Barney Fletcher Real Estate Exam
5 things that make a lease valid: - ANS-competent parties
meeting of the minds
consideration
legal description
intended use of property
abstract of title - ANS-detailed report of the title search
accelerationclause - ANS-if the borrower fails to keep the covenant/trust deed, the entire loan
balance is due / payable upon demand
accrued interest - ANS-SP-LA= AI
adverse possession - ANS-squatter
affirmative marketing - ANS-real estate brokers must display equal opportunity posters in all
places of business, model homes, other related locations
alcohol restriction on a deed from the seller makes the borrower have what kind of estate -
ANS-defeasible estate
Alienation (Due on Sale) Clause - ANS-upon alienation, mortgagee may demand the balance of
the debt be paid first
alienation of title - ANS-any change of ownership - transferring ownership rights or interests in
real property from one person to another
allodial system - ANS-individuals are able to own land
amortization - ANS-gradual repayment of debt in periodic amounts
appurtenances - ANS-when new fixtures are attached ex. heat/air, roof
ARM - ANS-adjustable rate mortgage
negative amortization is not a part of this
as this kind of agent,: if seller reveals his bottom line, only disclose with written contract -
ANS-dual agent
Assemblage - ANS-combining two or more contiguous parcels of real estate into a single parcel
under one ownership
assumption of mortgage - ANS-when buyer assumes personal liability for full repayment of debt
at minimum for a contingency - ANS-you must do an amendment to extent so it doesnt expire
at will - ANS-when a tenant in lawful possession with no definite time specified as to when he
may vacate
attorney in fact is created through - ANS-power of attorney
bare legal title - ANS-lacks the usual rights and privileges associated with ownership
bargain and sale deed - ANS-grantor claims title, but does not promise to defend title
blanket mortgage - ANS-secured by more than one parcel of land
blockbusting - ANS-overly creating the impression that the nbhd is about to change for the
worse
blue sky laws - ANS-failure to give accurate financial on an investment property to a buyer is
misrepresentation
, borrowing as much as possible - ANS-leverage
bridge loan - ANS-short term loan
broker always gets paid with what right to sell - ANS-exclusive right to sell
under federal law (RESPA) no kickbacks allowed
buffer zone - ANS-something separating two incompatible districts
ex. green area like a park
bulk zoning - ANS-controlling density
buydown - ANS-prepaying interest costs in return for lower rate in early years
can you always count on earnest money refund if you withdraw your offer to acceptancw -
ANS-yes
CANSPAM act - ANS-set rules for commercial email, messages, etc.
allows a call to be places to a former client for up to 18 months after the last transaction
civil rights act of 1866 - ANS-prohibits discrimination based on race
constructive notice - ANS-information has been made available to the public
conventional loan - ANS-loan without any government insurance or guarantee (if you put down
20%)
required LTV is above 80%
cost approach - ANS-land value + replacement costs - depreciation = property value
deal falls apart and buyer and seller cant agree on earnest money dispersal, what do they do? -
ANS-broker should interplead in court
death of who terminates a current listing - ANS-death of owner
deed in lieu of foreclosure - ANS-defaulting borrower gives property to lender, avoiding
foreclosure
lenders might not accept, they must assume junior liens
defeasance clause - ANS-provides for the defeat or cancellation of the mortgage or trust deed
once debt is paid the mortgage is cancelled
defeasible - ANS-capable of being voided/defeated
deficiency judgment - ANS-lender gets balance due after foreclosure
designated agent vs transaction broker - ANS-designated agent:assigned to a client, represent
either the seller or the buyer
transaction broker: someone with license who acts as third party
all are customers
ministerial acts only
discount point - ANS-lower interest rates permanently
divorced wife gets a house, husband disappears and is still on title, what action does wife file to
sell the home - ANS-title action
do co-op owners receive individual tax bills? - ANS-no - they are buying stock
dual agency - ANS-permissible if allowed in office policy, must have written informed consent of
all parties
eminent domain - ANS-right of govs to assume property for necessary public use
encroachment - ANS-unauthorized infringement on a property owners rights as a result of
physical intrusion
encumbrance - ANS-also known as a lien
