Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Characteristics of land | show 🗑
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| Physical characteristics of land | show 🗑
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| Indestructible | show 🗑
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| Immovable | show 🗑
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| Nonhomogeneity | show 🗑
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| Economic characteristics of land | show 🗑
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| Situs | show 🗑
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| Improvability | show 🗑
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| show | The supply of land in relationship to the demand of the land. when supply is down then price is up and when supply is up price is down.
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| Fixity | show 🗑
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| show | Right or privilege or improvement to that belongs to and passes with the land but is not necessarily a part of the land. Ex: Easement and Condo parking
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| show | An object that has been attached to the land physically so as to become real estate. As a rule it is the property of the landowner and when the land is conveyed to a new owner, it is automatically included in the land.
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| show | The test that can be determine if items are real or personal property.
Modification, Attachment, Relationship to the party, Intentions of the annexing party, and Agreement.
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| Modification (MARIA) | show 🗑
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| Attachment (MARIA) | show 🗑
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| Relationship to the party (MARIA) | show 🗑
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| Intentions of Annexing party (MARIA) | show 🗑
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| show | Agreement between the buyer and seller of what will stay and what will go. Best to get in writing and placed in the contract.
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| show | Right or privilege of one party as to use the land of another for a special purpose not inconsistent with the owner's use of the land.
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| show | easement appurtenant, personal easement in gross, and easement in gross
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| show | grant, reservation, condemnation, necessity, and prescription
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| show | Must have two properties; Servient the property that is serving/providing/burdened by the easement. Dominant the property benefiting from the easement.
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| show | Only a servient property. Ex: Utility companies using your property to run their lines. Your property serves as the servient property.
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| show | An easement that will terminate with the death of the property owner or the transfer of the property. EX: Developing an easement for use of hunting or fishing.
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| Commercial easement in gross | show 🗑
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| show | Legally a burden to the land and consistent with the use of the land but without these services would most likely make the land less useful and hence less valuable.
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| Party Wall Easement | show 🗑
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| show | Written document to specifically grant an easement go another party.
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| show | Owner can reserve (withhold an easement in the deed when granting the property to another. EX: Land developer may reserve easements for utility lines when selling lots.
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| Easement by government condemnation | show 🗑
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| Easement by necessity | show 🗑
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| Easement by prescription | show 🗑
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| Allodial System | show 🗑
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| show | PETE:
Police Power
Eminent Domain
Taxation
Escheat
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| Police Power | show 🗑
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| Eminent Domain | show 🗑
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| Legal Requirements for Eminent Domain | show 🗑
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| show | The legal proceeding involved when acquiring land through eminent domain.
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| Escheat | show 🗑
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| estate | show 🗑
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| Fee Simple | show 🗑
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| Freehold Estate | show 🗑
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| Characteristics of Freehold Estate | show 🗑
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| show | 1. Fee Estates
2. Life Estates
3. Estates Created by Statue
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| Less than Freehold Estates | show 🗑
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| Leasehold Estate | show 🗑
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| show | 1. Possession of the land but no ownership.
2. Estate is of definite or indefinite duration
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| Difference of Leasehold and freehold estates | show 🗑
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| Estate for years | show 🗑
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| Periodic Estate | show 🗑
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| Estate at Will | show 🗑
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| show | Requires:
1. Tenant give 30 days notice
2. Landlord give 60 days notice
notice of termination.
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| Tenant of Sufferance | show 🗑
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| Tenancy at will | show 🗑
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| show | Also known as dereliction results when a lake, sea, or river permanently recedes exposing dry land. (Result of accretion)
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| Erosion | show 🗑
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| show | The increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. The results are alluvion and reliction,
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| Alluvion | show 🗑
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| show | When land is rapidly washed away by the action of water. This may result in property lines changing.
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| show | Alluvion and Reliction
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| show | Accretion, Erosion, Reliction
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| show | The unauthorized intrusion of a building or other improvement onto another person's land. The owner of the property being intruded upon has the right to force the removal on the intrusion.
