Real Estate Broker Licensing | Practice Questions & Verified Answers
township 36 square miles
lot and block system subdivision
8 necessary elements for a valid deed 1. signed and acknowledged by grantor
2. grantor's marital status
3. uses words of conveyance
4. names and addresses of grantors
5. acknowledged by grantor in front of notary
6. signed in front of 2 witnesses
7. legal description
8. delivery and acceptance
Why are deeds recorded? for protection against a third party
quit claim deed sellers agree to convey any interest they have in the property
special (limited) warranty owner warrants they have done no harm to the title and covers only the period in
time where the seller owned the property
warranty deed offers the greatest form of protection a deed can give
joint tenancy A form of concurrent ownership, which occurs when two or more persons own a
single estate in land, with right of survivorship. Must have equal shares, right to
partition.
period to period no specified expiration but a specified length
estate for years type of leasehold that has a specific term or expiration date
pur autrie vie life estate dependent upon the life of another
life estate property ownership until the possessor dies; the estate cannot be passed to the
holder's heirs
fee simple absolute the complete bundle of rights. best interest in real estate recognized by law.
appertenances rights that go along with the land
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, Real Estate Broker Licensing | Practice Questions & Verified Answers
littoral rights rights of a landowner adjacent to a lake
riparian rights rights of a landowner adjacent to a river
bundle of rights the legal rights of an owner of property
fixtures man made attachments
doctrine of emblements tenant farmers can return to pick upo first crops after the land is sold
annexation adding land area
RESPA prohibits 1) Kickbacks & fees for services not performed in connection w/ the closing
2) It limits the amount of escrow reserves a lender can hold
3) The sale may not be on the condition on the use of a certain title co or escrow co.
chosen by the seller.
6 RESPA requirements 1. good faith estimates
2. HUD booklets
3. HUD statement with payments and reasons
4. borrower can inspect the HUD statement
5. lenders disclose all relationships
6. disclose loan sale
RESPA stands for Real Estate Settlement Procedures Act
The cooling off period is a condition of: Regulation Z
Regulation Z gives the customer the right to resind the 3 days
contract up to how many days after a transaction?
Regulation Z applies to: all real estate transactions except for commercial loans. Non real estate
transactions are covered up to 25k.
regulation Z dictates: requirements for disclosures in credit transactions, including APR dislosures
lessee is also known as the tenant
Stuvia.com | New Version
, Real Estate Broker Licensing | Practice Questions & Verified Answers
the lessor is also known as the landlord
the optionee is also known as the buyer
the optioner is also known as the seller
the grantee is also known as the buyer
the grantor is also known as the owner
if the original party to an agreement is replaced by no
novation, are they liable?
novation substitution of a new obligation for an old one or transferring rights/duties under
contract
statute of frauds requires contracts be in writing and all sales or real estate or leases over 1 year be in writing
bilateral contract two parties in contract
unilateral contract one party in contract
10 essential elements of a deed easements
parties of the agreement
description of property
liens/encumbrances
payment terms
obligations of parties
time/method of transfer
warranty
legal notices
signatures
easement right of someone to use the property of another
easement appertenant easement attached to the land that benefits the easement owner
easement in gross allows rights to a servient estate without the easement attached
Stuvia.com | New Version
township 36 square miles
lot and block system subdivision
8 necessary elements for a valid deed 1. signed and acknowledged by grantor
2. grantor's marital status
3. uses words of conveyance
4. names and addresses of grantors
5. acknowledged by grantor in front of notary
6. signed in front of 2 witnesses
7. legal description
8. delivery and acceptance
Why are deeds recorded? for protection against a third party
quit claim deed sellers agree to convey any interest they have in the property
special (limited) warranty owner warrants they have done no harm to the title and covers only the period in
time where the seller owned the property
warranty deed offers the greatest form of protection a deed can give
joint tenancy A form of concurrent ownership, which occurs when two or more persons own a
single estate in land, with right of survivorship. Must have equal shares, right to
partition.
period to period no specified expiration but a specified length
estate for years type of leasehold that has a specific term or expiration date
pur autrie vie life estate dependent upon the life of another
life estate property ownership until the possessor dies; the estate cannot be passed to the
holder's heirs
fee simple absolute the complete bundle of rights. best interest in real estate recognized by law.
appertenances rights that go along with the land
Stuvia.com | New Version
, Real Estate Broker Licensing | Practice Questions & Verified Answers
littoral rights rights of a landowner adjacent to a lake
riparian rights rights of a landowner adjacent to a river
bundle of rights the legal rights of an owner of property
fixtures man made attachments
doctrine of emblements tenant farmers can return to pick upo first crops after the land is sold
annexation adding land area
RESPA prohibits 1) Kickbacks & fees for services not performed in connection w/ the closing
2) It limits the amount of escrow reserves a lender can hold
3) The sale may not be on the condition on the use of a certain title co or escrow co.
chosen by the seller.
6 RESPA requirements 1. good faith estimates
2. HUD booklets
3. HUD statement with payments and reasons
4. borrower can inspect the HUD statement
5. lenders disclose all relationships
6. disclose loan sale
RESPA stands for Real Estate Settlement Procedures Act
The cooling off period is a condition of: Regulation Z
Regulation Z gives the customer the right to resind the 3 days
contract up to how many days after a transaction?
Regulation Z applies to: all real estate transactions except for commercial loans. Non real estate
transactions are covered up to 25k.
regulation Z dictates: requirements for disclosures in credit transactions, including APR dislosures
lessee is also known as the tenant
Stuvia.com | New Version
, Real Estate Broker Licensing | Practice Questions & Verified Answers
the lessor is also known as the landlord
the optionee is also known as the buyer
the optioner is also known as the seller
the grantee is also known as the buyer
the grantor is also known as the owner
if the original party to an agreement is replaced by no
novation, are they liable?
novation substitution of a new obligation for an old one or transferring rights/duties under
contract
statute of frauds requires contracts be in writing and all sales or real estate or leases over 1 year be in writing
bilateral contract two parties in contract
unilateral contract one party in contract
10 essential elements of a deed easements
parties of the agreement
description of property
liens/encumbrances
payment terms
obligations of parties
time/method of transfer
warranty
legal notices
signatures
easement right of someone to use the property of another
easement appertenant easement attached to the land that benefits the easement owner
easement in gross allows rights to a servient estate without the easement attached
Stuvia.com | New Version
