Real Estate

Card Set Information

Real Estate
2011-02-10 10:07:08

Real Estate Chicago
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  1. The governing body of a cooperative
    Board of directors
  2. Undersized or oversized sections are classified as

    A) school sections
    B) range sections
    C) fractional sections
    D) government sections
    C) fractional sections
    (this multiple choice question has been scrambled)
  3. Common law right of owners of land next to rivers, lakes or oceans.
    water rights
  4. A procedure for obtaining the unpaid balance of debt where the foreclosure sale does not generate sufficient funds.
    Deficiency judgement
  5. A wholly governmental agency organized as a non stock corporation that administers special assistance programs and guarantees mortgage backed securities using FHA and VA loans.
    Ginnie Mae
  6. The primary mortgage market includes savings associations, insurance companies, and mortgage bankers.
  7. A fixed interest rate mortgage in which monthly payments of principal are increased over the life of the loan according to an index or schedule; each such increase enlarging the regular monthly payment.
    Growing equity mortgage
  8. The transfer of title without the owners consent.
    Involuntary alienation
  9. Under Regulation Z, a residential purchase money borrower has three days in which to rescind a transaction simply by notifying the lender of his or her intent to rescind.

    Under regulation Z, a borrower other than a residential purchase money or first mortgage borrower has three days in which to rescind a transaction simply by notifying the lender of his or her intent to rescind.
  10. A loan in which both principal and interest are paid off slowly over time.
    Amortized loan
  11. A type of notice also known as direct knowledge.
    Actual notice
  12. The person who makes a will.
  13. The uniform commercial code applies to:

    A) all real property transactions.
    B) sales and leases of commercial property.
    C) Real property transactions involving a mortgage loan.
    D) personal property or fixtures used as a security for a loan.
    D) the uniform commercial code does not apply to real estate. The UCC governs the documents when personal property is used as security for a loan.
    (this multiple choice question has been scrambled)
  14. The borrower in a mortgage loan clause.
  15. A device to compensate for inaccurate measurements and the shape of the earth.
    Correction lines
  16. Fixed objects used to identify significant points of measurement in a metes and bounds description.
  17. A land description system based on the principal meridians and base lines.
    Rectangular survey system
  18. A listing agreement under which the seller must pay the broker a commission regardless of who sells the property.
    Exclusive right to sell listing
  19. The part of a financing agreement that gives the lender the right to declare the entire debt due and payable immediately on default.
    Acceleration clause
  20. Every township contains 36 sections of 640 acres
    True or False
  21. A contract between a buyer and a buyer's Broker that permits the buyer to enter into an unlimited number of similar agreements
    open buyer agency
  22. A business organization that is legal entity managed and operated by a board of directors
  23. Personal property that is converted to real property by being permanently attached to the real estate
    a fixture
  24. The individual who is authorized and consents to represent the interests of another person
  25. The establishment of an agency relationship as the result of the actions of the parties that indicate mutual consent
    implied agency
  26. An affliction of trust and confidence as between a principal and a agent
    fiduciary relationship
  27. If a buyer's agent reveals to the seller that the buyer must move within one month, this action would violate the agent's fiduciary duty of_________ to the buyer
  28. In a community property state, real or personal property that was owned solely by either spouse prior to marriage or acquired by inheritance or gift during marriage
    Seperate Property
  29. Charges imposed by state and local governments to find their functions and services
  30. When a real estate loan secured by a deed of trust has been repaid in full, the beneficiary executes a discharge that releases the property back to the trustor
    After a real estate loan, secured by a deed of trust, has been repaid in full, the trustee executes a released deed that releases the property back to the trustor
  31. Under the common law of agency the agency, the agent owes his or her principal, the six duties: care, obedience, loyalty, disclosure, accounting, and confidentiality. Remembered by the acronym COLD AC
    True or False
  32. An agent owes a customer the duties of reasonable care and skill, honest and fair dealing and disclosure of known facts
  33. An agency relationship in which the agent represents two principals simultaneously without their knowledge or permission
    undisclosed dual agency
  34. A property that has been branded as undesirable because of the events that occurred in or near it
    Stigmatized Property
  35. The principal in a real estate agency relationship
  36. An agent who is authorized to represent the principal in one specific act or business transaction, under detailed instructions
    special agent
  37. An agency relationship in which the agent represents two principals simultaneously with their knowledge or permission
    disclosed dual agency
  38. Type of insurance that covers liability for mistakes and negligences in the usual activities of a real estate office
    errors and omissions ins.
  39. The hidden structural problem that would not be discovered by ordinary inspection
    latent defect
  40. Broker Neil represents carla but is currently working with Kristin to find a home. Assuming that no structure has replaced the traditional common law, which of the following correctly identifies the parties in this relationship:
    -Neil is Krisitn's agent; Carla is Neil's client
    -Kristin is Neil's client; Carla is Neil's principal
    -Neil is Carla's agent; Krisitin is Neil's customer
    • Neil is Carla's agent; Kristin is Neil's customer
    • (Watch for the termonolgy: The broker is working for (representing) Carla and is working for Kristin( a customer) to find a home
  41. The agent obligation to use his or her skill and expertise on behalf of the principal arises under which of the common-law duties?
    - disclosure
  42. The sellers agent has certain duties to the client-principal. all of the following duties of the principal except
  43. The seller's agent is aware of but does not disclose to a buyer that a new landfill has been approved for development on the adjacent property. This is an example of:
    -Negligent misrepresentation
    -latent defect
    -fraudulent misrepresentation
    -unnecessary disclosure
    fraudulent misrepresentaion
  44. When a broker places funds of others into the company's operating account and then withdraws funds for the firms uses what illegal practice has taken place?
    -DBA accounting
    -asset-liability management
  45. A person who is designated by the principal in a broad range of matters related to a particular transaction or activity is a:
    -special agent
    -designated agent
    -general agent
    general agent
  46. The requirement that brokers promptly deposit funds entrusted to the broker in a special trust account is an example of how brokers fulfill the fiduciary duty of ___________.
  47. The international misrepresentation of a material fact in such a way as to harm or take advantage of another person is called__________.
  48. Discovery of a methamphetamine lab on a property can result in the property being regarded as a ___________.
    stigmatized property
  49. A borrower's option of reinstating a defaulted debt prior to the foreclosure sale by paying the amount due.
    equitable right of redemption
  50. Josh tells Sue, a real estate broker, that he has been thinking about selling his condominium. Sue contacts several buyers that she knows are looking for a condominium and one makes an offer for the property. Sue presents the offer to Josh, and he accepts it. Although no docs were signed by Josh, an agency may have been created by _________.
    implied agreement