An up-front fee associated with FHA loans typically rolled into the loan amount
What is UP FRONT MIP
100
Government's right to take land when there are no heir
What is Escheat
100
Emblements
What is FRUCTUS INDUSTRIALES
100
Releases any interest in land whether you have any or not
What is QUIT CLAIM DEED
200
A broker with no written agency relationships in a transaction
What is a TRANSACTION BROKER
200
Market where lenders sell their loans thus freeing up more money to lend to the public
What is THE SECONDARY MORTGAGE MARKET
200
An illegal practice when a company requires that when you buy their home, you must list it with them when you are ready to sell
What is a TIE IN
200
Right of an individual to use land that cannot be revoked but ends upon death of either party or upon sale of property
What is PERSONAL EASEMENT IN GROSS
200
Ownership by more than one person/entity
What is CONCURRENT OWNERSHIP
300
Agent's obligation to look out for the best interest of his client above all else including his own self interest
What is LOYALTY
300
1 Point = 1% of Loan Amount
What is DISCOUNT POINTS
300
Hours during the day telemarketers are allowed to call on any home whether or not they are on the Federal Do Not Call Registry
What is 8:00am - 9:00pm
300
Allows Dave to drive through his neighbor's property to access the road from his property
What is EASEMENT APPURTENANT
300
Records the Deed
What is GRANTEE
400
When one party in a contract fails to live up to his promises
What is DEFAULT
400
Net operating income รท Value
What is CAPITALIZATION RATE
400
Must be delivered within 3 days of applying for a loan according to RESPA
What is Good-Faith Estimate
400
Belongs to the business entity not the property
What are TRADE FIXTURES
400
Conveyed "For Love and Affection"
What is GIFT DEED
500
Term used in offer of property when all known defects are disclosed, buyer is allowed to inspect, but seller makes it known he will not make any repairs
What is AS IS
500
Clause in loan that limits lenders recourse in case of default to the collateral property only