Real Estate PA

Card Set Information

Real Estate PA
2014-10-23 20:45:15
real estate

Questions that i get wrong, because I am stupid, I dont give a fuck about jail
Show Answers:

  1. to be valid and enforceable, a contract must be
    have a legal objective
  2. when an easement lies on a property outside of and adjacent to real property the property benefited is the
    dominant estate
  3. in what manner do corporations hold title in real estate
  4. the right to use another persons property that is temporary revocable and does not run with land is a
  5. which of the following are true about easements, they cannot be revoked by the owner of the
    servient tenement
  6. an estate less than freehold is known as
  7. sue for specific performance?
    when seller defaults on a sales contract
  8. main provision of the statute of frauds is
    contracts to be in writing
  9. primary purpose of recording real estate sales is to
    serve notice of the buyers interest in property
  10. when is a sales contract consummated ?
    when the deed for the property has been delivered and accepted
  11. can undesirable deed restrictions ever be removed?
    yes through court action
  12. a lease would normally terminate with the lessor
    interfering with the lessee's right of quiet enjoyment
  13. how to determine priority of a lean is
    the date the lien was recorded
  14. to convey by will is to
  15. why is a deed recorded
    to give constructive notice
  16. land and all is permanently attached to it is referred to as
    real property
  17. rights in real property that are held for less than a lifetime are called
    personal property
  18. lease on a store is defined as
    personal property
  19. right of the state to assume ownership of property when abandoned is called a
  20. rights in real property that are held for less than a lifetime are called
    personal property
  21. trade fixture is considered
    personal property
  22. landscaping for a house is an example of
    fructus naturales
  23. a right, privilege or improvement associated with land is an
    appurtenance: runs with the land
  24. riparian rights,
    navigable body of flowing water... low water mark.....
  25. item of personal property which is movable and not associated with real property is
    a chattel personal
  26. leases and options are examples
    of chattel real
  27. a freehold estate which is inheritable is a
    fee estate
  28. an estate only limited by the GOVT rights are
    fee simple
  29. indefeasible fee estate is known as
    fee simple
  30. least restricted form of ownership is a
    fee simple
  31. another name for a qualified fee estate is a
    defeasible fee '
  32. main type of qualified fee estate is a
    fee simple determinable
  33. all life estates originate from and return to a
    fee estate
  34. a life tenant can sell mortgage or otherwise convey a
    life estate
  35. when a life estate is granted the grantor's interest is a
    fee estate
  36. wife right to receive a share of husband's property is upon his death is
  37. another name for a qualified fee estate is a
    defeasible fee
  38. indefeasible fee estate is known as a
    fee simple
  39. a life tenant may not sell the
    fee simple title
  40. during the life of an estate less than freehold the landlord holds
    reversion interest
  41. another name for a periodic estate is a
    estate from year to year
  42. lease which may be terminated by either party at any time is a
    estate at will
  43. another name for an estate at will is a
    tenancy at will
  44. a leasehold estate that has specific starting and end dates is
    estate for years
  45. the two basic forms of ownership are called
    sole and concurrent ownership
  46. the form of concurrent ownership which requires the four unities of possession interest time and title
    joint tenancy
  47. acronym for 5 major characteristics of joint tenancy is
  48. form of concurrent ownership that tenants hold separate title to undivided interests,
    tenancy in common
  49. concurrent ownership only for spouses is
    tenancy by the entirety
  50. IN PA forms of concurrent ownership are
    joint tenancy, tenancy by the entirety, tenancy in common
  51. IN PA forms of concurrent ownership are
    tenants in common
  52. only unity required by tenancy in common is the unity of
  53. an easement which affects only one property is called an
    easement in gross
  54. an easement in gross held by an individual is a
    personal easement
  55. if a easement is created by a written agreement between landowner and easement holder it is
    a private grant
  56. creation of an easement by continuous and hostile possession is called a

