Untitled Quiz
48 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What constitutes actual fraud?

  • Making a statement based on assumptions
  • Substantiating a claim with non-factual documentation
  • Promising something without intending to keep it (correct)
  • Providing information with good faith belief

What does 'ad valorem' refer to?

  • A fee paid before services are rendered
  • A type of mortgage agreement
  • An adjustment to interest rates
  • Taxation based on property value (correct)

What is an addendum in the context of a sales contract?

  • A term referring to adjustable mortgage rates
  • A legal statement of ownership
  • A supplementary document attached to a contract (correct)
  • A method for increasing property value

What characterizes an adjustable rate mortgage (ARM)?

<p>Rates that change periodically within a certain range (A)</p> Signup and view all the answers

What does an advance fee imply in real estate brokerage?

<p>An upfront fee with no promise of a transaction (C)</p> Signup and view all the answers

How does adverse possession generally function in property law?

<p>It provides title based on open and notorious possession (A)</p> Signup and view all the answers

What is the primary concern regarding advance fees in real estate?

<p>They must be documented accurately (C)</p> Signup and view all the answers

Which of the following statements about actual notice is accurate?

<p>It means having specific, actual knowledge of a fact (D)</p> Signup and view all the answers

What is an abstract of title?

<p>A summary of the condition of title to real property based on public records. (D)</p> Signup and view all the answers

Which best describes an acceleration clause?

<p>A clause that enables a lender to demand full repayment upon a specific event. (C)</p> Signup and view all the answers

What does the term 'acceptance' refer to in contract law?

<p>The expression of intent to be bound by the terms of an offer. (D)</p> Signup and view all the answers

What is the role of accounting in a fiduciary relationship?

<p>To maintain and preserve the property and money of the principal. (C)</p> Signup and view all the answers

What does the term 'accretion' refer to in property law?

<p>A natural addition to land from gradual actions of bodies of water. (B)</p> Signup and view all the answers

What is the purpose of an acknowledgment in property documentation?

<p>To prevent documents from being forged or fraudulently induced. (D)</p> Signup and view all the answers

What is an acre defined as?

<p>A measure of land equaling 160 square rods or approximately 43,560 square feet. (D)</p> Signup and view all the answers

Which type of damages are recognized by a court as a direct result of a wrongful act?

<p>Compensatory damages that arise directly from the wrongdoing. (A)</p> Signup and view all the answers

What is a key characteristic of a cooperative building?

<p>Residents own shares in a corporation and have proprietary leases. (D)</p> Signup and view all the answers

In co-ownership, what does it mean to have an undivided interest?

<p>All co-owners have equal rights to access and use the property. (B)</p> Signup and view all the answers

What defines a corporation in legal terms?

<p>A separate legal entity with rights and responsibilities distinct from its owners. (C)</p> Signup and view all the answers

What is primarily assessed in the cost approach to property appraisal?

<p>The replacement cost of improvements minus depreciation. (B)</p> Signup and view all the answers

What does the term 'cost of money' typically refer to?

<p>The interest rate incurred for borrowing funds. (D)</p> Signup and view all the answers

What is the effect of making a counteroffer?

<p>It cancels the original offer and proposes new terms. (B)</p> Signup and view all the answers

What role does a county treasurer fulfill?

<p>Handling public revenues and expenditures. (C)</p> Signup and view all the answers

Which of the following is true about covenants in property transactions?

<p>They impose specific duties or restrictions on property use. (B)</p> Signup and view all the answers

What is typically included in a property declaration?

<p>A description of the land and its uses (B)</p> Signup and view all the answers

What differentiates a deed of trust from a standard mortgage?

<p>It involves three parties (D)</p> Signup and view all the answers

What is a deed restriction?

<p>A limitation on how the property can be used (D)</p> Signup and view all the answers

What does a default typically represent in a contract?

<p>A breach of contract obligation (C)</p> Signup and view all the answers

What is the role of a trustee in a deed of trust?

<p>To transfer title back to the borrower upon repayment (C)</p> Signup and view all the answers

In relation to mortgages, what function does a defeasance clause serve?

<p>To enable the mortgagor to redeem the property (B)</p> Signup and view all the answers

What issue may arise with junior liens related to a quit claim deed?

<p>Conflicting ownership claims (D)</p> Signup and view all the answers

Which statement accurately describes a quit claim deed?

