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Service Persons Relief
Terms Definitions
What does UFMIP stand for, and what type of a transaction is it related to?
Up Front Mortgage Insurance Premium, used in FHA loans
Which type of a transaction has a Funding Fee?
Used in VA loans
According to RESPA, how much fire/hazard insurance has to be paid when buying a new home?
must pay for 1st year plus 2 mo in advance
What does ECOA stand for?
Equal Credit Opportunity Act
Who does ECOA protect?
All protected classes (race, color, religion, gender/sex, national origin, disabled) plus marital status, age, and public assistance user
How many days does a lender have to provide a reason for a loan denial?
30 days
What is the fine for the first offense for the Do Not Call List violation?
Are cell phones protected on the Do Not Call List?
Who manages the Do Not Call List?
What are the exceptions to the Do Not Call List?
political calls, surveys, and charities
When can an agent call a FSBO owner?
When they have a buyer
How long does one have if a person on the Do Not Call list calls asking for information?
3 months to continue to call that person
If someone is on the Do Not Call List, but you have previously conducted business with them, how long can you still contact that person?
18 months
What is the fine for the Do Not Fax list?
$500 per page, max of $16k
If someone is on the Do Not Fax list, how do you have to obtain permission to fax them?
In writing
Who manages the Do Not Fax list?
CAN-SPAM act involves what?
What is the fine for violations for CAN-SPAM?
$11k per offense
What do all unsolicited emails have to include?
a physical address of the sender, opt-out, return email address, and subject must be regarding the advertisement
Who manages CAN-SPAM?
What is the new name of the Soldiers & Sailors Relief Act?
Service Persons Relief Act
What is the purpose of the Service Persons Relief Act?
States that service persons cannot be foreclosed on while they are actively deployed (doesn't matter how far away, as long as deployed from home base)
Who provides flood maps?
When is asbestos dangerous?
When it is friable (easily crumbles in hands)
What must be done with asbestos that is friable?
It must be removed or encapsulated
What are the rights of the government?
(PETE): Police power (confiscation), Escheat (reversion of property to state), Taxation, & Eminent Domain (condemnation)
What is an easement?
An interest in real estate that isn't an estate (Right to use, but not own land of another)
What are the types of easements?
appurtenant, gross, and prescription
What is an appurtenant easement?
easement involving multiple owners, multiple properties
What is a gross in easement?
easement of 1
What is an easement by prescription?
involves hostile and continuous use
If the agent dies, or something happens to the agent, is the contract valid, void, or voidable?
When is a contract void?
If it is illegal
Who is considered the customer in a transaction?
The client
Who is the cooperating broker?
The buyers broker
How can agency be created?
oral, implied, estoppel, and written
What are the listing types?
open, exclusive right, exclusive agency, and net
What are the scopes of agency?
special, general, universal, attorney in fact
What are the factors for legal consideration of a purchase contract?
In writing, competent parties, legal description, mutual assent, and lawful object
If a property is owned sole & separate (in severalty), and the owner dies, who gets the property?
Owners heirs
What is tenancy in common? Who gets property if owner dies?
unequal ownership of 2 or more unmarried people; property goes to heirs if death of an owner
If a property owner dies, and owns property as community property, who does his ownership go to?
If a property owner dies, and owns property as community property with right of survivorship (aka tenancy by entirety, but not in AZ), who does his ownership go to?
The surviving owner
If a property owner dies, and owns property as joint tenancy with right of survivorship, who does his ownership go to?
Goes to surviving owners
What are the different types of appraisals that can be done?
market data (comps), cost, income (capitalization)
What is an appraisal in an FHA loan?
conditional commitment
What is an appraisal in a VA loan?
certificate of reasonable value
What are the types of depreciation?
physical, functional, economic
What is required to have a valid deed, purchase contract, mortgage, and deed of trust?
Legal description
What is a gross lease?
landlord pays all costs
What is a net lease?
tenant pays maintenance, tax, & insurances
What is a percentage lease?
landlord gets a % of gross sales
What is an index lease?
index adjusts the lease up and down (inflation)
What is freehold estate?
What is less than freehold estate?
no ownership
What is fee simple absolute estate?
What are the types of less than freehold estates?
1. estate for years (spec. time period) 2. estate from period to period (ex. month to month) 3. estate at will (move in, stay as long as you want) 4. estate at sufferance (tenant who refuses to leave)
What are the types of defeasible fee estates?
Fee determinable (auto)
Fee conditional (not auto)
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