Nevada National Real Estate Exam 100% Correct

Nevada National Real Estate Exam 100% Correct Amortized Loans Constant payment including principle and interest until paid off Conventional Loan No government back; private Gross Lease Fixed amount- Residential rental Net Lease Fixed plus maintenance; Triple Net = tax & insurance also Percentage Lease Fixed + % of profits ;; mall, retail spaces Ground Lease Long term land lease-- 99+ yr lead;; to build Leaseback Seller leases back after closing; model homes Assign/sublease Renting then leasing to someone else; air B& B Novation Substitution of Lessee or contract Leasehold Estates Death/sale will not terminate lease Estate for years Definite termination date/no notice required Periodic estate Monthly, weekly, annually, notice required for that period Estate at will Open ended, terminates by notice or death Estate at sufferance Wrongful holdover Bundle of rights Deep/C; disposition, enjoyment, exclusion, possession, control Annexation Process of changing personal property to real property; how is it attached? Severance the act of cutting off or apart; To detach Emblements Crops are personalty; fruits of labor Appurtenance Runs with the land; goes to future owners; it is a right Encumbrances Effects on property ownership. Claim, charge or liability that attaches to real estate; restrictions easements, encroachments that affect the condition or use of the property Liens A charge against property that provide security for the debts or other obligations of the property owner. Deed of trust; mortgage. Promise/obligation Lid pendens Pending court action; question about property Encroachment Illegal intrusion Fee simple estate Highest type of interest