5 things that make a lease valid: - ANS-competent parties
meeting of the minds
consideration
legal description
intended use of property
abstract of title - ANS-detailed report of the title search
accelerationclause - ANS-if the borrower fails to keep the covenant/trust deed, the entire loan
balance is due / payable upon demand
accrued interest - ANS-SP-LA= AI
adverse possession - ANS-squatter
affirmative marketing - ANS-real estate brokers must display equal opportunity posters in all
places of business, model homes, other related locations
alcohol restriction on a deed from the seller makes the borrower have what kind of estate -
ANS-defeasible estate
Alienation (Due on Sale) Clause - ANS-upon alienation, mortgagee may demand the balance of
the debt be paid first
alienation of title - ANS-any change of ownership - transferring ownership rights or interests in
real property from one person to another
allodial system - ANS-individuals are able to own land
amortization - ANS-gradual repayment of debt in periodic amounts
appurtenances - ANS-when new fixtures are attached ex. heat/air, roof
ARM - ANS-adjustable rate mortgage
negative amortization is not a part of this
as this kind of agent,: if seller reveals his bottom line, only disclose with written contract -
ANS-dual agent
Assemblage - ANS-combining two or more contiguous parcels of real estate into a single parcel
under one ownership
assumption of mortgage - ANS-when buyer assumes personal liability for full repayment of debt
at minimum for a contingency - ANS-you must do an amendment to extent so it doesnt expire
at will - ANS-when a tenant in lawful possession with no definite time specified as to when he
may vacate
attorney in fact is created through - ANS-power of attorney
bare legal title - ANS-lacks the usual rights and privileges associated with ownership
bargain and sale deed - ANS-grantor claims title, but does not promise to defend title
blanket mortgage - ANS-secured by more than one parcel of land
blockbusting - ANS-overly creating the impression that the nbhd is about to change for the
worse
blue sky laws - ANS-failure to give accurate financial on an investment property to a buyer is
misrepresentation
, borrowing as much as possible - ANS-leverage
bridge loan - ANS-short term loan
broker always gets paid with what right to sell - ANS-exclusive right to sell
under federal law (RESPA) no kickbacks allowed
buffer zone - ANS-something separating two incompatible districts
ex. green area like a park
bulk zoning - ANS-controlling density
buydown - ANS-prepaying interest costs in return for lower rate in early years
can you always count on earnest money refund if you withdraw your offer to acceptancw -
ANS-yes
CANSPAM act - ANS-set rules for commercial email, messages, etc.
allows a call to be places to a former client for up to 18 months after the last transaction
civil rights act of 1866 - ANS-prohibits discrimination based on race
constructive notice - ANS-information has been made available to the public
conventional loan - ANS-loan without any government insurance or guarantee (if you put down
20%)
required LTV is above 80%
cost approach - ANS-land value + replacement costs - depreciation = property value
deal falls apart and buyer and seller cant agree on earnest money dispersal, what do they do? -
ANS-broker should interplead in court
death of who terminates a current listing - ANS-death of owner
deed in lieu of foreclosure - ANS-defaulting borrower gives property to lender, avoiding
foreclosure
lenders might not accept, they must assume junior liens
defeasance clause - ANS-provides for the defeat or cancellation of the mortgage or trust deed
once debt is paid the mortgage is cancelled
defeasible - ANS-capable of being voided/defeated
deficiency judgment - ANS-lender gets balance due after foreclosure
designated agent vs transaction broker - ANS-designated agent:assigned to a client, represent
either the seller or the buyer
transaction broker: someone with license who acts as third party
all are customers
ministerial acts only
discount point - ANS-lower interest rates permanently
divorced wife gets a house, husband disappears and is still on title, what action does wife file to
sell the home - ANS-title action
do co-op owners receive individual tax bills? - ANS-no - they are buying stock
dual agency - ANS-permissible if allowed in office policy, must have written informed consent of
all parties
eminent domain - ANS-right of govs to assume property for necessary public use
encroachment - ANS-unauthorized infringement on a property owners rights as a result of
physical intrusion
encumbrance - ANS-also known as a lien