<p>It conveys ownership interest without warranty (D)</p> Signup and view all the answers

What is required to be disclosed when selling a house?

<p>Major physical defects such as a leaky roof (D)</p> Signup and view all the answers

What does 'disintermediation' refer to in the context of real estate?

<p>Investing savings directly instead of through banks (C)</p> Signup and view all the answers

What does 'discrimination' in real estate law prohibit?

<p>Any unequal treatment based on group affiliation (C)</p> Signup and view all the answers

What is the significance of the Civil Rights Act of 1866 in real estate?

<p>It prohibits discrimination based on race in property dealings (C)</p> Signup and view all the answers

What is meant by 'disparate impact' in discrimination cases?

<p>Neutral actions affecting protected classes more significantly (C)</p> Signup and view all the answers

What are discount points in the context of mortgages?

<p>Amounts paid to reduce the loan interest rate (D)</p> Signup and view all the answers

Which statement best describes the process described by 'disclosure' in real estate?

<p>It requires revealing major defects in a property (B)</p> Signup and view all the answers

Which of the following does NOT represent a common requirement in real estate transactions?

<p>Waiting for buyer approval before listing (B)</p> Signup and view all the answers

What is the term for the crops produced annually through labor and industry?

<p>Emblement (C)</p> Signup and view all the answers

Which legal principle allows the government to acquire property for public use?

<p>Eminent Domain (B)</p> Signup and view all the answers

What does encapsulation of asbestos-containing material aim to prevent?

<p>Release of fibers into the air (D)</p> Signup and view all the answers

What is the definition of encroachment in property law?

<p>The act of building on another's property (B)</p> Signup and view all the answers

Which of the following describes encumbrances on real property?

<p>May restrict the use of property (C)</p> Signup and view all the answers

What does the term entitlement refer to in the context of VA loans?

<p>The amount guaranteed by the government (C)</p> Signup and view all the answers

Which agency is responsible for managing federal pollution control activities?

<p>Environmental Protection Agency (A)</p> Signup and view all the answers

What is enforceability related to in legal terms?

<p>Ability to carry out effectively (A)</p> Signup and view all the answers

Flashcards

Abstract of Title

A summary of a property's ownership history based on public records, showing deeds, transfers, and encumbrances.

Acceleration Clause

A clause in a loan document that allows the lender to demand immediate payment of the entire loan if certain conditions aren't met.

Acceptance

A clear agreement to accept the terms of an offer. The agreement must be communicated.

Accession

Adding property to existing property through natural causes or by another person's actions.

Signup and view all the flashcards

Accounting

Agent's duty to track and account for a principal's funds and property.

Signup and view all the flashcards

Accretion

Land increase from natural causes, typically by water.

Signup and view all the flashcards

Acknowledgment

A formal statement of authenticity for a document, confirming the signature is genuine and voluntary.

Signup and view all the flashcards

Acre

A unit of land area (43,560 square feet).

Signup and view all the flashcards

Actual Fraud

An act meant to deceive, like making a false promise or lying.

Signup and view all the flashcards

Actual Notice

Knowing a fact directly, not just through hints.

Signup and view all the flashcards

Ad Valorem

Taxation based on value.

Signup and view all the flashcards

Addendum

Extra material added to a document.

Signup and view all the flashcards

Adjustable Rate Mortgage (ARM)

A loan with interest rates that can change over time.

Signup and view all the flashcards

Advance Fee

A fee paid before service, often without guarantees.

Signup and view all the flashcards

Adverse Possession

Claiming ownership through continuous, open use.

Signup and view all the flashcards

Possession

Physical control or ownership.

Signup and view all the flashcards

Cooperative

A building/housing where residents are shareholders owning a proprietary lease to a unit, and can use common areas.

Signup and view all the flashcards

Co-Ownership

Two or more people/entities owning an undivided interest in a property.

Signup and view all the flashcards

Corporation

A legal entity separate from its owners, created by law.

Signup and view all the flashcards

Cost Approach

Valuation method estimating improvements' cost, subtracting depreciation, and adding land value.

Signup and view all the flashcards

Cost of Money

The interest rate charged for borrowing money.

Signup and view all the flashcards

Counteroffers

A new offer in response to a previous one, rejecting the initial offer.

