Real estate Flashcards

Real estate Flashcards Rectangular survey systemA governmental method of surveying in describing land that uses principal meridians Plat, maps, creative for condominiums, shows, elevation of floors and ceilings but not vertical boundaries; true or false False; it shows elevation of the floor and ceiling boundaries, as well as a vertical boundaries of each unit Lot and blockA legal description that is also called a plaid description Call Alex mortgage, payment processes, tax and insurance payments, and prepares records for the lenders Loan servicing Condominium ownership is ownership of the air space between the unit boundaries ; true or false True Uses monuments, compass headings, and directions Metes and bounds Which legal description Methodist regulated by the US Department of interiors bureau of land management Rectangular government survey BenchmarkA numbered embossed brass marker used to establish a reference point for surveyors when measuring elevations Physical features a defined the boundaries of the landBounds Property owners on the airspace above the property and kind divided into air lots ; true or false True Consists of 36 one square mile sectionTownship Graduated paymentA fixed rate mortgage in which some monthly payments increase over time with no negative amortization Shared appreciationAlone, in which the payments or applied to interest only with the entire principal is due at the end of the term Harmony is looking at the legal description on her purchase contract. It means that the plot of her property is recorded a map book 12 page 14 at the county courthouse what type of legal description is this?Lot and block Controls money availability it will banks can charge for that money The federal reserve system Which of the following is the best definition of a township?Eight 36 mi.² Square formed when using the rectangular survey system AmortizedAlone in which the payments are adjusted(usually up) at a specified period is over the life of the loan A lot and block system survey is a two-step process. What happens?First step either rectangular or metes and foul subscription is reference.Second step, the land is divided into lots with numerical designation of the parcel.Which type of survey is also know as the public land survey system (plss)?Rectangular survey North-south line said do not run through initial pointRange lines Power of saleThe mortgagee execute satisfaction of mortgage The north-south line that runs through out the initial pointPrincipal meridian

Air lotA division of open space above a property Collects origination fees, discounts point, and monthly interest payments from borrowers Loan origination What does the lot and block system used to develop a properties legal description?Plat references The fed wants to avoid a couple of things, and it's attempt to maintain a balanced economy. What two things does a fat try to avoid?Runaway inflation, and serious deflation The east west line that runs through initial playingBaseline What is a monument?A permanent physical marker that is either in man-made or natural How many acres is a 5,445,000 square for parcel of land125 acres Term mortgageWhich loan type describes financing the wraps the new buyers mortgage around the sellers existing mortgage Wraparound mortgageWhich loan type is generally used for commercial loans?East west lines that do not run through the initial pointTownship lines What is the preferred type of property description in courts?Lot and block.You're likely see these descriptions often when working with clients were buying selling properties We're banks that originate loans operate Primary mortgage market We're loans are sold, held, and serviced Secondary mortgage market Shared equity mortgageLoan taken against the equity in a home Adjustable rateThat that is paid off by making regular periodic payments Divides land into six-mile-square townships, which can then be further divided Rectangular government survey condominium ownershipIs ownership of air space between the Eunice boundaries, (as well as a share in common areas) SurveyAn on-site measurement of boundaries and roach, men's, and position of improvements on the property that determines land areas In attempt to maintain a balanced economy, which of the following items does the federal regulate?Interest rates and available funds How large is a section used in the rectangular survey system 640 acres Sells the floor of principal and interest investorsPackaging and selling loans Growing equityAlone in which to borrower receives a below market, interest rate in exchange for the lender receiving equity Principal MeridianThe main imaginary line running north and south and crossing a base line at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description.DatumA horizontal reference point from Windsor Heights and deaths are measured What is the importance of the point of beginning in a Metes and bounds description?The entire description is based off of the point of beginning the point of beginning is with the survey begins from this

point you will follow the legal description information to uncover the property boundaries

BoundsPhysical feature that defines the boundaries of the land For which of the following task would you use either the metes and bounce , lot and block or the rectangular government service system?Describing land Metes and boundsA method of describing a piece of land that starts at a point of beginning and follows the boundaries using directions, and distance of returns to the point of beginning Directions and distance of a line, forming the boundary of a property Metes MortgageThe trustee executes deed of reconveyance Home equityGenerally used by the older individuals who want to receive income from the equity in the home Consists of 640 acresSection What does the metes and balance system used to develop a properties legal description?Compass, headings and directions Mainly used in urban and suburban areaLot and block Reverse annuity mortgageWhat's the name of the clause that standard in a deed of trust ,can be included in the mortgage and allows the lender to foreclose non-judicially In what three ways does the original bank that issued the loan make money from the MBS (mortgage-backed securities) Alone, with a rate that fluctuates based on the economic index with which is associated