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145 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Reversion |
Lessors right to take possession of leased property’s the end of the lease |
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Sales and lease back |
Seller retains the occupancy of the land by leasing it back simultaneously with sales |
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Sandwich lease |
When Louise has been somewhat another party so the former becomes a lease |
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Seat back |
Area from the curb or other set of line of demarcation within which no structure can exit |
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Specific performance |
Court action directing a party to for fill the contract terms which has refused to perform |
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Subagent |
A party that receives the power of an agent form the principle but when an agent has authorized it |
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Tax free exchange |
Transfer of property with no capital gain |
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Tenancy of sufferance |
Tenancy created when a lawful retains possession of a property after lease terminated |
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Tenate |
Person given possession of real property belong to someone else for a fixed term or at will |
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Title insurance |
Insurance policy providing protection from loss caused by defects in the title |
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Tort |
Wrongful act not criminal in nature but giving Rise to a civil action with one committing the torte torte fear potentially liable for civil damages |
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Unearned increment |
A rise in real estate value due to no effect by the owner usually due to population growth |
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Validven |
Having legal sufficient enforceable by court |
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Vendee |
Buyer the person who purchase |
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Vendor |
Seller person who buys |
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Warranty |
Promise of guaranty |
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Without recourse |
Phrase employed in endorsements of a note or bill indicating that the holder cannot expect payment from the debtor personally in non payment occurs |
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Zoning |
Governmental authority designated an area for a particular use |
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Purchase capital |
Funds used to purchase reality from whatever source. |
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Police power |
Government right to pass law and in force them to achieve health order public safety and general welfare for public |
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Overall capitalization rate |
Read calculated by dividing not operating income by the property purchase cost |
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And arrangement not in writing usually unenforceable thank you |
And arrangement not in writing usually unenforceable thank you |
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Null and void |
Without any legal validity |
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Mineral rights |
Authorized to a mass income from the sales of gas oil and other resources underground |
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Notice actual |
Meow |
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Permission to build or maintain a structure prohibited by a zoning ordinance is called? |
A variance |
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Examples of police power are? |
Building codes Zoning regulations Rent control |
Government authority to tax is separate from its police power, the right to regulate a persons conduct or property to protect the health of safety, and welfare of the community. Unlike the ex rose of eminent domain, the states use of the police power. |
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State sales taxes that are assessed on fixtures in the sale of a business opportunity are? |
Paid by the buyer to seller, along with the purchase price Sent by the seller to the board of equalization Paid prior to the verticals of clearance being issued |
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What is not classified as a prime Yea at in a shopping mall Liam |
Mom and pop shoe store |
The largest l, high earning tenant in a shopping center is regarding as prime tenants |
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Loan underwriting |
The process of assessing the risk involved in making a mortgage loan |
Includes verification of employment history, salary and financial statements and the lenders evaluation of the borrowers credit history and ability to pay. |
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If a real property title that is encumbered by a trust deed is transmitted through a sale, it is necessary to?what is an exa |
Have a grant or provide the delivery of the deed |
Even if a property is encumbrances, it may still be conveyed; this is usually accomplished with a grand deed. |
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What is an example of estate in severalty |
A corporation with 100 shareholders holding title to an estate. |
Sole ownership is an estate in severalty, even though a corporation can be wined by multiple shareholders, it is viewed as a single legal person; it holds title in severity |
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A broker is adverting under the name of “cyz realty” franchise: the broker add must also include? |
Include his own names in the advertising |
I’d name not in the add can violate real estate law |
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A grant deed contains?a broker wishing to legally enforce his right to a com |
The word “grant” in its conveyance Guarantee that the property title has not been conveyed to anyone else A guarantee that there are no hidden encumbrance on the property |
The grantor also conveys to the grantee any right he might acquire to the property after conveying it to the grantee, termed as “after-acquired title”. The grant deed is the only form of deed that conveys an after-acquired title |
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A broker wishing to legally enforce his right to a commission for procuring a six month rental agreement must? |
