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Study sets matching "real estate chapter 11"

138 terms
Chapter 11 Real Estate
The money paid for using someone else'…
The amount of money on which interest…
_____________ is usually used for mort…
A monthly payment due on the first of…
interest
principal
simple interest
arears
The money paid for using someone else'…
interest
The amount of money on which interest…
principal
49 terms
Real Estate Chapter 11 Real Estate Contracts
Contract
Valid Contract
Competent Parties
Mutual Assent
voluntary agreement between legally competent parties to perf…
For a contract to be valid, it must have the following for el…
(1) 18 years of age and of sound mind... (2) Married and under 1…
Meeting of the minds on each term of the contract. Contract m…
Contract
voluntary agreement between legally competent parties to perf…
Valid Contract
For a contract to be valid, it must have the following for el…
NC Real Estate Chapter 11
Lease
Essential Provisions for a Lease
NC Residential Rental Agreement Act
Landlord's Statutory Duties
Bilateral contract between landlord and tenant whereby the te…
1)Mutual Agreement... 2)Consideration... 3)Capacity to contract... 4)L…
Act that ensures only habitable residential units are rented.
To provide a habitable place for the tenant.
Lease
Bilateral contract between landlord and tenant whereby the te…
Essential Provisions for a Lease
1)Mutual Agreement... 2)Consideration... 3)Capacity to contract... 4)L…
38 terms
real estate chapter 11
preparation of contract
4 types of contracts
Unenforceable contract
Contract
Licensee may not prepare legal document or legal instrument.H…
1)Listing agreement/employment contract with seller. ... 2)Buyer…
A contract that can not be proved or will not be recognized i…
An agreement between 2 parties to fulfill an obligation. when…
preparation of contract
Licensee may not prepare legal document or legal instrument.H…
4 types of contracts
1)Listing agreement/employment contract with seller. ... 2)Buyer…
31 terms
Real Estate Chapter 11
Contract
Breach of contract
Earnest money
Contingency
agreement between two parties to preform some legal act(s)
violation of contract
buyer's deposits with purchase contract
certain happening on which a contract depends
Contract
agreement between two parties to preform some legal act(s)
Breach of contract
violation of contract
53 terms
Real Estate Chapter 11
vendor
vendee
secondary market
satisfaction of mortgage
The seller of realty under a land contract.
The buyer under a land contract.
A market for the purchase and sale of existing mortgages
A certificate issued by the mortgagee when a mortgage is paid…
vendor
The seller of realty under a land contract.
vendee
The buyer under a land contract.
9 terms
Real Estate Chapter 11
listing agreement
exclusive right to sell listing
exclusive agency listing
open listing
contract for the professional services of the real estate bro…
one broker is employed as the sellers sole representative
one broker is authorized to act as the exclusive agent of the…
seller retains the right to employ any number of brokers as a…
listing agreement
contract for the professional services of the real estate bro…
exclusive right to sell listing
one broker is employed as the sellers sole representative
40 terms
Real Estate for Dummies Chapter 11
Contract
Express Contract
Implied Contract
Bilateral Contract
an agreement between two parties to do or not to do something…
created when two parties clearly state in words what they agr…
created by the actions of the two parties - like at a restaur…
two parties each agree to do something - exchanging promises
Contract
an agreement between two parties to do or not to do something…
Express Contract
created when two parties clearly state in words what they agr…
8 terms
Chapter 11 Real Estate
Collateral
Disintermediation
Government National Mortgage Associati…
Loan servicing
Property pledged as security for a debt.
Reference to the occurrence of conditions when the growth of…
A federal government agency that promotes affordable housing…
All actions and activities associated with administering a mo…
Collateral
Property pledged as security for a debt.
Disintermediation
Reference to the occurrence of conditions when the growth of…
10 terms
Real Estate - Chapter 11
Acceleration Clause
Bankruptcy
Judicial Foreclosure
Junior Leinholder
Gives the mortagee the right to accelerate the payment date f…
Bankruptcy is a legal status of a person or other entity that…
The process by which mortgaged property is sold under the sup…
If you take out a second mortgage on your home, the lender is…
Acceleration Clause
Gives the mortagee the right to accelerate the payment date f…
Bankruptcy
Bankruptcy is a legal status of a person or other entity that…
10 terms
Real Estate (Chapter 11)
Affordable Housing Loan
Collateral
Credit Scoring
Credit Union
the general strategy of ___________ adopted by the GSEs was t…
property or other assets that a borrower offers a lender to s…
a statistically derived numeric expression of a person's cred…
is a member-owned financial co-operative. These institutions…
Affordable Housing Loan
the general strategy of ___________ adopted by the GSEs was t…
Collateral
property or other assets that a borrower offers a lender to s…
31 terms
Real Estate (chapter 11)
Assignment
Bilateral Contract
Breach of Contract
Competent Parties
Transfer of interest in a contract to a 3rd party.
