Real Estate Business
$250,000
The Capital gains tax exclusion available to homeowners who file their income tax as a single filer?
This type of financing is not insured or guaranteed by a Govt. Agency or Private Source.
What is:
Conventional Mortgage
Acceleration Clause
"The clause that allows the lender to “speed up” the collection of the loan prior to foreclosure.
What is:
Acceleration Clause
"A loss of value to an improvement to real estate arising from functional problems, often caused by poor design or age (might be a one car garage in a 4 bedroom house, or a captive bedroom)"
What is:
Functional Obsolescence
"A listing agreement, where the seller works with one broker but still retains the right to sell the property on their own"
What is:
Exclusive Agency
In order to offset expenses, a high rise community rents out the ground floor to a convenience store.
What is:
Mixed Use
One percent of the loan amount"
What is:
A Point
"Owners selling their own property, an auctioneer selling real estate at a bonafide auction, an attorney selling the property of a client"
What is:
Who is exempt from the PA license Act?
"The possible use of a property that would produce the greatest net income and thereby develop the highest value"
What is:
Highest and Best Use
" The certificate that indicates that the property has met standards suitable for habitation and must be issued before anyone is allowed to move in and often before a lender will allow closing"
What is:
Certificate of Occupancy or Occupancy Permit
The Responsibility to keep the principal informed of all facts that might affect a transaction?
What is:
A Real Estate Broker/Licensee
"The document that pledges property as collateral for a loan"
What is a:
Mortgage
"The rate of return a property will produce on the owner’s investment"
What is:
Capitalization Rate
"An article owned by a tenant and attached to a rented space or building or used in conducting business.
What is:
Trade Fixtures
At the First Meeting a licensee must give this document to a customer.
What is:
The Consumer Notice
"The relationship between the amount of the mortgage loan and the value of the real estate being pledged as collateral"
What is:
Loan to Value Ratio (LTV)
"The constitution prevents the states from depriving any person of life, liberty, or property, without due process of law”
What is:
The Fourteenth Amendment
"The appraisal principal that follows the interrelationship of the supply of and demand for real estate.
What is:
Supply and Demand
Because appraising is based on economic concepts this principal recognizes that real property is subject to the influences of the marketplace just as any other commodity" (market conditions)
"Something of legal value that is “offered” and “accepted” Can be money, barter,“love and affection”
What is:
Consideration
The Department of Housing and Urban Development oversee's the enforcement of this Act.
What is:
The agency responsible for the enforcement of the Fair Housing Act
"A form indicating the appraised value of a property being financed with a VA loan"
What is:
Certificate of Reasonable Value (CRV)-
"The federal law that requires certain disclosures to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks and certain kinds of referral fees"
What is:
Real Estate Settlement Procedures Act (RESPA)
The economic principal that recognizes that real property is subject to the influences of the marketplace just as any other commodity" (market conditions)
What is:
Uniform Standards of Professional Appraisal Practice (USPAP)
Example of a famous individual who sold his property and retained a life estate
What is:
Hugh Hefner