Contracts that can be performed in less than one year like six months really agreement do not have to be in sorting to be enforced |
Be able to prove he had an oral agreement with the property owner |
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When a real estate agent pays a portion of his or her commission to the buyer, the agent is required to? |
Inform the seller |
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Although not authorized to do so, agent Andrew acts on behalf of the seller Stan by showing stans home to a potential buyer. Later, after the buyer makes an offer, Stan approves of Andrews actions. This is known as what? |
Ratification |
A principal can ratify something that has been done on her behalf by another individual who assumed the authority to act in the capacity of an agent |
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In their first meeting, an owner tells a broker that the property should not be shown to any person of color, upon hearing this, the broker should? |
Refuse the listing |
Must refusing listing because if accepted one is condoning the actions |
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Marcus and Migule each own a single family house, marcus currently lives in his house, while Migule rents her to a tenant. Marcus and Migule trade houses, each one planning to rent the new property I generate income, which means coo |
Migule can take advantage of the tax free exchange. Because his former property was generating income to whereas marcus wasn’t Also known as a 1031 exachange |
1031 exchange |
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Cooperating agentwhich type |
A licensed person who tries to find a buyer but who is not the listing agent |
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Which type of bankruptcy filing provides a firm with the opportunity to reorganize its debt to try to re emerge as a healthy organization a broke |
Chapter 11 |
Chapter 11 will contact the creditors and attempt to change loan terms |
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A broker is allowed to? |
Accept commission form both the seller and buyer Direct an employee who is not a salesperson to perform clerical duties at the brokers office Act as an escrow All are permissible actions |
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The parties to a deed are called |
Grantor and grantee |
Grantor gives grantee receives |
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The term disintermediation refers to |
Large- scale withdraw of funds from savings account |
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A contract that states the price and terms is |
Express |
A contract can be either express contract or implied An express contract has its terms expressed on words, orally or in writing. An implied contract has at least some of its terms not expressed on words. |
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A listing agent can be a a lease where the tenant pays $ |
Dual agent |
Allows the agent to represent both buyer and seller but requirements need to be disclosed |
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A lease where the tenants pays $500 per month for five years, with the landlord paying taxes and fees it is called |
Gross lease |
Is when a tenant pays flat rental amount, and landlord pays for all property charges regularly incurred by the ownership. Ex most apartments |
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The front-end ratio for a loan is determined by? |
The introductory loan interest rate |
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Which of the following actions by a broker would violate the rules regarding trust funds |
Keeping a deposit check uncashed by their own decision |
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Buyer Johnny made an binding offer to seller Silas that Silas accepted in the proper manner, but Johnny changed his mid and refused togo through with the transaction. Under the statute of limitations, what is Silas deadline to sue Johnny in order to enforce the contract before being tome barred |
Four years |
It’s considered breach of contract |
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A broker holding a no exclusive listing for a sold property wishing to demonstrate she is entitled to a commission must show that she is: |
Held a broker license at the time of sale Found a ready willing and able purchaser for the property Was the procuring cause of the sale |
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Express conditions include conditions such as |
Condition subsequent Condition precedent |
A condition precedent must be met before the performing party has a duty to perform, Condition subsequent arise after duty has begun and if satisfied the releases the performing party from duty |
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Assignment is when |
One party transfers it’s rights and obligations under the contract to another party, but remains secondarily liable |
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Marcus and Mary ante two single women plan to take title to a home in such a way that each one will own a half- interest with right of survivorship. The grab clause will state? |
Marcus a single women and Mary mass a single woman as joint tenants |
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The purchase of a single family residence can result in the following icims tax deduction except |
Painting the house |
Loan paints Loan interest payments Property taxes are acceptable |
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The maximum amount laud from the recovery account to victims of real paid form the recovery accounts to victims of tea estate fraud is? |
$50000 |
The max amounts paid by the recovery account are $50000 for a single transaction and 250000 for any one licensee |
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A real estate agent tries to persuade a group of people in a neighborhood to list their properties for ales with the agent because members of a minority group are planning to move in, which the agent warns will lower overall property prices in the community. The agent conduct can be termed as ? Which of the following |
Blockbusting Panic selling Against the regulations of the real estate commissioner |
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Which of the following would be considered incurable functional obsolescence in a department store |
Cheap building material |
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Littoral rights and riparian rights differ how? |
Littoral rights are associated with oceans, riparian rights with rivers and lakes |
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When a seller provides credit on the basis of a note trust deed is called |
