Real Estate PA

to be valid and enforceable, a contract must be

when an easement lies on a property outside of and adjacent to real property the property benefited is the

in what manner do corporations hold title in real estate

the right to use another persons property that is temporary revocable and does not run with land is a

which of the following are true about easements, they cannot be revoked by the owner of the

an estate less than freehold is known as

sue for specific performance?

main provision of the statute of frauds is

primary purpose of recording real estate sales is to

when is a sales contract consummated ?

can undesirable deed restrictions ever be removed?

a lease would normally terminate with the lessor

how to determine priority of a lean is

to convey by will is to

why is a deed recorded

land and all is permanently attached to it is referred to as

rights in real property that are held for less than a lifetime are called

lease on a store is defined as

right of the state to assume ownership of property when abandoned is called a

rights in real property that are held for less than a lifetime are called

trade fixture is considered

landscaping for a house is an example of

a right, privilege or improvement associated with land is an

riparian rights,

item of personal property which is movable and not associated with real property is

leases and options are examples

a freehold estate which is inheritable is a

an estate only limited by the GOVT rights are

indefeasible fee estate is known as

least restricted form of ownership is a

another name for a qualified fee estate is a

main type of qualified fee estate is a

all life estates originate from and return to a

a life tenant can sell mortgage or otherwise convey a

when a life estate is granted the grantor's interest is a

wife right to receive a share of husband's property is upon his death is

another name for a qualified fee estate is a

indefeasible fee estate is known as a

a life tenant may not sell the

during the life of an estate less than freehold the landlord holds

another name for a periodic estate is a

lease which may be terminated by either party at any time is a

another name for an estate at will is a

a leasehold estate that has specific starting and end dates is

the two basic forms of ownership are called

the form of concurrent ownership which requires the four unities of possession interest time and title

acronym for 5 major characteristics of joint tenancy is

form of concurrent ownership that tenants hold separate title to undivided interests,

concurrent ownership only for spouses is

IN PA forms of concurrent ownership are

IN PA forms of concurrent ownership are

only unity required by tenancy in common is the unity of

an easement which affects only one property is called an

an easement in gross held by an individual is a

if a easement is created by a written agreement between landowner and easement holder it is

creation of an easement by continuous and hostile possession is called a

when the need for an easement no longer exists

tenancy by the entirety may not be terminated by a partition

partition in kind is accomplished through subdivision of

when two or more persons hold title as tenants in common:

ad valorem and special assessment tax liens that attach to

lien which attaches to  all property are owned by the lienee is called a

the legislation which establishes priority of liens in most states is

liens created by the operation of law are called

in a condominium development the land and the walls are

law known as the horizontal property act provides for existence of

legislation  enabling condominiums provides for subdividing real property into

in a timesharing development the form of organization which gives the buyer ownership in a unit along with others is a

in a condo development owners own:

a lien in favor of a person who has furnished

indefeasible is known as a

another name for a qualified fee estate is

fee simple determinable =

a freehold estate which is not inheritable called

when a life estate is granted, the grantor's interest in the property is a

indefeasible fee estate is known as a

a fee estate which is subject to limitations other than the govt rights is a

freehold estate not normally inheritable is a

main type of qualified fee estate is called a fee simple determinable

if a specific form of concurrent ownership is not specified it is presumed to be a

concurrent ownership limited to spouses is

two types of concurrent ownership that can be separated by partition include

from of concurrent ownership based on concept that each spouse has equal interest in property acquired is

when landowner reserves or retains an easement in a deed,

deficiency judgment lien is categorized as a

method of legal description of property which uses a reference to a subdivision map is called description by

GOVT rectangular survey system is based on use of principal

a summary of all instruments affecting title and all encumbrances in

2 requirements for giving constructive notice of land ownership are g

status and condition of title under the torrens system is

purpose of recording deeds is to give constructive notice

first step in establishing torrens land title is to file for

any encumbrances to a title under the torrens system must be entered on

getting property under the torrens system requires a

owner, mortgage are the most common types of

title insurance whose coverage decreases as the mortgage is paid down is called the

owners title insurance remains in effect only as long as teh owner or the heirs have

sum of all facts on which ownership is founded on is called the

to have a valid deed in most states the grantee must be of s

warranties as to title status are provided by

warranties in a deed affect the certainty

deed covenant which assumes the grantor will bear the expense of defending the title against the claims of others

deed often used by an agent of principle such a trustee or executor of will the special warranty deed

bargain and sales contain an implied interest in property but no warranty as to title statues

agent of principle( only against encumbrances by grantor)=

gaining title to additional land is accrettion

distribution of an intestate decedent's estate is governed by state laws called succession