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| show | 1. End of necessity
2. Merger
3. Release
4. Abandonment
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| End of Necessity | show 🗑
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| show | When the dominant and servient estates are combined with the intent of extinguishing the easement
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| Abandonment | show 🗑
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| show | Not a right or an estate in the land, but a personal privilege given to someone to use land. Not an encumbrance. Can be given verbally.
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| Metes and Bounds | show 🗑
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| show | Also known as the government survey or U.S. public land survey, describes land based on longitude and latitude.
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| Plat Book | show 🗑
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| show | A subdivision map filed in the county recorder's office that shows the location and boundaries of individual parcels of land. Simplest and most convenient method of land description.
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| show | The right of a landowner whose land boarders a river or a stream (flowing) to use and enjoy that water.
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| Littoral Rights | show 🗑
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| show | A point , line, or surface from which a vertical height or depth is measured.
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| Square Mile Section | show 🗑
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| Acre | show 🗑
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| Doctrine of Prior Appropriation | show 🗑
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| show | The first to USE the water has prior right to its use.
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| Percolating Water | show 🗑
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| show | A written document that, when properly executed and delivered, conveys title to land.
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| Grantor | show 🗑
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| Grantee | show 🗑
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| Legal Description | show 🗑
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| Granting Clause | show 🗑
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| show | Anything given, good or valuable, to induce another to enter into a contract. (normally a dollar amount but does not have to be money)
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| show | A clause in a deed that limits the use of land for things such as easements or air rights.
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| show | The grantor is required to sign the deed, however the grantee is not. Signature must be voluntary.
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| Delivery and Acceptance | show 🗑
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| Dedication | show 🗑
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| Accession | show 🗑
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| show | A written agreement or promise
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| show | The grantor warrants (guarantees) to the grantee to be the owner and possessor of the property being conveyed (sold) and has the right to convey (sell) it.
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| show | An assurance or guarantee that something is true as stated
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| show | The grantor warrants (guarantees) to the grantee the the grantee will not be disturbed, after taking possession, by someone else claiming an interest in the property. (free of liens). Also used in lease situations
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| show | The grantor warrants (guarantees) to the grantee that the title is not burdened with any easements, restrictions, unpaid property taxes, assessments, judgements and so on except as stated in the deed.
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| Covenant of Further Assurance | show 🗑
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| Warranty Forever | show 🗑
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| show | (FULL DEED) The best deed. Grantor makes full guarantee to buyer against defects of title.
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| show | (promise during GRANTOR OWNERSHIP) Grantor warrants title only against defects occurring during the grantor's ownership and not defects existing before that time. Generally deed used in Foreclosures.
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| show | Contains no covenants (promises) and only the minimum essentials of a deed. This only has a date, identifies the grantor and grantee, recites consideration, property, words of conveyance & grantor's signature. Grantor only IMPLIES ownership. EX: Auction
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| Quitclaim Deed | show 🗑
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| show | Any claim, lien, or encumbrance that impairs title to property.
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| Gift Deed | show 🗑
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| Guardian's Deed | show 🗑
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| show | A deed that gives ownership rights in property bought at a sheriff's sale. A sheriff's sale is a sale conducted by a sheriff upon order of a court after a failure to pay a judgment.
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| show | Deed used to correct an error in a previously executed and delivered deed.
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| show | When a person dies without a will, it directs how the deceased's assets will be distributed; also called a title by descent. Process of allocating deceased's assets.
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| show | When a person dies leaving a will
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| show | Testator (male) Testatrix (female)
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| Lien | show 🗑
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| Voluntary Lien | show 🗑
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| show | Created by operation of law. Some examples are property tax liens, judgements and mechanic's liens.
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| show | Lien on a specific property. An example would be a property tax lien as it is against a particular property.
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| General Lien | show 🗑
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| show | Lienor (holding the lien, i.e mortgage lender) and lienee (party whose property is subject to the lien)
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| show | Written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. ... Latin for "suit pending".
