The agency that administers the federal fair housing laws.
HUD
Department of Housing Urban Development
A law that prohibits discrimination against protected classes in evaluating loan applicants (includes non housing related loans)
Equal Credit Opportunity Act
ECOA
The Fair Housing Act prohibits landlords from asking potential tenants for citinzenship immigration documents during the screening process.
A) T
B) F
B) F
However, Hud provides a specific procedure for collecting and verifying citinzenship papers.
A formal judicial process to confirm a will's validity and to see that assets are distributed correctly.
Probate
States that recognize the lender as the owner of the mortgage property are known as.
B) title theory states
In lien theory states, a mortgage is simply a lien on the property where as title thoery states interpret a mortgage to mean that the lender is the owner of the mortgaged property.
A document that indicates that a loan has been made is referred to as a.
D) promissory note
The evidence that a loan has been made is found in the promissory note. A mortgage or deed of trust provides security for the loan. A satisfaction or release indicates that the loan has been paid off.
The status of a real estate sales contract prior to closing.
Executory contract
The art of charging interest in excess of the maximum legal rate.
Usury
A form of loan in which the interest rate fluctuates depending on the behavior of an objective economic index.
Adjustable rate mortgage
A law that requires lenders to reveal the true cost of the borrowing money.
Truth in lending act
Areas such as parks used to screen residential from non residential
Buffer zones
Maintaining and administering another's property for a fee is the job of a?
Property manager
What is the process of brining together parties interested in making a real estate transaction?
Brokerage
Office buildings and retail space are examples of:
D) commercial real estate
All of the following factors will tend to affect demand of real estate except:
A) transfer taxes
When the population of a town suddenly increases, which of the following is most likely to occur?
D) real esate prices will increase
Property management, appraisal, financing and development are all?
Seperate professions within the real esate industry
All of the following are examples of government policies that can affect the real estate market except:
D) a shortgage of skilled labor building materials
this affects the supply of real estate
The amount of goods people are willing and able to buy at a given price.
Demand
The idea that no two parcels of land are exactly alike is called:
D) uniqueness
What is a person who performs real estate activities while employed by or associated with a licensed real estate broker called?
Sales person
A property owner who does not want to deal with the everyday tasks of managing a rental property can hire a?
Property manager
The amount of goods available in the market to be sold at a given price.
Supply
Appraisers must have detailed knowledge of the methods of property ____.
Valuation
Real estate licensees keep their skills and knowledge current by obtaining ____.
Continuing education
A single family home is a type of ___ property.
Residential
The splitting of a single piece of property into smaller parcels is called ___.
Subdivision
Niche markets refers to the targeted marketing of specific __ populations.
Demographic
When the supply of a certain commodity decreases while demand remains the same the price of that commodity tend to?
Increase
To protect the buyer, in some states a(n) __ is conducted as soon as an offer to purchase has been accepted.
Preliminary title search
In an exclusive agency listing one broker is authorized to act as the exclusive agent of the pricipal, who retains the right to sell the property without obligation to the broker.
A) T
B) F
A) T
An association of two or more persons who carry on buisness for profit as co owners.
Partnership
A listing agreement in which the seller receives a specific dollar amount form the sales price, and the selling broker retains tthe balance as his or her compensation.
Net listing
A contract between a buyer and a buyer's broker in which the agent is enttitled to compnesation even if the buyer finds a suitable property independently
Exclusive buyer agency
A listing agreement in which the seller may employ multiple brokers, retains the right to market the property independently and is obligated to compensate only the broker who produces a buyer, if any.
Open listing
Any property that is not real property
Personal property
Conversion of personal property to real property
Annexation
Another word for uniqueness is :
C) nonhomogeneity
A charge or claim aginst a persons property, to enforce the payemnt of money
Lien
A lien createed by law
Involuntary lien
A lien that affects all real and personal property owned by a debtor.
General lien
A written agreement between lien holders to change the priority of a lien
Subordination
A taxing body determinse the appropriate tax rate by dividing the total monies needed for the coming fiscal year by the total assessments of all real estate located within the taxing body's jurisdiction.
A) T
B) F
A) T
Taxes levied on specific properties that benefit from public improvements
Special assessments
A specific, involuntary lien that gives security to persons or companies who perform labor or furnish material to improve real property.
Mechanics lien
The priority of a(n) ___ may be extablished as of the date construction began or materials were first furnished.
Mechanics lien
An example of a property that is exempt from taxation is a(n) ___
Hospital, church
Which of the following is an example of a specific lien?
B) mortgage lien
Is a specific voluntary lien
Which of the following is a general, statutory and involutary lien on both real and personal property?
B) federal tax lien
An IRS lien is a general lien against the person that is against the real and personal property owned by the delinquent taxpayer.
A voluntary legally enforceable promise between legaly competent parties to perform (or refrain from performing) some legal act.