1 gift of real property in will knows as a


2 legacy is a gift of

owner of property may reclaim land lost by avulsion

largest to smallest subdivision,

,marketable title to real property is

instruments such as deeds are recorded in order to provide

covenant which grantor warrants that he/she is owner of the property and has the right to sell is the

by means of the covenant against ecnumbrances grantor warrants

in order to convey title to real property a deed must be

type of lease used by retail establishments is a

provisions for increases in rent with an index lease are contained in an

type of lease for long term commercial leases are

the transfer of some of the rights and interest in the leased property is called

when a leased property is sublet the new tenant is called the

lease option is

in the second through 5 years of lease security deposit may not exceed o

first step in land development is

future growth is regulated by basing local zoning ordinances on a

non conforming use occurs when a zoning regulation is implemented after a

permission to be exempt from a specific requirement within a pre existing zoning category is provided through

changing the zoning to a less active or intensive is is called

private land use controls can be initiated through

deed restrictions are also restrictive covenants

if a zoning ordinance and a deed restriction have different restriction which one takes precedence,

a clause in the lease that allows a landlord to gain judgement for such costs are delinquent rent and atty fees is a

in a real estate contract the consideration given by the buyer is a

anything of monetary value when promised in a contract is called

under the 1988 amendments act, the maximum amount of civil damages is

a transaction is exempt from the PA human relations act if it involves the rental of an owner occupied

offer and acceptance are required in order to have

a contract which does not have legal objective is

contracts made by persons already declared incompetent are

in PA unless the contract states otherwise, if property is destroyed before the deed has passed

in the case of an option contract for real property a broker normally earns a commission

land contract, contract for deed and contract for title are all names for an t

after an installment contract is closed, the legal title is held

when real property is purchased using as installment contract the property taxes are paid and interest on loan payments is deducted for tax purposes

written agreement wherein a seller agrees to sell and a buyer agrees to buy real estate on the terms and conditions set forth therein is

deeds cannot be assigned

prepayment clause in promissory note

under the title theory approach to hyphecation of mortgaged property. the legal

a licensee representing a seller is required to advise the seller than under the real estate seller disclosure act the seller is required to

an agreement between a rental listing referral agent and a prospective tenant must include 

***escalation

*under the intermediate theory approach to hypothecation of mortgaged property, 

\borrower in mortgages= the mortgagor

granting clause is for lender

alienation, optional***

clause in a mortgage which waives a priority of recordation is called a

a provision that limits the liability of the buyer to the balance of the loan is knows as the 

in a trust deed the two clauses which create the primary difference from a mortgage are the 

an amortized loan that also included in each payment an amount to cover taxes and insurance

a loan from the seller to the buyer to finance all or part of the purchase price of real property is called a 

negative amortization is possible with

a mortgage in which seller prepays interest on the buyers behalf is called

ginnie mae provides funds by 

under a title theory approach to hypothecation of mortgaged property, security for the note is 

under lien theory approach to hypothecation of mortgaged property,

under the intermediate theory approach to hypothecation of mortgaged property, the legal title 

clause used by the lender to prevent assumption of loan is the

due on sale clause is the same as the alienation**

escalation clause 

prepayment clause is always included

document completed by lender that shows how much a loan remains to be paid is a called 

document in which a borrower verifies the amount still owed on a loan and interest rate is ***

a clause in mortgage that waives priority of recordation is called a 

provision that limits the liability of the buyer to balance of the loan is known as the 

foreclosure without a court action requires a mortgage 

type of foreclosure associated with a trust deed is a

a provision that limits the liability of the buyer to the balance of the loan

type of loan which only interest is paid during the term of the loan is 

with term loan the principal is paid at the end of a term

the maximum amount the interest rate on an adjustable rate loan can increase in one adjustment period 

negative amortization is possible with 

real estate loan which also includes a provision for an installment on some article of personal property 

negative amortization is possible with adjustable rate and graduated payment loans

largest number of loans  made by private lenders are made by sellers

the federal home loan mortgage corporation is 

the FHA's primary purpose is to insure loans

in comparing the effects of interest rate and discount points on the lender's yield on a loan one discount is equivalent to 1/8%

loan to value ratio is equal to 

with conventional loans without private mortgage insurance the loan to value is limited to 80% (usually)

variable closing costs are

FIXED closing costs 

NOT a fixed closing costs are

the prepayment clause in a promissory note may provide for any of the following except 

an acceleration clause in a promissory note permits the lender to

the covenant which will not appear in a mortgage but will appear in a general warranty deed is the

a mortgagee is permitted to inspect mortgaged property to ascertain that all covenants are being adhered to

a mortgagor may be prohibited from allowing a purchaser to assume his/her mortgage loan if the mortgage contains

depending on state law when a mortgagor defaults on a loan the mortgagee may seek 

when a notice of lis pendens is recorded it is a

payments on items of personal property such as kitchen appliances are part of the monthly payments under

adjustable rate loans can result in negative amortization

when fraud occurs the injured party has the option to rescind the contract

once an assignment is made the person primarily responsible for performance under the contract

a contract can be assigned

to apply for a time share salesperson license an applicant must complete a course

when a home buyer assumes an existing loan and the lender releases the original borrower it 

after an installment contract is closed the legal title is 

when real property is purchased using an installment contract the property taxes are paid and the interest on loan payments is deducted for tax purposes

who can create and own a qualified association?

rental listing referral agreements must state the the agent

a broker must deposit escrow rents received for property management  into a

to apply for a time share salespersons license an applicant must complete a course 

investor is considering an income producing property valued at 400,000 using a capitalization rate of 8% how much could the investor afford to pay for the property if a cap rate to 10% is used income