1. Sale price $200,000, Aprisal value $180,000, 80% loan amount, Buyer down payment: Answer: $40,000
2. Joint tenants, one of the owner died. The remaining owner: Severalty
3. Between Brokers set up commission rate, violate : illegal prohibit competition
4. Owner can’t build house because steep, Owner have to do : variance
5. GIM 150, Annual rent income $12,000, the property value: $150,000.
6. HOA is a members
7. HOA regulations are like : deed restrictions,
8. Foreclosure didn’t cover loan balance: deficit judgement
9. Township section is Government survey
10. Disadvantage the leverge: The risk of large amount
11. Husband die, property to wife: joint tenancy with suviorship
12.Developer ban chain fence: zoing ordaince
13. New construction: use market data approach-cost approach
14. E-sign National commercial specific quildline
15. Title policy against title defecit know to the buyer
16. Fireplace accessory: personal property
17. In contrast to CMA, the apprisal is estimate of value
18. Shopping center: Income approach
19. In increased value with air condition: market data
20. Property improvement cost equal increase property tax
21. The critical responsibility of management property in industrial property:
22. RESPA regulate by HUD
23. Broker commission : each different case
24. A broker may refused listing: legitimate reason
25. Set broker trust account because of make commingly and conversion impossible.
26.When seller can cancel contract without penalty:
27. Ballon loan: small payment with larger ballon payment
28. A couple want to get loan: Truth-In-Lending
29. Quitclaim: No warrantees or guarantees
30. No downpayment or gift for closing: Equal credit opportunity
31. Abstract of Title: complete history of all recorded
32. Developer-subdivision-dedication- complished by recording the plat plan
33. Developer must file report consumer financial protection bureau before land for sale.
34. Builder how program 10 years warranty: defect in material, faulty workmanship and structure problem.
35. Foreclosure 21 days certified mail, record Lis Pendens.
36. The maximum civil penalty $110,000.
37. Triple damage- Deceptive Trade Practice Act
38. Mud notice: buyer sign
39. Someone dies no will, property reverts to the state.
40. The high turn rate rent- less capital gain
41. Mortgage broker between leander and borrows
42. Broker advertizing-Truth-In-Leading, regulation Z
43. PMI-advantage: high LTV loan
44. Lead base paint 1978: just provide burcher to buyer
45. Executed deed means: closing
46. Easement-when you sold your property
47. Different condo and coorporate property manager
48. Will to daughter: probated
49. Predatory lender: borrow $100,000, 3% rate, 20% prepayment
50. Tall old tree: meters and bonds
51. Channelling= steering: directing buyers into or away from certain area
52. Note-promise to rapay
53. Achknowledge: declaration to a notary authorized to take oath signature is a free and voluntary act.
54. 12 units apartment, the listing price base on : gross rent
55.owning corporated building: share
56. seller’s commission: debit the seller
57. Broker and principle: ratification
58. Asbesto: encapsulate
59.Broker claim for a commission: procuring cause of sale buyer is ready willing and able to buy
60. Listing agreement termination: Bankrupcy of the seller or broker
61. Exclusive right to sell – Broker want
62. When after closing, Easement still remain until release by neighbor.
63. Tenancy in common, if no percentage, The title assume equal shares.
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