Show when property fails to sell at a court foreclosure for an amount sufficient to satisfy the mortgage debt, the mortgage may usually sue for which of the following DefinitionTerm all of the following are intended to convey title to real estate that has been sold exceptDefinition deed in lieu of foreclosureTerm brokers who conspire to set commission rates or enter into an agreement to allocate a specific market are subject to which of the followingDefinition Term what type of lease requires the lessee to pay taxes, insurance, and repairsDefinition Term after the statue of limitations has run out, a contract that has been breached is which of the followingDefinition Term a licensed real estate brokerDefinition must disclose all material facts to the principalTerm acceleration is a term associated with which of the followingDefinition Term the federal fair housing act 1968 makes if illegal to discriminate because ofDefinition Term a licensed salesperson is authorized by law toDefinition act under the supervision of real estate brokerTerm as far as its validity between grantor and grantee is concerned, a deed that is not dated, acknowledged or recorded isDefinition valid despite these omissionsTerm one who owns a life estate cannotDefinition Term restrictions in a deed that benefit only the grantorDefinition can be removed by the grantor issuing a quitclaim deedTerm to the holder of the dominant tenement, an easement is aDefinition Term after C purchases a property, he has a survey made and finds that his neighbor, through error, has recently built an ornamental fence two feet over on C's lands. this would be a basic example of:Definition Term the word "fee" used in connection with real property means:Definition Term when a person dies interstate and no heirs can be found for intestate succession, real property will revert to the government through a processDefinition Term what document is prepared to evidence that personal property is pledged to secure a loanDefinition Term which is true about apartment ownershipDefinition in typical cooperative association, if one or more members fail to pay their share of the mortgage, the other owners must make payments for the defaulting members, or risk foreclosure or the entire propertyTerm which of the following is permissible under the federal fair housing actDefinition denying housing based on a prior violent criminal conviction of the applicantTerm S decides to use the services of OK realty to locate a suitable home for his minority family. OK realty assigns T, its only minority salesperson, who avoids showing S any properties outside minority neighborhoods despite the fact S has indicated interest in the house in an all-white district. OK realty's discriminating actions can be BEST described as: Definition Term a salesperson get 60% of the commission on property he lists and sells for the firm. which of ths following transactions will earn the most money for the salespersonDefinition Term an ower requests a broker to list a property for sale at 70k. on inspection, the broker believes the property is worth 80k. the broker should?Definition inform the seller that the property is worth 80kTerm s fiduciary relationship could exist between a principal and all of the following except aDefinition Term a real estate saleperson might lawfully accept an extra commission in a diffult sale fromDefinition Term on who has the right to sign the name of a principal to a contract of a sale is aDefinition Term a property manager's duties typically include all of the following exceptDefinition investing profits from client's propertiesTerm all of the following are a valid operating expense for a building manager to put into a budget exceptDefinition Term a standard form policy of title insurance does not protect against loss resulting fromDefinition encroachment on the propertyTerm escrow or a settlement agent is often used for all of the following purposes exceptDefinition to prepare the legal and tax documentsTerm prorate the prepaid taxes as of settlement date (june 15) if a property is valued at 120k and assessed at 55% value with a tax rate of $3.20 per $100 of valuation on a calendar year basisDefinition debit buyer $1,144, credit seller $1, 144Term F is interested in an income property from which he would realize $1,500 per month net. IF investment capital is attracted to a 15% return, what is the maxium he should pay for the property?Definition Term phycial deterioration most closely meansDefinition Term if the reproduction cost shows a higher dollar amount than the appraised value, which of the following most probably has occurredDefinition Term all of the following are examples of external obsolescence exceptDefinition direct effect of the elementsTerm the difference between police power and eminent domain can be best determined byDefinition whether any compensation was paid to the ownerTerm which of the following statments is trueDefinition all liens are encumbrancesTerm which of the following liens would have top priority in the event of foreclosure of the subject propertyDefinition state property tax lien recorded lastTerm the lender wants to ensure the first priority of his lien. the lender should do all of the following exceptDefinition verify the health of the borrowerTerm the