Aceable stuvia Study guides, Class notes & Summaries

Down Payment -ANSWER - The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration -ANSWER - The allocation or distribution of an annual expense across smaller chunks of time Acreage -ANSWER - A unit of measurement used to determine the size of land; 1 acre = 43560 square feet Appraisal -ANSWER - The value of property, based on factors determined by a certified appraiser General data -ANSWER - Information about the ar...

Amortization - ANSWERSThe repayment of a loan principle over time Arrears - ANSWERSPayment for an item or service after it's received Down Payment - ANSWERSThe initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration - ANSWERSThe allocation or distribution of an annual expense across smaller chunks of time Acreage - ANSWERSA unit of measurement used to determine the size of land; 1 acre = 43560 square feet Apprai...

TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - ANSWERSFormulas to calculate commission? PRINCIPAL - ANSWERSWhat is the term that describes the money that is lent? CASH TO CLOSE - ANSWERSDown payment minus earnest money? TOTAL SALES PRICE - ANSWERSLoan payment + loan principal? ORIGINATION POINTS - ANSWERSLoan points/fees charged 1% to compensate loan officers for underwriting and administering the loan. DISCOUNT POINTS - ANSWERSLoan points/fees char...

General data - ANSWER-is information about a property's location. This could include the city, region, and neighborhood in which the property is situated. The appraisal report is usually paid by - ANSWER-the buyer Specific data - ANSWER-information regarding the property itself. What types of data do Appraisers use? - ANSWER-BOTH Specific Data and General Data The appraiser that will complete the appraisal report is usually chosen by - ANSWER-the lender Market value is: - ANSWER-...

Amortization - ANSWERSThe repayment of a loan principle over time Arrears - ANSWERSPayment for an item or service after it's received Down Payment - ANSWERSThe initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration - ANSWERSThe allocation or distribution of an annual expense across smaller chunks of time Acreage - ANSWERSA unit of measurement used to determine the size of land; 1 acre = 43560 square feet Appraisa...

The Real Estate Law is found in A. The Licensing Code B. The Business and Professions Code C. The Health and Safety Code D. The Corporations Code - ANSWERSB. Business and Professions Code The Real Estate Commissioner reports to a. the California Bureau of Real Estate. b. the governor. c. the Department of Housing and Urban Development. d. the legislature. - ANSWERSB. the governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remai...

In an intermediary transaction, the consequences to the seller and buyer are all of the following EXCEPT: A) They will not have full disclosure from the broker about anything confidential about the other party. B) They will receive limited fiduciary duties from the broker. C) They will have to take the transaction out of house. D) They will not have complete loyalty from the broker. - ANSWERSC) They will have to take the transaction out of house. Sarah is a listing agent. When talking t...

Apartment Locators - ANSWERSa real estate license holder who locates dwelling units for prospective tenants Tenant - ANSWERSone who possesses a property under a lease without ownership Broker - ANSWERSsomeone who assists in buying and selling to receive a commission Client - ANSWERSa person or company that buys or leases any product or service Land - ANSWERSthe surface of the earth, extending down to the center of the earth and up into space Real Estate - ANSWERSincludes the land ...

What is a contract? - ANSWERSA contract is a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration. forbearance - ANSWERSa promise not to do something What makes a consideration valuable? - ANSWERSValuable consideration is a term used to describe consideration that is deemed sufficient or appropriate for that which is offered in exchange. Five elements of a valid contract - ANSWERSOffer and a...

Loss - ANSWER-a financial loss or decrease in value. Interest - ANSWER-money repaid regularly at a specified rate as compensation for money lent. Principal - ANSWER-the amount lent to a borrower to purchase a house. Mortgage - ANSWER-a secured loan that is tied to real estate, where the borrower has to pay the money back to the lender on a set schedule and amount of payments; also "liens against property" or "claims on property" Amortization - ANSWER-repayment of a loan principal...