Real Estate

  1. The agency that administers the federal fair housing laws.
    • HUD
    • Department of Housing Urban Development
  2. A law that prohibits discrimination against protected classes in evaluating loan applicants (includes non housing related loans)
    • Equal Credit Opportunity Act
    • ECOA
  3. 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.
  4. A formal judicial process to confirm a will's validity and to see that assets are distributed correctly.
  5. 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.
  6. 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.
  7. The status of a real estate sales contract prior to closing.
    Executory contract
  8. The art of charging interest in excess of the maximum legal rate.
  9. A form of loan in which the interest rate fluctuates depending on the behavior of an objective economic index.
    Adjustable rate mortgage
  10. A law that requires lenders to reveal the true cost of the borrowing money.
    Truth in lending act
  11. Areas such as parks used to screen residential from non residential
    Buffer zones
  12. Maintaining and administering another's property for a fee is the job of a?
    Property manager
  13. What is the process of brining together parties interested in making a real estate transaction?
  14. Office buildings and retail space are examples of:

    D) commercial real estate
  15. All of the following factors will tend to affect demand of real estate except:

    A) transfer taxes
  16. When the population of a town suddenly increases, which of the following is most likely to occur?

    D) real esate prices will increase
  17. Property management, appraisal, financing and development are all?
    Seperate professions within the real esate industry
  18. 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
  19. The amount of goods people are willing and able to buy at a given price.
  20. The idea that no two parcels of land are exactly alike is called:

    D) uniqueness
  21. What is a person who performs real estate activities while employed by or associated with a licensed real estate broker called?
    Sales person
  22. A property owner who does not want to deal with the everyday tasks of managing a rental property can hire a?
    Property manager
  23. The amount of goods available in the market to be sold at a given price.
  24. Appraisers must have detailed knowledge of the methods of property ____.
  25. Real estate licensees keep their skills and knowledge current by obtaining ____.
    Continuing education
  26. A single family home is a type of ___ property.
  27. The splitting of a single piece of property into smaller parcels is called ___.
  28. Niche markets refers to the targeted marketing of specific __ populations.
  29. When the supply of a certain commodity decreases while demand remains the same the price of that commodity tend to?
  30. To protect the buyer, in some states a(n) __ is conducted as soon as an offer to purchase has been accepted.
    Preliminary title search
  31. 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
  32. An association of two or more persons who carry on buisness for profit as co owners.
  33. 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
  34. 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
  35. 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
  36. Any property that is not real property
    Personal property
  37. Conversion of personal property to real property
  38. Another word for uniqueness is :

    C) nonhomogeneity
  39. A charge or claim aginst a persons property, to enforce the payemnt of money
  40. A lien createed by law
    Involuntary lien
  41. A lien that affects all real and personal property owned by a debtor.
    General lien
  42. A written agreement between lien holders to change the priority of a lien
  43. 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
  44. Taxes levied on specific properties that benefit from public improvements
    Special assessments
  45. A specific, involuntary lien that gives security to persons or companies who perform labor or furnish material to improve real property.
    Mechanics lien
  46. The priority of a(n) ___ may be extablished as of the date construction began or materials were first furnished.
    Mechanics lien
  47. An example of a property that is exempt from taxation is a(n) ___
    Hospital, church
  48. Which of the following is an example of a specific lien?

    B) mortgage lien

    Is a specific voluntary lien
  49. 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.
  50. A voluntary legally enforceable promise between legaly competent parties to perform (or refrain from performing) some legal act.
Card Set
Real Estate
Real Estate