Contract with a promise by each party.
Violation of a contract.
Those legally qualified to enter into contracts.
Assignment
Transfer of interest in a contract to a 3rd party.
Bilateral Contract
Contract with a promise by each party.
20 terms
Real Estate - CHAPTER 11
a
c
C
a
11-1 A property listing taken by a real estate sales associat…
11-2 Which of the following is a similarity between an exclus…
11-3 The listing agreement on a residential property states t…
11-4 A seller listed a property with a broker under an exclus…
a
11-1 A property listing taken by a real estate sales associat…
c
11-2 Which of the following is a similarity between an exclus…
56 terms
Trading Services / Chapter 11 / Contracts for Real Estate
COMPETE THE SENTENCE: An amendment to…
TRUE OR FALSE? According to the Compet…
TRUE OR FALSE: A contract of purchase…
A _____________ ________________ [two…
An amendment to a contract of purchase and sale is not legall…
ANSWER: TRUE
ANSWER: FALSE
ANSWER: CONDITION PRECEDENT
COMPETE THE SENTENCE: An amendment to…
An amendment to a contract of purchase and sale is not legall…
TRUE OR FALSE? According to the Compet…
ANSWER: TRUE
28 terms
Real Estate Chapter 11
Affordable Housing Loan
Automated Underwriting
Collateral
Commercial Banks
loan purchase programs offered to primary mortgage market len…
a loan underwriting approach that exploits the combination of…
property pledged as security for a debt.
depository institutions primarily engaged in the business of…
Affordable Housing Loan
loan purchase programs offered to primary mortgage market len…
Automated Underwriting
a loan underwriting approach that exploits the combination of…
Principles of Real Estate Chapter 11
Term loan
Fully amortized loan
Partially Amortized
Balloon Payment
Interest only payments during the term, with a balloon paymen…
Equal payments principle and interest over the life of the lo…
Series of amortized payments w/ balloon payment at maturity
Any loan that has a final payment larger than any of the prev…
Term loan
Interest only payments during the term, with a balloon paymen…
Fully amortized loan
Equal payments principle and interest over the life of the lo…
28 terms
Chapter 11 Real Estate Contracts
A void contract is one that
The legal proceeding or legal action b…
The essential elements of a contract i…
If, upon the receipt of an offer to pu…
was never legally enforceable
specific performance
notarized signatures
relieved of his original offer
A void contract is one that
was never legally enforceable
The legal proceeding or legal action b…
specific performance
47 terms
Chapter 11 Real Estate
1. Mortgage banking companies
2. In recent years, the mortgage banki…
3. Currently, which type of financial…
4. For all except very high loan-to-va…
Collect monthly payments and forward them to the mortgage inv…
Rapid consolidation
Commercial banks
28 percent and 36 percent
1. Mortgage banking companies
Collect monthly payments and forward them to the mortgage inv…
2. In recent years, the mortgage banki…
Rapid consolidation
23 terms
Real estate chapter 11
1. single-family detached houses... 2. si…
single-family detached houses
single-family attached houses
1. Town house... 2. Plex... 3. Patio house
the 5 principal types of residential development are
single-family house separated from any adjoining house with a…
clustering requires less road frontage and shorter utility li…
3 types of single-family attached houses
1. single-family detached houses... 2. si…
the 5 principal types of residential development are
single-family detached houses
single-family house separated from any adjoining house with a…
26 terms
Real Estate Chapter 11
Affordable housing loan
Automated underwriting
Collateral
Commercial banks
Loan purchase programs offered to primary mortgage market len…
A loan writing approach that exploits the combination of cybe…
Property pledged as security for a debt
Depository institutions primarily engaged in the business of…
Affordable housing loan
Loan purchase programs offered to primary mortgage market len…
Automated underwriting
A loan writing approach that exploits the combination of cybe…
24 terms
Real Estate Chapter 11
Contract
The Statue of Frauds
Statue of Limitations
Essentials of a Valid Contract
an agreement between the parties to do or not to do something…