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| show | Sole Ownership
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| Dowery | show 🗑
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| Tenants in Common | show 🗑
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| show | A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the rights , title , and interest of the deceased joint tenant
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| show | Form of property co-ownership that features Right of Survivorship. Upon the death of joint tenant, that interest does not descend to the heirs or pass by will. Rather the entire ownership remains in the surviving joint tenants. ONLY a human can be a
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| show | For joint tenancy, unities of possession, interest, title, and time must be present. Represented by PITT
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| show | Means that the joint tenants must enjoy the same undivided possession of the while property. All joint tenants must have the use of the entire property. (ONLY unit essential to tenancy in common)
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| Unity of Interest | show 🗑
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| Unity of Title | show 🗑
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| Unity of Time | show 🗑
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| show | ONLY husband/wife. Joint ownership for married persons; right of survivorship exists & neither spouse has a disposable interest during the lifetime of the other. Terminated by joint action of husband/wife. Same unities as joint ten. but add 5th the un
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| Types of Ownership | show 🗑
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| show | (opposite of dowery) Gives husband benefits in his deceased wife's property as long as he lives. Unlike dowery the wife can contest the Curtesy in her will. State law requires that the couple have a child in order for the father to qualify. NOT in GA
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| show | Spouses are treated a equal partners, with each owning one-half interest. Honored in 10 states. GA is not one. Property owned before the marriage or gifted, purchased with separate funds or inherited after the marriage is considered SEPARATE PROPERTY.
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| Term Loan (Straight Loan) | show 🗑
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| show | Any loan that has a final payment larger than any of the previous payments on the loan. The final payment is called the balloon payment. (Type of term loan)
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| show | Real estate loans that are not insured by the FHA or guaranteed by VA. (Non-Gov)
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| show | Loan is a mortgage issued by federally qualified lenders and INSURED. The loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
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| show | loan is a mortgage loan in the United States GUARANTEED. The basic intention is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment.
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| RHSA (Rural Housing Services Administration) | show 🗑
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| show | A private mortgage insurance source to insure lenders against foreclosure loss. Insures only the top 20-25% of the loan. Borrower can get loan with5-10% down as oppose to 20-30% down. Fee is normally 1% of loan.
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| UFMIP (Up -Front Mortgage Insurance Premium) | show 🗑
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| Amortized Loan | show 🗑
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| Partial Amortization | show 🗑
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| Loan to Value Ratio (L/V, LTVR) | show 🗑
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| show | A mortgage with an interest rate and maturity that are fixed, but with a MONTHLY PAYMENTS that gradually rises because the initial monthly payments are insufficient to fully amortize the loan.
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| show | A mortgage on which the INTEREST RATE rises and falls with the changes in prevailing interest rates.
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| show | Contract between a borrower and lender and is the fundamental loan document and creates the OBLIGATION of the borrower to pay the lender. Establishes the amount of debt, term of repayment and interest rate.
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| show | 1. Be in writing 2. Between borrower and lender 3. State the borrower's promise to pay a certain sum of money 4. show the terms of payment 5. Signed by the borrower 6. Voluntarily delivered by the borrower and accepted by the lender
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| Obligee and Obligor | show 🗑
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| Contract | show 🗑
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| Expressed Contract | show 🗑
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| Implied Contract | show 🗑
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| Unilateral Contract | show 🗑
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| Bilateral Contract | show 🗑
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| show | A special agreement between the lender and the borrower to delay a foreclosure. (Not to act)
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| show | Agreement that contains ALL essential elements of a contract
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| Essential Elements of a Contract | show 🗑
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| show | Agreement missing one of the essential elements of a contract and has no legal effect. (Not a legal binding agreement)
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| Voidable Contract | show 🗑
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| show | Agreement between parties once had validity, but for which the validity has ceased.
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| show | A contract that a court would allow and uphold.
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| Unenforceable Contract | show 🗑
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| Executory | show 🗑
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| Executed | show 🗑
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| show | MOST frequent. Process of completing, performing, or Carrying out something. Thus, you do this to a document when you sign it.
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| Capacity | show 🗑
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| show | Person considered legally capable of entering into a binding contract.
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| show | To be enforceable, a contract can't call for the breaking of laws. A court of law can't enforce a contract that requires that a law be broken. Such a contract is void or if already in operational unenforceable.
