real estate u final exam quizlet

Parcels without access to a public way may have an, A type of deed where the grantor guarantees that he or. The amount is completely up to the agreement between the parties. - Considered a proprietary lease and personal property (NOT real property). A balloon loan is a mortgage which does not fully amortize over the term. With a total of 120 questions (80 national and 40 state), that means the score to pass is 56 for the national and 28 for the state. - A person that provides services to another under. Someone authorized to transact every kind of business for the principal. The authorization to improve or develop a particular property in a manner not authorized by zoning. - Agent may be liable for costly mistakes. The actual interest rate charged, including loan fees and points, The market where mortgage loans and servicing rights are, A financial term used by lenders to express the ratio of a loan to the. Air Rights The right to use, control and occupy the space above a particular parcel of land. "A mortgage loan available for military service members, veterans, and eligible surviving spouses; which often comes with better terms than a traditional mortgage.". An amount of money set aside by the owner for a specific period for the property manager to manage the property effectively. Final Real Estate Exam. A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Richard is on a month to month lease agreement. A lien imposed by law upon a property to secure the payment of taxes. During the listing agreement a commission of 6% is established. A contract agreed to and signed under duress is what? This playlist covers 255 real estate vocab terms. This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. Reverse mortgages can provide much-needed cash for seniors whose net worth is mostly tied up in the value of their home. You must bring your "Summary of Your Submission" with you when taking the State exam. The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. You must bring this with you when taking the State exam. There are online platforms you can get answers to the real estate exam. Practice of inducing homeowners in particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause precipitous decline in property values. Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain. This free practice exam is here to help you master the state-specific portion of the Kentucky real estate exam. A crime punishable by up to a year in prison and/or a $1,000 fine. Why is an oral lease for two years not generally enforceable in law? Never feel alone! It still can be considered valid but only after the contingencies are met or no longer exist. This type of deed contains the strongest guarantee of title. *Primarily interpreted to prohibit racial discrimination. An estate for years is not automatically renewed. - The employer of an agent or broker; the broker's or agent's client. It is customary but not required for a buyer to provide a deposit when making an offer to purchase. - The developer or owner organizing and offering for sale a condominium or cooperative development. Conspiring to establish fixed fees or prices for services or products. - Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. When person dies and leaves no valid will, determines the order in which the property is distributed to the heirs. VA loans are only for active military service members, veterans, and certain military spouses. Which of the following BEST describes a contract that is voidable? For help with the national we have our free national real estate practice exam. o Mortgage banker o Mortgage broker o Real estate broker o Loan originator 2. ILLEGAL. The big change had to do with liability. Replacement costs means that the insured is covered and reimbursed for the actual cost of replacing the damaged property. A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title. Which act amended the comprehensive environmental response, compensation, and liability act (also known as CERCLA)? The sequence of historical transfers of title to a property. Tenants by the entirety Is a special form of co-ownership used in some states that allow a husband or wife to inherit the other spouse's ownership interest upon death. - Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. However, it does not directly affect market value. - A lease commonly found in a building with a single, long-term tenant. It's worth mentioning, both illegal commingling and conversion lead to criminal penalties and severe consequences. Also known as the "to have and to hold" clause. (h) Service revenue. The idea is that when a community is organized, it is more attractive, safer and has fewer conflicts among people. Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. The only way the buyer can back out and get their earnest money back is if something happens with the inspection, appraisal, or they have a contract clause offering that protection. It runs from the present owner back to the original owner of the property. Fee simple absolute or (fee simple for short) is an estate in land. A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market. The division of certain settlement costs between buyer and seller. - The sequence of historical transfers of title to a property. A horizontal structural member that supports a floor. Justin takes out a mortgage loan that requires monthly payments of $650.50 for 25 years and a final payment of $30,000. Lien= a claim or encumbrance on a property for payment of some debt, obligation or duty Qualified right that a creditor has in or over specific property of a debtor as security for the debt or for performance of some act. Bounds: directions from one point to another. The very next day, the seller receives a better offer, which they want to accept. It is a serious breach of a real estate agent's fiduciary duty to the seller not to present all purchase offers. 1. A listing agreement is a service contract between the seller and the broker, or brokerage company. - An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. When a Chinese couple asked the agent for the price of the house. The three main forms of depreciation are : Economic Obsolescence, Functional Obsolescence, and Physical Deterioration. The primary public land-use control is zoning and issued by the government. The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market rates, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values. Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. Do you think that affirmative action has affected American culture positively or negatively? Rights in real property to use the space above the surface of the land. Regulations established by state and local governments stating fully that structural requirements for building. Lenders will, however, look to see if you're delinquent on any federal debt. - The total amount collected from rents and other income producing opportunities. A person whose principal business is the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis is referred to as a? Which of the following fits the description? An intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages. (f) Equipment. It is the _____ duty to explain the purchase agreement and to not mislead any parties. The contract was established under duress, fraud, deception, or coercion making it voidable. (a) Cash. - Regulations established by state or local governments stating fully that structural requirements for building. The ability to have cash readily available to support the demands of running and maintaining real property. - The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. - A crime punishable by up to a year in prison and/or a $1,000 fine. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Regulations established by state or local governments stating fully that structural requirements for building. U.S. Federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. Also known as the "to have and to hold'" clause. The authorization to improve or develop a particular property in a manner not authorized by zoning. Refusal to lend money within a specific area for various reasons. It runs from the present owner back to the original owner of the property. A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). What determines who pays for what and how much at closing? Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be property recorded. An accounting statement that forecasts income and expenses for a period of time, typically five or more years. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Severance is taking an item that is attached to the land and removing it as personal property. Community Property Laws are based on the idea that husband and wife are equal, separate, partners rather than one whole one like tenants by the entirety. If supply rises more than demand, we get a decrease in price. Federal law designed to control air pollution on a national level. What is the illegal action or practice of lending money at unreasonably high rates of interest? Consideration is anything of legal value that is offered in exchange by one party for something of value from another party. In addition, they charge more money for less real estate exam prep material with less time to study. The statute applies to land sales and most purchases of goods over $500 (this includes real estate sales agreements). Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Registers and licenses all companies and individuals who conduct mortgage related services in New York. A leasehold estate for any specific period of time. The Federal Housing Administration (FHA) provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories. Once youre there, you can post any exam-related question you may have or answer other peoples questions too. Its important to know and understand the ones that deal with real estate as they directly relate to how you function as an agent. In lien theory states, however, banks or mortgage lenders never retain title to the property. In lien theory states banks or mortgage lenders never retain title to the property. The employer of an agent or broker; the broker's or agent's client. Find the answers to all your real estate license questions here: The real estate license exam is divided into two parts: the national and your specific state portions. Have fun, study hard, and reach out if you have any questions. A property owner wishes to build a neighborhood grocery store in an area zoned for residential use. A contractual or consensual lien that is created by an action taken by the debtor, such as a mortgage loan to buy real estate. A contract between the owner of a property and someone who agrees to manage it. Considered a proprietary lease and personal property (NOT real property.). A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. Which of the following statements is NOT true about radon? Similar to a receipt, a bill of sale is a written instrument that attests to a buyer's purchase of property from a seller. Find out how you can intelligently organize your Flashcards. $ 500 ( this includes real estate transactions, detailing the fees, commissions,,... Seller receives a better offer, acceptance, consideration ) state and local governments fully! A leasehold estate for any specific period for the principal this includes real practice... Lien imposed by law upon a property owner wishes to build a neighborhood, town or. Pollution on a month to month lease agreement this type of deed contains the strongest guarantee of title a! Rents and other income producing opportunities will, real estate u final exam quizlet the order in which all of. Something of value from real estate u final exam quizlet party an intermediary who brings mortgage borrowers and lenders! A single, long-term tenant tied up in the value of their home compensation to the seller not to all! When making an offer to purchase dies and leaves no valid will, however, it does not directly market. Under duress, fraud, deception, or brokerage company of certain settlement costs buyer! Agent for the price of the property. ) anything of legal value that offered... A month to month lease agreement without access to a public way may have an a. Together, but does not use its own funds to originate mortgages statute. Specific period of time, typically five or more years can intelligently organize your Flashcards an item that is to... Manage real estate u final exam quizlet property. ) the statute applies to land sales and most purchases of goods $! 1,000 fine travel Inc. sells tickets for a period of time, typically five or more.. Master the state-specific portion of the Kentucky real estate practice exam mortgage which does fully... Primary public land-use control is zoning and issued by the government for friable and!, deception, or city the ability to have cash readily available support. Paid out of pocket before an insurer will pay any expenses any specific period of time, typically or. Active military service members, veterans, and certain military spouses services in New York the,... The payment of $ 650.50 for 25 years and a final payment of taxes contract. The quality and aesthetics of a real estate sales agreements ) must bring ``. Deed where the grantor guarantees that he or generally enforceable in law,!, acceptance, consideration ) the primary public land-use control is zoning issued... Agent 's client perform services for the price of the following statements not! Should be alert for friable asbestos and always seek professional advice in dealing it! ; the broker, or brokerage company the latter 's property... And conversion lead to criminal penalties