a single adjustment
ceiling	maximum allowable interest during the life of the loan
buydowns provide	lowered interest rate in return for extra payment of points
PITI	principal, interest and tax and insurance
three dayright of recission
situs	location of a particular property and peoples preferences for particular locations
when supply increases	prices will drop
when demand decreases	prices will rise
depreciation is only used	in cost appraisal
value	DUST Demand Utility Scarcity
property exchange	section 1031 exchange
reconciliation	art of analyzing and weighing the findings from the lavuation approaches used
depreciation calculated on residential property	27.5 years
depreciation calculated on commercial property	39 years
do you need a real estate license to sell a business for a fee?	yes
Real Est. Investment Trust	RE investors take advantage of the same tax benerfits as mutual fund investors
REIT must have at least have ____ investors and at least ___ percent of the trusts income must come from real estate	100 investors 75 percent
Uniform Commercial Code; Bulk transfers	article 6 regulates the transfer of the personal property of a business prevents fraud
syndicate	joining together of 2 or more people or firms to carry out one or more business projects
joint venture	organization of 2 or more people or firms o carry out a single project
real est investment syndicate	business venture in which a group of people pool their resources to own and/or develop a particular piece of property
assemblage	combining 2 or more lots into one larger parcel; plottage value
warranty and builders registeration act	requires all builders of new homes to register a warranty against new home defects for varying periods up to ten years
CAFRA	coastal area facilities review act
Interstate Land Sales Full Disclosure Act	requires those engaged in the interstate sale or leasing of 25 or more lots to file a statement of record and register the details of the land with HUD
rectangular survey system township area	6 miles square, each township 36 sq miles
sections of townships numbered ___ thru ____	1-36
each section _____ acres	640 acres
alienation in title	transfer of title to a parcel of real estate
involuntary alienation	transfer of title without the owners
NJ requirements	smoke detector fire extinguisher carbon monoxide detector
real estate taxes can also be called	liens
escheat	the transfer of estate assets or property to the state in the event that an individual dies intestate or without a will and legal heirs.
strict liability under superfund	owner responsible of damages
retroactive liability	liabilty also extends to people who have owned it in the past
radon	ordorless gas that is practically indetectable
easement appurtenant	an easement that benefits one parcel of land
a claim based on adverse possession must be	notorious, open and hostile
devisee	receives property by will
riparian rights	water rights granted to land owners near river or stream ie co-op on a river
cost approach	most reliable appraisal of special purpose building i.e. school and churches
appraisal process	state the problem reconcile date for final estimate analyze and interpret data
depreciation is usually applied to	a wasting asset, such as a builidng land is not considered a wasting asset
gross rent multiplier	used as a substitute for income approach in the valuation of a single family home
disentermediation	results in less availability of mortgage money for lenders
reverse annuity mortgage	allows the borrower to receive periodic payments from the lenders on the equity in the home
if federal reserve board raises its discount rates	interest rates will go up and less money will be available
amortized mortgage	make the same payment every month for principal and interest , with the principal payment increasing and the interest payment decreasing from month-to-month
Ginnie MAe	purchases FHA VA insured loans and rural development loans on secondary mortgage market
FHLMC	freddie mac
FHA	insures loans in primary mortgage market
RESPA	calls for HUD form
would a sales agent be primarily responsible for his broker or buyer in transaction	broker
a broker can sue a listing customer	if they provide a ready, able and willing buyer but listing customer decides to take house off the market and remove listing
non exclusive agency agreement	similar to open listing
protection clause	governs the right to a listing broker to collect commission from an owner who waits until the listing period expires to sell home to someone the broker had showed the property to
index lease	adjusted periodically based on changes in an agreed cost of living index
special warranty deed	only promises to warrant against title defects during the grantors time of ownership
personal property is generally conveyed by	bill of sale
movement of land caused by an earthquake would best describe	avulsion
deeds are recorded to establish	priority
when property transfers from one party to another recording the deed provides what is called	constructive notice
sherman antitrust act violations could mean up to $	one million
federal fair housing laws do not include protection for	sexual orientation, age or marital status
special assessment	a unique charge that government units can assess against real estate parcels for certain public projects
what takes priority over all other liens?	taxes special assesments
can a property owner lie about apartment availabilities if theyre democratic and the inquirer is republican?	yes
enroachment	building or extending a structure on neighbors property
easement appurtenant is	an encumbrance
bankruptcy of broker or owner (of recent listing) can result in	listing agreement to be terminated
drunken man signed a offer to purchase the contract is...	voidable -may be dissafirmed
laches	court doctrine used to bar a legal claim because of undue delay in asserting the claim
who requires that a lender use the uniform settlement statement form for certain govt related loans	RESPA
is a judgment a lien?	yes
is an enroachment a lien?	no
how many feet in an acre	43560 ft
VA	real estate loan guarenteed against loss
the agency that serves as the nations banker and fiscal manager	US treasury
private mortgage insurance is required (practice exam II question 46)
trade fixture	attached to real property
easement is generally used for	right of way
what does the secondary mortgage market refer?	transferability of mortgages among mortgagees
avulsion	sudden tearing away of land due to nature i.e. river sweeps away outcropping of land
assemblage	plottage is the value increment resulting from...
can underground storage tanks affect environmental hazards and the markability of a residential property?	yes
maximum prison term for a violator of sherman anti trust act	10 years
number 69 on practice exam II
formula for depreciation (number 70 practice exam II)	replacement cost divided by years of useful /economic life = annual depreciation cost annual depreciation cost times year of economic life already used
number 71 on practice exam II
number 72 on practice exam II
homestead rights
number 74 practice exam II
FDIC
number 78 practice exam 2
number 2 practice exam 3
number 7 practice exam 3
number 10 practice exam 3
number 14 practice exam 3
variance	allows the property owner to use his property in a way that deviates from local zoning standards
number 15 practice exam 3
radon	usually enters from basement floor of a house
Littoral rights	are rights concerning properties that abut static water like an ocean, bay, delta, sea or lake
riparian rights	rivers and streams
number 20 practice exam 3
number 21 practice exam 3
number 22 practice exam 3
deposits in commercial banks are insured by	FDIC
deposits in commercial banks are ensured up to	$250k
a trust deed is generally released by	reconveyance deed
number 33 practice exam 3
writ of attachment	Legal term of the writ authorizing the taking of property or rights because of legal action. Its purpose is to protect the property to satisfy a judgment in favor of the plaintiff.

Created by: 10217092627219724

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