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| show | The promise or payment of something good or valuable (The value in the real estate contract)
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| show | Must be agreement to the provisions of the contract by the parties involved. Must be mutual willingness to enter into a contract.
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| show | In each state a law that states that all contracts for sale of land or interest in land be in writing tp prevent fraud.
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| show | Simply replacing someone or something in a contract with someone or something else. All parties must agree to the replacement or the new contract is not valid. Replaces the original contract with a new one.
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| Mortgage | show 🗑
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| Deed of Trust | show 🗑
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| show | Deposit (money/check) that accompanies an offer to purchase as evidence of good faith to purchase the land/property.
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| show | A method of selling or financing property whereby the seller retains title but the buyer takes possession while making the payments.
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| show | A short purchase contract used to secure a real estate transaction until a more formal contract can be signed.
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| Liquidated Damages | show 🗑
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| show | Contract performance according to the precise terms agreed upon.
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| Mortgagee | show 🗑
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| Mortgagor | show 🗑
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| show | Title that lacks the rights and privileges usually associated with ownership; also called a bare title. Carrying with it none of the benefits of ownership. Usually the title held by a trustee, with the beneficiary holding equitable title.
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| Trustor | show 🗑
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| show | One who holds property in trust for another; the third party in a deed of trust.
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| Hypothecation | show 🗑
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| show | Give up the possession of the property to the lender while it serves as collateral. Opposite of Hypothecation.
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| Security Deed | show 🗑
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| show | The procedure by which a person's property can be taken and sold to satisfy an unpaid debt.
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| Beneficiary | show 🗑
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| show | Used to reconvey title to property back to the borrower once a debt has been paid on a deed of trust.
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| Alienation Clause (Due on Sale Clause) | show 🗑
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| show | Allows the lender to demand immediate payment if the entire loan if the borrower defaults.
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| show | Voluntary act by borrower & lender to avoid hassle of foreclosure proceedings and possible deficiency judgement where the borrower gives the lender the deed of the mortgaged property in turn the borrower should demand cancellation of the unpaid debt.
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| show | Lender must cancel the security instrument upon full payment.
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| show | Taking the matter for court of law in the form of a lawsuit that asks the jusdge to foreclose the borrower. (GA)
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| Nonjudicial Foreclosure | show 🗑
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| Power of Sale | show 🗑
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| Blanket Mortgage (Blanket Loan) | show 🗑
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| show | Loan secured by real estate and in which the personal property and furniture is included in the purchase price of the house. . The personal property is used as collateral, and cannot be sold without the approval of the lender. (EX: HOTEL)
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| show | Written supplement or amendment made to a previously existing will. Used to change will and must be dated, signed and witnessed.
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| show | Acquisition of land through prolonged and unauthorized occupation
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| First Right of Refusal | show 🗑
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| show | A person has a right, but not an obligation to perform under agreed upon terms, price, and time period. Unilateral contract. Buyer is the optionee and seller optionor.
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| Contract for Deed | show 🗑
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| Devise | show 🗑
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| show | Personal Property that is willed. Recipient of the personal property willed is the LEGATEE
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| Executor (Executrix-female) | show 🗑
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| Administrator (Administratrix) | show 🗑
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| Freddie Mac | show 🗑
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| Fannie Mae | show 🗑
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| show | Government National Mortgage Association (GNMA). It was created in the Housing and Urban Development Act of 1968. The act split GNMA off from Fannie Mae. Both of these businesses involve mortgage backed securities for sale to investors. FHA,HUD, VA
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| show | Sequence of historical transfers of title and runs from the present owner back to the original owner of the property.
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| Abstract of Title | show 🗑
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| show | The procedure for indexing instruments presented for recording. Grantor-grantee indexes and Tract Index (one page dedicated to a parcel of land)
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| show | Government-operated facility wherein documents (instruments) are entered in the public records
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| Accession | show 🗑
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| Community Reinvestment | show 🗑
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| show | Loan Programs that help people with lower income achieve home ownership.
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| Determinable Estate | show 🗑
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| show | New owner will not obtain possession until they meet a certain criteria,
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| show | similar to the determinable estate but, it does not automatically revert back to the original owner or a remainder person. It does give the original owner the right to take the property back.
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| show | Acquisition of land through prolonged and unauthorized occupation. (SQUATTER) (Also can happen through encroachment)
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| show | Adverse possession but paid taxes. Some plausible but not completely clear cut indication of ownership rights
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| show | Process Adverse Possession person adds his period of possession to that of a prior adverse possessor. In order for title to property to vest in an adverse possessor, occupancy must be continuous, regular, and uninterrupted for the full statutory period.
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| show | court ordered hearings held to determine land ownership
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| Mortgage Banker | show 🗑
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| Mortgage Broker | show 🗑
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||||
| show | mortgage banker: makes loans from ONE bank
mortgage broker: compiles loans from MANY banks
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| show | .90001 to .95 L/V is 95%
.80001 to.90 L/V is 90%
.80 or below L/V is 80%
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| Partially Amortized Loan | show 🗑
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| Defeasance Clause | show 🗑
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| show | When monthly mortgage payments are not sufficient to cover interest due to unpaid interest is added to principal.
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|
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| The most significant component of an installment contract. | show 🗑
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||||
| show | It is a bilateral, executory agreement. Executory because it is not completed until the end of the lease.
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| Essentials of a VALID contract | show 🗑
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| Lawful Objective | show 🗑
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| show | Valid but not enforceable (in most cases if witness is not present)
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| Constructive Notice | show 🗑
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| show | Information the law presumes a reasonably diligent person would obtain by making further inquiry EX: want to buy a house that current have tenants...do due diligence)
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| Actual Notice | show 🗑
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| show | The grantor is the person that acknowledges the deed so it may be recorded
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| 50 years | show 🗑
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| Statue of Limitations | show 🗑
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| show | Ownership by two or more persons at the same time. Types: joint, in common, entirety and community property
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| Wraparound Mortgage | show 🗑
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||||
| show | The broker brings a contract from a ready, willing and able buyer at contract price and terms. (EARNS)
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| show | There is no recorded plat.
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| A title cloud could be removed by | show 🗑
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| show | A homestead.
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|
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| A property which is owned as tenants by the entireties is owned by: | show 🗑
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| Which of the following is an emblement? | show 🗑
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| show | An estimate of value.
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|
||||
| A home with outdated plumbing fixtures and appliances would most likely suffer from: | show 🗑
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| Functional obsolescence | show 🗑
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| Which of the following is NOT a right of the state in privately held property | show 🗑
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| Sellers, in the signing of a deed, swear that they are who they claim to be and they are signing the deed of their own free will. This is best described as | show 🗑
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| Acknowledgement | show 🗑
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||||
| show | Exclusive agency listing
🗑
|
||||
| Sue deeds a property to Mark but retains an interest in the property for as long as she lives. Until Sue’s death, Mark would have a(n): | show 🗑
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| Of the following, which is a fixture | show 🗑
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||||
| show | A lumber company
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||||
| show | Nicole shows the property to a buyer client.
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| show | The sales commission is earned only if the option is exercised.
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| show | Present the offer with a new market analysis.
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| show | A point of beginning
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| A convenience store was built in 1965 on one acre of land. In 1981 the property was rezoned to multi-family residential. Which of the following is TRUE? | show 🗑
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| Jake purchases a 4 bedroom, brick, 2-story traditional home in a neighborhood of other similar homes hoping that the investment will prove in the future to be a sound one. Jake is operating on the principle of: | show 🗑
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| If a seller wishes to keep his liability to a minimum, which of the following deeds should he use? | show 🗑
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| show | Escheat
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| Sales Person | show 🗑
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| show | A person who provides acts of licensure for another for compensation; one who acts an agent for others in negotiating contracts or sales
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| show | Any person who meets the requirements of a broker but chooses to work for a broker
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| show | A written contract between a person and a broker whereby the person becomes a client of the broker.