Pitches money trust deed |
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What creates a binding contract |
Offer Acceptance Consideration |
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The lease agreement should specify when rent is to be paid. If the lease does not specify a date then rent is due by when? |
On the last day of the lease period |
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The right of a utility company to string power lines across privately-owned land is an example of?att |
Encumbrance |
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Attorney In fact |
When a writing instrument signed by a person names someone else to act legally for him, that named person is called. |
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Security agreement |
Secured a loan on personal property |
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Mechanics lean |
When homeowner fails to pay for work done on property |
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These terms square foot method, unit cost in place method and the quantity survey method are? |
Appraisal |
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Regarding the relationship between a broker and her salesperson, the broker is an employer and the sales person is an? |
Independent contractor or employee |
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A contingency clause is an agreement should |
State a time limit for its conditions to be met State how the parties will be informed of the fulfillment or waiving of the clause |
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Math |
Math |
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Math |
Math |
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When a sublease is made, the following occurs |
Primary responsibility for paying the rent remains with the original tenant (sublessor) |
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For a lease to be properly recorded, the lease agreement must be acknowledged by the |
Lessor |
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Husband mike leases out a building owned by himself and his wife Jane as community property to lessee Larry. Mike signs the lease agreement for a two year term, without the consent or signature of his wife. This is |
Unenforceable |
Cali law holds that the wife must join in any instrument by which the community real property is conveyed encumbrance or leased for a period longer than one year. |
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A written summary of the chain of title for a parcel of real property taken from public records is called an? |
Abstract title |
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The sellers warranty in a listing should include all of the following |
Sellers rights to sell the property according to the agreement terms The property not coming with any undisclosed lines against it The sellers description of the property being accurate |
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To authorize a conventional loan, many lenders require an application to have |
Two months or more of mortgage payments in reserve |
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Read |
Answer |
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Read |
Read |
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A written summary of the chain of tile for a parcel of real property taken form the public records is called |
Abstract of title |
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FHA loans over conventional loans |
FHA loans usually have a higher loan to value LTV ratio conventional loans
FHA loans are more likely to have lower interest rates the a conventional loans |
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What are respa covered transaction |
Appraisal fee Title insurance fee Pest inspection fee |
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Merging two or more adjoining properties into one is called |
Assemblage also known as plottage |
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A property is sold at foreclosure proceeding for $200000, but the property owes a total of 250000 to the lender on the mortgage the difference is called |
Deficiency judgment |
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When an owner fails to pay taxes on his property, it can be sold at public auction by the county tax collector |
Lookup |
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The likeliest a person to incur a pre payment penalties in real estate deal is the |
Seller |
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Agency relationships like a listing may be terminated and all of the following ways |
If the property with the agency is considered destroyed Mutual termination agreed-upon by both seller and agent Resignation of the agency by broker |
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I Screen saver Sister In normally provided by the title company in |
Northern California |
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alternative names for a contractor sales |
Agreement of sale Deposit sale Purchase sale |
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The type of consent that can be given are |
Express and implied |
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Safety precautions agents should take |
Advice seller to remove valuables from their home before showing Whenever possible work with another agent while showing homes or holding open houses Keep their office informed of their whereabouts and schedules |
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Deeds are recorded and indexes based on |
Grantor and grantees names in alphabetical order |
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The real estate law designated a duty upon a real estate agent to his principle of undivided interest and loyalty. This relationship can be compared to. |
Trustee to his beneficiary |
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If a borrower defaults on the loan and the lender starts the process of Judah cool foreclosure the right of possession to the property is held by the _____during redemption. |
Mortgagor |
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Although not authorized to do so agent Andrew ask in behalf of the seller standby showing stands home to a potential buyer later after the buyer makes an offer stands approves of Andrew’s action that is an example of what |
Ratification |
The principal can be ratified something that has been done or on her behalf by another individual who assume the authority to act in the capacity of an agent |
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The area between the bottom of the floor joints in the ground is called |
