A lease hold estate with an indefinite term that may be terminated by death of either the land lord or tenant.
Tenancy at will
The lease hold estate created when a tenant who was in lawful possesion of real property continues in possession without the landlords consent.
Tenancy at sufferance
A statement of the intention to convey property by deed.
Granting Clause
A class of estate in land that lasts for an indeterminable period of time.
Freehold estates
A loan that includes both real and personal property
Package loan
A law that prohibits price fixing and tie-in agreements.
Anit trust law
Insurance policies that offer a package of standard coverages.
Multiperil
The document that determines the maximum VA loan guarantee to which a veteran is on intitled.
Certificate of eligibility
The principle that value is created when a property is in harmony with its surroundings.
Conformity
Grouping homes sites on lots smaller than normal and designating the remaining land as common areas.
Clustering
The cost of constructing an exact duplicate of the subject property at current prices.
Reproduction cost
A model law that addresses obligations in leases, such as the landlord's right of entry, premises maintenance and protection of the tenants for retaliation by the landlord in the event of complaints is the___.
Uniform Landlord and Tenant Act
A private agreement that affects the use of land.
Deed Restriction
The transfer of rights or duties under a contract.
Assignment
The most profitable single use to which property may be put.
Highest and best use
The pledging of a property as security for payment of a loan without actually surrending the property itself.
Hypothecation
The process by which a landlord regains possession of leased premises following a tenants breach.
Actual Eviction
A mortgage clause that states the lender agrees not to terminate the tenancies of rent paying tenants in the event the lender forcloses on the building is the ___ clause.
Nondisturbance
The process of sealing off disintegrating asbestos and chipped or peeling lead based paint without removing it.
Encapsulation
Money set aside by the comprehensive enviormental response, compensation and liability act to pay for the clean up of uncontrolled hazardous waste sites and spills.
Super fund
A contract established by the acts and conduct of the parties.
Implied contract
What age would qualify for a Senior Citizens Homestead Exemption?
B) 65
All proof of wonership and age must be made by Dec 31'st.
A one sided agreement.
Unilateral contract
The grantor is conveying an interest that is less than fee simple absolute. This expanation of the extent of ownership will be found in the:
C) Habendum Clause
This is the to have and to hold clause that defines the extent of ownership that is being conveyed.
A modification to the original will is called a(n):
B) Codicil
Additional agreements attached to an agreement of sale are addenda; and amendment is a change to the existing content of a "contract". Probate is the process of determining the validity of a will.
Which of the following would be covered in a standard title insurance policy?
B) Forged documents
A title insurance policy that protects the interest of a mortgagee is referred to as a(n):
A) Lenders policy
The "Mortgagee" is the lender; The mortgagee's policy is transferable
A charge for use of money
Interest
A portion of the earth's surface extending down to the center and up into space, including all natural and artificial attachments.
Real estate
Even if a consumer has requested placement on the National Do-Not-Call registry, a Real Estate proffessional may call the consumer up to _____ after the consumers last purchase.
C) 18 mo
Retirement communities are of ten developed as ___.
C) Planned Unit Developments
To insure against losses due to a visitors injuries within the owners units, condominium owners typically obtain a policy that inclueds.
A) Liability Insurance
Basic and broad forms of homeowners ins. cover risk factors that dont apply to many individual condo units, such as wind damage to a roof that is common element.
A large tree on Scott's property died and slowly rotted. Eventually, a large branch fell off from its own weight and damaged the back porch roof. What type of homewoners insurance policy would cover this damage?
B) Broad Form Policy
How is flood ins. coverage determined?
B) It covers either the property value or mortgage loan amount (up to loan limit)
Nonfraudulent exaggeration of a property's benefits or features.
Puffing
In real estate agency relationship the third party or non represented consumer who receives some level of sercie and who is entitled to honesty and fair dealing.
Customer
Exaples of nonagents are facilitators, transactional brokers, transactional coordinators and contract brokers.
A) True
B) False
A) True
A contract under which a policy holder is protected from losses arising from defects in title.
Title Insurance
The standard coverage title policy insures against hidden defects such as a ____.
Improperly delivered deeds
The coding system that outlines how the land may be used (c= commerical, r = residential, etc) Divides the land into _______.
Zones
A fixed interest rate mortgage in which monthly payments of principal are increased over the life of the laon according to an index or schedule; each such increase enlarging the regular monthly payment.
Growing equity mortgage
When an improvement project will be on a large scale, such as sewer construction, a(n) ____ may be created.
Local Improvements District (LID)
A highly friable mineral commonly used as insulation prior to being banned in 1978.
Asbestos
Chemical previously used in a foam insulation tha can release harmful gases.
UREA Formaldehyde
Lead based paint is found in about 75% of all private housing built before.
B) 1985
What is the purpose of the Brownfields Legislation that became law in 2002?
C) It gives funds to clean up polluted industrial sites.
Brownfields are defined aas defunct, derelict or abandoned commercial or industrial sites. Many have toxic wastes.
The consummation of a real estate transaction.
Closing
A method of closing in which a disinterested third party acts as the agent of both buyer and seller to coordinate the closing activities.
Escrow
The type of loan governed by RESPA
Federal Related Loans
Expenses that have been paid by and are credited to the seller.