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| GREC | show 🗑
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| show | Any interest in real property, freehold or non-freehold; tangible on intangible
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| show | A fund that provides an avenue of protection to members of the public harmed by the illegal acts of a licensee
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| show |
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|
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| show | 18 yrs of age
resident of state*
HS grad or equivelant
25 hr CommAsso course
pass state exam
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|
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| show | 18 yrs of age
resident of state*
HS grad or equivelant
75 hr prelicense class
pass state exam
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|
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| Real Estate Broker's Qualifications | show 🗑
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| Non-Residence Licensees | show 🗑
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| show | The fund must always maintain a minimum balance of 1 million dollars. if it falls below, each licensee at the time of renewal, may be assessed up to $30 for each year in the renewal period
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|
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| show | the fund may not be obligated to pay more than 25K on any one transaction the may have to make up the difference.
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|
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| show | The fund may not be obligated for more than 75K for the acts of any one licensee, regardless of the number of transactions
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| show | No one person shall ever obtain more than 25K from the fund
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|
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| These person(s) DO NOT have a right to claim against the fund | show 🗑
|
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| Licensee that has the Real Estate Education and Recovery Fund payout | show 🗑
|
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| show | The Estimate or Value of Something; it is a necessary part of most real estate transactions. Also used to set prices on property. Used by govt to establish property tax levels for taxpayers.
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|
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| Informal Appraisal | show 🗑
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| Formal Appraisal | show 🗑
|
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| show | Step by step procedure that appraisers use to conduct their work.
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|
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| show | Uniform Standards of Professional Appraisal Practice; guidelines established for the valuation process
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|
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| Characteristics of Value | show 🗑
|
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| show | Marketable Title (IF title has defect then lowers the value of the property
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|
||||
| Principles of Value | show 🗑
|
||||
| Principal of anticipation | show 🗑
|
||||
| Principal of Substitution | show 🗑
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| Principle of Competition | show 🗑
|
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| The principal of change | show 🗑
|
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| show | holds that maximum value is realized when there is a reasonable degree of homogeneity in a neighborhood (200K house would be out of place in a neighborhood of 90K)
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|
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| show | That use of a parcel of land that will produce the greatest value
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|
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| show | Refers to the ability of people to pay for land coupled with the relative scarcity of land. When the supply of land is limited and demand is great the result is rising land prices.
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|
||||
| show | the dollar spent adds a dollar to cost but more than a dollar to value; remodel of bathroom cost 10K but will make property go up 15K
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|
||||
| the principal of decreasing returns | show 🗑
|
||||
| The principal of contribution | show 🗑
|
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| Value | show 🗑
|
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| show | Value given to a property by the county tax assessor for purposes of property taxation
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|
||||
| show | when two or more adjoining parcels are combined into one large parcel and
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|
||||
| show | If assemblage causes an increase in value over the cost
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|
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| Plottage value | show 🗑
|
||||
| show | Value that federal and state taxation authorities establish for a deceased person's property. It is used to calculate the amount that must be paid
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|
||||
| Insurance Value | show 🗑
|
||||
| Loan Value | show 🗑
|
||||
| Rental Value | show 🗑
|
||||
| Replacement Value | show 🗑
|
||||
| Salvage value | show 🗑
|
||||
| show | Supply and demand is unbalanced because of excess supply (prices are lower)
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|
||||
| Seller's Market | show 🗑
|
||||
| show | Many buyers and sellers in the market at the same time. Makes it relatively easy to establish the price of a property and for the seller to find a buyer quickly and vice versa
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|
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| Thin Market | show 🗑
|
||||
| Market comparison approach | show 🗑
|
||||
| show | Land value plus current construction costs minus depreciation
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|
||||
| show | A method of valuing a property based on the monetary returns it can be expected to produce
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|
||||
| Comparables | show 🗑
|
||||
| Transfer tax | show 🗑
|
||||
| show | for accurate appraisal each comps should be inspected with price and terms verified
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|
||||
| Adjustment Process | show 🗑
|
||||
| CIA | show 🗑
|
||||
| show | Comparable Better Subtract
🗑
|
||||
| show | Sudden/Rapid
🗑
|
||||
| show | Gradual
🗑
|
||||
| show |
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|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
dirah66
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