← Real Estate Test
5 Written Questions
5 Matching Questions
- Notice of Completion
- Prepayment Penalty Clause
- False Promise
- a the act city or county authorities specifying types of use to which property may be put in specific areas
- b A notice recorded after termination of work on improvements, limiting the time in which mechanic's liens can be filed against the property. Must be recorded within 10 days of comletion of project. Then General Contractors have 60 days to file all others have 30. If not filed everyone has 90 days
- c A false statement about what the promiser is going to do in the future
- d Penelty of the payment of a mortgage or trust deed note before it actually becomes due if the note does not provide for prepayment
- e person receiving title to property
5 Multiple Choice Questions
- the unlawful directing of a perspective buyer or tenant to certain neighborhoods or the refusal to tell about the availability of housing in another neighborhood
- an ordinance the requires a builder of new housing to set aside a designated number of units for low and moderate income people
- American Land Title Association policy of extended title insurance; can be purchased by lender or buyer. Includes protection against mechanic liens,physical easments, water/mineral rights, and so on
- The party of an easement who has asked for the right to use the land. The owner of the easement right.
- the homeowner has 6 months to invest his equity money into a new home after selling the "homestead"
5 True/False Questions
Public Grant → the right of the state to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public
Closing Costs → one of the three methods in the appraisal process, an analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvident, deducting therefrom the estimated accrued depreciation, then adding the market value to the land
Capitalization Rate → The ratio created when the net operating income is divided by the value of the property. It is also called the rate of return
Mortgage Companies → Used to compute monthly payments for various loan amounts at various interest rates amd terms
US Government Survey System → establishes monuments as points of beginning to be intersected by base line and meridian line.