    creation of easements popcorn
  57. when the need for an easement no longer exists
  58. tenancy by the entirety may not be terminated by a partition
  59. partition in kind is accomplished through subdivision of
    servient estate under an easement in gross is held by the owner of the land which the easement exists
  60. when two or more persons hold title as tenants in common:
    they hold an undivided interest in the property unities of time title and interest need not be present
  61. ad valorem and special assessment tax liens that attach to
    real property
  62. lien which attaches to  all property are owned by the lienee is called a
    general lien
  63. the legislation which establishes priority of liens in most states is
    race statutes
  64. liens created by the operation of law are called
    involuntary liens
  65. in a condominium development the land and the walls are
    common property
  66. law known as the horizontal property act provides for existence of
  67. legislation  enabling condominiums provides for subdividing real property into
    air lots
  68. in a timesharing development the form of organization which gives the buyer ownership in a unit along with others is a
    fee simple ownership
  69. in a condo development owners own:
    fee title to units, share of landspace between walls in a separate property
  70. a lien in favor of a person who has furnished
    which liens have the highest priority real property tax liens
  71. indefeasible is known as a
    fee simple
  72. another name for a qualified fee estate is
    defeasible fee
  73. fee simple determinable =
    condition stated in the deed comes into being or terminated
  74. a freehold estate which is not inheritable called
    life estate
  75. when a life estate is granted, the grantor's interest in the property is a
    fee estate
  76. indefeasible fee estate is known as a
    fee simple estate
  77. a fee estate which is subject to limitations other than the govt rights is a
    qualified fee estate
  78. freehold estate not normally inheritable is a
    life estate
  79. main type of qualified fee estate is called a fee simple determinable
    simple determinable
  80. if a specific form of concurrent ownership is not specified it is presumed to be a
    tenancy in common
  81. concurrent ownership limited to spouses is
    tenancy by the entirety
  82. two types of concurrent ownership that can be separated by partition include
    joint tenancy and tenancy in common
  83. from of concurrent ownership based on concept that each spouse has equal interest in property acquired is
    community property
  84. when landowner reserves or retains an easement in a deed,
  85. deficiency judgment lien is categorized as a
  86. method of legal description of property which uses a reference to a subdivision map is called description by
    recorded plat
  87. GOVT rectangular survey system is based on use of principal
    principal meridians and base lines
  88. a summary of all instruments affecting title and all encumbrances in
    abstract of title
  89. 2 requirements for giving constructive notice of land ownership are g
    physical occupation of the property or public recording
  90. status and condition of title under the torrens system is
    determined the courts
  91. purpose of recording deeds is to give constructive notice
  92. first step in establishing torrens land title is to file for
    quiet action in court
  93. any encumbrances to a title under the torrens system must be entered on
    the certificate of title
  94. getting property under the torrens system requires a
    title certificate
  95. owner, mortgage are the most common types of
    title insurance
  96. title insurance whose coverage decreases as the mortgage is paid down is called the
    mortgagee's title insurance
  97. owners title insurance remains in effect only as long as teh owner or the heirs have
    interest in the property
  98. sum of all facts on which ownership is founded on is called the
  99. to have a valid deed in most states the grantee must be of s
    sound mind only
  100. warranties as to title status are provided by
    covenants in the deed
  101. warranties in a deed affect the certainty
    that a title is sound
  102. deed covenant which assumes the grantor will bear the expense of defending the title against the claims of others
    is the warranty of title
  103. deed often used by an agent of principle such a trustee or executor of will the special warranty deed
  104. bargain and sales contain an implied interest in property but no warranty as to title statues
    quitclaim not warranty as to the title
  105. agent of principle( only against encumbrances by grantor)=
    pecial warranty
  106. gaining title to additional land is accrettion
  107. distribution of an intestate decedent's estate is governed by state laws called succession
    (the laws of descent)
  108. 1 gift of real property in will knows as a