Ground space |
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The kind of long do usually made by a private lender with high rate of interest and back by the value of property and not the borrows credit score is |
Hard money mortgage |
This hard bone is a cash loan and earmarked for a property purchase |
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The term potable refers to |
Water |
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Emblements are |
Personal property of the person who grew them |
Annual crab such as corn and tomatoes are termed emblements categorized as the personal property of the Brower trees and grass not require a little planning and so are real property belonging to the property owner |
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Lis pendants remains in effect |
Until the courts judgment is During court proceedings While the case is being decided |
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A historical society Air’s appraisal Andrews to gauge the value of it’s majestic domed meeting house built in 1876 in applying the cost method of appraisal Andrew is most likely to use the buildings |
Replacement cost |
Replacement cost is a current cost of the building a property with utilities equals two subject property, I.E.a building usable in the same way as a subject property. Pre-production costs related to what it would cost to build an exact duplicate of the subject property at current price. If the subject property is new home then reproduction cost and replacement cost may be the same’; if, as in the case, the building is older and was elaborately constructed with expensive material reproduction cost is and on reliable indicator of value |
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Fire stop in a home refers to |
Bored bored’s nails between the studs in the blocks that spread of fire in the walls |
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The marker of a note could employ which of these legal defenses against a holder in due course |
Material changes |
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Well performing the duties of it was engaging in real estate broker is liable to their parties for |
His own unlawful acts |
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Which is the most significant factor when planning for a subdivision |
Market analysis |
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One square Mile equals |
27878400 square feet |
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The following are required elements of a valid contract |
Lawful objective, legal capacity to contract, offer and acceptance |
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If I trust deed is foreclosed upon through the process of Judaical go for closure then |
Do you recall foreclosure to borrower Has the protection of a one-year redemption |
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Something that is inherited is referred to as |
Hereditment |
There are two types of hereditaments Our corporal and then inCorporal. Corporal or tangible objects confined to land such as coal timber and a house In corporal are intangible right derived from real or personal property such as an easement |
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Which of the following may not be a blanket encumbrance is it implies the subdivisions |
Tax liens |
The real state law prohibits tax liens to blanket and cupboards. Lots in the subdivision are considered individual will you regarding such taxing obligation |
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Any promises to Pizza and he sells us anymore problems he makes the promise and return it would qualify as |
Consideration |
Consideration, and element of a binding contract does not have to be in the form of money. It may consist of a promise to perform a desire act or a promise to retain from doing an act. And a bilateral contract such as this one between sending Andy and Andy starred apostrophe in agreement by which both parties exchange mutual promises each promises and regards as regarding sufficient consideration for each other |
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A plaintive can ask a court to issue a writ of attachment against the defendant’s property decide to file a judgment being sought. The result attachment lanes are |
Enforceable by the sheriff |
Attachment liens are valid for three years and are renewable. A right of attachment and powers a sheriff to see‘s enough of the defendants property to cover the judgment being sought by the plaintive |
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A real estate investment trust the REIT must invest at least blank of its total assets in the real estate property and cash |
75% |
Reits Must also be managed by board of directors are trustees and distributed at least 90% of its taxable income to shareholders annually in the form of dividends |
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Before we’ll see what does renewed it is required to complete blank hours of approved courses within a four year. |
45 hours |
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A contract Stating that the seller will pay commission to the broker, if the broker funds are you ready, willing and able buyer and the broker promises to employed due diligence and Procuring a buyer is called |
Bilateral executory contract |
A bilateral contract is a contract between two parties, which each offering a promise for a promise |
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Which type of bankruptcy filing provides a firm with the opportunity to Re-organize its debt and to try to re-emerge as a healthy organization |
11 chapter |
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Which of the following could be called in equitable remedy |
Specific performance, and injunctions |
A equitable remedy it is a court order compelling defendants to perform their part of a contract instead of imposing it a fine. And Johnsons may be mandatory requiring a person to do something or prohibitory stopping them from doing something. Specific performance requires a party to complete their contract for duty for example transferring a piece of land to the claimant |
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Broker Gary arrange the second trusteed amounting to $9000 for role, and ass roll for a commission of $1200 Gary’s commission |
Legal, because it complies with allowable commission percentage for the second |
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Even if the loan application is rejected due to information included in a credit report, the Borrower does not have the right to the following |
