How does a creditor who has obtained a judgement get satisfaction against a debtor who will not pay?
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Scarcity, location, and durability
The economic characteristics of land are?
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Month-to-Month lease
What lease would best suit couples needs who are looking for temporary housing?
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Rectangular survey
The land description T3N, R4W Principal Meridian refers to what type of property description?
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Personal Property
Crops that require annual planting are generally considered to be?
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The identity of the legal owner is kept confidential
A distinguishing characteristic of owning property by land trust is that?
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Homeowner
A lawsuit for reverse condemnation may be brought by the?
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Return of the property to the original owner
If conditions for purchase are included in a deed and these conditions are violated, what is the penalty?
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Reconciliation
When more than one approach to value is applied to a property and different indications of value are produced, how should the final estimate of value be determined?
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Demand immediate payment of the entire note
A borrower has defaulted on the mortgage. The mortgage contains an acceleration clause. This permits the lender to?
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Negative cash flow
Too much leverage may result in?
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All real estate activities of salespersons
A managing broker can be held responsible for?
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In a timely manner
Earnest money should be deposited into a trust account when?
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By upholding the Civil Rights Act of 1866
Why was the Jones vs Mayer decision of 1968 important?
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Has ever been convicted of selling illegal drugs
A landlord may refuse to rent to a tenant who?
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Credit buyer $110,000, debit seller $110,000
The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at the closing?
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Public auction
In most states, foreclosed property is sold through?
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Cost of the building only
Depreciation is calculated based on?
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Constructive notice
A judgement has been properly recorded. Any subsequent purchasers have actually examined the record or not, have been given?
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An executory contract
An agreement to purchase which has not been closed is?
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A management agreement
An agency agreement between a property owner and a property manager is usually created by?
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the buyer to acknowledge disclosure of the presence of any known lead paint
Homes built before 1978 require?
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Identify and remedy the cause of the problems
What is the first step to take when mold actions are found?
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Specific agency
When a principal authorizes an agent to perform to a particular act or transaction, it is an example of?
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The seller accepts the offer
A broker earns his commission when?
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Foreclosure is usually simpler and faster
A benefit of a deed of trust is?
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Interest rates charged by lenders
The purpose of usary laws is to regulate?
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Insurance company
The FHA functions most like an?
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Term loan
A loan that requires a borrower to pay interest only until the due date and then to pay the entire principal of the maturity date is called the?
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Present and future owners
A deed restriction is applicable to the activities of?
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Special assesement
New sidewalks installed only on one side of the street will probably be paid for by?
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Conditional use permit or zoning ordinance.
What would be needed to be obtained for permission to build a grocery store in an area zoned residential?
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Origination fee
What is used to increase the lenders yield on a real estate loan?
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Pricing property
A competitive market analysis is performed when?
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Void
Contracts made by a minor are?
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Collecting more interest than is allowed by law
What is usary?
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Encumbrances
All liens are?
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Escheat
Abandoned private property redeemed by local government is an example of ?
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The principal and the client are the same person
According to the law of agency as it relates to a broker?
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The mortgage becomes due and payable
If a mortgagor defaults on the note?
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An encumbrance
To the owner of land it runs across an easement is?
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Lower the interest rate
Discount points are charged by the lender to?
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Fee simple absolute
What is the fullest estate a property owner can have?
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Offer, acceptance, and consideration
A valid contract requires only?
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Present all offers at the same time
When presenting offers it is best to?
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Mortgagee
The lender in a mortgage relationship is the?
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Unchanged
If a lessor dies after all parties have signed a lease, the lease is?
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Words of conveyance
Essential elements for a deed include?
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When it is accepted
When does a deed convey title to property?
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Listing agreement
What is not covered by the statue of frauds?
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Mortgagors
A mortgage is acknowledged by?
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Sales comparison approach
Which appraisal method would get the most weight on a single family home?
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FNMA
What is the largest privately owned secondary market player?
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In equal monthly installments that pay off the entire balance during the loan term
A fully amortized loan means that a loan will be payed off when?
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An interest in real property created by the execution of a valid sales contract.
Equitable title is?
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disclose all material facts to the principal
A licensed real estate broker must?
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The official name of the agent broker is also in the ad.
An agent can advertise a property for sale under the agents own name if?
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Is a way for a vendor to help a vendee finance the property
A land contract?
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3 business days to change their mind
Under The Truth in Lending Act, the borrower has?
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An Open end loan
The type of mortgage that allows a borrower to borrow an additional sum is called?
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Replacement cost
The most common method of estimating property value for fire insurance purposes is?
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General Warranty
Which deed contains the most covenants?
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A mortgage
What is a lien on real estate?
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The voiding of a contract
Rescission of a contract can be described as?
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Specific performance
What is the legal procedure brought forth by a buyer to enforce terms of a contract?
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Probate court
Who has jurisdiction over estates of the deceased?
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Governments ability to put time limits on noncom-forming uses
What is Amortization provision?
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Administrator
Dies inestate\=
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2nd mortgage, more than one property, interest only, interest and principal.
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