Acronyms for NC Real Estate exam Flashcards

Acronyms for NC Real Estate exam Flashcards ADAAmerican disabilities act CCRConvenant, conditions and restrictions PNPromissory note DEEP CTitle, bundle of rightsDisposition, enjoyment, exclusive, possession, control USPAPUniform standard of professional appraiser practice PCBpolychlorinated biphenyls OFHEOOffice of fair housing equal opportunity TICTenant in common OLDCARAgent responsibleObedience, Loyality, disclosure, confidential, accounting, reasonable skill EPAEnvironment protection agency.... with superfund for clean-up CRVCertificate of value, VA only FIRREAFinancial institution reform recovery and enforcement act OTPCOffer to purchase and contract PITIPrincipal, interest, taxes, insurance Deed purposeTo transfer of title CFPBConsumer financial protection bureau GFEGood faith estimate PMProperty manager HELOCHome equity line of credit IRMALegal test for fixtures, total circumstance testIntention, relationship, method, adaptation GRMGross rent multipler NCRECNorth Carolina real estate commission

• DDiscuss, disclosure, decide

PUDPlanned unit development CDCClosing disclosure core RESPAReal estate settlement procedure act FHFAFederal Housing Financial Agency, took over Fannie mae NC DENRNorth Carolina Department Environment Natural ResourcesEnforces sediment pollution act NARNational associated realtors EGIEffective gross income RPDSResidential property Disclosure statement DDFDue diligence fee NCARNorth Carolina associated realtors FHLMCFreddie mac, federal home loan mortgage corporationSaving and loan associations

TSCAtoxic substances control act, cradle to grave responsibilities PIPrincipal and interest NCBANorth Carolina bar association FTCFederal trade commission. Enforces Regulation Z Dream OilDeed, restricted covenants, easements, assignments, mortgage, options, Installment land contract, 3yr or more leases LTVLoan to value CBAControlled business arrangement CERCLAComprehensive environmental response, comprehensive and liability act RLAResidential lease agreement, must be filled out to get someone out ECOAEqual credit opportunity act, added age and marital status to protected classes SGISchedule gross income SLIP4 economic characteristics of Real propertyScarity, location, Improvements, permanent TILATruth and lending act NOINet operating income FNMAFannie mae, federal National mortgage associationPurchases and guarantees mortgages.Mortgage backed securities.Purpose increase the availability and affordability of homeowners for low, moderate and middle income americans HOAHome owners association APRAnnual percentage rate CMAComparable Market analysis LELoan estimate GSEGovernment sponsored enterprise, what Fannie Mae is ACMAsbestos containing material Superfund liabilities are?Strict, joint, several, retroactive UCCNC Uniform commercial code, fixtures on credit MIPMortgage insurance premium, FHA loans Recording deed what kind of notice?Constructive

• Environment Acts inNorth Carolina1. Leaking petroleum underground storage tanks cleanup

Act2. Costal Area Management Act3. Mountain ridge protection Act4. Dredge and fill Act5. Sediment pollution control Act USTUnderground storage tank HUDHousing urban development FFFunding fee, for VA Loans only PITTJoint tenancy, unity of possession,Interest, time, title FHAFederal housing association

PMIPrivate mortgage insurance, conventional loans