Ad Valorem property taxes are base on what?
Assessed Value
This is not an example of police power:
Condemnation of property
Wetland would come under which control?
Police Power
Water table is defined as?
The level at which water will be located
A property owner erected a block a wall on the property. The wall became real property by which?
Annexation
The adding of territory is called?
Annexation
An economic characteristic of real estate would be:
Modification
The purpose of zoning is?
Promote health and safety of a community
Which tenancy would allow survivorship?
Joint Tenancy
A property is held in joint tenancy and one of the parties dies testate?
Goes to the joint tenant survivor
Which lease escalates?
Index
A clause in a lease that would allow adjustments of payments either up or dawn would be called:
An escalator
If a party is granted a property upon the condition that a certain use will continue in the cuter, this would be called?
Defeasible fee
When a grantor retains a future interest, this is called
Reversion
A, B and C own property as unequal interest in a piece of land; they own it as
Tenancy in common
A lease and life estate have which words in common?
Reversion
When a property is rented for only one month, this is called tenancy:
For years
Of the unities required for joint tenancy, which one is necessary for tenancy in common?
Possession
In a lease, the lessor:
Demise his interest
An easement in gross is considered
personal right
This is not a freehold estate
Fee Determinable
A graduated lease would mean that:
rents increase as tenants are procured
Fee simple determinable estate
title reverts back to the original grantor
When a person receives real estate through a will, this is called:
Devise
Which deed contains the warranty forever?
General Warranty
What would be an exception to an ALTA policy?
Zoning
The ALTA policy would not protect the lender against
Changes in zoning ordinances
Habendum
Clause "To have and to hold" found in deeds;
part of the words of conveyance
What is the purpose of a trustee?
Foreclose in a deed of trust
A loan you obtain in installments and payoff at maturity is called:
Construction
A surety bond is used when:
Contractor fails to complete a job
When the trust deed has been paid in full, the defeasance clause states that the full deed of reconveyance be issued by the:
Trustee
Who signs the estoppel cert?
Borrower/lessee
A mortgage that contains release clauses is called:
Blanket
If the mortgagor has the right to obtain legal title aftr payment in full, this is referred to as a:
Title theory
When the note and security instrument are in one document, this is:
Land Contract
When a loan is sold from one lender to another lender, it is:
Assigned
In the sale of a mortgage document, what is the relationship of the parties?
Assignor to assignee
When a wraparound is created, who is responsible for the underlying loans?
Vendor
Low income loans are usually purchased by
GNMA
The right of the mortgagor to regain title is called:
Redemption
The buyer has an investment that has a feather of a "pass through certificate", this investment is most likely a:
Ginnie Mae security
Which agency guarantees loans?
GNMA
What is Federal National Mortgage Association?
Government related private agency
Personal property given to make up the difference in equity is:
Boot
REIT
Real Estate Investment Trust
Which kind of loan is guaranteed?
VA
The term "capitalization rate" refers to?
The net income divided by the price