Signup and view all the flashcards

County Treasurer

Government officer managing public funds.

Signup and view all the flashcards

Covenant

Agreements in deeds promising specific actions or restrictions on property use.

Signup and view all the flashcards

Declaration

A detailed document describing a real estate project, including land ownership, apartment details, building use, and legal requirements.

Signup and view all the flashcards

Deed

A legal document transferring ownership of real property from a grantor to a grantee.

Signup and view all the flashcards

Deed of Trust

A legal document where property ownership is transferred to a trustee as security for a loan, with three parties involved: borrower, lender, and trustee.

Signup and view all the flashcards

Deed Restriction

Limitations in a deed that dictate permitted uses of a property.

Signup and view all the flashcards

Default

Nonperformance of a duty or obligation in a contract, leading to potential legal remedies for the non-defaulting party.

Signup and view all the flashcards

Defeasance Clause

The clause in a mortgage allowing the borrower to reclaim their property by fulfilling their obligations to the lender.

Signup and view all the flashcards

What is Deed in Lieu of Foreclosure?

A legal document where the borrower voluntarily transfers property title to the lender to prevent foreclosure.

Signup and view all the flashcards

What is a Quitclaim Deed?

A deed that transfers any and all interests a grantor has in a property to a grantee, without guarantees of ownership.

Signup and view all the flashcards

Effective Date of Value

The specific day the conclusion of value applies.

Signup and view all the flashcards

Emblement

Crops produced annually, by labor and industry, as distinguished from crops that grow naturally on the land.

Signup and view all the flashcards

Eminent Domain

The right of the government to acquire property for necessary public or quasi-public use by condemnation; the owner must be fairly compensated.

Signup and view all the flashcards

Employee

One who works under the supervision and control of another.

Signup and view all the flashcards

Encapsulation

The process of applying a sealant to asbestos-containing material, which penetrates the material’s surface, preventing the release of the dangerous fibers into the air.

Signup and view all the flashcards

Encroachment

The building of a structure or construction of any improvements, partly or wholly on the property of another. A form of trespass.

Signup and view all the flashcards

Encumbrances

Any claim, lien, charge or liability attached to and binding on real property that may lessen its value or burden, obstruct or impair the use of a property but not necessarily prevent transfer of title.

Signup and view all the flashcards

Enforceability

The ability to carry out effectively

Signup and view all the flashcards

Disclosure

The act of revealing or making known important information, especially about potential problems with a property.

Signup and view all the flashcards

Discount Point

A fee paid upfront to a lender to lower the interest rate on a mortgage. Each point equals 1% of the loan amount.

Signup and view all the flashcards

Discrimination

Treating someone unfairly based on their membership in a particular group or class.

Signup and view all the flashcards

Disintermediation

When people withdraw their savings from banks and invest directly, leading to less money available for mortgages.

Signup and view all the flashcards

Disparate Impact

A legal doctrine that shows discrimination even if there's no direct intent, based on a rule that negatively affects a protected group more than others.

Signup and view all the flashcards

What is the purpose of disclosure in real estate?

Disclosure in real estate aims to provide buyers with all the necessary information about a property, including potential defects, to make an informed decision.

Signup and view all the flashcards

How does a discount point affect a mortgage?

A discount point lowers the interest rate on a mortgage, but the buyer pays a fee upfront to the lender.

Signup and view all the flashcards

Why is discrimination against certain groups prohibited in housing?

Prohibiting discrimination ensures that everyone has equal access to housing opportunities, regardless of their race, religion, or other protected characteristics.

Signup and view all the flashcards

Study Notes

Flash Cards

  • Professional, published flash cards are available for purchase in the admissions office.
  • If you want to make your own, three definitions are provided per page.
  • Cut horizontally along the perforated lines, then fold in half.
  • The vocabulary word is on one side, and the definition is on the reverse side.

Abstract of Title

  • A summary of the condition of title to real property.
  • Uses an examination of public records.
  • Includes a digest of deeds, transfers, encumbrances, and other instruments reflecting ownership.

Acceleration Clause

  • A clause in a trust deed or mortgage.
  • Gives the lender the right to call all sums due and payable immediately upon a certain event.

Acceptance

  • The expression of intent to be bound by the terms of an offer.
  • Acceptance must be communicated to the offeror.
  • Can be a written/verbal or even a nod of the head.
  • If the offer is in writing, and pertains to real property, the acceptance must be in writing.

