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Flashcards in REAL ESTATE 4 Deck (25)
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1

WHEN VARIOUS SETTLEMENT SERVICES ARE OFFERED BY ONE COMPANY OR AFFILIATED COMPANIES. THE AFFILIATION AND FINANCIAL BENEFIT MUST BE DISCLOSED TO CONSUMERS

AFFILIATED BUSINESS ARRANGEMENT

2

INTEREST TAT IS DUE AND PAYABLE

ACCRUED INTEREST

3

CHANNELING HOME BUYERS TO A PARTICULAR AREA BASED ON RACE, RELIGION OR DISCOURAGING BUYERS FROM CONSIDERING A CERTAIN AREA, HAS THE AFFECT OF LIMITING CHOICE

STEERING

4

A DEVELOPMENT INCLUDING DIVERSE LAND USE OR DENSITIES

PUDINFORMATION ABOUT THE FOTCES THAT AFFECT VALUE (P.E.G.S.)

5

STANDARDS FOR PROPERTY WITHIN A SUBDIVISION

RESTRICTIVE COVENANTS

6

REFUSING TO MAKE LOANS IN SPECIFIC AREAS REGARDLESS OF THE ECONOMIC QUALIFICATIONS OF THE APPLICANT

REDLINING

7

ITEMS THAT HAVE BEEN PAID IN ADVAVCE THAT SHOULD BE REIMBURSED

PREPAID ITEM

8

A FORM REQUIRED BY R.E.S.P.A. THAT INCLUDES ALL MONIES PAID INTO AND OUT A REAL ESTATE CLOSING

HUD 1

9

INCOME REMAINING AFTER DEDUCTIONS FOR PROPERTY EXPENSES, USED IN THE INCOME APPROACH IRV FORMULA TO ESTIMATE VALUE

NET OPERATING INCOME

10

POLICE POWER DESIGNED TO PROTECT THE PUBLIC HEALTH, SAFETY AND WELFARE

ZONING

11

THE PRESENCE OF ONE OR MORE INDIVIDUALS WHO HAVE NOT REACHED THE AGE OF MAJORITY WHO LIVE WITH A LEGAL GUARDIAN

FAMILIAL STATUS

12

INFORMATION ABOUT THE SUBJECT PROPERTY AND COMPARABLE SALES

SPECIFIC DATA

13

A CLOSING WHERE A THRID PARTY RECIVES ALL DOCUMENTS AND FUNDS COORDINATES THE CLOSING

ESCROW CLOSING

14

A NATURALLY OCCURRING ODORLESS, TASTELESS, RADIOACTIVE GAS CAUSING LUNG CANCER

RADON

15

PRIVATE LIMITATIONS ON USE AND OWNERSHIP INCLUDING DEED RESTRICTIONS, EASEMENT, LEASES AND LIENS

D.E.L.L.

16

GOVERNMENT PERMISSION TO USE LAND INCONSISTENT WITH ZONING TO THE PUBLIC BENEFIT

CONDITIONAL USE PERMIT

17

A LOSS OF VALUE DUE TO OUTMODED DESIGN, CASED BY CHANGING TASTES OR CONSTRUCTION STANDARDS

FUNCTIONAL OBSOLESCENCE

18

A DETAILED ACCOUNTING OF ALL MONIES, CHARGES AND CREDITS IN A REAL ESTATE TRANSACTION

CLOSING STATEMENT

19

RECORDED ON A CLOSING STATEMENT INDICATING AN AMOUNT OWED AND TO BE PAID AT THE CLOSING

DEBIT

20

LAW THAT PROHIBITS DISCRIMINATIOM IN THE SALE OR COLOR, RELIGION, NATIONAL ORIGIN SEX, FAMILIAL STATUS OR DISABILTY

FAIR HOUSING ACT

21

AN EXCEPTION GRANTED TO USE OR IMPROVE PROPERTY DIFFERENTLY THAN WHAT IS ALLOWED UNDER EXISTING ZONING ORDINANCE

VARIANCE

22

THE RATE OF RETURN TO THE OWNER FOR THE INVESTMENT IN PROPERTY, USED IN THE INCOME APPROACH IRV FORMULA TO ESTIMATE VALUE

CAPITALIZATION RATE

23

FEDERAL LAW THAT REQUIRES DISCLOSURE COSTS ANDD PROHIBITS KICKBACK FEES

R.E.S.P.A.

24

FUNGUS REQUIRING ORGANIC MATERIAL AND MOISTURE TO GROW WHICH CAN CAUSE SEVERE ALLERGIC REACTIONS AND ASTHMA

MOLD

25

THE FIRST LAW PROHIBITING RACIAL DICRIMINATION

CIVIL RIGHTS ACT OF 1866