real estate Flashcards
Browse 500 sets of real estate flashcards
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
Market Value (value in exchange)
Types of Value
The Appraisal Process
Identify the Problem
The most probable price which a property should bring in a com…
Investment value... Insurable value... Book value... Rental value... Salva…
a procedure employed to arrive at an estimate of value and con…
First step in the appraisal process. The appraiser and the cli…
Market Value (value in exchange)
The most probable price which a property should bring in a com…
Types of Value
Investment value... Insurable value... Book value... Rental value... Salva…
Who needs a RE license?
Who is exempted for RE license?
Broker Status
BIC- Eligible
"L.L.B.E.A.N.S" ... anyone who....... L- list... L- lease... B- buy, ... E-…
1. FSBO... 2. Cooperation, LCC, Partnership- entity... 3. W2 salarie…
Provisional Broker (BP):... -need additional post education... Full…
-licensee who met the requirements but is no longer serving as…
Who needs a RE license?
"L.L.B.E.A.N.S" ... anyone who....... L- list... L- lease... B- buy, ... E-…
Who is exempted for RE license?
1. FSBO... 2. Cooperation, LCC, Partnership- entity... 3. W2 salarie…
Estate
Freehold estates
Non-freehold estates
Fee Estates
Possessory right or ownership interest in real property... - A pe…
Ownership of the state that last indefinitely for one or more…
Estate which last for a lesser and temporary period of time... -l…
Holds title to the property and has the right to dispose of it…
Estate
Possessory right or ownership interest in real property... - A pe…
Freehold estates
Ownership of the state that last indefinitely for one or more…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
CHAPTER 1
P.I.N.
What is included in ownership in land?
a. Permanence of an Investment
CHAPTER 1
Three physical characteristics of real estate: Permanence, imm…
It encompasses not only the surface of the earth, but also the…
Ownership of land is economically desirable .
CHAPTER 1
CHAPTER 1
P.I.N.
Three physical characteristics of real estate: Permanence, imm…
Market Value (value in exchange)
Types of Value
The Appraisal Process
Identify the Problem
The most probable price which a property should bring in a com…
Investment value... Insurable value... Book value... Rental value... Salva…
a procedure employed to arrive at an estimate of value and con…
First step in the appraisal process. The appraiser and the cli…
Market Value (value in exchange)
The most probable price which a property should bring in a com…
Types of Value
Investment value... Insurable value... Book value... Rental value... Salva…
What does PETE stand for?
What is Escheat?
How is LTV calculated?
What is Eminent domain?
Police Power, Eminent Domain, Taxation, Escheat
Abandonment (dying with no will and no heirs with the property…
Loan amount divided by sale price or appraised value (whicheve…
It is the government taking private property for public good.
What does PETE stand for?
Police Power, Eminent Domain, Taxation, Escheat
What is Escheat?
Abandonment (dying with no will and no heirs with the property…
In order for a lender to actually make…
Loan Commitment or Pre-approval Letter
Prequalification
Income Verification
Application;... Underwriting;... Pre-disclosures;... Verification, titl…
Issued when the lender has reviewed the buyer's credit history…
Prequalification is not a pre-approval! With a prequalificatio…
The borrower's creditworthiness and ability to repay the debt…
In order for a lender to actually make…
Application;... Underwriting;... Pre-disclosures;... Verification, titl…
Loan Commitment or Pre-approval Letter
Issued when the lender has reviewed the buyer's credit history…
Bundle of Rights
Real Property
Personal Property
Chattel
1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
physical property such as land and buildings
movable items such as cars, clothing, books, and so on.
Chattel is like cattle and cattle moves, personal property
Bundle of Rights
1.Possession, 2.Use, 3.Encumber, 4.Exclusion, 5.Transfer
Real Property
physical property such as land and buildings
Adjusted basis
Ad valorem tax
Appropriation
Basis
If a property was acquired by purchase, the owner's basis is t…
A tax levied according to value, generally used to refer to re…
An action taken by a taxing body that authorized the expenditu…
The financial interest that the IRS attribute to an owner of a…
Adjusted basis
If a property was acquired by purchase, the owner's basis is t…
Ad valorem tax
A tax levied according to value, generally used to refer to re…
Unilateral Contract
Bilateral Contract
Client/Principal
Customer
Contract containing ONE promise given in exchange for completi…
Contract containing TWO promises. Example: A listing agreement…
A person who has entered into an agency relationship w/ a lice…
Any 3rd party w/ whom a licensee works
Unilateral Contract
Contract containing ONE promise given in exchange for completi…
Bilateral Contract
Contract containing TWO promises. Example: A listing agreement…
Area
Banker's year
Calendar year
Decimal
The space inside a two-dimensional shape; area equals length t…
Statutory year that contains 12 months, with 30 days in each m…
The 365-day year with 12 months and 28 to 31 days in each mont…
Part of the whole expressed as a power of 10.
