








Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
actual notice ➹➹➹ : own it Constructive notice ➹➹➹: record something in public records How Is Real Estate Recovery Funded ? ➹➹➹ : by fees & fines
Typology: Exams
1 / 14
This page cannot be seen from the preview
Don't miss anything!
actual notice ➹➹➹ : own it Constructive notice ➹➹➹ : record something in public records How Is Real Estate Recovery Funded? ➹➹➹ : by fees & fines Eminent Domain ➹➹➹ : government has right to take away public use citizens can't refuse to sell) immune properties ➹➹➹ : government owned lot & block ➹➹➹ : residential sub-division surgery system
Metes and Bounds ➹➹➹ : oldest method of land description & provides the most accurate type of legal descriptions What does the Real estate recovery fund do? ➹➹➹ : reimburse members of the public what is a township... ➹➹➹ : a township is 6 miles square contains 36 square miles Each township contains acres ➹➹➹ : 640 acres How many square feet are in an acre? ➹➹➹ : 43, kickbacks are illegal unless.. ➹➹➹ : someone has a licensed Offer and Acceptance
option contract define ➹➹➹ : right to buy a property during a specified period-of-time, at a specified price. contract for deed define ➹➹➹ : aka an agreement between a property owner & potential buyer in which the owner agrees to deliver a deed to the purchaser after certain conditions been met Define implied contract ➹➹➹ : exists when some or all of the terms and conditions can be assumed by the nature of the government Suit for cancellation (rescission) ➹➹➹ : The party who is not in breach of contract can bring a suit in court to cancel the contract and ask the court to put the parties back in their original positions. Suit for Specific Performance ➹➹➹ : A lawsuit to hold the defaulting party to his duties under a contract assignment ➹➹➹ : the sale, transfer, or subrogation of rights in a contract exclusive right of sale listing
➹➹➹ : A bilateral contract in which the property owner promises to pay a commission regardless of who sells the listed property. which of the following is correct regarding the "as is" provision in a sales contract? ➹➹➹ : the seller is still required to disclose all known defects an option is a unilateral contract that is binding to which party? ➹➹➹ : optionor What are the three basic remedies for a breach of contract? ➹➹➹ : suit fr cancellation (recession), suit for specific performance, and suit for damages Define promissory note ➹➹➹ : evidences the debt, and states the interest rate, term, payment requirement, & other information related to that loan When a loan has been paid in full in a lien theory state, what happens next? ➹➹➹ : the mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the loan payoff Which clause in a mortgage requires the lender to acknowledge performance by the borrower?
➹➹➹ : a lease in which the tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales products what are specific liens? ➹➹➹ : real property taxes, special assessment lien, mortgage liens define real estate property taxes ➹➹➹ : property taxes define special assessment lien ➹➹➹ : for improvements; such as sidewalks, road paving, etc. blockbusting ➹➹➹ : Inducing owners to sell because of entry of minorities into neighborhoods Steering or channeling ➹➹➹ : steering directly or indirectly into or away from a neighborhood or location on the basis or race, religion, sex, etc. redlining ➹➹➹ : refusal by a lender to approve a mortgage loan based on a property being located in a geographical area.
Accretion ➹➹➹ : an increase in land area as moving water deposits soil real property ➹➹➹ : includes all real estate plus the legal bundle of rights inherent in the ownership of real estate. riparian rights ➹➹➹ : rights of an owner whose property borders a flowing waterway such as a river or stream. Tenancy in Common ➹➹➹ : Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. Joint Tenancy ➹➹➹ : A form of co-ownership that includes the right of survivorship. tenancy in entireties ➹➹➹ : can only be entered into by married couples, carries the right of survivorship, and one tenant cannot sell or mortgage the subject property without the spouses consent
➹➹➹ : right of a borrower to cure the default before foreclosure rather than lose the property. certificate of eligibility ➹➹➹ : Evidence of VA approval of a qualified veteran for a VA loan prepayment ➹➹➹ : FHA insured mortgage loans must provide the borrower with the right of prepayment without penalty Federal lending regulators require this insurance when the loan exceeds 80% of property value ➹➹➹ : Private mortgage Insurance (PMI) what are the benefits of homeownership? ➹➹➹ : real estate property tax deduction, mortgage interest deduction, and home equity interest deduction federal income tax = real estate/ property tax/ interest ➹➹➹ : to which organization is real estate tax most important?
➹➹➹ : local government The county property appraiser determines the ➹➹➹ : Assessed value greenbelt laws ➹➹➹ : limit the assessed value on agricultural land in or near urban areas. In Florida, the homestead property located outside the city limits would be required to pay property taxes levied ➹➹➹ : the county and school board how do you find mills? ➹➹➹ : #/ static risk ➹➹➹ : can transfer by buying insurance license can be involuntary inactive for... ➹➹➹ : 2 yrs u pay gross lease, landlord pays...
➹➹➹ : Court property appraisal office (ID# of parcel of land) credit = get check debit = write check ➹➹➹ : litigation ➹➹➹ : bill of interpleader letter of satisfaction ➹➹➹ : pay off house exclusive right ➹➹➹ : right to get paid exclusive listing ➹➹➹ : right to sell no guaranteed payment all real estate brokerage partnerships ... ➹➹➹ : must be registered with the DBPR how long does it take to notify the commission of the change in residency
➹➹➹ : 60 days Bill of Interpleader ➹➹➹ : broker doesn't claim any rights to the deposit under dispute declaratory decree ➹➹➹ : A broker who feels he or she is entitled to some or all of earnest money deposit that is in dispute. The deposit would be turned over to the registry of the court pending a settlement.