APPRAISAL
This is the most probable price a property would bring in a competitive and open market under all conditions necessary for a fair sale.
What is Market Value?
This type of contract has all essential elements and is legally enforceable in court.
What is a Valid Contract?
This document is used as evidence of a debt owed by a borrower to a lender.
What is a Promissory Note?
This bundle of rights includes the right to possess, use, enjoy, exclude others, and dispose of property.
What are Property Rights?
A property sells for $250,000 with a 10% down payment. What is the down payment amount?
What is $25,000?
This appraisal principle states that a property is worth more when it is surrounded by well-maintained and higher-valued properties.
What is Progression?
This contract occurs when only one party makes a promise that can be accepted through performance.
What is a Unilateral Contract?
This clause allows a lender to demand full repayment of a loan if the borrower defaults.
What is an Acceleration Clause?
This type of ownership includes the right of survivorship between co-owners.
What is Joint Tenancy?
A commission rate is 6% on a property sold for $320,000. What is the total commission?
What is $19,200?
This appraisal principle says that a property loses value when surrounded by lower-priced or poorly maintained properties.
What is Regression?
This contract type occurs when all parties have fully completed their obligations.
What is an Executed Contract?
This type of loan has payments that remain the same throughout the life of the loan.
What is a Fixed-Rate Mortgage?
This form of ownership is available only to married couples in certain states and includes the right of survivorship.
What is Tenancy by the Entireties?
A property is listed for $450,000 and sells for 95% of the listing price. What was the sales price?
What is $427,500?
This principle of value says that the maximum value of a property is created when the improvements are in harmony with the surrounding area.
What is Conformity?
This legal concept refers to something of value exchanged between parties in a contract.
What is Consideration?
This ratio compares the amount of the loan to the value of the property.
What is the Loan-to-Value Ratio (LTV)?
This type of property is permanently attached to the land and transfers with the property unless excluded.
What is Real Property?
A lender requires a borrower to maintain an 80% loan-to-value ratio on a property worth $500,000. What is the maximum loan amount?
What is $400,000?
An appraiser estimates value by comparing a property to recently sold similar properties. This appraisal method is called
What is the Sales Comparison Approach?
A contract entered into by a minor is generally considered this type of contract.
What is a Voidable Contract?
This financing method allows a buyer to purchase property with installment payments directly to the seller while the seller keeps legal title until the loan is paid in full.
What is a Land Contract?
This legal concept gives someone the right to use another person’s land for a specific purpose.
What is an Easement?
A property measures 150 feet by 200 feet. If one acre equals 43,560 square feet, how many acres is the property?
What is approximately 0.69 acres?