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RE Principles H- Questions &Exam (elaborations) answers 100% satisfaction guarantee
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RE Principles H- Questions &Exam (elaborations) answers 100% satisfaction guarantee
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RE Principles H-?highest and best use - ✔✔most profitable, physically possible, and legally permissible use for a prop
holder in due course - ✔✔A person who takes a negotiable instrument for value, in good faith, and
without notice that it is defective or is overdue.
holdover tenancy - ✔✔possession of prop by a tenant who remains in possession after
expiration/termination of lease
holographic will - ✔✔a will written entirely by hand and signed and dated by the testator
home energy rating program - ✔✔CA energy commission program to certify home energy rating
services
to provide info on energy efficiency levels and guide investment into cost-effective home energy
efficiency measures
home equity sales contract - ✔✔agreement to sell homeowner's equity
CA civil code reqs specific notice to owner, including right of cancellation
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Home Affordable Refinance Program (HARP) - ✔✔legislation that allows borrowers w/little to no
equity to refinance their mortgage w/no new mortgage ins
Home Loan Toolkit - ✔✔a guide from the consumer finance protection bureau for consumers who
apply for a credit transaction secured by real prop
Homeowner Assistance Program - ✔✔CA program for senior citizens and blind/disabled citizens of
any age
provides a prop tax rebate for low-income taxpayers
Homeowner's Bill of Rights 2004 - ✔✔enacted after CA wildfires in 2003
clarified rights of homeowners under ins policies
homeowner's exemption - ✔✔amount of an owner-occupied prop value that is excluded from
taxation
Homeowner's Protection Act of 1998 (HPA) - ✔✔Fed law requiring lenders/servicers provide
disclosures/notifications concerning PMI on residential mortgages after July 1999
,homestead exemption - ✔✔exemption of real prop used as a home from certain creditor
claims/judgments up to a specific amount
What is the Housing Financial Discrimination Act also known as? - ✔✔Holden Act
When did the Housing Financial Discrimination Act become effective? - ✔✔1978
What does the Housing Financial Discrimination Act prohibit? - ✔✔Discrimination in loan decisions
based on location or another characteristic
Under what circumstances can financial institutions make loan decisions based on location or another
characteristic according to the Housing Financial Discrimination Act? - ✔✔If the decision can be
proven to be based on sound business practice
hypothecation - ✔✔use of a real prop as collateral for debt
implied agency - ✔✔action of a principal causing a third party to rely on the representation of an
agency relationship
implied contract - ✔✔agreement established from the conduct of the parties rather than express
agreement 100%
implied warranties - ✔✔warranties by grantor to grantee implied by the deed, even if not mentioned
in it
implied warranties examples - ✔✔grantor warrants he has not already conveyed the prop and that
there are no encumbrances on the prop brought about by grantor/any person who might claim title
from the grantor
impossibility of performance - ✔✔event makes it impossible to perform a contract on its terms
ex: destruction of prop
impound account - ✔✔trust account est. by a lender for accumulation of borrower funds to pay
taxes/other recurring costs
impracticability of performance - ✔✔same as commercial frustration
income capitalization approach - ✔✔appraisal method where the actual or likely NOI of the prop is
divided by its expected ROR (cap rate) to get an estimate of market value
, independent contractor - ✔✔person that has almost complete freedom to accomplish purposes of
their employment
index method - ✔✔estimating reproduction cost by multiplying original cost by a factor
factor represents % change in construction cost from time it was built to time of valuation
inherent authority - ✔✔the authority of an agent to perform activities not mentioned in the agency
agreement, but necessary to carry out an auth'd act
inheritance tax - ✔✔tax on prop received on death of the owner
CA does not have this anymore
injunction - ✔✔a writ/order issued by a court to restrain 1+ party from doing an act deemed to be
inequitable/unjust in regards to the rights of another party/ies in the suit/proceeding
installment note - ✔✔promissory note that provides regular payments over the loan term
usually including both principal and interest
installment sale - ✔✔sale involving extension of credit by prop seller
seller receives regular payments from buyer on specified terms
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What are institutional lenders? - ✔✔Financial intermediaries/depositories that pool the money of
depositors to invest in various ways like mortgage loans and trust deeds
What are examples of institutional lenders? - ✔✔Savings and loan associations, commercial banks,
life insurance companies, etc.
insulation - ✔✔use of material to reduce heat conductivity and improve energy efficiency of bldgs
how is quality of insulation measured? - ✔✔R-value
"interest" in prop - ✔✔a share/right in something, partial ownership
"interest" in payment - ✔✔the charge for the use of money for a period
interest rate - ✔✔the % of a sum of money borrowed that is charged for its use
interest rate reduction refinancing loan (IRRRL) - ✔✔type of VA-guaranteed loan that can be used
for refinancing
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