Term
| Easement in gross does... |
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Definition
| Does NOT run with the land. it is for the benefit of a person or entity NOT the land. opposite of an appurtenant easement |
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Definition
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Term
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Definition
| regulates standards for real estate prop. tax, standards for tax ass., standards for tax app., req. for tax exempt status. |
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Term
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Definition
| if a chain of title can be traced back for 30 years and no other claims have been recorded during that time, the title is marketable. |
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Term
| When the broker makes a willful misrep. to the Buyer,and is sued by the buyer...this also can happen |
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Definition
1. the broker may have his/her licenses revoked or suspended.
2. the owner of the property may be sued because of the brokers mistake |
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Term
| A contract for sale of RE must be in writing to be... |
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Definition
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Term
| which is not bilateral - option, offer, listing or residential lease? |
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Definition
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Term
| A sales contract contingent of financing should state |
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Definition
the amount of the loan needed
lowest acceptable interest |
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Term
| in a a gross lease the lesee must pay... |
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Definition
| RENT ONLY....NOT tax, maintenances, and insurance |
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Term
| periodic tenancy (year to year) notice must |
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Definition
| be given. however, the lease can be terminated at anytime. |
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Term
| under a ground lease in NC the lessee must pay |
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Definition
| rent, tax, Insurance, upkeep, repairs + principal and interest |
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Term
| (buy) Adjusted tax basis = |
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Definition
| purchase price + improvements + special assessments |
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Term
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Definition
| sale price - Closing costs |
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Term
| The Fed. Fair housing act of 1988 does NOT include... |
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Definition
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Term
| if the listing agent doesn't disclose, resulting in the subagent or buyers agent not knowing too are they both liable? |
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Definition
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Term
| A real estate agent who violates GS 93A may be... |
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Definition
| fined or imprisoned by the court and have her license revoked, suspended or be reprimanded or censured by the commission. |
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Term
| Earnest money and tenant security deposits other than cash must be put into a trust ... |
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Definition
| 3 banking days following acceptance of the offer (CLASS A TRUST) |
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Term
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Definition
| Rent, settlement proceeds, cash and other trust funds must be deposited 3 days from receipt |
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Term
| A real estate agent's license will be .... if he doesn't pay the renewal fee by June 30 |
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Definition
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Term
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Definition
| does NOT allow the seller's loan to be assumed |
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Term
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Definition
| if the buyer defaults then the debt is due in full |
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Term
| A promissory note accompanying the deed of trust does these things |
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Definition
| evidence of the debt, terms of payment (promise), signature of the borrower (mortgagor) |
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Term
| (Take out commitment/loan, |
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Definition
| paid off in its entirety when the property is sold. builder usually pays a fee for the right to obtain a permanent loan if needed. |
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Term
| (RESPA) Real estate settlement procedures act. |
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Definition
| requires lender to give the borrower an estimate of all settlement costs within 3 days of the loan app. |
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Term
| in a VA loan discount points may be payed by.. |
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Definition
| either the buyer of the seller |
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Term
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Definition
| any mortgage other than the first mortgage. |
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Term
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Definition
| greatest risk to lender. arrangements are expected to be made for a permanent loan (take out or end loan) |
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Term
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Definition
| Principal, interest, taxes, insurance |
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Term
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Definition
130,000 divided by 1000 = 130 x 6.99 (factor) = 908.70 PI
1,200 divided by 12 = 30.00 monthly T (Tax)
360 (insurance) divided by 12 = 30.00 monthly I
Sum the totals to get PITI |
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Term
| total interest over the life of the loan |
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Definition
| Monthly PI 498.75 x 360 (days of 30 year loan) = 179,550 total PI - 75,000 (loan) = 104,050 total I |
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Term
| balance after one month = |
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Definition
75,000 x .07 (IR) = 5,285 Annual interest
AI divided by 12 = 440.42 I monthly
498.75 PI - 440.21 I = 58.33 Principal monthly. 75,000 - 58.33 P = 75,441.67 New loan balance |
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Term
| debt to Income ratio method |
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Definition
| add up monthly obligations and divide by the gross income |
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Term
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Definition
| subtracting expenses from the gross income = residual income |
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