gross income multiplier is calculated by dividing the sales price by theDefinition Term all of the following appear in a promissory note exceptDefinition purchase price of propertyTerm a seller tells her broker that termites have destoyed the floor and the swimming pool is in violation of the city set back requirements. the broker's salesperson must disclose to a prospective buyer all of the following exceptDefinition the seller's lowest priceTerm it is an unethical practice for a broker representing a seller to do which of the followingDefinition advise a prospective purchaser of the lowest price the seller is willing to acceptTerm when money is deposited in a client trust account, part of which will be used to pay the broker's commissionDefinition accurate record must be kept on the accountTerm in real estate transactions all of the following documents are usually recorded exceptDefinition Term the recording system performs which of the following functionsDefinition gives notice of documentsTerm the real estate settlement procedures act is designed to regulate which of the followingDefinition disclosures of closing informationTerm a property owner who signed a listing with a broker for 60 days was killed in an accident before the broker procured a buyer. the listing isDefinition terminated immediately upon deathTerm which of the following would be a debit to the buyer on the settlement statementDefinition Term an owner's title insurance policy protects the owner againstDefinition loss of title to a claimant with superior right of titleTerm an abstract of title does which of the followingDefinition gives history of the title, including the recorded encumberances against the propertyTerm a property manager's duties typically include all of the following exceptDefinition investing profits from clients propertiesTerm a purchases a fee simple property for 70k by way of assuming a first mortgage of 50k, paying 10k in cash and having the seller take back a purchase money second mortgage for the balance. there is an existing 5k second mortgage on the property. at the close of escrow what is the correct order in which to record the documentsDefinition the release of existing second mortgage, the deed, the purchase money second mortgageTerm which of the following activities is a violation of the federal fair housing actDefinition a nonprofit chruch that denies access to its retirement home to a person because of raceTerm a religious group bought a house in a subdivision and organized it into a commune. a broker, eager to make some quick profits, began to canvass this neightborhood, soliciting listings, inquiring whether they knew who had just moved into the area and leaving his business card. which term best describes the broker's marketing program?Definition Term two lots with equal depth have front footages of 200 ft. and 350 ft. if the first lot has 20 acres, how many acres are in the secondDefinition Term which of the following transactions will net the seller the most money, assuming a broker's fee of 7%Definition $52, 500 sales price and $492 in misc expensesTerm a proper escrow, once established should beDefinition not subject to the control of any one interested partyTerm a deed made and delivered, but not recorded, is:Definition valid between the parties and valid as to third parties with noticeTerm a written and signed real estate contract can be voided for which of the following reasons Definitionone of the parties was an unmarried minor at the time the contract was signedTerm if an option contract is duly executed by seller and buyer, which of the following is trueDefinition the seller must sell, but the buyer need not buyTerm a prospective purchaser has a legal right to demand which of the followingDefinition the return of the earnest money deposit prior to seller's acceptance of the offer to purchaseTerm H executes a deed of his farm to S. H keeps the deed in his safe deposit box. upon his death, the box is opened, and attached to the deed is a note to give the deed to S. who has title to the farmDefinition Term the convenant against encumbrances in a deed of conveyance warrants against the existence of all of the following undislcosed mattes exceptDefinition zoning ordinances that limit the use of the landTerm the term that best describes a tenant's interest in the property is aDefinition Which of the following items are considered to be personal property?Your furniture, appliances, clothing, sports/hobby equipment, and electronics are all regarded as personal property.
What are the three types of personal property?Personal property may be classified in a variety of ways.. Intangible.. Tangible.. Other distinctions.. What is personal property quizlet?Personal property is movable and includes tangible (appliances, car, furniture, jewelry) and intangible (bonds, right to a benefit, shares or stocks) items whose ownership belongs to the individual. Also called chattels.
What's the best definition of personal property?In a legal context, personal property is described as being anything besides land that may be subject to ownership. As such, the defining characteristic of personal property is that it is movable, unlike real property or real estate which is immovable.
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