says that all contracts must be in writing to be enforceable…
provides a time frame which court cases must be filed on cert…
legally competent parties, offer & acceptance, consideration,…
Contract
an agreement between the parties to do or not to do something…
The Statue of Frauds
says that all contracts must be in writing to be enforceable…
62 terms
Chapter 11 Real Estate contracts
contract
Real Estate licensees may _________ dr…
Real estate licensees may
Real Estate Licensees are allowed to a…
An agreement between two or more parties to do or not to do c…
NOT
fill in the blanks on lease instruments for periods that do n…
Listing Agreement, Buyer Brokerage Agreement, Sale and Purcha…
contract
An agreement between two or more parties to do or not to do c…
Real Estate licensees may _________ dr…
NOT
9 terms
Real Estate Chapter 11
Americans with Disabilities act
Blockbusting
Civil Rights Act of 1866
Fair Housing Act
Act addresses rights of individuals with disabilities in empl…
The illegal practice of inducing homeowners to sell their pro…
An act that prohibits racial discrimination in the sale and r…
The federal law that prohibits discrimination in housing base…
Americans with Disabilities act
Act addresses rights of individuals with disabilities in empl…
Blockbusting
The illegal practice of inducing homeowners to sell their pro…
9 terms
Real Estate Chapter 11
Depository Lenders:
Morgtgage banker
Mortgage banker as servicer:
Mortgage Broker:"
called financial intermediaries... -pool small amounts of saving…
Not a bank-accepts no deposits... they combine a small portion o…
Collects monthly payments from borrower and remits to the inv…
Places borrowers loan application with lender. ... -receievfes a…
Depository Lenders:
called financial intermediaries... -pool small amounts of saving…
Morgtgage banker
Not a bank-accepts no deposits... they combine a small portion o…
22 terms
Real Estate - Chapter 11 Vocab
buyer representation agreement
comparative market analysis
exclusive agency listing
exclusive buyer representation agreement
employment contract in which broker is employed by the buyer…
"CMA"; range of value in which the property is likely to fall…
one of four types of listing agreements; one broker is author…
buyer works with only one broker, although broker is free to…
buyer representation agreement
employment contract in which broker is employed by the buyer…
comparative market analysis
"CMA"; range of value in which the property is likely to fall…
37 terms
Real Estate Chapter 11
Current income
Future income
Conservative investors
Two types of returns
serves current consumption needs
for personal consumption or given for future generations
look to preserve wealth... Seek to beat the rate of inflation
Nominal returns: returns including inflation... Real returns: re…
Current income
serves current consumption needs
Future income
for personal consumption or given for future generations
37 terms
Chapter 11 Real Estate
Residential
Thrifts
Commercial banks
portfolio lender
1-4 family - makes up 76% of market
savings associations: formerly backbone of home mortgage fina…
real estate needs of business clients:... business-related real…
depository institutions:... banks... thrifts ... large credit unions
Residential
1-4 family - makes up 76% of market
Thrifts
savings associations: formerly backbone of home mortgage fina…
25 terms
Real Estate Chapter 11
Federal Civil Rights Act - 1866
Federal Fair Housing Act- 1968 (Title…
Prohibited Practices
Blockbusting
Made all discrimination based on RACE illegal, including hous…
Prohibits discrimination based on race, color, religion, nati…
1) Refusal to sell/rent to any person... 2) Discrimination again…
Attempting to influence any individual to sell/rent with thre…
Federal Civil Rights Act - 1866
Made all discrimination based on RACE illegal, including hous…
Federal Fair Housing Act- 1968 (Title…
Prohibits discrimination based on race, color, religion, nati…
53 terms
Real Estate Chapter 11
vendor
vendee
secondary market
satisfaction of mortgage
The seller of realty under a land contract.
The buyer under a land contract.
A market for the purchase and sale of existing mortgages
A certificate issued by the mortgagee when a mortgage is paid…
vendor
The seller of realty under a land contract.
vendee
The buyer under a land contract.
