National real estate exam Flashcards

National real estate exam (2024) Flashcards Inverse Condemnationcause of action used by property owners when a governmental entity takes an action which damages/decreases the value of private property without obtaining ownership of the property through the use of eminent domain.Regulation Z (Truth in Lending)A federal law requiring certain disclosures when extending or advertising credit.What is the Lot and Block System?developers subdivide the land into lots (individual pieces of land) and blocks (areas surrounded by roads). Aka plat map. Used to identify the location of a parcel of land.Sherman Antitrust Act (1890)allows the government to break up companies with control of a market; prevents monopolies condemnationthe action of condemning someone to a punishment; sentencing.Purchase Money MortgageSeller financing for the buyer, to cover all or part of the sale price. In none title theory states PMM allow the buyer to retain title to the property, but the seller has security interest in the property.Examples of drainage problemsWater in the Basement, Dead Plants, Soil Erosion, Ice Building Up, Gushing Gutters, Stains & Peeling Paint, Mold & Mildew.Real PropertyReal estate, plus all of the interests, benefits, and rights included in ownership Principle of Conformitythat maximum value is realized when a reasonable degree of architectural homogeneity (same kind) exists and land uses are compatible. Conformity to the neighborhood and zoning building codes.Estoppel CertificateA document in which a borrower certifies the amount owed on a mortgage loan and the rate of interest. Almost a promissory note replacement vs reproduction costThe replacement cost reflects the cost to build a functionally equivalent improvement. the reproduction cost is the cost to build an exact replica of the subject with the same materials and deficiencies.Sub agencyOnly the agent working with a buyer customer on behalf of another firm's listing is an example of sub-agency.RedliningA discriminatory real estate practice in North America in which members of minority groups are prevented from obtaining money to purchase homes or property in predominantly white neighborhoods. The practice derived its name from the red lines depicted on cadastral maps

used by real estate agents and developers. Today, redlining is officially illegal.Timeshare use vs Timeshare estateA timeshare use, aka right-to-use timeshare. It's a form of lease that conveys the right to occupy the property for a given amount of time. Timeshare estates convey fee simple ownership. The unit is co-owned by multiple unrelated

individuals who each hold a right to occupy the unit for a certain time each year.litigationthe process of taking legal action How many feet in a mile?5,280 feet

What hazard do mining activities, landfills, or agricultural pesticides contribute to?Groundwater contamination Diviseeone who inherits real estate under a will Title VIII of Civil Rights Act of 1968 (Federal Fair Housing Act) Prohibits discrimination in housing based on race, color, religion, or national origin.Transaction BrokerNon- agent. broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity.Telephone Consumer Protection Act of 2003 the federal law that sets forth guidelines regarding telephone solicitation. Restricts telemarketer calls and prerecorded voice messages.What pest leaves wood shavings and makes rustling noises?Carpenter ants Prescriptive estateA legal concept that allows individuals to acquire certain rights over someone else's property through continuous and uninterrupted use A lot of small holes burrowed into a home's attic beams.This could indicate the presence of which pest?Wood-boring beetles Arbitrationprocedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute Conventional Loanany mortgage loan that is not insured or guaranteed by the government What does PITI stand for?Principal, Interest, Taxes, Insurance What ads concern the ftc?Any ad that makes a health or safety claim or any claim that's difficult for the consumer to evaluate What is the rectangular government survey system is comprised of principal meridian lines that cover most states in the US, running north to south and baselines running east to west.What forms the boundaries of a township? boundaries are township lines, which run parallel to baselines meridian. And range lines, which run parallel to principal meridians.tenants at sufferance.tenants who stay past their lease expirationmust be evicted Doctrine of Lachescourts can deny relief to a claimant with an otherwise valid claim when the party bringing the claim unreasonably delayed asserting the claim to the detriment of the opposing party.Straight Term LoanA loan in which only interest is paid during the term of the loan, with the entire principal amount due with the final interest payment.What is assessed value?the dollar value assigned to a property for tax purposes. It takes into consideration comparable home sales, location, and other factors.When purchasing a short sale or foreclosure, what's one of the biggest frustrations buyers face?The length of time it takes to purchase a distressed property, can take at least twice as long.