Real Estate U Final Exam Flashcards

Real Estate U Final Exam Flashcards Riparian RightsRights to running water along a property VarianceSomething that differs from the typical rules of a particular zone Loan to Value (LTV)Ration beween Purchae Price or Appraised Value (whichever is less) and loan given by bank Share in COOP unitpersonal property .Ownership in a coop Umbrella PolicyExtra coverage after regular insurance BootCash received back in a tax deferred exchange Mandated Warranty - NYS General Business Lae 36 workmanship 1 year, HVAC, plumbing etc 2 years, structural/material 6 years Construction DrawingsDefine Quantity Income ApproachFor Commercial Properties. VIR, Value = Income/ Rate Bond BeamConcrete set in soil MortgageLegal agreement whee a bank lends money to a potential buyer in exchane for the title of the propoerty. Once mortsageg is paid, the buyers will receive the title held by the bank.The Office of Receiver of TaxesCollects Taxes LeverageUsed of borowed money to invest StudVetical wall members tax LienInvoluntary lien against asset so that the asset owner has to pay taxes Cap RateNOI/Purchase Price Planning BoardResponsible for strategies and long-term growth Building CodesRegulations to assure buidings are safe and useable.Enforced by issuing building permits Offering PlanKey Document from COOP Board to disclose everthing to potntial buyer Affirmtive Easment AppurtenantA forced easment because of the fact that someoen would not be able to get to their property without it.OLD CARObedience, Loyalty, Diclosure, Confidentiality, Accountability, and Reasonable Care Market AllocationAnti-competition. Illegal Cost ApproachUsually for unique buildings. Total cost - depreciation + land value Full Covenant and Warranty DeedBest kind. States that seller has clear title Essential Elements of a Contract(1) in writing (2) consideration (3) competant parties House RulesRules in a COOP APRActual interst rate charged Certificate of Occupancy (CO)Document that states a building is habitable

Express ContractContract the expresses all essential elements of a contract.LevyTaxes placed Voluntary lienVoluntary lien against an asset, like a mortgage Clean Air ActFederal law designed to control air quality Holdover TenatTenant tat stays past lease Listing AgreementAgreement between salesperson and property owner, allowing salesperson to provide services to the owner involving their porperty SpecificationsDefine Quality RadonOderless, colorless gas from soil, dirt, and rocks in certain parts of the country SponsorBroker that holds salesperson license AmortizationProcess by which a loan princiapl is paid off Disclosure Regarding Real Estate Agency Relationship Form First form given to clien that establishes the business relationship and understandings Deliver and AcceptanceAfter deed is deliverd and accepted, it has to be properly recorded LiquidAble to onver to cash Secondary mortgage Marketmaket where mortgages are bought between lenders.Littoral RightsRights to water along a property Sales ComparisonFor typical resedential. Based on recent purchaes of like properties.Prro Form StatementLooking forward estimate of expenses AsbestosMineral fiber that is dangerous when "friable" Fixed Rate MortgageMortgage with fixed rate. Most common.EncumberanceSomething that is in the way of clear title to a propoerty Chain of TitleHistory of who has owned a speciifc title Article 12 ANYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years .SponsorDeveloper or owner organizing COOP or Condo offering Closing StatementDocument detailing fees, commisions, insurance, etc tha makes a transaction vaid Bundle of RightsOwnership comes with an array of rights including livign, leasing, selling (in part or whole). Includes quiet enjoyment Exclsive AgencyWhen client agees that only one broker is going to sell a property. Even if someone else sells, the exclusive agent is entitled to commisions.Mortgage Contingency ClauseClause that states a contract is only vald if the buyers can get a mortgage Specifc LienLient against a specific asset, like a mortgage Capital GainDifference between purchase price and amount sold for property Estate for yearsNon automaticlly reneable lease for a specific period of time

Police PowerRight to enact laws for public good Circuit BreakerElectrical valves for safety MaitenanceMonthly payments in COOP Assesed ValueValue of a property for tax purposed Summary of SubmissionPaper you get after registering for NYS test. Bring to tes with you Fair Housing act of 1968Federal law that protects buyers from disrimiation Board PackageDocuments given to board of COOP for review Bearing WallsStructural walls to transwer weight to foundation Tax AssesorResponsible for detemrining taxes owed based on assesed value CondominumReal property wit hdeed DeductibleMoney you have to pay before insurance can kick in Brown v. Board of EdSeparate is not Equal Triple Net LeaseLease where no expenses are covers. Usually given to single long-term tenant Independent ContractorNot an employee. Agrees to do something for someon else based on a contract. Does not have to work anywhere specifically and broker cannot control the person's activities BeamHorizontal floor members Attorney Review ClauseClause that allowsa buyer to back out of a deal at any point in time during the transaction.EasmentA right to cross someone elses propoerty to get to yours Title XSaleperson is responsible for disclosing lead PrincipalClient / Propert owner or buyer MisedemanorCrime with no more than 1 year prison or $1,000 fine Red LiningNo Mortgage to pople in specific areas. Illegal AppraisalAnalysis by appraises considered to be an expert regarding the value of a property Habednum ClauseTo have and to hold . Descirbes what a person has if the person hold the deed testerspeople who make sure no discrimiation in selling propoerties EvictionLegal proceeding where land owner can reclaim their land AsbestosisChronic Lung disease caused by inhaling asbestos By LawsOwner rights and obligations CondemnationTaking private property for public use on there the concept of eminent domain TitleLegal Term for ownership f the budle of rights in real estate Price FixingWhen multiple agents/brokers work together to determine the price of a service so that noone can get a better of worse deal. Illegal Adjustable Rate MortgageA mortage loan with an adjustable rate based on credit markets

Architectura lReview BoardOversees appearance of town/neighborhood Building DepartmentAssures people are building buildings correctly by issuing permits Gross iNComeTotal amount of money made FiduciaryPerson responsible for other people's property and/or funds Satisfction of Mortgagewhen mortgage is paid off. This is the document that acknowledges that Air RightsRights to the air space above a building Pocket CardHas salesperson photo, name, and business address of broker. Carry at all times Common Chargesmonthly payments in Condo BlockbustinForcig people out of their homes by selling a usually lower than market values with the threat the a new group of people will come in and decrease land value Leadused in paintings and plumbing in old buildings Quitclaim DeedDeed that states what the owner owns and what he/she has thr right to.