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17 Cards in this Set
- Front
- Back
Chapter 27
Sales comparison approach. Market data approach. |
This approach, is essential in almost, every appraisal of Real Estate. This is the most reliable of the 3 approaches, in appraising residential property. This approach, compares the subject property. (Property under appraisal) to comparables or comps. |
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Cost approach. Appraisal by Summation. |
Helpful in appraising of special-purpose buildings such as, schools, churches, and public buildings. How much would it cost to reproduce or replace this property? Construction cost, depreciation, market value. |
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Income approach. Capitalization approach. |
Value based on, the present worth, of future rights to income. This is used for income-producing properties, such as: apartment buildings, Office Buildings, and shopping centers. |
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Joint tenancy, and tenancy by the entirety, both have, right of survivorship. |
Upon the death, of tenancy in common, the interest, passes on to his or her, heirs or devisees |
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OR = Person Giving EE = Person Receiving |
Mortgagee = Giving money Mortgagor = Receiving money |
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Housing and Community Development Act of 1974 (1) |
SEX |
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Fair Housing Act Amendment of 1988 (2) |
1. Disability. 2. Familial status. |
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Civil Rights Act of 1866 (No exceptions) (2) |
1. Race. 2. Color. |
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Fair Housing Act of 1968 (4) |
1. Race. 2. Color. 3. Religion. 4. National Origins. |
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Equal Credit Opportunity Act of 1974 Lending - (8) |
1. Race. 2. Color. 3. Religion. 4. National origin. 5. Sex. 6. Age. 7. Marital status 8. Lawful source of income, or rent payment. |
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New Jersey law against discrimination. (13) Everything, except, Age. |
Race, Color, Religion, Sex, National origin, Marital status, Disability, Familial status, Lawful source of income, Ancestry, Affectional or sexual orientation, Nationality, Gender Identity or expression.
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Freddie Mac - Warehouses packages of mortgages. |
Fannie Mae - Buys FHA Loans, sets standards. Ginnie Mae - Pools mortgages for investors. |
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Essential elements of a valid contract |
1. Competent parties. 2. Offer and acceptance. 3. Consideration. 4. Legality of object, can't be illegal |
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Valid contract |
Contract that complies, with all Essentials of a contract, and is binding and enforceable, on all parties to it. |
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Voidable contract |
Seems to be valid, but may be rejected or disaffirmed, by one of the parties. |
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Void contract |
Has no legal force or effect, because it does not meet the essential elements of a contract. |
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Unenforceable contract |
Neither party can successfully, sue the other, to force performance. If the parties, perform the agreement, it will be valid. Example if one person was drunk, when the contract was made. |