C. If broker directed illegal course of action

PA Real Estate Fundamentals Flashcards A title search revealed several outstanding liens against a property which lien has highest priority (B) Real estate tax lien for current year Strict liabilityOwner responsible to injured party without excuse Know what "Ad Valorem Tax" isAmount based on value of property being taxed, specific, involuntary, statutory liens charged by government agencies and municipalities Broker can be subject to disciplinary action if a salesperson is found guilty of misconduct

• If broker directed illegal course of action

Know and understand condominium ownership Absolute ownership of a unit in multiunit building based on legal description of airspace the unit occupies plus undivided interest in common elements of trust or stockholders of corp, each possessing a proprietary lease What is true about all unilateral contracts? A. Only one party is obligated to act What type of loan has both principal and interest paid on a monthly basis?Amortized Loan Which is acceptable evidence of marketable title? C. Title insurance policy The seller conveyed a quitclaim deed to the buyer. upon receipt of the deed the buyer may be certain that?

• the seller has no further interest in the property

Owners' rights in land that borders on or includes stream, river or lake. Includes access to use of water riparian rights A clause in a mortgage that declares the entire balance immediately due and payable upon default Acceleration Clause

• partners bought a store building taking title as tenants in

common. One partner died testate the other partner now owns store as

• Tenant in common with partners heirs

Emblements (fructus industrials)Annual cultivated crops of fruit, veggies or grain generally considered personal property Begins at well-marked point and follows boundaries, using directions and distances around tract back to point of beginning metes-and-bounds Generally if some defect in title to real property is found by the preliminary title search, the effect on a sales contract is that

• seller has reasonable time to correct defect

Know the maximum amount of security deposit a landlord can acquire the third year of a lease

• month of current rent

What does the department of housing and urban development require about lead base paint?Must be disclosed How do corporations take title?In severalty (ownership by one person only) or as tenants in common (co-ownership when owners hold individual undivided interest in RE) Have right of inheritance.

Where do licenses need to be displayed?In office of broker What contract is only one party obligated to act? Unilateral Contract How many years' experience as a salesperson do you need to apply for a broker's license 3 Understand land rights and property of bordering a lakeLittoral rights - owner rights to land bordering lake up to high-water mark The type of property that would have an elevation measurement Condominium The leasehold with a distinct termination date Estate for years Physical characteristics of landImmobilityIndestructibilityUniqueness What plant material would not be considered personal property?

• Perennial grass

A grantor doesn't wish to be responsible for defect in the title that arise from previous owners, but will guarantee the title for the time the grantor had ownership. What type of deed?Special warranty deed LandEarth's surface extending downward to center of earth and upward into space including things permanently attached by nature (trees & water) Understand how ownership taken as tenants in common works when one person dies testate Tenant's undivided interest passes to co-owners will, heirs or living trust What is a guarantee that you have marketable title?Having a certificate of title What is the definition of a spot survey? Survey that shows location, size, shape of building on lot.States property's legal description, shows location and dimensions of parcel Rights of government or municipal quasi-public body to acquire property for public use through condemnation eminent domain valid willTestate What document is recorded at the court house as security for the loan after the closing?Promissory note - stating amount owed and security document specifying collateral used to secure loan What is the purpose of the RE Commission Conducts formal/informal hearings relating to complaints filed against licensees. Solicits suggestions, comments and objections about RE practices Definition of specific performanceCourt suit initiated by buyer when seller breaches contract, asking court to force seller to go through with sale How is the order of liens determined on property? First to record, first in right. Priority of payment is from date liens are recorded in public records. Real estate taxes and special assessments take priority Easement that is annexed to the ownership of one parcel and allows the owner the use of neighbors land appurtenant easement Know foreclosure processLegal procedure when property used as security for debt it's sole in event of default in payment. Passes title in property to holder of mortgage or 3rd party who may purchase (judicial, non-judicial and strict)

Mine subsidence refers to what type of rights? Subsurface Rights When a mortgage company services a loan - what are the activities they are responsible for?Collecting payments, accounting, bookkeeping, insurance and tax records Understand special warranty deedDeed which grantors warrant the title only against defects arising during period of their tenure and ownership of property and not against defects existing before that time not having valid will before deathIntestate Understand how offer and acceptance works (mutual assent) Agreement between parties of contract in writing Determines value of residence for tax purposed by county or township accessors generally based on sales prices of comparable properties Assessment Value What type of lien is a mortgage?Voluntary lien - created intentionally by property owners The phrase "bundle of rights" is included in thedefinition ofReal Property Which lease has tenant paying a fixed lease payment and LL the majority of lease expenses?Gross lease What type of tenancy is on a month-to-month basis?Month-to-month tenancy Know the effects of carbon monoxideHeadache, weakness, dizziness, nausea, shortness of breath, death over time datumHorizontal plane from which heights and depths are measured Seller conveyed a quitclaim deed to the buyer upon receipt of deed the buyer may be certain that (D) Seller has no further interest in property Father and son decide to sell family farm that they have co-owned for 35 years. What kind of deed?

• Warranty Deed

Understand how trade fixtures are considered in a leased property Considered personal property and should be removed before lease ends - (D) Do not become real property Know the definition of dedicationVoluntary transfer of private property by its owner to the public for some public use such as streets or schools