Podcast
Questions and Answers
What is the primary purpose of a promissory note in real estate transactions?
What is the primary purpose of a promissory note in real estate transactions?
- To establish ownership of the property
- To serve as a contract for the sale of property
- To detail the terms of the mortgage
- To provide evidence of the debt (correct)
How can functional obsolescence affect a property's market value?
How can functional obsolescence affect a property's market value?
- By enhancing the property's aesthetic appeal
- By reducing the value due to outdated features (correct)
- By increasing the overall market demand for the property
- By ensuring the property complies with current building codes
What happens to a joint tenancy if one tenant transfers their ownership?
What happens to a joint tenancy if one tenant transfers their ownership?
- The ownership changes to tenants in common (correct)
- The new owner becomes a joint tenant
- The joint tenancy is automatically terminated
- The ownership is divided equally among the remaining tenants
Which of the following statements accurately reflects the function of a power of sale clause?
Which of the following statements accurately reflects the function of a power of sale clause?
What are riparian rights in relation to property ownership?
What are riparian rights in relation to property ownership?
What does functional obsolescence in real estate primarily refer to?
What does functional obsolescence in real estate primarily refer to?
What legal action must a squatter take to gain ownership after occupying someone else's land?
What legal action must a squatter take to gain ownership after occupying someone else's land?
What happens to the ownership type when a joint tenant transfers their ownership interest?
What happens to the ownership type when a joint tenant transfers their ownership interest?
What is the main function of the power of sale clause in a mortgage agreement?
What is the main function of the power of sale clause in a mortgage agreement?
What is the requirement for an owner in an HOA or POA to act as a manager?
What is the requirement for an owner in an HOA or POA to act as a manager?
Flashcards
Pre-approval
Pre-approval
A preliminary check of a borrower's creditworthiness by a lender before giving final approval.
Functional Obsolescence
Functional Obsolescence
Outdated features in a house that reduce its value.
Adverse Possession
Adverse Possession
Legally claiming ownership of another's land through continuous use for a specific period.
Promissory Note
Promissory Note
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Power of Sale Clause
Power of Sale Clause
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Joint Tenancy Transfer
Joint Tenancy Transfer
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Quiet Title Action
Quiet Title Action
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Riparian Rights
Riparian Rights
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Net Listing
Net Listing
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Up Front MIP (UFMIP) Calculation
Up Front MIP (UFMIP) Calculation
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Study Notes
Real Estate Questions
- Pre-approval is a preliminary check by the lender to qualify a buyer, including checking credit, income, and debt.
- Functional obsolescence involves outdated features that depreciate a house's value. Curable obsolescence can be fixed, while incurable obsolescence cannot.
- After squatting on someone else's land for a long time, a quiet title action can be used to gain adverse possession.
- When a joint tenant transfers their ownership share, other joint tenants remain as tenants in common.
- A promissory note is evidence of debt.
- A power of sale clause allows a lender to foreclose without a lawsuit.
- Riparian rights allow an owner to use the water of an adjoining stream.
- Up Front MIP is calculated by multiplying the Loan amount by the MIP Rate, then rounding up to 2 decimal places and dividing by 12.
- Owners in a community with an HOA or POA do not need a license to act as managers.
- A net listing is a real estate listing arrangement where the seller receives the proceeds above a set price or percentage of the sales price. It is illegal.
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Description
Test your knowledge of key real estate terms and concepts with this quiz. From pre-approval processes to various forms of property rights, the questions cover essential elements of real estate law and practices. Perfect for aspiring agents or anyone interested in the real estate market.