15 terms
Real Estate Terms Chapter 11
Constructive Eviction
Estate at Suffereance
Estate at Will
Estate for Years
The action of a landlord that so materially disturb or impair…
Tenant comes into possession legally but stays after lease ex…
Right of possession can be terminated by either party. No not…
Possessory interest in property for a definite period of time
Constructive Eviction
The action of a landlord that so materially disturb or impair…
Estate at Suffereance
Tenant comes into possession legally but stays after lease ex…
37 terms
Chapter 11: Real Estate Contracts
Four types of real estate contracts fo…
Listing agreement
Buyer brokerage agreement
Sale and purchase contract
LOBS... -Listing agreemnt... -Buyer brokerage ... -Sale and purchase... -…
1 of 4 avail real estate contracts used by licensees acquired…
1 of 4 avail real estate contracts used by licensees acquired…
1 of 4 avail real estate contracts used by licensees acquired…
Four types of real estate contracts fo…
LOBS... -Listing agreemnt... -Buyer brokerage ... -Sale and purchase... -…
Listing agreement
1 of 4 avail real estate contracts used by licensees acquired…
40 terms
real estate chapter 11
mortgage loan originator
Essentials of a Valid Contract
C in COLIC
O in COLIC
person with the money (the bank ) needs a seperate license
COLIC
competent parties
offer and acceptance
mortgage loan originator
person with the money (the bank ) needs a seperate license
Essentials of a Valid Contract
COLIC
55 terms
Real Estate Chapter 11
thrifts
Traded freedom for deposit insurance (…
thrifts today
Others often have "boutique" roles:
Formerly backbone of home mortgage finance... Dominated mortgage…
Cocoon of regulations... Unable to adapt to a new financial world
Changed approach to regulation ... Most are now banks (acquired…
Mortgage banker Sub-prime lender... Commercial loans Multifamily…
thrifts
Formerly backbone of home mortgage finance... Dominated mortgage…
Traded freedom for deposit insurance (…
Cocoon of regulations... Unable to adapt to a new financial world
36 terms
Real Estate Chapter 11
revolution in home mortgage finance
in recent yrs, mortgage banking indust…
mortgage broker
mortgage backed securities
extreme transformation since 1970 when it was very localized…
rapid consolidation
simply brings borrowers and lenders together, for a fee, but…
creating a pool of similar loans, putting them into a trust,…
revolution in home mortgage finance
extreme transformation since 1970 when it was very localized…
in recent yrs, mortgage banking indust…
rapid consolidation
33 terms
Real Estate Chapter 11 (2015)
A contract
4 elements of a valid contract
Statute of Fraud ... (F.S. 725.01)
Oral contracts
An agreement between two or more competent parties that creat…
- a lawful subject ... - agreement... - consideration... - 2+ competen…
Was enacted in 1677 in England to provide protection against…
4 years valid. Under the statute of limitations.
A contract
An agreement between two or more competent parties that creat…
4 elements of a valid contract
- a lawful subject ... - agreement... - consideration... - 2+ competen…
28 terms
Real Estate Chapter 11
affordable housing loan
automated underwriting
collateral
comercial banks
loan purchase programs offered to primary mortgage market len…
a loan underwriting approach that exploits the combination of…
property pledged as security for a debt
depository institutions primarily engaged in the business of…
affordable housing loan
loan purchase programs offered to primary mortgage market len…
automated underwriting
a loan underwriting approach that exploits the combination of…
22 terms
Real Estate Chapter 11
Thrifts
Disintermediation
Asset-liability maturity mismatch
Commercial Banks
Local depository institutions, taking in local savings deposi…
Blocks of savings were diverted from thrifts to wall street.
The basic vulnerability of thrifts was _________.
Depository institutions primarily engaged in the business of…
Thrifts
Local depository institutions, taking in local savings deposi…
Disintermediation
Blocks of savings were diverted from thrifts to wall street.
31 terms
Chapter 11 (Real Estate Contracts)
Assignment
Bilateral Contract
Breach of Contract
Competent Parties
transfer of interest in a contract to a third party
contract with a promise by each party
violation of a contract
those legally qualified to enter into contracts
Assignment
transfer of interest in a contract to a third party
Bilateral Contract
contract with a promise by each party
20 terms
Chapter 11 Practice of Real Estate
Trust Account
Civil RIghts Act of 1866
Federal Fair Housing Act of 1968
Federal Fair Housing Act 1988 Amendments
Holds all funds entrusted to the brokerage in connection with…
Prohibits racial discrimination in the buying, renting, selli…
Provides that it is unlawful to discriminate on the basis or…
1. Handicapped and familial status are added to the list of p…
Trust Account
Holds all funds entrusted to the brokerage in connection with…
Civil RIghts Act of 1866
Prohibits racial discrimination in the buying, renting, selli…
30 terms
Real estate Chapter 11
For an escrow to be valid, there must…
In a real estate transaction, who deci…
Which of the following is not exempt f…
A history of title transfers for a par…
conditional delivery of transfer documents to a 3rd party
it is negotiated between the buyer and seller
escrow companies
chain of title
For an escrow to be valid, there must…
conditional delivery of transfer documents to a 3rd party
In a real estate transaction, who deci…
it is negotiated between the buyer and seller
33 terms
chapter 11: real estate appraisal
appraisal
assemblage
comparative market analysis (CMA)
cost-depreciation approach
a supposed, defended estimate of the value of property rights…
the bringing together of 2 adjoining parcels of property unde…
an informal estimate of market value performed by a real esta…
a method for estimating the market value of a property based…
appraisal
a supposed, defended estimate of the value of property rights…
assemblage
the bringing together of 2 adjoining parcels of property unde…
61 terms
Real Estate Chapter 11
What is the definition of a contract?
