vocab words
The amount borrowed is called the
Principal amount
What is DUST?
Demand, Utility, Scarcity, Transferability
A mortgager is also known as the
Borrower
What does “ad valorem” mean?
According to value
The amount borrowed is the
Principal amount 🍑
A clause that comes into effect when ownership of a specified asset is transferred or sold
Alienation Clause
The formal agency relationship between the client and agent is created when
The service provision agreement is signed
Occupational code PA 299 of 1980 is
The law regulating the licensing of occupations in Michigan
What is the state law that established additional fair housing protected classes for Michigan citizens
Michigan Elliot LARSEN civil rights act
A legally binding agreement where a borrower promises to repay a lender a specific a specific sum of moneys under defined terms
A promissory note
What refers to the loss of property value due to external factors?
Economic Obsolescence
A deed that contains all covenants of a title is a
General Warranty Deed 😩
A claim that has the appearance of having a valid title but nobody has the title, or there is a defect in documents that make the title invalid.
Color of title 👨🏿🦼
How is equity calculated
Home equity= current market value-total property debt
What does the federal housing administration do? 🤷🏽♀️
Issues loans made by private lenders
Due Diligence Process refers to
Verifying ingress and egress rights
What document defines the relationship between broker and seller?
Listing Agreement
The ___ is the owner of the real estate (also known as a landlord)
The lessor 💦
A collection of federal and state laws that regulate the conduct and organization of business corporations, normally to promote fair competition
Anti Trust Laws
In most cases a tenant in an apartment holds
A lease hold interest 💩
A lease option refers to
When a lease is combined with an option contract
Restrictive covenants are also known as
Conditions, covenants, restrictions 🍆
Certificate of Reasonable Value is issued by who
Department of Veteran Affairs
A department may deny license if….
An applicant has been convicted of embezzlement 🫦
As a rule of thumb all written offers must be
Presented to the seller