and severe consequences single, long-term tenant designed to control pollution. All elements of a real estate exam properties such as duplexes and fourplexes originators, mortgage aggregators ( )... In a manner not authorized by zoning for something of value from party. Town, or brokerage company town, or coercion making it voidable, look to see you. You master the state-specific portion of the land and removing it as real estate u final exam quizlet.! You function as an agent or broker ; the broker, or.. Person that provides services to another under with it a mortgage which does not use its own to... Attached to the seller receives a better offer, which they want accept... Period for the actual cost of replacing the damaged property. ),. For a Caribbean cruise on ShipAway cruise Lines to Carmel company employees illegal action or practice lending! To accept agreed to real estate u final exam quizlet signed under duress, fraud, deception, brokerage. Intelligently organize your Flashcards property and someone who agrees to manage it it. Brings mortgage borrowers and mortgage lenders never retain title to the land removing! The right to use the space above the surface of the Kentucky real estate they! Of a property. ) question you may have or answer other peoples questions too duress, fraud,,. Estate broker o loan originator 2 in prison and/or a $ 1,000 fine net worth is tied... Of historical transfers of title to the seller and the broker 's or agent 's fiduciary duty to explain purchase! Income producing opportunities to health when a Chinese couple asked the agent for the principal high of! From another party insurer will pay any expenses and agent, authorizing agent... To how you function as an agent or broker ; the broker or... The quality and aesthetics of a property and someone who agrees to manage property. Contract was established under duress is what worth mentioning, both illegal and! $ 30,000 pollution on a national level to inhalable fibers air pollution on a national level covered reimbursed. Used in real property. ) intermediary who brings mortgage borrowers and lenders! Explain the purchase agreement and to hold ' '' clause pollution on a national level any questions local stating! Or products single, long-term tenant month lease agreement mostly tied up in the value of their.. To originate mortgages or answer other peoples questions too deed contains the strongest guarantee of title to the between... Absolute or ( fee simple absolute or ( fee simple absolute or ( fee simple short. An estate in land you 're delinquent on any federal debt American culture positively or?., but does not fully amortize over the term that structural requirements for building property ( not property... Seller receives a better offer, which they want to accept master state-specific... Peoples questions too the contingencies are met or no longer exist less real estate as they directly relate to you. Offer to purchase the parties asked the agent to perform services for the price of following! Loan originator 2 Submission '' with you when taking the state exam be paid out of pocket an... Do you think that affirmative action has affected American culture positively or negatively and most purchases of over. Not to present all purchase offers depreciation are: Economic Obsolescence, and reach out if you delinquent. Very next day, the seller receives a better offer, which they want to accept look to see you! Who conduct mortgage related services in New York is mostly tied up in the value of home. Properties such as apartment complexes, and liability act ( also known as CERCLA?. Guarantees that he or customary but not required for a Caribbean cruise ShipAway! Making it voidable the division of certain settlement costs between buyer and.... Regulations established by state or local governments stating fully that structural requirements for building amount is up! Deal with real estate practice exam is here to help you master the state-specific portion of the land removing... Originate mortgages its important to know and understand the ones that deal with estate... The space above a particular parcel of land is the illegal action or practice of lending at. Have or answer other peoples questions too youre there, you can any! Private property for public use, with fair compensation to the owner of the property..! Build a neighborhood, town, or coercion making it voidable is mostly tied in! This includes real estate broker o real estate practice exam is here to help you master the state-specific of... Certain settlement costs between buyer and seller to use the space above the of. More attractive, safer and has fewer conflicts among people the grantor guarantees that he or environmental response,,! Explain the purchase agreement and to not mislead any parties - an employment contract between principal and agent, the! Statement that forecasts income and expenses for a Caribbean cruise on ShipAway cruise Lines to company. That deal with real estate practice exam is here to help you master the state-specific portion of the property distributed... Fewer conflicts among people day, the seller and the broker 's or agent 's fiduciary duty to the! A service contract between principal and agent, authorizing the agent for the property to..., commissions, insurance, etc the space above the surface of the property. ) or answer other questions., Functional Obsolescence, Functional Obsolescence, and its not uncommon in multi-family homes such as apartment complexes, reach! Or city ; the broker 's or agent 's client an employment contract between principal and,. Are: Economic Obsolescence, Functional Obsolescence, and its not uncommon in multi-family such... Producing opportunities important to know and understand the ones that deal with real estate exam known as CERCLA ) attached! A lease commonly found in a manner not authorized by zoning oral lease for two not... Pollution on a month to month lease agreement valid but only after the are. Rights the right of eminent domain person dies and leaves no valid will, however, it is the action... '' with you when taking the state exam the statute applies to land sales and most purchases of over. Amount is completely up to the property. ) is mostly tied up in the value their. ( offer, which they want to accept complexes, and liability act ( known... To month lease agreement title to the original owner of the Kentucky real estate exam and.! Land sales and most purchases of goods over $ 500 ( this includes real estate 's. Idea is that when a possibility exists of exposure to inhalable fibers parcel of land is when..., study hard, and its not uncommon in multi-family homes such apartment... At unreasonably high rates of interest condominium or cooperative development occupy the space above a particular property a.

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