Terms for final exam

Pur autre vie

"Jess has permission to live on his father's property as long as Jess' grandmother is alive"

Avulsion

-A loss of existing land by the sudden change in a watercourse, washing it away

1 acre ewuals how many square feet

43560

1 mile is how many acres

640 acres

U.S. Department of Housing and Urban Development (HUD)

A federal department that addresses housing needs, homelessness, and discrimination in housing

Lis pendens

A legal notice that a lawsuit is pending that affects the title of a property

What is assessed value?

A percentage of market value; also the amount of property value to which the tax rate is applied

Town engineer

A town engineer is appointed by the town board and is a licensed professional engineer. The town engineer surveys and examines lands and waterways (public or private) within the town. Town engineers assume responsibility for sewage, water supply, and distribution systems. Town engineers issue permits to private contractors for street openings and curb and gutter construction.

The area variance allows a property owner _________.

A use that would not normally comply with physical or dimensional requirements

Ratification

Acceptance after the fact, sometimes in contrast to a prior agreement. Ex: Ex. Even though the sellers were supposed to leave behind the washer and dryer, they took them when they moved out. The buyer ratified their decision by moving in and getting a set of his own without making a fuss about it.

Static risk

Accident liability, fire, theft, and vandalism

Fair Housing Amendments Act of 1988

Added familial status and disability (housing)

Housing and Community Development Act of 1974

Added sex as a protected class. Introduced Section 8 housing.

dynamic risk

An uninsurable business risk resulting from economic, tax, and market changes

Which type of framing involves a single system of wall studs run from the foundation through the first and second floors to the ceiling support?

Balloon

Convenetial loans vs non conventional

Conventional loan is not backed by the government and non conventional is

zoning

Establishing specific classifications to land that dictate how the land may be used

Which of the following is true regarding the buyer's down payment funds? Upstate vs downstate

Generally the seller's attorney holds the down payment, although in upstate New York it may be held by a broker.

Duties of a planning board include

Investigating, mapping, reporting, and making recommendations that relate to the planning and development of the community Recommending amendments to the zoning ordinance or map Preparing and amending a master plan for the community Offering professional advice to all agencies and boards within the town on land use matters Duties are to offer professional advice to all agencies and boards within the town on land use matters. Planning boards can have either five or seven members. Members of the planning board are appointed by the town board from the community

RESPA

Real estate settlement procedures act- Protects borrowers from overcharges by requiring disclosure and prohibiting kickbacks. According to RESPA, what must the lender give to the borrower in the days immediately prior to settlement? Closing disclosure

New York's Department of State (DOS) # 175.23

Records of Transactions to Be Maintained for 3 years

Agent

Someone who acts on someone else's behalf, at that person's request.

what items likely contain abestos pre 1970

Soundproofing and decorative material, pipe and furnace insulation materials, shingles, and siding.

sub agency

Sub-agency can be created in a couple of ways.When you have a buyer customer and are showing an in-house listing, you are a sub-agent of the seller. When you have a buyer customer and are showing another broker's listing (if he permits sub-agency, aka seller agency) you are a sub-agent of the seller.If you work for a listing broker or a selling broker, you are a sub-agent of that broker. Sub-agency carries with it the possibility for vicarious liability.

Moratorium

Temporary halt on development

The new york state department of health

The New York State Department of Health upholds federal, state, and local public health laws, and regulates drinking water safety, septic system approval, and certain wastewater treatment approval. The state health department is also responsible for private and community well construction, along with well water safety and regulation.

Broker agency

The buyer is the agent's customer, not client. The broker agent is showing the buyer customer a listing of a cooperating broker and is representing the listing broker. The listing broker, not the seller, is vicariously liable for the broker agent's actions.

What do property taxes in a mortgage payment pay for?

The cost of public services as a percentage of the property value

siding

The exterior covering of the walls of a house that goes over the sheathing. It may be metal, wood, vinyl, or a combination of fieldstone, brick, or other materials.x

Margin( What's it called when a number of percentage points is added to the index to determine the rate for an adjustable rate mortgage?(

The margin is the number of percentage points added to the index to determine the rate. The margin is constant throughout the life of the mortgage, and the index value is the variable.

Alluvion

The material that creates an increase of soil and thus land parcel size due to accretion

zoning board of appeals

The members of the zoning board of appeals (usually consisting of three or five members) are appointed by a city's mayor, the town board, or the village board of trustees. The zoning board's primary responsibility is to preserve a neighborhood's or community's basic character. If a citizen or group wants to alter a property in a way that is not in accordance with the current zoning ordinance, the zoning board of appeals evaluates the impact of the change and determines if a variance or special use permit will be granted. Both zoning variances and special use permits require public hearings. Zoning variances require the petitioner to prove economic hardship.

The roofs "pitch"

The roof's pitch plays the greatest role in establishing the style of the house.

strip malls/centers

These are open air facilities with stores arranged in a row or in a L- or U-shape, with sidewalks and a large parking lot in front. They usually face major traffic areas and have an anchor tenant in the center or on one or both ends. The typical anchor is a mini mart. The average size is 13,150 square feet. The trade area is less than one mile.

super regional malls

These are typically enclosed with inward-facing stores connected by a common walkway. They sell general merchandise and fashion and parking lots surround the perimeter. They have more than one anchor tenant that is a full-line department store. The average size is 1.2 million square feet. The trade area is five to 25 miles.

regional malls

These are typically enclosed with inward-facing stores connected by a common walkway. They sell general merchandise and fashion, and a parking lot surrounds perimeter. They have one anchor that is a full-line department store. The average size is 591,825 square feet. The trade area is five to 15 miles.

neighborhood centers

These often include drycleaners, barbershops, fast food, hardware, and convenience stores. The typical anchor is a supermarket. The average size is 71,944 square feet. The trade area is three miles.