    2 legacy is a gift of

  109. owner of property may reclaim land lost by avulsion
  110. largest to smallest subdivision,
    block and lotrecorded plat description
  111. ,marketable title to real property is
    free of reasonable doubt to ownership
  112. instruments such as deeds are recorded in order to provide
    constructive notice
  113. covenant which grantor warrants that he/she is owner of the property and has the right to sell is the
    covenant of seizin
  114. by means of the covenant against ecnumbrances grantor warrants
    all encumbrances are mentioned in the deed
  115. in order to convey title to real property a deed must be
    delivered and accepted
  116. type of lease used by retail establishments is a
  117. provisions for increases in rent with an index lease are contained in an
    escalator clause
  118. type of lease for long term commercial leases are
  119. the transfer of some of the rights and interest in the leased property is called
  120. when a leased property is sublet the new tenant is called the
  121. lease option is
    two separate contracts
  122. in the second through 5 years of lease security deposit may not exceed o
    one month's rent
  123. first step in land development is
    land acquisition
  124. future growth is regulated by basing local zoning ordinances on a
    master plan
  125. non conforming use occurs when a zoning regulation is implemented after a
    property is built
  126. permission to be exempt from a specific requirement within a pre existing zoning category is provided through
    a variance
  127. changing the zoning to a less active or intensive is is called
  128. private land use controls can be initiated through
    deed restrictions
  129. deed restrictions are also restrictive covenants
    deed restriction which prevents owner from selling is illegal
  130. if a zoning ordinance and a deed restriction have different restriction which one takes precedence,
    the more restrictive
  131. a clause in the lease that allows a landlord to gain judgement for such costs are delinquent rent and atty fees is a
    a confession of judgement
  132. in a real estate contract the consideration given by the buyer is a
    promise of purchase price
  133. anything of monetary value when promised in a contract is called
    valuable consideration
  134. under the 1988 amendments act, the maximum amount of civil damages is
  135. a transaction is exempt from the PA human relations act if it involves the rental of an owner occupied
    two unit dwelling
  136. offer and acceptance are required in order to have
    mutual agreement
  137. a contract which does not have legal objective is
  138. contracts made by persons already declared incompetent are
  139. in PA unless the contract states otherwise, if property is destroyed before the deed has passed
    the buyer obligated to go through with the sale
  140. in the case of an option contract for real property a broker normally earns a commission
    when the option is exercised
  141. land contract, contract for deed and contract for title are all names for an t
    installment contract
  142. after an installment contract is closed, the legal title is held
    by the seller
  143. when real property is purchased using as installment contract the property taxes are paid and interest on loan payments is deducted for tax purposes
    by the buyer
  144. 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
    called a contract of sale
  145. deeds cannot be assigned
    radon= lung damage
  146. prepayment clause in promissory note
    always included
  147. under the title theory approach to hyphecation of mortgaged property. the legal
    title is held by the lender
  148. a licensee representing a seller is required to advise the seller than under the real estate seller disclosure act the seller is required to
    disclose  ALL material defects in the property
  149. an agreement between a rental listing referral agent and a prospective tenant must include 
    the specifications desired by the prospective tenant
  150. ***escalation
    clause in a mortgage that allows lender to increase payments or interest rates if certain events take place is an escalation clau
  151. *under the intermediate theory approach to hypothecation of mortgaged property, 
    legal title is held by the borrower
  152. \borrower in mortgages= the mortgagor

