Aceable Agent Principles of Real Estate 2 EXAM 2025 UPDATE
|FREQUENTLY TESTED QUESTIONS AND VERIFIED ANSWERS |already
graded A+
What private mortgage insurance protects - ANSWER-The outstanding
balance loaned by the mortgagee
Effective Gross Income - ANSWER-The total annual income the rental
property produces after subtracting vacancy losses and adding
miscellaneous income.
Nonconforming use - ANSWER-When a pre-existing structure violates a
zoning regulation
DUST acronym - ANSWER-Demand, Utility, Scarcity, Transferability. All
these attributes make real estate valuable
Organization, operation, and liquidation - ANSWER-Three phase cycle of a
syndication
,CERCLA (Superfund) - ANSWER-aimed at rapid containment, cleanup, or
remediation of abandoned toxic waste sites. Anyone associated with the
site can be held responsible for the cost
Origination Fee - ANSWER-a fee charged to a borrower (especially for a
mortgage loan) to cover the costs of initiating the loan
Inverse Condemnation - ANSWER-The taking of private property by the
government without payment of just compensation as required by the U.S.
Constitution. The owner must sue the government to recover just
compensation.
Easement by prescription - ANSWER-An implied easement allowing the use
of an estate after a dominant estate has used the property for a
statutorily prescribed number of years
Equity REIT - ANSWER-Most common type of REIT
The goal of TRID - ANSWER-To help borrowers select the best mortgage
for them through integration of TILA and RESPA
,Words of Departure - ANSWER-NOT a requirement for fir a deed to be
considered valid
Constructive Notice presumes - ANSWER-A diligent individual can search
the public record to gain an understanding of a property, including
present and past interests in that property
Principle of best use - ANSWER-Not one of the economic principles of
value
Easement by Appurtenant - ANSWER-Occurs when two tracts of adjacent
land are owned by two different people. Property cannot be landlocked in
Texas, so one of the owners has the easement, or right, to cross the
other's land
Affidavit as to Debts and Liens - ANSWER-Sworn statement in which the
seller assures the title company (and the buyer) that there are no liens,
unpaid bills for repairs or improvements, or undisclosed defects in the
title
, Anticipation - ANSWER-NOT one of the three approaches to value
REMIC - ANSWER-Real Estate Mortgage Investment Conduit
CMOs - ANSWER-collateralized mortgage obligations
Agency CMOs - ANSWER-CMOs that are guaranteed by government
agencies (Ginnie Mae, Fannie Mae, Freddie Mac)
Non-Agency CMO - ANSWER-CMO issued by private issuers (investment
bankers)
Maturity Dates - ANSWER-When a REMIC is created, the mortgage pools
are segmented based on this.
Ground Lease - ANSWER-Has a long lease term, and is often used in the
development of a commercial property
100 lots or more - ANSWER-The Interstate Land Sales Full Disclosure Act
is applicable to developers involved in the Interstate sale or lease of:
|FREQUENTLY TESTED QUESTIONS AND VERIFIED ANSWERS |already
graded A+
What private mortgage insurance protects - ANSWER-The outstanding
balance loaned by the mortgagee
Effective Gross Income - ANSWER-The total annual income the rental
property produces after subtracting vacancy losses and adding
miscellaneous income.
Nonconforming use - ANSWER-When a pre-existing structure violates a
zoning regulation
DUST acronym - ANSWER-Demand, Utility, Scarcity, Transferability. All
these attributes make real estate valuable
Organization, operation, and liquidation - ANSWER-Three phase cycle of a
syndication
,CERCLA (Superfund) - ANSWER-aimed at rapid containment, cleanup, or
remediation of abandoned toxic waste sites. Anyone associated with the
site can be held responsible for the cost
Origination Fee - ANSWER-a fee charged to a borrower (especially for a
mortgage loan) to cover the costs of initiating the loan
Inverse Condemnation - ANSWER-The taking of private property by the
government without payment of just compensation as required by the U.S.
Constitution. The owner must sue the government to recover just
compensation.
Easement by prescription - ANSWER-An implied easement allowing the use
of an estate after a dominant estate has used the property for a
statutorily prescribed number of years
Equity REIT - ANSWER-Most common type of REIT
The goal of TRID - ANSWER-To help borrowers select the best mortgage
for them through integration of TILA and RESPA
,Words of Departure - ANSWER-NOT a requirement for fir a deed to be
considered valid
Constructive Notice presumes - ANSWER-A diligent individual can search
the public record to gain an understanding of a property, including
present and past interests in that property
Principle of best use - ANSWER-Not one of the economic principles of
value
Easement by Appurtenant - ANSWER-Occurs when two tracts of adjacent
land are owned by two different people. Property cannot be landlocked in
Texas, so one of the owners has the easement, or right, to cross the
other's land
Affidavit as to Debts and Liens - ANSWER-Sworn statement in which the
seller assures the title company (and the buyer) that there are no liens,
unpaid bills for repairs or improvements, or undisclosed defects in the
title
, Anticipation - ANSWER-NOT one of the three approaches to value
REMIC - ANSWER-Real Estate Mortgage Investment Conduit
CMOs - ANSWER-collateralized mortgage obligations
Agency CMOs - ANSWER-CMOs that are guaranteed by government
agencies (Ginnie Mae, Fannie Mae, Freddie Mac)
Non-Agency CMO - ANSWER-CMO issued by private issuers (investment
bankers)
Maturity Dates - ANSWER-When a REMIC is created, the mortgage pools
are segmented based on this.
Ground Lease - ANSWER-Has a long lease term, and is often used in the
development of a commercial property
100 lots or more - ANSWER-The Interstate Land Sales Full Disclosure Act
is applicable to developers involved in the Interstate sale or lease of:
