Guam Uniform Real Estate exam with 100% solution
Amortized Loan a loan that is repaid in equal payments over its life
FHA loan A loan from Federal Housing Administration; insures loans to
low- and moderate-income families who might not otherwise
qualify for a mortgage
Capitalization present value of future benefits attributable to a property
$10,000.00+ must be reported to the IRS
Chattel personal property
Exclusive Agency Listing A contractual agreement under which the listing broker acts
as the agent or as the legally recognized non-agency
representative of the seller(s), and the seller(s) agrees to pay a
commission to the listing broker if the property is sold
through the efforts of any real estate broker
3% FHA may allow down payments as low as
Affidavit of Title A sworn statement that title is good.
Commisions are earned when the seller accepts the buyers offer w/out conditions
eminent domain the right of government to take private property for public
use
time-share An individual interest in a real property unit together with a
right of exclusive use for a specified number of days or weeks
per year.
1 mile 5,280 feet
square mile 640 acres
acre 43,560 square feet
Elements of a Deed 1. mention a grantor
2.mention a grantee
3.have an element of consideration (money)
4. legal description
5.type of interest being conveyed ( what rights are being
traded)
- usually fee simple
6. Signatures
- Only the "grantors" is required
, Involuntary Alienation A transfer of title to real property without the owner's consent
.
Amortized Loan a loan that is repaid in equal payments over its life
FHA loan A loan from Federal Housing Administration; insures loans to
low- and moderate-income families who might not otherwise
qualify for a mortgage
Capitalization present value of future benefits attributable to a property
$10,000.00+ must be reported to the IRS
Chattel personal property
Exclusive Agency Listing A contractual agreement under which the listing broker acts
as the agent or as the legally recognized non-agency
representative of the seller(s), and the seller(s) agrees to pay a
commission to the listing broker if the property is sold
through the efforts of any real estate broker
3% FHA may allow down payments as low as
Affidavit of Title A sworn statement that title is good.
Commisions are earned when the seller accepts the buyers offer w/out conditions
eminent domain the right of government to take private property for public
use
time-share An individual interest in a real property unit together with a
right of exclusive use for a specified number of days or weeks
per year.
1 mile 5,280 feet
square mile 640 acres
acre 43,560 square feet
Elements of a Deed 1. mention a grantor
2.mention a grantee
3.have an element of consideration (money)
4. legal description
5.type of interest being conveyed ( what rights are being
traded)
- usually fee simple
6. Signatures
- Only the "grantors" is required
, Involuntary Alienation A transfer of title to real property without the owner's consent
.
