Financing
This does not qualify as an negotiable instrument.
What is a mortgage securing a promissory note?
Zoning ordinances may regulate
What is density?
A zoning ordinance is a written regulation and law that defines how property in specific geographic zones can be used. Zoning ordinances specify whether zones can be used for residential or commercial purposes, and may also regulate lot size, placement, bulk (or density) and the height of structures
The following is the best definition of a "commercial acre"
What is the building portion of an acre after deductions for streets, curbs and sidewalks?
An agreement between an owner of real property and a broker, whereby the agent agrees to secure a buyer or tenant for a specific property at a certain price and terms in return for a fee or commission.
What is a Listing?
Sam, who does not have a real estate license, is the owner and president of an investment firm. He advertises and sells properties for his clients. Since these transactions involve real estate, who will prosecute him for violating the real estate law:
What is The District Attorney?
Often used to offset a portion of the cost that a bank faces when extending a loan or credit to an individual or business, and is usually calculated as a percentage of the loan outstanding
What is an compensating balance?
A nonpossessory interest in real property is also called
What is an encumbrance?
A claim against, limitation on or liability against real estate is an encumbrance. Encumbrances include liens, deed restrictions, easements, encroachments, and licenses. An encumbrance can restrict the owner's ability to transfer title to the property or lessen its value.
The term depreciation refers to the:
What is the loss of value in real estate from any cause?
Although most commonly used to "depreciate" the value of a commercial or income property over its "useful life" for tax purposes, it's important to remember "depreciation" is actually much broader. It applies to any factor, from functional obsolescence to new highway construction, that diminishes a property's value.
A unit of measurement for lumber, equaling 144 cubic inches or 12" X 12" X 1"
What is a broadfoot?
To the seller, a real estate broker representing the seller
What is a special agent?
In real estate, a special agent is an agent hired to perform a specific duty for a client (also known as a principal). The real estate agent's authority is limited to the specific job for which they are hired.
This contract would be the least difficult for a buyer to obtain financing.
What is a land contract?
A woman conveys ownership of an office building to a nursing home. The nursing home agrees that the rental income will pay for the expenses of caring for the woman’s parents. When the woman’s parents die, ownership of the office building will revert to the woman. The estate held by the nursing home is
What is life estate pur autre vie?
pur autre vie (Law French for "for another['s] life") is a duration of a property interest. While it is similar to a life estate, it differs in that a person's life interest will last for thelife of another person instead of their own.
The Rose family owns a home in a semi-rural area, which is about five years old. Recently announced plans for a new regional airport will place their home directly in line with a main runway ending one mile before their home. The airport is constructed will diminish the value of the Rose Home.
What is economic obsolescence?
Economic obsolescence occurs when factors unrelated to the property itself and outside of the owner\'s control diminish its value. A quick way to judge whether or not a property has become economically obsolete is to analyze whether, under the new circumstances, the location would still be chosen as a home site and, if yes, at what value compared with the current property.
These are known as annual crops produced for sale.
What is an emblement?
The effort that brings about the desired result in a real estate sale.
What is procuring cause?
Procuring cause of sale is the effort that brings about the desired result--in this instance, a ready, willing, and able buyer. The other terms refer to people: A principal is the person for whom the broker works, while a REALTOR is a member of the National Association of REALTORS. The term "procuring broker" isn\'t a term used in real estate at all.
The creditor's interest in the debtors property.
What is a security interest?
A tenancy in common requires this.
What is an arrangement for possession?
Tenancy in common is a situation in which two or more people have ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner's death. Tenancy in common requires all tenants to share the unity of possession, which means all tenants have a common right to use and possess the property
Palisades Construction is completing a new home and must back-fill. The term back fill describes
What is dirt, usually left over from excavation, that is used to fill in space around a foundation or other structure?
Records of all prior transfers for a particular parcel of land.
What is a chain of title?
The most essential element, when two parties want to create an enforceable broker-principal relationship concerning a right, title or interest in real property.
What is an employment (listing) contract?
Most Essential Element of an Enforceable Broker-Principal Relationship is the employment contract (the listing contract)
The Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anticompetitive business practices, such as coercive monopoly.
Who enforces the Truth-in-Lending Law?
For the past 30 years, the Seddon’s have operated a neighborhood grocery store. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the Seddon’s grocery store is located. The store is now an example of a/an:
What is non conforming use?
This is an example of "grandfathering" that's common when new zoning rules are put into place. Basically it means that businesses and buildings that were in compliance before the new code was established may continue to operate or exist under their present owners. However, if the Seddon’s want to sell their business, it must be to an enterprise that meets the new requirement.
Unit-cost-in place, square foot, quantity survey, and cubic foot most likely refer to:
What is appraising?
Depreciation that occurs because of physical factors outside of the property.
What is ECONOMIC OBSOLESCENCE?
A real estate licensee generally acts as this
What is a fiduciary?