Real Estate Review
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| 🇬🇧 | 🇬🇧 |
| Affects the supply in value of property | Governmental Monetary Policy |
| What federal law prohibits discrimination? | Fair Housing |
| Nation wide Wide Multi State Licensing system and registry (NMLS) | Mortgage loan officers must go through them to qualify and register |
| Special purpose properties | Schools, churches, cemetery, and municipal service buildings |
| The profit earned from the sale | Capitol Gain |
| Policy that affects Supply | Government Monetary Policy |
| A person who performs a visual survey of a property structure and writes a report for a buyer. | Home Inspector |
| Responsible for maintaining clients property and maximize return | Property Manager |
| Title by adverse possession is referred to as | Squatter's Rights |
| The highest type of estate is known as | Fee Simple |
| Estates consider the | Amount and duration of property rights |
| Fee simple absolute is | Of infinite duration and without limitation |
| Under "dower and curtesy" rights, a surviving spouse is entitled to hold for life | One third of land owned by a deceased spouse |
| Property held by two or more persons, together with distinct character of survivorship is | Joint Tenancy |
| A husband or wife may not convey any part of realty without having the spouse join in the deed of | Tenancy by the entirety |
| A form of estate held by two or more persons, each of whom is considered as being possessed of his share of the whole is | Tenancy in common |
| A distinction of tenancy by the entirety is | Joint tenancy restricted to husbands and wives |
| Water use aside from domestic use must be beneficial for landowner ex. irrigation | Doctrine of Prior Appropriation |
| Owner of a piece of vacant land removed all top soil lime stone and gravel at the owners death which is true | Heir of the deceased inherits the property as is |
| In determining whether an item is real or personal property a court would not consider | Original Price |
| Which is a physical characteristic of the land | Indestructibility |
| Mineral rights are considered | Subsurface rights |
| Method of annexation, Adaption to real estate, An agreement between the properties are the legal tests to determine if an item is | Fixture or personal property |
| Appurtenance | Intended to be a permanent accession to the property and will pass with the tile. Ex. parking space in an apartment building |
| Riparian Rights | Common law rights granting owners of land around the course of a river |
| Right of exclusion is only for | Keeping someone else from entering the property |
| Single most important economic characteristic of land | Situs aka area preference |
| Fee Upon Condition | This is a conveyance by the grantor to the grantee in fee simple on the condition, for example, that if the premises are ever used for the sale of liquor, the grantor or his heirs may enter and terminate the fee. |
| Fee Simple Determinable | This is a conveyance, for example, by the grantor to the grantee and his heirs "so long as the premises are never used for the sale of liquor" If grantee opens a liquor store, the property automatically reverts back to the grantor his heirs. |
| Life estate | A conveyance by the grantor to the grantee "for life" is just that. It includes the right to use the property for all purposes, but the estate terminates upon the death of the grantee. |
| Remainder | After the grantor conveys a life estate he must designate another (remainderman) to receive the balance of the fee simple. |
| Dower and Curtesy | These are rights which a surviving spouse, husband (curtesy) or wife (dower) has in the real estate of the the deceased spouse who held the title as an individual. |
| Tenancy in Partnership | Is an agreement between two or more co-owners to conduct a business for a profit. (both partners must agree on the property) |
| Community Property | Property accumulated through joint efforts of husband and wife. |
| Vendee's (buyer) Lien | When a seller defaults the buyer may attach property for any expenses incurred by the seller's refusal to perform. |
| Vendor's (seller) Lien | If the seller does not receive the full purchase price he has a lien on the unpaid balance. |
| Attachments | In anticipation of the payment of a judgment, the creditor may file an attachment in the registry which holds the property until the matter is decided. |
| Judgments | The amount, in dollars, adjudged by the court to be owed, can form the basis of a lien. |
| Decedent's Debts lien | When a person dies and leaves his real and personal property to another, all who have debt claims against the deceased may establish liens on his property. |
| Does a condominium owner share a mortgage or have their own? | They have their own Mortgage |
| How does a condominium owner receive their taxes | They are billed directly |
| Title to ownership of a condo unit is vested in | The individual owner of each unit |
| Title to units in a cooperative is vested in | The corporation |
| The master deed to a condo is recorded in | The county registry of Deeds |
| Mortgage interest and taxes are deductible under federal tax laws by all except | The weekly owner of a timeshare unit |
| The buyer-shareholder of a cooperative apartment | Becomes a stockholder in the corporation and receives a proprietary interest |
| The owner of a condo unit pays his share for common areas for all Except | Community Property |
| A "condominium declaration" is | The character of the condominium |
| A common area in a condo is the one that | Every unit owner has an interest in |
| A floor plan shows | Interior Layout |
| Condo bylaws govern the operation of | The condo association |
| Unit organization by laws provide all Except | Duties of the management agent |
| For real estate purposes, common areas are | Not taxable |
| Condo and coop owners have the following in common | Income tax deduction for interest and taxes |
| Timesharing ownership is all Except | Weekly time periods must be consecutive |
| At closing of a resale condo, the following is necessary | Master Insurance Policy |
| Bank approval steps | Property (value), Ability to pay (income and expenses), Credit check (good risk) |
| Truth in lending | Requires disclosure of all prepaid finance. APR - amount financed/ charges or origination fee, discounts, application, fees |
| The person who accept a mortgage | Mortgagee |
| What type of law | Usury Law |
| Straight Loan | Divides loan into two payments. Interest only, principle lumpsum payment at the end. |
| Statutory Redemption | Redemption of property by paying off mortgage debt plus interest after foreclosure. |
| What clause gives a lender the right to have all future installments become due upon default | Acceleration Clause |
| A mortgage clause that enables the lender to call the mortgage note if interest in the property is transferred to another. | Alienation Clause |
| Mortgage paid off | Satisfaction of mortgage |
| Reverse mortgages | Available to 62 or older to receives one or more payments that result in a claim by the lender on the equity when the homeowner moves, defaults, or sells the property. |
| Amortized loan | A loan that is broken into multiple payments. |
| Defeasance Clause | Requires a lender to execute a satisfaction when the note has been fully paid. |
| Power of sale provision | Permits the lender to foreclose and sell a mortgage property that is in default without the court. Procedure is often supervised but not by the court. |
| Deficiency judgement | Entitles the mortgage to a personal judgement against the borrower for the unpaid balance when a foreclosure sale does not produce enough cash to pay off the loan balance. |
| Discount points | Are based on a percentage of the loan amount not the purchase price. |
| Lien theory | MA is a lien theory state the court is enlisted to order and oversee the mortgage foreclosure process. |
| Title Theory | States the mortgagor actually gives legal title to the mortgagee and retains equitable title. Legal title is returned when the debt is paid off. |
| Growing equity mortgage | The growing equity mortgage uses a fixed interest rate but payments of principle are increased according to an index or schedule. The total payment increases and the loan is paid off quicker. |
| Subordination Agreement | If the original mortgage lender signs a subordination agreement, another loan made later maybe allowed to take first place. The original loan drops to second place. |
| Sellers mortgage | Purchasers who buy a property and formally assume an existing mortgage debt become liable for any deficiency. Arising from a foreclosure sale. |
| PITI | Principle, Interest, Taxes, Insurance |