Real Estate Sales Licensing - Notes & Facts for Brief Study Flashcards Preview

AZ Real Estate (ASREB) 5/2017 > Real Estate Sales Licensing - Notes & Facts for Brief Study > Flashcards

Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
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121

When is the seller responsible to give HOA documents to the buyer?

Less than 50 units

122

When is the HOA responsible to giver the buyer documents regarding HOA?

50 units or more

123

What are Arizona "Superfund" sites?

Water Quality Assurance Revolving Fund

124

A revocable permission to use property for weekends only would be a

License

125

When does the seller receive the buyers earnest money?

COE

126

What is similar to medical malpractice insurance?

Errors and Omissions insurance

127

Fair dealing is the same as what

Honesty

128

How long is a broker required to keep rejected offers

one-year

129

When a property owner is requesting a variance, they must show what?

They are required to show a hardship

130

What is required when 5 or fewer parcels other than subdivided land are located in an unincorporated area of a county?

Land Disclosure Affidavit

131

What is RESPA

Real Estate Settlement Procedures Act

(The purpose of RESPA is to help consumers become better shoppers for settlement services and to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services)

132

What types of RE does RESPA cover?

Residential real estate, 1-4 plex

133

What types of loans would RESPA not cover?

Seller Carryback and Loan Assumptions

134

A limited partnership is closest to a .... what?

Syndicate

135

How is a master planned community defined?

Two or more platted subdivisions with CC & R's

136

What does CC & R stand for?

Covenants, Conditions and Restrictions

137

What is an assignment? Who is involved?

The transfer of the right, title and interest in the property of one person (the assignor) to another (the assignee).

138

Regulation Z shows all costs of borrowing the money except for....

Document Preparation Fees

139

What is an interest only payment loan called?

Term loan

140

What type of lien is a mortgage

A voluntary lien

141

If RE companies agreed not to do business in each other's areas what would this violate?

The Sherman Anti-Trust Act

142

What is the rate the Federal Reserve charges when loaning money to banks?

Discount Rate

143

What is the fee called that a lender charged to cover their overhead?

Origination Fee

144

Trustor =

Borrower

145

Beneficiary =

Lender

146

Trustee =

Hold Legal Title "Bare & Naked"

147

Mortgagor =

Borrower

148

Mortgagee =

Lender

149

Vendor =

Seller

150

Vendee =

Buyer