Area
The space inside a two-dimensional shape; area equals length t…
Banker's year
Statutory year that contains 12 months, with 30 days in each m…
Acceleration clause
Adjustable-rate mortgage (ARM)
Alienation clause
Assumption of mortgage
The clause in a mortgage or deed of trust that can be enforced…
A loan characterized by a fluctuating interest rate, usually o…
The clause in a mortgage or deed of trust stating that the bal…
Acquiring title to property on which there is an existing mort…
Acceleration clause
The clause in a mortgage or deed of trust that can be enforced…
Adjustable-rate mortgage (ARM)
A loan characterized by a fluctuating interest rate, usually o…
Addendum
Amendment
Assignment
Bilateral Contract
A document that was not part of the original contract that may…
A change to the original contract.
The transfer in writing of interest in a bond, mortgage, lease…
A legally enforceable promise or set of promises that must be…
Addendum
A document that was not part of the original contract that may…
Amendment
A change to the original contract.
Anticipation
Appraisal
Assemblage
Broker's price opinion (BPO)
The appraisal principle holding that value can increase or dec…
An estimate of the quantity, quality, or value of something. T…
The combining of two or more adjoining lots into one larger tr…
An estimate of value, prepared by a real estate licensee, most…
Anticipation
The appraisal principle holding that value can increase or dec…
Appraisal
An estimate of the quantity, quality, or value of something. T…
Air rights
Appurtenance
Benchmarks
Bundle of legal rights
The right to use the open space above a property, usually allo…
Anything that, by right, is used by the land for its benefit.…
A permanent reference mark or point established for use by sur…
the concept of land ownership that includes ownership of all l…
Air rights
The right to use the open space above a property, usually allo…
Appurtenance
Anything that, by right, is used by the land for its benefit.…
An interest in real estate is ownership…
Undivided interest
The terms "undivided" and "indivisible"…
Examples of interests include:
possess... use... transfer... encumber... exclude
is an owner's interest in a property in which two or more part…
signify that the owner's interest is in a fractional part of t…
an owner who enjoys the complete bundle of rights... a tenant w…
An interest in real estate is ownership…
possess... use... transfer... encumber... exclude
Undivided interest
is an owner's interest in a property in which two or more part…
4 Legal tests of a fixture
Transaction broker owes a customer
Agent fiduciary duty to client/principl…
General agent
Agreement, annexation, adaptation, intent
Honesty, material adverse facts, limited confidentiality, moti…
OLD CAR-Obedience, Loyalty, Disclosure, Confidentiality, Accou…
Agent employed by company-represents in a series of transactio…
4 Legal tests of a fixture
Agreement, annexation, adaptation, intent
Transaction broker owes a customer
Honesty, material adverse facts, limited confidentiality, moti…
Prepaid Interest
Property Tax
Mill Rate
Loan Amount
Daily Rate times the number of Prorated Days = Prepaid Interes…
Market Value times the Assessment Rate = Assessment Value... Ass…
# of Mills times .001 = Mill Rate... or... # of Mills divided by 1,0…
Sales Price x Loan to Value = Loan Amount... Sales Price - Loan…
Prepaid Interest
Daily Rate times the number of Prorated Days = Prepaid Interes…
Property Tax
Market Value times the Assessment Rate = Assessment Value... Ass…
secondary market
Federal Housing Administration (FHA)
FHA Loan
VA (US Dept. of Veterans Affairs)
The Federal National Mortgage Association(Fannie Mae) and the…
The Federal Housing Administration (FHA) provides insurance to…
An FHA Loan loan is more expensive for the borrower than a con…
The VA (US Dept. of Veterans Affairs) guarantees part of a loa…
secondary market
The Federal National Mortgage Association(Fannie Mae) and the…
Federal Housing Administration (FHA)
The Federal Housing Administration (FHA) provides insurance to…
Title Passes
Devise
Deed Signature
Deed of Trust
The word title, as it relates to real property (real estate),…
Only property owned by the testator (Person who makes a will,…
Document by which an owner of real estate conveys the right, t…
Means by which a truster conveys real estate to a trustee for…
Title Passes
The word title, as it relates to real property (real estate),…
Devise
Only property owned by the testator (Person who makes a will,…