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| comeptitive marken analysis |
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demand
utility
scarcity
transferability |
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| essential elements of value |
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| value of over improved property declines (big house small neighborhood) |
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| value of under improved property increases (small house big neighborhood) |
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| 6 month prices of surrounding houses using adding or subtracting of extra appurtenances |
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| most effective method for new construction |
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| value = cost to build - depreciation + land |
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| formula for cost approach |
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| method for unusual buildings, conversion of future income to present value |
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| formula for net operating income |
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| speeds up the note when borrower is in default |
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| legal procedure whereby property is used as secruity for a debt - removes all liens |
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| mortagor gives deed to mortgagee - does not whipe out liens |
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| interest only is paid in small monthly payments but a large balloon at the end |
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| equal payments of principal and interest, small balloon at the end |
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| interest paid in arrears equal payments of principla and interest, no balloon |
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| interest rate = index + margin |
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| formula for interest rate |
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| morgagee pays morgageror, mostly seen in senior citizens |
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| property used as secruity - higher risk for borrower |
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| loan to value/mortgage ration |
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| private mortgage insurance |
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| equity = market value - debt |
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| borrowed money used to increase investment return |
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| charging interest rate in excess of what is permitted (determined by the state laws) |
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| loans exceeding ________ LTV require ____ - which makes it a smaller down payment |
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| federal housing administrations |
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| department of verans affairs |
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| secondary mortgage market |
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| buys mortgages from primry lenders |
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| disclosing true cost, lender finance charges |
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| how many days does a person have to rescind after reg Z loans |
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| disclosure of closing costs, given _____ after |
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| contracts including a minor, under duress, fraud, or misrespresentation |
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| promise is exhanged for a preformance |
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| promist exchanged for a promise |
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| one or both parties need to com,plete part of the contract |
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| changes or modifications to a contract |
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competent parties
mutal agreements
lawful objective
consideration
in writing and signed |
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| elements of a valid contract |
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| requires certain contracts to be in writing |
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| sets length of time parties will be given to file a lawsuit |
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| seller gives buyer the right to buy for a set prices and set term |
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| fixed rate plus expenses lease |
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| lease rent determined by the percentage of income |
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| terminated lease because of tenant failure to act |
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| tenant evicted becasue of breach in their lease |
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| mutual cancellations of obligations and returns to oiginal state |
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| attached items either to the house or to an improvement |
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| transferred in the bill or sale |
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| disadvatage to owning land |
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| legal description using measurements and compass degrees |
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| rectagnle/government survey |
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| legal description using meridians |
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| an acre is how many square feet |
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| create plat map, record the map |
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| first step in development is to _______________ second step is to ____________-- |
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| indefinite duration of ownership |
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| type of freeholdstate which lasts forever and maximum rights |
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| lasts as long as deed conditions are met, type of freehold estate |
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| lasts life of teants life, freehold state |
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| nonfreehold (easehold) estate |
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| define duration and may be terminated |
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| predetermined termination date with no notice |
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| renews from month to month |
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| type of nonfreehold estate that continues until terminated by owner or seller |
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| person responsible only for amount of his investments |
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| _____ do not have to be recorded for title to transfer |
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| seizin, quiet enjoyment, against encumbrances, further assurance, warrenty forever |
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| warrenty deed (best for grantee) |
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| used as a problem solver and to terminate deed restrictions |
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| government transfers ownership by land patent |
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| competant grantor, identifiable grantee, consideration, legal description, granting clause, eecuted by grantor, delivered and accepted |
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| essential elemts of a valid deed |
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| process of distributing all a deceaseds assets |
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| act of transferring deceased real estate |
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| act of transferring deceased personal property |
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| ownership granted by courts due to actual open, continous, hostile, notorious, and exclusive possession of anothers land |
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| historical summary of all conveyances and encumbrances |
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| lists current title statues and title defects |
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| protects against defects discovered before and after closing |
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| used to clear title problems found in abstract |
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| these are automatically credit to buyer |
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| 1031 tax deferred exhanges |
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| used by investors to defer payment |
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| points, origination, interest, tases |
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| staright line depreciation |
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| asset depreciated by equal amounts each year |
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police power, enforces laws governing land use
eminent domain, right to take private land for public use
taxes, property taxes
escheat, abandoned property |
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| goverment rights in land and definitions |
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| master plan is used to ______ |
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| allows an owner to use a residence that no longer complies with current zoning |
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| limits locations of improvements |
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| allows individual to vary to economic hardship |
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| specific type of variances allows a different use |
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| issued when a new building is ready for occupency |
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| enviormental impact statement |
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| privately created controls on land use |
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| employed person who represents a principal |
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| obediance, loyalty, disclosure, confidentiality, accounting, reasonable care and skill |
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| agents fidiciary responsiblities |
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| agent authorized to preform a particluar act |
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| agent authorized to preform with limited power |
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| enviormental protection agency |
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| abatement or enapsulation |
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| prohibits anticompetitve behavior |
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| familiar status, race, sex, handicapped, color, religion, national origin |
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| federal protected classes |
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| age, sexual orientation, marital status, occupation |
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| NOT protected federal classes |
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| inducing people tos ell their homes because of prospective buyers |
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| refusing to offer lans to certain areas |
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| no exception of fair housing in regards to ______ |
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| equal credit opportunity age |
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| americans with disabilities |
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| requires registration of sex offenders |
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