WV Real Estate Exam Flashcards

WV Real Estate Exam Flashcards Tenancy by the entiretyMarried couples Break in the chainA cloud of the title Fee Simple Condition to SubsequentWill include the terms on condition that and can take land back with legal action.Jones vs MayerSupreme Court stopped private clubs that segrated.Principal meridians runsNorth and south Adverse possessionPerson making claim to property from an owner who fails to use property.SubrogrationInsurance company goes after the people responsible for the title issue.Rectangular government surveyContains baselines and principal meridians and townships.Discount point1% of the amount being borrowed which are used to increase the lenders yield.Statute LawWritten Law Open ended loanAllows the borrow to withdraw funds from the equity in their home.Fees with breaking real estate lawsAdministrative and circuit court

• ADL 16,000( 1st and 2nd offense) up to 70 k.2 circuit

court ( 50k 1st offense and not more than 100k ever)

• yearsApplication for sales person

Utilities are considerGross Easement Fee Simple DefeasibleWill include: so long as, while, during and includes the term reverter.Riparian RightsRivers CurtesyHusband gets land if the wife dies.Trustee's deedForeclosure AvulsionSudden loss of land due to nature HypothecationUsing real property as collateral to get a loan.Special warranty deedSeller guarantees why they lived there Deficiency JudgementIf the foreclosure doesn't cover the amount of the loan the bank can personally sue the borrower.HOPAHousing Older Persons Act 1995 ProgressionLarger nice home being built will inincrease Please vs FergusonSeparate but equal Quitclaim deedNo warranties this is used for administrative reasons. Least protection of any. Used for correction misspelled name or transfer with in a family member.Fannie MaeConventional FHA insured, Va guaranteed loans Define metesMeasured distances Primary Mortgage MarketMade up of lenders who originate mortgage loans for borrowers.

General warranty deedBest type of deedThe seller guarantees a lot Larger nice home being built will inincrease other homesWho appoints the commission with the consent of who Trade fixturesFixtures associated with a business. Personal property if left after lease.Deed of trustLoan for a property instead of a mortgage AbstractList of everything liens, encumbrances, and current status.Straight loanInterest only for a few years Right of survivorshipLast person standing gets it.Township sections1 sq mile or 640 acres Real PropertyReal estate + legal bundle of rights Heterogeneity and non homogeneityUniqueness Life EstateLimited to the duration to either the life of the holder .Lot and BlockPlay map survey Alienation ClauseLender wants to prevent a future purchase of a home at a current interest rate.Lis PendensCloud on the title What is included in the fair housing act of 1968 Race, Color, Religion, natural origin, gender, familial status, disability.Baselines runEast and west Metes and BoundsOld method for land descriptions ex oak tree to oak tree has a POB and POE and contains monuments Governor appoints and with the senate consent How long are the real commission appointed Title searchExamination of all public records to look for defects for 60 yrs.Define boundsFollow compasses directions or angles Blanket LoanCovers more than on parcel of land or lot.Who is the holder of a life estate?Life Tenant Wraparound LoanEnables a borrow with existing mortgage loan to obtain additional financing from a second lender without paying off the first loan.Common LawJudge Involved 18 yrs of ageHigh school diploma or equivalent The only way someone from the commission can be removed by the governor Physical characteristics of real property IUI ( cheat)ImmobilityUniquenessIndestructibility Littoral RightsLakes own to high water mark.Economic characteristics of real property ScarcityImprovementsPermanence of investmentSitus ( location)

• acreIs a 7/1143,560 ft

Joint TenancyPITTPossessionInterest -% has to be the be the sameTime- owned the same amount of time.Bargain and sale deedTitle insurance is need their is an implied warranty.AccretionLand build up somewhere due to water.Where are schools located the rectangular system. 16 section Uniform Commercial Code (UCC)Common law concerned with personal property transactions.

HomesteadProtected from most creditors during the occupants lifetime.Bundle of legal rights1. Possession of Property2. Control3. Enjoyment4.Exclusion5. Disposition (sell, will, or transfer of the property) Abstract titleThe summary report of what the lawyer found during the title search.Real EstateLand + Property How to terminate Joint TenancyOne of the Pitt characteristics are changed or partition the courts dissolve the tenandy SeveraltyTitle held by 1 individual Chain of titleThe recorded of a property ownership TrusyA third person holds title for another Market valueAn opinion of a property worth Fee Simple AbsoluteThe best type of ownership you can get.Ginnie MaeSpecial assistance loans LandGround to Earth Two types of fee simple defeasible?Fee simple determinable2 Condition subsequent DatumElevations are measured by New York harbor.Co- OwnershipTitle is held by two or more individuals.What are the types of fee simple estates? Fee Simple AbsoluteFee Simple Defeasable Fee Simple DefeasibleSubject to occurrences or non occurrences of specified time.Who creates a legal life estateEstablished by state law UsuryChanging more interest than allowed.Secondary Mortgage MarketLoans are bought and sold only after they have been funded.Deed in Lieu of ForeclosureFriendly foreclosure Community propertyAcquired stuff during the marriage Market priceThe asking, offer, or sales price of a property RedemptionGives borrowers a chance to redeem their loan.Freddie MacMost conventional loans Tenancy in commonRight of possession is the only thing in common.ReverterFormer owner can take back land with no legal action if land isn't used correctly.AnnexationPersonal property becoming real property( putting up a fence).DowerWife gets land if the husband dies.Reconveyance deedWhen you pay off your loan the bank gives you this.Township6 miles x 6 milesSubdivided in 36 sections.EmblementsCrops in the field personal property. Not natural occurring.Fractional sectionsUndersized or oversized sections Title 8 of Civil Rights Act of 1968Prevents the segregation of real estate Pur Autre VieFor the life of another

Disability Act ProtectsDrug addict in rehab and AIDS