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…
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…
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
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…
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…
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…
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…
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
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…
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…
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…
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…
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
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.…
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…
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…
Quit Claim Deed
Bargain and Sale Deed
General or Full Warranty Deed
Covenant of Seizin
A deed that conveys all interest, gives no warranties as to th…
This deed makes no guarantees as to the conditions of the titl…
A Deed that contains all 5 covenants and covers the period of…
The grantor states he holds title and has the right to convey…
Quit Claim Deed
A deed that conveys all interest, gives no warranties as to th…
Bargain and Sale Deed
This deed makes no guarantees as to the conditions of the titl…
Allodial System
Possession
Use or Control
Enjoyment
the right of private ownership
right to occupy your property and have ingress and egress
right to make a profit from the land, removing things, buildin…
this assures against interference from neighbors or others
Allodial System
the right of private ownership
Possession
right to occupy your property and have ingress and egress
Allodial System
Association of Real Estate License Law…
Feudal System
Free Market
The type of land ownership existing in the United States where…
Founded in 1929, a group of real estate license law officials…
A type of land ownership in medieval Europe, whereby only the…
An economic condition in which buyer and seller have ample tim…
Allodial System
The type of land ownership existing in the United States where…
Association of Real Estate License Law…
Founded in 1929, a group of real estate license law officials…
Broker A receives two offers on Seller…
The two primary documents dealing with…
The term that best describes a continuo…
The term real property can also be desc…
Present both offers to the seller as soon as possible.
promissory note.
megalopolis.
the bundle of rights.
Broker A receives two offers on Seller…
Present both offers to the seller as soon as possible.
The two primary documents dealing with…
promissory note.