real estate u final exam quizlet

A blind offer in real estate is a purchase contract written by a buyer without seeing the property. The bank or lender provides the loan but the mortgagor provides the mortgage. - A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). A voidable contract is a legal agreement between two parties that may be unenforceable for any number of reasons. Legal policy mandates that a deed to real property be a matter of. Who or what determines the amount of an earnest money deposit? Trade fixtures refer to items installed in connection with the business, such as stoves or refrigerators in a restaurant. If they rise or decrease the same amount, the price remains the same. - A right to cross or otherwise use someone else's property for a specified purpose. The use of borrowed capital (mortgage) to increase the potential return of an investment. - A company, individual or institution that originates mortgages. Which of the following BEST describes a contract that is voidable? The seller is usually entitled to keep the earnest money, because this is considered forfeiture of the contract. Responsible for developing and controlling a municipality's comprehensive strategy for growth and development. The owner's rights and obligations for a condominium. The equipment has a fair value at the commencement of the lease of $76,024 and an estimated useful life of 7 years. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. Here are what topics you are expected to know:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'realestatelicensewizard_com-box-4','ezslot_14',696,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-box-4-0'); It depends. A lien that only binds to a specific asset or property. Lease of property in which rental is based upon percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. The Americans with Disabilities Act (ADA) became law in 1990. In plain terms, the principals in a real estate sales transaction would be the buyer and the seller. Horizontal structural member that supports a floor. - Conspiring to establish fixed fees or prices for services or products. - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year. PCBs widely used as dielectric and coolant fluids, in transformers, capacitors, and electric motors. Mortgage points are directly paid to the lender or bank at closing. - 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. Trusts can be created during an individual's lifetime, or they can be established following someone's death. The Fair Housing Act is a law that prohibits discrimination in the buying, selling, renting or financing of housing. - The owner's rights and obligations for a condominium. Its essentially a massive collection of forums where people can share news, content, and a bunch of other stuff. The trustee is required to manage the trust property in accordance with the trustor's wishes and in the beneficiary's best interests. Before the Fair Housing Act, some lenders circled certain local areas with a red line on a map, refusing to make loans within the circled areas based on some characteristics of property owners in the area. A document acknowledging the payment of a mortgage debt. A contract between the owner of a property and someone who, An accounting report issued periodically by the property, Operations Management: Sustainability and Supply Chain Management, The Cultural Landscape: An Introduction to Human Geography, AP Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. Click on the buttons below for a free state real estate practice exam. The big change had to do with liability. $$ This practice is illegal. A material used in pipes and paint of many older homes. The agency enforces all federal environmental rules and regulations. - A measure of land equaling 43,560 square feet. Fuse melts and opens the circuit, causing electrical power to stop when overheating occurs. Or a conditional use permit. - The process by which a loan principal decreases over the life of a loan. 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. Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. Which term refers to the packaging of a number of mortgage loans for sale in the secondary mortgage market by a financial institution or mortgage banker who originated the loans? - The sequence of historical transfers of title to a property. (b) Accounts payable. It runs from the present owner back to the original owner of the property. One of the biggest advantages of a VA loan is in some circumstances people dont even need a down deposit for the property they want. -Must be 18 years old, if younger it is voidable. If your state allows commingling, and you misappropriate the funds, that's conversion. An accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period. If you know of any additional free resources that we can add to this list, please email us and let us know.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'realestatelicensewizard_com-leader-1','ezslot_15',699,'0','0'])};__ez_fad_position('div-gpt-ad-realestatelicensewizard_com-leader-1-0'); Have you ever heard of Reddit? - The use of borrowed capital (mortgage) to increase the potential return of an investment. Fee simple absolute or (fee simple for short) is an estate in land. The economic life of an asset could be different than its actual physical life. The agent is not entitled to any compensation. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation. Homeowners insurance is property insurance that covers losses and damages. a Federal law that makes real estate licensees liable for the disclosure of lead paint. \{x|x \text{ is a month starting with } M\} - Conspiring to establish fixed fees or prices for services or products. Agents or brokers function under certain legally mandated duties called fiduciary duties. Upon the death of a tenant in common, that share is transferred to the estate or heir of the deceased tenant. A town or city that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. For help with the national we have our free national real estate practice exam. Specific range of tasks, but multiple, not same as special agent who has narrow authorization like a real estate agent. Also known as the "to have and to hold" clause. It runs from the present owner back to the original owner of the property. Tenancy in common would be the best answer. In this instance age doesn't really matter. A naturally occurring mineral fiber sometimes found in older homes. payable. What is the commission? A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. More specifically its a measure of the value of an investment property that is obtained by dividing the property's sale price by its gross annual rental income. Some include real estate practice exams and interactive real estate exam prep. - A tenant who remains in possession of leased property after the expiration of the lease term. We highly encourage you to join these groups and talk to other test takers. Your satisfaction is important to us, which is why we offer a no questions asked 30-day money back guarantee. (f) Equipment. A method of calculating the depreciation of an asset which. The Americans with Disabilities Act (ADA) prohibits discrimination against people with disabilities in several areas, including employment, transportation, public accommodations, communications and access to state and local government' programs and services. - An accounting statement that forecasts income and expenses for a period of time, typically five or more years. Which of the following would MOST likely be used to obtain permission to build the store? 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? 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. Agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner. (i) Rent expense. When you say "final final," do you mean the PSI exam? This is common in commercial properties such as apartment complexes, and its not uncommon in multi-family homes such as duplexes and fourplexes. Fee simple absolute is the greatest interest in a parcel of land that one can possibly own. When a property owner has been innocent of all involvement with a hazardous waste site, under certain circumstances, he may claim immunity from responsibility. An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell if nevertheless ENTITLED TO COMPENSATION. Considered a proprietary lease and personal property (NOT real. So knowing that Tina and Tom do not have a right to survivorship and are unmarried, we can assume they have a tenancy in common. Typically placed 12", 16" or 24" on center. Do you think that affirmative action has affected American culture positively or negatively? The sequence of historical transfers of title to a property. Often required for mortgages, property insurance for a home is commonly called: Most loans require some form of homeowners insurance. An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Fiduciary duties include: Loyalty, confidentiality, disclosure, obedience, reasonable care and diligence, accounting and more. To whom does an agent always owe their fiduciary responsibility? A leasehold estate for any specific period of time. Antitrust Laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. - A lease commonly found in a building with a single, long-term tenant. After paying off a loan, the lender files what to release the lien? In a single agency relationship a real estate broker represents who? The buyer and the seller professionals to ensure compliance with local building code and zoning ordinances over the life an! Content, and electric motors 12 '', 16 '' or 24 '' on center the present back..., accounting and more applications by licensed professionals to ensure compliance with local building code and zoning ordinances no asked! Funds, that 's conversion mortgage ) to increase the potential return of an investment 7. Which all elements of a loan, income, or they can be created during an individual 's lifetime or! 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