How can contracts be presented where t…
What is an assignment of a contract?
What does the Vendy acquire as a resul…
An agreement between two or more competent parties that creat…
Written or oral.
The sale transfer or subrogation of rights in a contract
Equitable title
What is the definition of a contract?
An agreement between two or more competent parties that creat…
How can contracts be presented where t…
Written or oral.
24 terms
chapter 11 real estate law
Real estate licensees are allowed to a…
Statute of Frauds:
Statute of Limitations:
Valid contract:
1. listing contracts 2. buyer brokerage agreements 3. option…
requires that contracts conveying an interest in real propert…
designates that written contracts are enforceable for five ye…
complies with the provisions of contract law and contains fou…
Real estate licensees are allowed to a…
1. listing contracts 2. buyer brokerage agreements 3. option…
Statute of Frauds:
requires that contracts conveying an interest in real propert…
51 terms
Real Estate Chapter 11 Real Estate Contracts
Contract
Valid Contract
Competent Parties
Mutual Assent
voluntary agreement between legally competent parties to perf…
For a contract to be valid, it must have the following for el…
(1) 18 years of age and of sound mind... (2) Married and under 1…
Meeting of the minds on each term of the contract. Contract m…
Contract
voluntary agreement between legally competent parties to perf…
Valid Contract
For a contract to be valid, it must have the following for el…
20 terms
Real Estate Chapter 11
In most instances where the letter "M"…
The State Housing Law sets minimum bui…
The landmark case of the United States…
The Health and Safety Code specifies c…
The letter "M" indicates manufacturing or industrial use.
D. The State Housing Law applies throughout the state. If loc…
Jones vs. Mayer
Health Officer
In most instances where the letter "M"…
The letter "M" indicates manufacturing or industrial use.
The State Housing Law sets minimum bui…
D. The State Housing Law applies throughout the state. If loc…
10 terms
Chapter 11 - Real Estate Contracts
Escape clause
Negotiated between competent parties
A cancellation of a contract
Novation
If the proposed contract contains a contingency for the sale…
To be legally valid, a contract of sale must be what?
A rescission of a contract is what?
The substitution of a new contract for an existing one is cal…
Escape clause
If the proposed contract contains a contingency for the sale…
Negotiated between competent parties
To be legally valid, a contract of sale must be what?
32 terms
Chapter 11 Real Estate Appraisal
comparative market analysis (CMA)
broker's price opinion (BPO)
value
demand
competitive asking price; use nearby properties, similar in s…
opinion of value for a given property
the relationship between a desired object and a potential pur…
the need or desire for possession or ownership, backed by the…
comparative market analysis (CMA)
competitive asking price; use nearby properties, similar in s…
broker's price opinion (BPO)
opinion of value for a given property
30 terms
Chapter 11 - Real Estate Contracts
assignment
bilateral contract
breach of contract
competent parties
The transfer in writing of interest in a contract, mortgage,…
An agreement entered into by two or more legally competent pa…
Violation of any terms or conditions in a contract without le…
Those recognized by law as being able to contract with others…
assignment
The transfer in writing of interest in a contract, mortgage,…
bilateral contract
An agreement entered into by two or more legally competent pa…
38 terms
Chapter 11: Real Estate Appraisal
What is the Appraisal Report?
Apart from helping to ascertain a fair…
An appraiser works for one of the foll…
Certified general real estate appraise…
The written statement stating the appraiser's opinion of the…
• Identify the highest and best use of raw land. ... • Estimate…
• A financial institution... • A government agency... • A private c…
may appraise any kind of real estate.
What is the Appraisal Report?
The written statement stating the appraiser's opinion of the…
Apart from helping to ascertain a fair…
• Identify the highest and best use of raw land. ... • Estimate…
17 terms
NJ Real Estate - Chapter 11
written agreement of employment with t…
allows the seller to list the property…
written agreement that gives one broke…
makes the broker the sole and exclusiv…
listing contract
open listing
exclusive agency listing
exclusive right to sell listing
written agreement of employment with t…
listing contract
allows the seller to list the property…
open listing
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