Have a second chance, with one month, to apply for the loan |
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Charles took a listing for a home. The owner to Charles over the phone at the property was in good shape, and Charles never expected it. The owners so they buy the property, and the buyer decided to open escrow with the owner, which then close a few months later. Which of these are facts are true |
Charles has violated the law |
California Civil Code states a listing brokers have a duty to visually inspect the property he has listed. If any material defect is discovered in the inspection, the defendant must be disclosed to all potential purchasers |
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Having suffered a stroke, Joe is considered mentally impaired and has a guardian appointed to protect his interest by the court. One day, Joe ventures out to a department store and enters into a long-term installment contract to buy and carpet. The contract is |
Void |
I mentally incompetent person with a garden has no capacity to enter into a contract at all so it is void with no effect |
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Express and implied |
Express and implied |
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I almost moved on to a potential buyer work, unfortunately, person died of aids for years earlier. The broker showing the home as |
No duty under any circumstances to disclose it |
The California Association of realtor recommends that, regarding affliction or death for me it’s on the property, no matter what it occurred, does not have to be voluntarily disclose to the buyer. However, in response to a direct question about it, agent may not intentionally misrepresent the fax. Allegiant can simply respond that discussing such information is an invasion of privacy |
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The real estate law Designate a duty upon a real estate agent has principle of undivided interest and loyalty. This relationship can be compared to the one between |
Trustee and his beneficiary |
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Listen burgers of Linus is requested by buyer Bruce to hold the deposit check for 60 days. The brokers best response would be to |
Except the check, but from the buyer that the seller will make the choice on whether to grant the request hold |
It was in brokers Rose to provide the owner with material information and can be informed advice, while leaving the decision to the owner whether to except the hold |
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A homeowner renovators supplier can file a blanket against the home owner |
Mechanics lien |
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Barney highest had to burn down Barneys home for insurance money. The share of meeting of the minds, agree on consideration, and all of the material terms. Their contract is |
Void |
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For lease signs there ways to another party, the leasee is |
Could still be responsible for both rent payments and maintenance charges |
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As a real estate terms of setback refers to |
Distance from the curve, property line, Or structures with and which building is prohibited |
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Mrs. Mrs. Adams made a deposit on the purchase of a property. During the escrow the seller learned of the highway routed which would greatly enhance the value of a property. She instructed the broker to return the deposit to the buyers. This is Adam refused except the deposit. Her most unlikely course of action would be |
Unilateral recession |
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A mudslide leading to severe property damage would be an example of |
avulsion |
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Personal property is transferred three |
Bill of sales |
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A Broker acting as an agent for a principal can ask her as much authority asBih Bro makes an offer to purchase real property from the seller CD in provides a deposit. If Brian’s appointment |
The principal actually or ostensibly gives her |
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Bih Bro makes an offer to purchase real property from the seller saying he improvised the bus. Brian subsequently with drawls is off before sandy except it |
The buyer can recover his deposit |
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According to the terms and agreement, a broker this to receive a commission of 7% of the sales price of a particular property that eventually sells for 300,000. How much commission will the broker receives |
21000 |
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If real estate broker does not sign the purchase agreement in the appropriate place than |
The agreement is still valid |
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If a broker discovers ambiguous or difficult to understand language and a contract being negotiable he should |
Settle the discrepancy before executing a contract |
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Which of the following actions would not provide a defense for a homeowner against the mechanics lien |
Notice of succession |
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Which listing agreement is the most favorable for the listing agent |
Exclusive authorization and right to sell listing |
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What a homeowner fails to pay taxes on his property that could be sold at Publix and buy the county tax |
After the notice of publication of delinquent taxes with a copy mailed to the delinquents Owner |
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Someone who would be judged to be incompetent may still be bonded by signing a contract for |
Necessaries |
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And investor wishing to hedge against losses in his capital due to inflation would probably seek to invest his fans in |
Real estate |
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The following are ways that staging is used to improve the deseibelity of a home being shown to potential buyers |
Upgrading earthquakes insurance |
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Respa purpose is to |
Eliminate kickbacks that unnecessarily increase settlement service cost |
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Which of the following is considering an advantage of FHA loans over conventional loans |
FHA Loans are more likely to have lower interest rates than conventional loans |
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