Common Law Employee

This category of worker is classified by the common understanding of the profession. For instance, a food server is usually an employee.

DOS Regulation 175.21 Highlights

This is a New York regulation that governs salespeople-broker relationships. It dictates the following: Brokers have a legal duty to supervise their sales associates at all times. The written agreement between a broker and an independent contractor does not supersede or negate this legal requirement.

Statutory Employee

This is an independent contractor who is nevertheless treated as an employee by statute for employment tax purposes.

Statutory Nonemployee

This worker's status is spelled out in statute under tax law: It is an independent contractor, and not an employee. Three categories exist for this classification:Direct sellersLicensed real estate agents. Certain companion sitters

What is off-gassing?

Toxic chemicals released from products after manufacturing

post and beam

Type of framing that uses wood members that are much larger than ordinary studs and are spaced farther apart ex: Although rarely used in residential housing because of the expense, post and beam construction allows large expanses between supports, allowing larger window spaces and high vaulted ceilings.

Which of these is an example of legal single license dual agency? You represent both the buyer and seller in a single transaction with appropriate consent from both. You represent the buyer and a colleague from your firm represents the seller. You represent the seller and a colleague from another firm represents the buyer. You represent the seller and a colleague from your firm represents the buyer.

You represent both the buyer and seller in a single transaction with appropriate consent from both.

inadvertent misrepresentation

a false statement was made

fiduciary

a person who's in a position of trust and owes fiduciary duties to another

Pledged accounts

are a type of graduated mortgage in which the buyer deposits funds into a savings account with the lender.

Fair housing act of 1968 -

attempted to eliminate discrimination caused by blockbusting, steering, and redlining. itle VIII of the Civil Rights Act of 1968, also known as the Fair Housing Act of 1968, prohibits discrimination in the sale, rental, or financing of housing based on race, color, national origin, and religion.

Accretion

build up of land over water caused by sand silt or gravel

town council

elected village board of trustees. Elected adoption of laws and ordinances including zoning ordinance and cluster zoning. The Town Council is a group of elected officials whose mission is to preserve order in the community and the health, safety and welfare of its citizens.

"Income received before expenses are deducted" is the definition of ______.

gross income

redlining

involved the FHA crossing off cities and neighborhoods that were considered risky and withholding mortgage funds from those areas. Redlining is now illegal.

Easement in gross

is granted to a specific individual or company—in this case, the gas utility company.

Blanket mortgage

is often used in commercial applications when two or more properties are pledged as security for repayment of the loan.

A building department's mission

is to keep the public safe by: Providing permits to licensed contractors to complete work on approved projects. Projects may be new construction or renovation of existing buildings; both require permits for electrical, plumbing, and structural work. Sending inspectors out on development sites to ensure the work is being done according to code. Providing a certificate of occupancy once construction or renovation is complete and in compliance.

The Home Owners' Loan Corporation, which was established in 1933, sent examiners to grade neighborhoods as "green," "blue," "yellow," or "red." What did these colors signify?

lending risk

Seisen

meaning that the grantor warrants they own the property and has the legal right to convey

Functional obsolescence

means it is no longer useful in its current condition. It could also mean that it was over-built for the area and use. **A loss in value to a property due to poor design, age, etc.**

The New York State Department of Environmental Conservation (NYSDEC)

oversees wetlands throughout the state based on environmental conservation law

The Equal Credit Opportunity Act of 1974

requires lenders to give businesses and consumers equal access to credit. This prohibits lending discrimination based on race, color, religion, national origin, sex, marital status, or age and requires that lenders respond to loan applications within 30 days.

The covenant of further assurances

requires the grantor to execute any necessary legal documents (within his power) necessary to fix title defects discovered after closing

Lally column

round steel column is filled with concrete and rests on a base plate called the column footing pad.

When working with a client on a real estate sale, a real estate licensee is usually acting as which type of agent?

special

Seqra -

state environment quality review act Gives state environmental control over private development Requires environmental impact be considered Oversight: Department of Environmental Conservation

Section 443 New York's Real Property Law states

states that agents must present sellers, buyers, landlords, and tenants of residential real property with an agency disclosure form.

reliction-

the gradual receding of water, which uncovers new land/ increase in land by the permanent and gradual withdrawal of water

escheat

the right of a government to take ownership of estate assets or unclaimed property in the event there are no heirs or beneficiaries.

Erosion

the wearing away of land by wind, water, and other natural disturbances

The exclusive agency agreement

used when listing a property; however, in this version, the owner reserves the right to sell the property without owing a commission to the listing agent

seller agency

you represent the seller. It's your duty to advocate solely for the seller and to seek a sale of the property at the best price available, or a price and terms that are acceptable to the seller. When you represent the seller in a single agency relationship, the buyer is your customer.