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…
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…
Who needs a RE license?
Who is exempted for RE license?
Broker Status
BIC- Eligible
someone who list, lease, buy, exchange, auctions, negotiate, o…
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?
someone who list, lease, buy, exchange, auctions, negotiate, o…
Who is exempted for RE license?
1. FSBO... 2. Cooperation, LCC, Partnership- entity... 3. W2 salarie…
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…
Accession
Annexation
Real Property
Real Property - Bundle of Rights
Acquiring title to additions or improvements to real property…
The process of converting personal property into real property
includes both land and real estate includes the bundle of righ…
Right of Possession... Right to control the property (within law)…
Accession
Acquiring title to additions or improvements to real property…
Annexation
The process of converting personal property into real property
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…
Each cannot identify his/her respective…
Personal Property
Still Valid
real property taxes, mechanics lien and…
Five People hold undivided interest as tenants in common. Whic…
A lease agreement written for a definite period of time with p…
A corporation listed a property with a broker, and susequently…
A homestead offers NO protection against which of the follwoing
Each cannot identify his/her respective…
Five People hold undivided interest as tenants in common. Whic…
Personal Property
A lease agreement written for a definite period of time with p…
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…
Alluvion
Avulsion
Appurtenance
balloon payment
Increase of soil along the bank of a body of water by natural…
The tearing or washing away of land along the bank of a body o…
anything affixed to or used with land for its benefit that is…
an installment payment on a promissory note much bigger than t…
Alluvion
Increase of soil along the bank of a body of water by natural…
Avulsion
The tearing or washing away of land along the bank of a body o…
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…
Acre
Test for fixtures
Bill of sale
US Government Survey uses
4840 square yards; 43560 square feet
1. Relationship to parties... 2. Method of attachment... 3. Intent o…
Transfers title to personal property
Sections and Townships
Acre
4840 square yards; 43560 square feet
Test for fixtures
1. Relationship to parties... 2. Method of attachment... 3. Intent o…
Annual Taxes
Loan To Value Ratio (LTV)
Monthly Principle and Interest
Annual Interest
(Assessed Value ÷ 100) * Tax Rate
Loan Amount ÷ Sales Price or Appraised Value (Whichever is les…
Loan Amount/1000 * Mortgage Loan Factor
Loan Amount or Principal Balance * Interest %
Annual Taxes
(Assessed Value ÷ 100) * Tax Rate
Loan To Value Ratio (LTV)
Loan Amount ÷ Sales Price or Appraised Value (Whichever is les…
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…
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
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…
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.
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…
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…
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…
How do you change a fraction to a decim…
How do you change a decimal to a percen…
How do you change a percentage to a dec…
How do you find the area of a square or…
Divide the top number (numerator) by the bottom number (denomi…
Move the decimal two places to the right and add a % symbol
Move the decimal two places to the left and remove the % symbo…
length times width
How do you change a fraction to a decim…
Divide the top number (numerator) by the bottom number (denomi…
How do you change a decimal to a percen…
Move the decimal two places to the right and add a % symbol
Civil Rights Act of 1866
Civil Rights Act of 1964
The seven+ protected classes under Fede…
Not protected classes under Federal Fai…
Prohibits racial discrimination in all real estate sales
Prohibits discrimination in federally subsidized housing
race, religion, color, national origin, sex, handicap, familia…
MOAD - Marital status, Occupation, Age, Dependence on public s…
Civil Rights Act of 1866
Prohibits racial discrimination in all real estate sales
Civil Rights Act of 1964
Prohibits discrimination in federally subsidized housing