Real Estate Virginia definitions made by Katy Best Graded Exam Questions

Attachment - ANSWER-Where a creditor's lawyer asks the court for permission to put a lien or attach to your land or home. Constitutes a lien against real and personal property (that are attached to the land) Gross Rent Multiplier (GRM) - ANSWER-A factor dividing sales price by monthly rental income Buffer zone - ANSWER-A park located next to an apartment complex zoned for single fam homes Income (Cap) Approach formula - ANSWER-dividing the net income by the cap rate Personal property examples - ANSWER-Privacy fence, patio furniture, and portable dishwasher. Something that can be removed Condo ownership - ANSWER-has fee simple ownership of one unit in a multi-story building and pays property taxes on their unit Fee Simple Ownership - ANSWER-Allows for the transfer of title of real property by a will FHA loans - ANSWER-may be made only to a borrower whose intent is to live in the property Neighborhood Analysis Approach for Appraisal - ANSWER-Shows that property has experienced growth, stability and decline Promissory note - ANSWER-Evidence of debt