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Vocab

Terms in this set (69)

an easement owned by a public utility to run power lines would normally be a
easement in gross
the deed that gives the purchaser the greatest title protection is
a general warranty deed
a contingency is
an event on which a contract depends
the seller in a real estate transaction is the ________ of the listing agent
client
when you sell a house that is occuped by a lessee the lease
remains binding on the new owner
ad valorem taxes levied on individual condiminium units are
sent directly to each unit owner
every contract of sale must have an
offer and acceptance
zoning laws are an example of
police power
the federal fair housing law covers all the following minority groups except
age
if the rent in a lease is based on the gross receipts this lease is called
percentage lease
the rule of parole evidence is
written contracts take precedence over oral contracts
when appraising a concrete block manufacturing plant you would probably rely most heavily on the
cost approach
peeling paint and a leaky roof are examples of
physical deterioration
a listing contract that allows the principal to sell their own property without obligation or to pay any of the agents who place signs in their yard is called
an open listing
a property description that uses natural features like trees, streams, and railroad tracks
metes and bounds by monuments
a property manager responsible for running a large building is an example of
general agent
a property has a mothly mortgage payment of $825.91 for principal and interest. property taxes are $6,600 per year and insurance is $900 per year. the equalization fcator is 1.25. what is the monthly payment for PITI ( principal, interest, taxes, insurance)?
$1,450.91
an assessment levied against homeowners in a limited are for publicly built improvements is called a
special assessment
the public notice that is filed against specific lands notifying the world that a legal action is pending against it, is called a
lis pendens
ABC realty took an exclusive right to sell listing for 6 months. which of the following would NOT terminate the listing?
death of the broker of record
the covenant of further assurance would normally be found in which of the following deeds
general warranty deeds
when a buyer assumes a mortgage, what instrument is used to prove the mortgage balance?
reduction certificate
what do you call the illegal practice of limiting the housing shown to a prospect, to only neighbrhoods with a high concentration of his ethnic group
steering
what fo you call the instrument used in financing that is the evidence of the borrowers personal obligation to the lender
promissory note
which of the following would be considered an indefeasible fee
fee simple absolute
an appraising term that indicates maxiumumnet returnfor use of land over a given period is
highest and best use
a written lease that has a beginning date january 1 and an ending date of June 30 is an example of
an estate for years
two years after it was purchased a property sold for $500,000. this was a 25% return of appreciation for its owner. what was the original price of the property?
$400,000
the system of apportioning ad valorem taxes among landowners to see that each owner pays his fair share of expenses is under the control of the
township government
you have receives real property from a testate descendant's estate, therefore you are a
devisee
a type of deed that doesnt purport to convey title is
quitclaim deed
an amortized loan in which monthly payments start at alow rate and vary over time according to a predetermined schedule is
an adjustable rate mortgage
what do you call the lein that is filed against real estate by an unpaid contractor
mechanics lien
a mortgage creates a
specific lien
what would we call a loan insured by a private insurance company
conventional
a lease that requires the lessee to pay all the expenses would be called a
net lease
a land use that is at variance to the zoning ordinance, but does not need a variance because of the "grandfather clause" is called a
non conforming use
what type of mortgage results in negative amortization
a reverse mortgage
a deed conveys real property when it is
delivered and acceptance
what is the clause in a mortgage or note that makes the loan non-assumable
alienation clause
whuch of the following would be considered an estate less than freehold, of indefinite duration?
periodic tenancy
a loan with an amortized payment which is less than that required to pay off the loan during the agreed- upon term is called a
balloon loan
a lease that provides for increases in rent at set duture dates is called
graduated lease
"net operating income" is
gross income minus expenses excluding debt service
april and june are lifetime friends they buy a summer property at the shore and visit it with their children every year. If april wants her daughter, May, to receive april'sshare in the property at her death, how should the deedbe prepapred
april and june should own the property as tenants in common
the illegal practice of refusin to originate mortgage loans in a certain neighborhood on the basis of race of ethnic composittion
redlining
the period of time a state allows a mortgager in default after a foreclosure sale to pay off the debt and regain the property is called the
period of statutory redemption
to get a large tract of land subdivided into smaller lots you would go to the
planning board
a single mortgage loan secured by more than one peice of real estate is a
blanket loan
al of the following will terminate the obligations of a sole tenant to a lease except
surrender of the lease
under the fair housing law you may take your compliant directly to court as long as you do it within what period from the alleged act of discrimination
1 year
what is a "point" in relation to a mortgage?
1% of the loan amount
the owner of the land over which an easement for the benefit of an adjacent property runs holds the
servient tenement
the capitalization formula is used in the income approach to
convert net income into market value
Mark, a licensed broker, procures a ready, willing, and able buyer for his seller-principal. The seller accepts the buyer's offer in writing. Just before the schedule closing, the seller has a change of heart and refuses to sell. Mark
is entitled to collect a commision
a real estate company entered into agency agreements with both seller and a buyer, the buyer is interested in making an offer on the sellers property, can this occur?
yes if both the buyer and the seller give their informed consent in writing after receiving full disclosure regarding dual agency
a seller's listing agreemnet has expired, and the seller lists with a different brokerage firm. Jim, the original listing agent, now has a buyer interested in the sellers property. based on this information, jim
cannot disclose to the buyer offers received on the seller's property while ir was listed with him
a real estate salesperson has been working withbuyers. after helmping them negotiate for their dream home, the buyer then asks the salesperson if she can help them secure a mortgage. the salesperson knows a lender that pays a fee for referring purchasers to it Should the salesperson refer the buyers to this lender?
No, Because this would be an unwise referral
a buyer contracts a real estate office and indicates an interest in purchasing a home in the area. Without entering into a buyer agency relationship with a buyer, a salesperson from the real estate office should do all of the follwing except
prequalify the buyer for a mortgage
a buyer is interested in seeing a house listed with the real estate company, but does not wish to enter into an agency agreement. a salesperson from the real estate company can show the buyer an in house listing if the
salesperson provides the buyer with an agency that the real estate company represents the seller
in Nj, an exclusiveright-to-buy contract
must be indicated as such in the buyer agency agreement
buyer brokerage contracts in NJ
must be in writing to be enforceable
all of the following provisions are included in the NJ real estat commissions rules regarding listing agreements except
a listing agreement must be accompanied by a qualified experts report of the property's condition
all of the follwoing provisions are included in the NJ real estate commissions rules regarding listing agreements except
a listing agreement must be accompanied by a qualified expert's report of the property's condition
all of the following provisions in the NJ real estate commisions rules regarding listing agreemenets except
a listing agreement must be accompanied by a qualified expert's report of the property's condition
what are the four types of agency recognized in NJ
seller's, buyer's, disclosed dual , transaction
in a dual agency stuation a broker may collect a commision from both the seller and the buyer if
they do not work in NJ
a buyer is interested in seeing a house listed with XYZ realty but does not wish to enter into an agency relationship a salesperson from LMN Realty can show the buyer the house if
XYZ Realty has obtained the seller's written consent to offer subagency and the buyer is given an agency disclosure notice, stating that LMN realty represents the seller
In NJ, when a broker is listing a home and asks the seller to complete a property condition disclosure, which of the follwoing statements is true?
the disclosures are optional and the seller may avoid liability by refusing to make any disclosures about the condition of the property
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