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AZURE TIDE REAL ESTATE SCHOOL Flashcards An easement allowed by law as necessary for the full access of a parcel of real estate.reproduction cost The FHA insurance that is a percentage of the loan amount that the borrower is charged as a premium gross income supplier (GIM) the illegal practice of inducing homeowners to sell their property by making representations regarding the entry of prospective entry of persons of a particular race or national origin into the neighborhood.
FAIR HOUSING ACT
land separating one land use from another. bundle of rights let the buyer bewaremargin A deed that carries with it no warranties against liens or other encumbrances but that does not imply that the grantor has the right to convey title. The grantor may add warranties to the deed.reversionary right The return of the rights of possession and quiet enjoyment to the lessor at the expiration of the lease. Or at the end of a life estate.deed in trust the value set on a property for taxation purposes.ad valorem tax the act that prohibits racial discrimination in the sale and rental of housing-without exception.blockbusting the process of additional land through deposits. alluvion aN agreement to keep open for a set period an offer to sell or purchase property. options are unilateral contract as they only obligate the seller to the terms during the offer period. must be in writing.statue of frauds a term used for a percentage of the principal loan amount charged by the lender. each point is equal to 1% of the loan amount short sale Clauses contained within a deed limiting the future use of the property. Deed restrictions may impose a variety of limitations and conditions such as the size of buildings or the types of buildings that can be built.dominant tenement Sales associate Donald hired Sam as a personal assistant.Sam normally spent his day preparing marketing material under the direction of Sam. However, when Donald was out of town, Sam handled transported a contract to Donalds sellers to get it signed. What describes this situation?This is a legal act as long as he acted only as a courier Implements the Truth and Lending Act, requiring credit institutions to inform borrowers of the true cost of obtaining credit acknowledgement
setting rates across competitorsANTI-TRUST LAWSMarket allocation The federal law that requires certain discourses to consumers about mortgage loan settlements. The law also prohibits the payment of receipt of kickbacks and certain kind of referral fees.options legal rights that attach to ownernship of property; disposition, enjoyment, exclusion, possession and control.chattel the most probable price that a property would bring in an arm's length transaction under normal conditions on the open market.base line the history of the recorded ownership of real estateactual notice A required form indicating the appraised value of property being financed with a VA loan.anti-trust laws A transfer of real property by will. The decedent is the devisor and the recipient is the devisee.law of diminishing returns Representing both parties to a transaction as their fiduciary agent. Illegal in Florida.economic life Transferring title to a real property.acre the number of years during which an improvement will add value to land.RESPA (REAL ESTATE settlement procedures act) respa a fee imposed against specific parcels of real estate that will benefit from a proposed public improvement like a street or a sewer.net lease permanent reference marks or points established for use by surveyors in measuring differences in elevation.datum occurs when the real estate professional "should have" known that a statement about a material fact was false.fiduciary relationship.charging interest at a higher rate than the maximum rate established by state law.easement the illegal use of money received on behalf of the principalprocuring cause A mortgage loan in which the interest rate varies depending on market conditions.front footage mortgage clause that causes the entire balance to become due.accretion Which statement is TRUE regarding homeowners association disclosure requirements?1) The contract is not voidable even if the disclosure summary is not provided to the buyer before executing the contract2) The buyer cannot waive the right to void the contract if the disclosure has not been provided3) The buyer is advised to execute the contract without receiving hoa disclosures4) If the buyer decides to walk away from the contract, he can do so verbally The buyer cannot waive the right to void the contract if the disclosure has not been provided If 2 discount points were purchased by the buyer on a conventional mortgage of $100,000, what would the effect
be?1) The lenders yield would increase by ¼%2) The buyer would have to pay $2000 for the cost of the discount points3) The buyer would experience a reduction in interest rate compared to not purchasing the points4) All of the above All of the above
an objective economic indicator to which the interest rate for an adjustable-rate mortgage is tied.acceleration clause The construction cost at current prices of an exact duplicate of the subject property.conveyance The federal telemarketing laws restricts telephone solicitation calls to what hours?1) 8:00 AM to 5:00 PM2) 8:00 AM to 6:00 PM3) 8:00 AM to 9:00 PM4) 9:00 AM to
8:00 PM
8:00 AM to 9:00 PM the person who is authorized to perform an act for another through possessing power - of-attorney blanket mortgage the signing and delivery of an instrument. also, a legal order directing an official to enforce a judgment against the property of a debtor.abstract of title Laws designed to encourage the open market by making it illegal to conspire to eliminate competition.ANTI-TRUST LAWSPrice-fixing being served.Attorney's opinion of title feDERAL government regulates the lending practices of mortgage lenders through this act.assessment agree not to compete in specific areascommingling An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement.devise A loan that doesn't meet loan standards set by fannie Mae or Freddie Mac. Often exceeding loan limits Certificate of reasonable value (CRV) The main imaginary line running east and west crossing a principal meridian (north/south) at a definite point in the government survey system of legal description.benchmarks The illegal act of placing client or customer funds with personal funds conversion A proceeding to exercise the power of eminent domain, through which government agency takes ownership of private property for public use. Fair compensation is given to the owner.deed restrictions designed airspace over a piece of land. an air lot, like surface property, may be transferred market value A property that includes in its ownership the rights to use an easement on another's property.usury Insurance provided by a private carrier that protects a lender against loss in the event of a foreclosure and deficiency.single agency a lender in a loan transactionmortgagor Which is not a remedy for breach of contract?1) Compensatory damages2) Specific performance3) Liquidated damages4) Mitigated performance Mitigated performance
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