Upgrade to remove ads
Terms in this set (36)
What is considered an appurtenance?
Appurtenances are said to
"run with the land" and they require no separate conveyance.
What method would an appraiser most likely use to appraise a newly built (1 year old) apartment building:
cost approach (specifically because it is new)
Cost (replacement) approach is most appropriate for:
the appraisal of new property. Think of it like: how much would it COST to REPLACE with something brand new?
If an appraiser is appraising a special purpose property he would probably use the
Special purpose property is
library, schools, police stations, etc.
Where in a standard narrative appraisal report would one likely find the type of value being estimated:
statement of purpose
One of the main benefits of a sale-leaseback transaction would be
the ability of the seller to deduct all of his future rent payments as business expenditures
In a sale-leaseback the seller becomes a tenant, thus allowing
the seller to deduct all of his future rent payments as business expenditures (can deduct rent from their taxes)
Interim Occupancy Agreement
when possession and title do not occur at the same time
In selling a house, certain charges are prohibited by the real estate settlement procedures act. As appropriate, buyer or seller may be legally charged for
- the preparation of loan documents
- credit reports
- appraisals necessary to make the loan
A Uniform Settlement Statement must be given the borrower by the lender at
no charge to the borrower.
In selling a house, certain charges are prohibited by the real estate settlement procedures act. As appropriate, buyer or seller may NOT legally be charged for
disclosure settlement statements
An investor paid $300,000 for an apartment building, making a 75,000 cash down payment. One year later, the property is increased 10% in value. This resulted in a 30,000 or 40% gain on the 75k equity. This is an example of
maximizing the use of borrowed money
When a real estate licensee negotiates the sale of a mobile home in CA, written notice of transfer must be provided to the department of housing and community development within
10 calendar days
Notice of Transfer
must be submitted within 10 calendar days of the sale of a mobile home
Does RE use calendar days or business days?
ALWAYS calendar days
not business days
In the field of real estate, a "prepayment penalty" is sometimes:
required from a trustor who makes advance payments on his home loan
***trustor and borrower are the same person.
Pre-payment penalty clause proscribes
the assessment of a pre-payment penalty if advance payments are made on the loan
A deed of reconveyance must be executed by
If the loan is paid in full the Beneficiary will issue a
"request of reconveyance" and the trustee will issue a reconveyance deed
Harry has been burning leaves on his front lawn. His neighbors have filed a lawsuit and have received a court order, ordering Harry to stop burning leaves. That court order would be called:
court orders to stop or prevent certain actions.
What does a preliminary title report do?
should show the seller is the trustor of the property and should show if there are mechanic liens that need to be removed.
all it does it show who owns it
The most accurate determination of the age of a house can be made by inspecting the
tax assessor's records
What does the tax assessors record show?
when the assessor first started assessing that improvement
According to generally accepted practices, an escrow is authorized to
call for funding of buyers loans
the deposit of funds and/or instruments by buyer and/or seller with a neutral third party who has agreed to execute the provisions of an agreement or contract. Escrow can call for the funding of the buyers loan
Is a buyer allowed to require a specific lender?
Can an agent force you to use the lender they want?
A charge imposed against real property to provide security for the performance of some type of act, usually to provide incentive for, or to satisfy a payment is a:
charges imposed against real property to provide security for the performance of some type of act.
A common example would be a trust deed or mortgage.
The "open end" clause in mortgage would benefit the borrower the most if he:
borrowed additional money
Is it okay for agents to advertise that he will give away gifts to buyers?
yes as long as he discloses this to all interested parties.
Is "Call 1-800-FOR-A-LOAN" an okay advertisement?
No. It is illegal for any advertisement to suggest that a loan can be acquired over the phone.
YOU MIGHT ALSO LIKE...
Additional Practice Content
PSI State Exam- Real Estate Salesperson (2018)
real estate practice exam 1
Real Estate Flashcards- Complete
OTHER SETS BY THIS CREATOR
Mock Final Exam
Mock Exam #1
OTHER QUIZLET SETS
Ornithology Test 1
PBE 2020 Ezra and Nehemiah Questions
Chapter 1 (part 2)
HED Practice Test Take 1