Barney Fletcher

Consists of: the land itself, airspace above the land, mineral rights, improvements of and to the land, fixtures, fructose naturals, water rights, appurtenances, easements, and interests, benefits and ownership rights correct answer: What is the nature of real property? All property that is not real property correct answer: What is the nature of personal property? correct answer: What are the basic elements and principles that govern the real estate market? correct answer: What a...

deed correct answer: the instrument used to transfer real property Title correct answer: Ownership and the owner's rights Real Estate correct answer: Land + improvements (appertenances) Physical Characteristics of Land correct answer: 1. Immovable 2. Indestructable 3. Non-Homogenous (unique) Economic Characteristics of Land correct answer: 1) Situs 2) Improvements 3) Fixed Investment 4) Scarcity Personal Property correct answer: anything that is not real property; Chatt...

Ad Valorem correct answer: latin for "according to value" Ad Valorem Tax correct answer: state or local tax based on the value of the property being taxed; finances general operation of the govt Special Assessment Tax correct answer: affect local properties benefiting from an improvement; value of benefit must exceed cost of improvement appropriation process correct answer: local government budgeting process assessed value correct answer: the amount that your local government ...

1. Open Listing (Non-Exclusive) correct answer: May be given to many brokers. Only the broker who is the "procuring cause" gets paid. 2. Truth in Lending Act (Regulation Z) correct answer: Requires meaningful disclosure of cost of credit including APR (Annual Percentage Rate). 3. Trust Accounts correct answer: Holding valuables for others; Commingling-illegal mixing trust funds and own private funds; Can't be used for broker purposes; Can't be seized to use for Firm needs; Broker m...

Bundle of Rights correct answer: The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property. Right to possess property correct answer: Right that states the title holder is the legal owner of the property RIght of Control correct answer: The title holder can use the property in any way that is not illegal. A HOA can place additional restrictions on anything from garden ornaments to pet ownership, though these rules are not laws. Right to Enj...

What is the formula for Tax Prorations? correct answer: (Annual Tax / 365)x number of days of prorations If a closing is before July 1 who pays the prorated tax? correct answer: Seller If closing is on or after July 1 who pays the prorated tax? correct answer: Buyer What is the formula for calculating Insurance proration? correct answer: (Annual Premium / 365) x # days in prorated period What is the formula for calculating Accrued Interest Proration? correct answer: ((Loan Balan...

Bob and Carol are buying a home for $180,000 and putting up a down payment of 20%. They have to pay 2 discount points. What will be the amount paid for the discount points? Select one: a. $3,600. b. $3,250. c. $3,000. d. $2,880. correct answer: $180,000 price X 20% = $36,000 down payment. $180,000 less $36,000 down payment = $144,000 loan amount. $144,000 X .02 = $2,880 in discount points. The correct answer is: $2,880. What is the current balance of a 7.5% loan if this month's intere...

An appraiser recommended tearing down a $28,000 house. There was a shopping center across the street. Which of the following appraisal principles BEST describes this situation? A. deterioration B. highest and best use C. capitalization D. substitution correct answer: B. highest and best use What could guarantee no encroachments and good title? A. assumption package B. title insurance policy C. survey D. termite inspection correct answer: B. title insurance policy Which of the...

"Real Estate" correct answer: Physica land and improvements (permanent manmade improvements (such as sidewalks , building, and ponds)) "Real Property" correct answer: Includes Land, improvements, as well as The Bundle of rights from the sky to ground "Bundle of Rights" correct answer: term for the legal rights that accompany real property ownership What do the "Bundle of Rights" include? correct answer: *right to possess the property, control the property. *right to enjoy a...

hypothecate correct answer: to use property as security for debt without giving up possession of it promissory note correct answer: a contract for a maker to repay a loan to the bearer, that is evidence of the debt. Bearer holds note, & it states the loan amount, interest rate, time & method of repayment, & obligation to repay. mortgage contract correct answer: a lien that establishes real property as security for debt; usually non-assignable. Lender holds no interest mortgager corre...