Accession

  • Gaining title when property is added to a property by another or a natural action.

Accounting

  • The fiduciary duty of an agent to maintain and preserve the property and money of the principal.
  • Agents must keep accurate records of all funds and documents received.

Accretion

  • An addition to land from natural causes (e.g., from gradual action of the ocean or river waters.)

Acknowledgment

  • To recognize as genuine or valid; A formal declaration made before a duly authorized officer (like a notary public).
  • By the person who signed the document.
  • The document itself can be acknowledged.
  • Designed to prevent forged or fraudulently induced documents.

Acre

  • A measure of land.
  • Equivalent to 160 square rods, 4,840 square yards, 43,560 square feet, or about 208.71 feet square.

Actual Damage

  • Damages that a court of law will recognize and that are a direct result of a wrong.

Actual Fraud

  • An act meant to deceive another.
  • Such as making a promise without intending to keep it, suppressing the truth, or making a false statement.

Actual Notice

  • Having actual knowledge of a fact.
  • Compared with implied or inferred notice.

Ad Valorem

  • A Latin phrase meaning "according to value."
  • Usually used in connection with real estate taxation.

Addendum

  • Additional material attached to and made part of a document.
  • Used when there is insufficient space for all transaction details on the sales contract/agreement.
  • Should be incorporated into the agreement and dated/signed by all parties.

Adjustable Rate Mortgage (ARM)

  • A loan (mortgage or deed of trust) with rates and terms that change.
  • Governed by guidelines from the Comptroller of the Currency (national banks) and the Office of Thrift Supervision (federal savings and loan associations).
  • Allows interest rates to increase or decrease within a certain range at certain time intervals.

Advance Fee

  • A fee paid before services are rendered.
  • Often used in real estate brokerage to cover advertising expenses, but without guarantee of a sale.
  • Brokers must keep accurate records of expenditures.

Adverse Possession

  • Claiming based on open and notorious possession and occupancy.
  • Usually under a claim or right, denying or opposing the title of another claimant.

Affidavit

  • A written statement sworn to or affirmed before an authorized officer.

Agency

  • A relationship created when one person (the principal) delegates the right to act on their behalf in business transactions to another (the agent).
  • With discretion.
  • A fiduciary or statutory relationship with specific duties, obligations, and high standards of good faith and loyalty for the agent.

Agent

  • A person authorized to represent and act on behalf of another person (the principal) in a matter.
  • Can be a real estate broker acting on behalf of a seller or buyer.

Agreeing

  • To consent to a particular course of action.

Air Rights

  • The rights in real property to use the air space above the surface of the land.

Alienation

  • The act of transferring property (and possession of lands or other things) from one person to another.

Alienation Clause

  • A clause in a note or trust deed that allows the payee or beneficiary to declare the entire unpaid balance immediately due and payable upon a subsequent sale of the property.

Allodial Tenure

  • A real property ownership system that can be complete ownership, except for rights held by the government.

Alluvion

  • Soil deposited by accretion or increase of earth on a shore or bank of a river.

Amended

  • To change or modify for the better, improve, amend the situation, etc., especially in phraseology or formally.

Americans with Disabilities Act (ADA)

  • A federal law (1992) designed to eliminate discrimination against individuals with disabilities.
  • Mandates equal access to jobs, public accommodations, government services, public transportation, and telecommunications.

Amortization

  • The liquidation of a financial obligation on an equal installment basis.
  • Also includes the recovery of cost or value over a period.

Annexation

  • The addition of property by adding or attaching other property to it.
  • Can include fixtures, or the addition of unincorporated territory to a city/town.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

FLASH CARDS PDF

More Like This

Untitled Quiz
37 questions

Untitled Quiz

WellReceivedSquirrel7948 avatar
WellReceivedSquirrel7948
Untitled Quiz
18 questions

Untitled Quiz

RighteousIguana avatar
RighteousIguana
Untitled Quiz
50 questions

Untitled Quiz

JoyousSulfur avatar
JoyousSulfur
Untitled Quiz
48 questions

Untitled Quiz

StraightforwardStatueOfLiberty avatar
StraightforwardStatueOfLiberty
Use Quizgecko on...
Browser
Open
Browser
Browser