    granting clause is for lender

    alienation, optional***
  153. clause in a mortgage which waives a priority of recordation is called a
  154. a provision that limits the liability of the buyer to the balance of the loan is knows as the 
    nonrecourse provision
  155. in a trust deed the two clauses which create the primary difference from a mortgage are the 
    power of sale and reconveyance clauses
  156. an amortized loan that also included in each payment an amount to cover taxes and insurance
     is called a budget loan
  157. a loan from the seller to the buyer to finance all or part of the purchase price of real property is called a 
     purchase money loan
  158. negative amortization is possible with
    adjustable rate and graduated payment loans
  159. a mortgage in which seller prepays interest on the buyers behalf is called
     a buydown loan
  160. ginnie mae provides funds by 
    guaranteeing securities issued by to others
  161. under a title theory approach to hypothecation of mortgaged property, security for the note is 
    provided by the lender holding legal title
  162. under lien theory approach to hypothecation of mortgaged property,
     security is provided by lender holding a lien
  163. under the intermediate theory approach to hypothecation of mortgaged property, the legal title 
    is normally held by the borrower*
  164. clause used by the lender to prevent assumption of loan is the
    alienation clause
  165. due on sale clause is the same as the alienation**
    prepayment penalty in note  are optional
  166. escalation clause 
    allows lender to increase payments or interest rates if certain events take place
  167. prepayment clause is always included
    certain events take place, "escalation" lender to increase payments******
  168. document completed by lender that shows how much a loan remains to be paid is a called 
    certificate of reduction\\
  169. document in which a borrower verifies the amount still owed on a loan and interest rate is ***
    a called certificate of estoppel
  170. a clause in mortgage that waives priority of recordation is called a 
    subordination clause
  171. provision that limits the liability of the buyer to balance of the loan is known as the 
    non recourse
  172. foreclosure without a court action requires a mortgage 
    contain a power of sale clause
  173. type of foreclosure associated with a trust deed is a
     non judicial foreclosure
  174. a provision that limits the liability of the buyer to the balance of the loan
     is the non recourse provision
  175. type of loan which only interest is paid during the term of the loan is 
    called a term loan
  176. with term loan the principal is paid at the end of a term
    term loan is also a straight loan
  177. the maximum amount the interest rate on an adjustable rate loan can increase in one adjustment period 
    is called the periodic interest rate cap
  178. negative amortization is possible with 
    adjustable rate and graduated payment loans**
  179. real estate loan which also includes a provision for an installment on some article of personal property 
    is called a package loan
  180. negative amortization is possible with adjustable rate and graduated payment loans
    those who bring borrowers and lenders together but don't make loans themselves are balled mortgage brokers
  181. largest number of loans  made by private lenders are made by sellers
    short term loans made primarily by commercial banks include commercial and construction loans
  182. the federal home loan mortgage corporation is 
    freddie mac
  183. the FHA's primary purpose is to insure loans
    the amount of loan discount refers to the actual amount of charged to the borrower
  184. 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%
    the number of discount points refers to a percentage of the loan amount
  185. loan to value ratio is equal to 
    the amount of a loan divided by the smaller of the sales price or appraised value***** \
  186. with conventional loans without private mortgage insurance the loan to value is limited to 80% (usually)
    at closing title insurance is required by the lender
  187. variable closing costs are
    transfer tax, origination fee, lenders title insurance
  188. FIXED closing costs 
    are credit report fee, appraisal fee, survey
  189. NOT a fixed closing costs are
    transfer taxorignation feelenders title insurance
  190. the prepayment clause in a promissory note may provide for any of the following except 
    accelerating the due date of the note.
  191. an acceleration clause in a promissory note permits the lender to
    Advance the due date on a note if payments are not made as scheduled
  192. the covenant which will not appear in a mortgage but will appear in a general warranty deed is the
    covenant against encumbrances
  193. a mortgagee is permitted to inspect mortgaged property to ascertain that all covenants are being adhered to
    by the covenant of re-entry
  194. a mortgagor may be prohibited from allowing a purchaser to assume his/her mortgage loan if the mortgage contains
    , a due on sale clausean alienation clause
  195. depending on state law when a mortgagor defaults on a loan the mortgagee may seek 
    relief through Foreclosure\
  196. when a notice of lis pendens is recorded it is a
    notice of pending legal action, and a quasi lien on a property in the notice
  197. payments on items of personal property such as kitchen appliances are part of the monthly payments under
    a package loan
  198. adjustable rate loans can result in negative amortization
    they contain caps on increases in the interest ratekeyed to a mutually acceptable index
  199. when fraud occurs the injured party has the option to rescind the contract
    in the case of a mistake in material fact resulting in no mutual agreement the contract is void
  200. once an assignment is made the person primarily responsible for performance under the contract
     is the assignee.
  201. a contract can be assigned
     when executory only
  202. to apply for a time share salesperson license an applicant must complete a course
    of 30 hours
  203. when a home buyer assumes an existing loan and the lender releases the original borrower it 
    is called novation
  204. after an installment contract is closed the legal title is 
    held by the seller ***
  205. 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
    by the buyer
  206. who can create and own a qualified association?
    licensees affiliated with the same broker
  207. rental listing referral agreements must state the the agent
     is not a real estate broker or salesperson
  208. a broker must deposit escrow rents received for property management  into a
     rental management account
  209. to apply for a time share salespersons license an applicant must complete a course 
    consisting of 30 hours of instruction
  210. 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 
    = .08 X 400,000 = 32,00032,000/ .10 = 320,000