LICENSED ATTORNEY - pre listing meeting walk through property inspe...

REALESTATEU NC COURSE FINAL EXAM STUDY GUIDE Flashcards pre listing meetingwalk through property inspectionreview net sheet with seller during meetingreview marketing plan Attorney-in-factA person given the authority to act on behalf of another under a power of attorney.DOES NOT HAVE TO BE A

LICENSED ATTORNEY

the term monuments benchmarks & point of begining

(POB) are most often used:

with metes & bonds Mullions vs MuntinsMullions= structuralMuntins= decorative exceptionapplies if a grantor needs to retain a portion of property Which Title under the ADA addresses real estate? Title III DeviseeThe recipient of a gift of real property by will.Yieldamount of annual income from an investment typically expressed as % block bustingwhen sellers are convinced to sell their homes after being told that members of a protected class are moving into the neighborhood so their home value will be impacted Surveying land depends on three basic things...? distance, elevation, and angles

How does HUD discourage discrimination:with fines & other penalties

• items that must be included on a deed: Type of ownershipinfo about considerationlegal description

of property Testatora person who makes a will

• legal aves for involuntary alienation: Transfer by descentEscheatEminent domainadverse

possession Flat roof vs shed roofshed roof only pitches in one direction

• thing that all parcels in real estate have in common:they all have a title history

Property vs casualty vs liability insurance: property: covers damage to the insureds propertycasualty- broad category of insuranceliability- coverage that protects you if someone gets hurt on your property & tries to hold you legally responsible

• common siding materialsWoodAsphaltVinyl

Executory Contractone that's been signed but the parties are still in process of performing their obligations Intestatedying without a will

Attics usually vented:to circulate airmaintain tempsreduce moisture

NC Uniform Residential Building Codeoutlines the minimum building standards examples of encumbranceseasementsleasesliens Types of Agencies/agentsAgent represents the principal & becomes fiduciaryFiduciary= holds position of trustClient= party represented by the agentCustomer= non represented consumerconsumer= any person capable of purchasing goods & servicesSpecial Agent= gives agent limited

authority to represent client in one transaction. REAL

ESTATE AGENTS ARE CONSIDERED SPECIAL

AGENTSGeneral agent= authorizes agent to make legal decisions & act for principaluniversal agent= complete authority to act on behalf of principal often created with power of attorney Townshipsland is divided into 36 tracts with each being a mile square section, 6 mile by 6 mile squares being townships Marketable Titlewhen a reasonable buyer knowing the condition of title would buy the property

property conveyed from a deceased person to their heirs when there is a will by executors deed according to will

2 main ways to voluntarily convey title: Deed or will

primary function of eaves:prevent water from impacting exterior walls

Package LoanA real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings, and major appliances.Mrs Murphys LawExempts owners of four or less units from complying with terms of FHA Reservationgrantee receives the whole property but the grantor maintains use or easement Express AgencyAn agency relationship based on a formal agreement between the parties.When was the ADA signed into law?July 26th, 1990 Purpose of foundation footing:Distribute weight & prevent sinking & shifting agency relationships are dissolved:1- when agency agreement expires2- upon agreement between 2 parties to release one another3- when one party breaches contract4- when one or both parties die5- when property is distroyed6- upon full performance of contract7- upon operation of law

• most common types of sheating:plywood- most popular & typically preferred by builders

because it is sturdy, waterproof & affordable& oriented strand board- less expensive & both boards come in 4x8 ft lengths TestateHaving made and left a valid will.

the most accurate way to describe real estate: Legal description

hot water systems:last more than 30 yrs on averagewater is generally heated

in a boiler & pressure pushes tit through the pipes when the thermostat indicates room temps have dipped warranty forever convenant guarantees:grantor is fully liable for any expenses related to an invalid title Housing for Older Persons Act of 1995 (HOPA) 80% of units must be occupied by those 55+ older folks which of the following activities is banned under the Fair housing act (FHA) making false statements about a properties availability Types of loansConventional loan- typically have 80% LTV & sold to Fannie Mae & Freddie MacFHA loan- made by a mortgage lender & insured by fair housing administrationVA loan- offered to qualified military members & allows to receive a loan on qualified property for 0% downUSDA loan- admin through US department of agriculture & target rural & low income borrowers purchasing homes in rural areas & farmers needing to purchase or operate family farms Equal Credit Opportunity Act (ECOA)The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national

origin, sex, age, or marital status.