MD Real Estate PSI exam Latest Update Graded A+

MD Real Estate PSI exam Latest Update Graded A+ home equity loan A loan under which a property owner uses the property as collateral and can then draw funds up to a prearranged amount against the property. Also called a home equity line of credit, or HELOC. home inspection A thorough visual survey of a property's structure, systems, and site conditions conducted by a professional. Home Mortgage Disclosure Act A federal law, implemented at its creation by Regulation C of the Federal Reserve, that requires lenders to annually disclose the number of loan applications and loans made in certain areas to avoid the practice of redlining. On July 21, 2011 the rule- making authority of the law was transferred to the Consumer Financial Protection Bureau. homeowners insurance Insurance that covers a residential real estate owner against financial loss from fire, theft, public liability and other common risks. homestead Land that is owned and occupied as a family home. In many states, a portion of the area or value of this land is protected or exempt from judgments for debts other than those secured by the property. Housing for Older Persons Act of 1995 HOPA HOPA Amended the Fair Housing Act to provide that housing intended for persons aged 55 or older no longer needs to have significant facilities and services designed for the elderly. HUD-1 A form that was formerly used to itemize fees and services charged to a borrower and seller during a real estate transaction. hydraulic fracturing (fracking) The process used to extract natural gas from the deep layers of rock in which it is embedded. hypothecation To pledge property as security for an obligation or loan without giving up possession of it. immobility The fact that property cannot be relocated to satisfy demand where supply is low, nor can buyers always relocate to areas with greater supply. implied agency If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed. implied agreement A contract under which the agreement of the parties is demonstrated by their acts and conduct. implied contract A contract under which the agreement of the parties is demonstrated by their acts and conduct. (see implied agreement) implied warranty of habitability A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use. impound accounts An account that the mortgage lender may require a borrower to have to accumulate funds to pay future real estate taxes and insurance premiums. improvement 1. Any structure, usually privately owned, erected on a site to enhance the value of the property (e.g., a building, fence, or driveway).