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Real Estate: Various III

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Real Estate Equity Trust
Real Estate Educators Association
Real Estate Mortgage Trust
Alternative Minimum Tax requires taxpayers, who make above a certain amount of gross income to, to figure taxes twice.
Real Property Securities Dealer
National Association of Independent Fee Appraisers
Government National Mortgage Association
Federal Home Loan Mortgage Corporation
Federal Trade Commission
Financial Institute Reform, Recovery, and Enforcement Act of 1989
Time tested model used in writing ads Attention, Interest, Desire, Action
blind ad
An advertisement that fails to reveal that the advertiser is an agent and not a principal
breach of contract
failure to comply with a material term or provision of a contract
broker's loan statement
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs, fees, and loan terms.
Bulk Sales Act
An act that requires recordings and publication of a sale not in the normal course of business.
real property is synonymous with
real estate
budle of rights 5 things
Right of Possession, Right of enjoyment of the property, Right to control the property's use, Right to exclude others from the property, Right to dispose of the property.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience, loyalty, disclosure, confidentiality, accountability, reasonable use of (skill, training, experience, competency)
Joint tenants have: unity of time, unity of title, unity of interest, unity of possession
burden of proof
The party required to prove a fact when an issue is in dispute
a group of people within a geographical area with whom the agent stays in touch monthly, advising each property owner of all real estate activities throughout the year
deposits from clients must be placed in a brokers trust fund
within 3 days from acceptance of the offer (this must happen)
Salesperson can only work for one broker (T/F)
For Sale By Owners
offer the seller suggestions on ways to show a home for maximum positive first impression
institutional advertising
attempt to establish a firm's identity to the public
examples functional obsolescence
single car garage but market desire is for a double car garage
social obsolescence
any loss of value due to conditions outside of the property itself. aka economic obsolescence
major repairs in the past 5 years ( house for sale )
must be disclosed to the buyer if
monthly house payment (ratio standard)
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% 30% gross monthly income
Three C's (credit rules of thumb)
Character how a person has handled past debt obligations
buyer to take possession 3 days after the close of escrow
what trust deeds in California are called
mortgages in California
A valid bill of sale must contain
the seller's signature
A valid deed does not have to contain
an acknowledgment of the grantor's signature
A broker selling a property on which he holds an option should notify the purchaser
that he is acting as an optionor
Tax delinquent real property not redeemed by the owner during the five-year statutory redemption period
is deeded to the county
The maximum commission a broker may charge a seller for the sale of residential income property
negotiable commission for residential
Federal Housing Administration role
Created in 1934 to provide mortgage insurance on loans made by FHA approved lenders, part of HUD
Deed of reconveyance
deed from trustee to trustor, at the request of the beneficiary of trust (lender), that returns title to the trustor on payment of indebtedness
chattel mortgage
use of personal property to secure or guarantee a promissory note.
grantor quitclaim
A quitclaim deed conveys only the present right, title and interest of the
fully amortized loan
A loan to be completely repaid, principal and interest, by a series of regular equal installment payments
vendor (term in real estate)
In a legal sales contract, the seller is often referred to as the
sole ownership
person holding title to real property in severalty
Federal Truth-in-Lending Law
finance charge and annual percentage rate Regulation Z
Appraisals of single-family dwellings
sales prices of comparable properties
3 years broker documents
Copies of all listings, deposit receipts, canceled checks, and trust records must be retained by a licensed real estate broker
Parallel wooden members used to support floor and ceiling loads are called
a tenancy in common
Joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal) without right of survivorship
Unruh Civil Rights Act California
All persons within the jurisdiction of this State are free and equal, and no matter what their sex, race, color, religion, ancestry, national origin or disability are entitled to the full
Fair Employment and Housing Act
law prohibits discrimination in supplying housing accommodations because of race, color, religion, sex, marital status, national origin, ancestry, age, familial status or disability.
Housing Financial Discrimination Act of 1977
Holden Act prohibits discriminatory loan practices on the part of financial institutions (banks, savings and
Federal Fair Housing Act, Title VIII of the Civil Rights Act of 1968
all-encompassing set of rules prohibiting discrimination on the part of owners of real property and their agents. This law applies to all sales or rentals of residences through the facilities of real estate licensees and to publication, posting, mailing or advertising in violation of this law.
The Recovery Account
fund of last resort for a member of the public who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment
three most common methods of describing property
by recorded map; by U. S. Government section and township; and by metes and bounds
base lines
horizontal in the township and section system
vertical in the township and section system
California has three sets of base lines and meridians
the Humboldt Base Line and Meridian in the northwestern part of the State; the Mt. Diablo Base Line and Meridian in the central part of the State; and the San Bernardino Base Line and Meridian in the southern part of the State.
Recording Act of California
after being acknowledged, any instrument or judgment affecting the title to or possession of real property may be recorded
some paper signed and delivered by one person to another, transferring the title to, or giving a lien on, property or giving a right to a debt or duty
Separate ownership
Separate ownership
ownership by one person
Concurrent ownership or co-ownership
simultaneous ownership of a given piece of property by two or more persons Tenancy in common; Joint tenancy; and Community property.
Joint tenancy TTIP
two or more persons are joint and equal owners of the same
Tenancy in partnership
two or more persons, as partners, own property for partnership purposes
cloud on the title
any outstanding claim or encumbrance which would, if valid, affect or impair the owner's title to a particular estate. While the cloud remains, the owner is prevented from conveying marketable title
Use the land of another
An easement is the right of one to:
Mortgagor means:
Mortgagee means:
Real and Personal
There are two types of property. They are called
To give personal property to another by will is
Grantee means:
Grantor means:
A bequest and legacy means a gift of personal property by a:
5. Must be in writing
What are the five essential elements of a contract? (COLVM)
Buyer and Seller
The escrow agent acts for the:
Money Debt
A lien is a:
Quiet Title Action
To remove a cloud on a title you would obtain a:
Freehold and Leasehold
The two types of estate held in real estate are:
A single person, like a municipality, would take title to real property namely in:
4 Unity of Possession
The four unities of joint tenancy are:(TTIP)
Common law and Statutory law
Rights in land in Arizona depend upon two types of law:
Undivided Interest
To hold real property as tenants in common. individuals must have:
The only necessary unity in tenants in common is:
Taxes and Judgments
Give two examples of an involuntary liens:
Sworn Statement
Affidavit means:
takes a secondary position
Subordination means:
Article 26
The right of real estate licensees to prepare instruments incident to real property transactions is called:
When a person is compensated to keep his property off the market for a specified period of time it is called an:
Equitable Ownership
Ownership under a contract of sale is called:
d) General Warranty.
The four types of deeds used in Arizona are: (SBQG)
Constructive Notice to the World
Recordation shows:
A charge levied to pay for improvements on public property is called:
That which passes with the land. (The Sale).
Appurtenance means:
Evidence of the Debt
A note is:
Removes a cloud, Relinquishes an interest
A quit claim deed:
Fiduciary Relationship
A listing always creates:
net lease OR net-net-net OR triple net
A lease in which the lessee pays tax insurance and maintenance costs in addition to the rent is called a: