REal estate review 2

Blanket mortgage

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

deficiency judgment

A judgment that allows the lender to collect the difference from the borrower if the foreclosure sale does not satisfy the debt.

How many years of experience does an applicant for a contractor's license in Arizona need to have?

A minimum of four years' practical or management experience (at least two of which within the last 10 years), with the applicable license classification (or its equivalent), or have a waiver from the AZ ROC

triggering term

A word or phrase that, when used in advertising, requires the disclosure of all of the terms of a loan

She's violated truth in advertising and license laws

Amanda is a listing agent who has just accepted a buyer's agent's offer on a coming soon listing. She's thrilled that she has a buyer on the line before the house is even technically on the market. Which of the following is a true statement?

procuring cause

Commission disputes may occur after a property sold via an open listing when there is debate over who was the ______.

Recording provides constructive notice that he owns the property.

Conrad just closed on the house he's buying to fix up. Why should he follow up to be sure the deed has been recorded?

By the trustee, if the proceeds from the foreclosure sale are sufficient

How are creditors holding junior liens on Arizona property paid after a foreclosure sale?

Buyer has inspection, buyer makes offer, seller accepts offer

If a seller asks a buyer to waive the inspection contingency, how could the transaction process transpire and still protect the buyer?

The property in an exchange must be like-kind.

In a 1031 exchange, there are rules governed by Section 1031 of the Internal Revenue Code. The rules include _______.

EPA lead safety pamphlet

In addition to providing a disclosure of any lead-based hazards in a home built before 1978, what must sellers provide to prospective buyers?

cold market

In what type of market is pricing a home below market value an especially good strategy?

Investment value

Kevin is having an appraisal performed on a piece of property he's interested in buying. He's especially interested in hearing about the estimated rate of return the property could pull. What type of value is he interested in?

Easement appurtenant

Kurt bought a vacant lot in a development that was 85% completed. When he started working with the builder to lay out where the house and driveway would lie, it was determined that he would need an easement because his driveway would spill over onto the adjacent lot by a few feet. What type of easement is this?

An estoppel certificate

Mary is assuming Tom's loan. She wants to be sure she has an accurate loan payoff amount. What document will the lender prepare for her?

Housing and Community Development Act of 1974

Prior to the ______, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing.

Insures lenders against loss from borrower default

The Federal Housing Administration's loan program ______.

Net operating income

The income capitalization approach to appraisal uses ______ as the I in the capitalization formula V = I/R.

Federal Trade Commission

What organization enforces privacy protection laws?

vacation

What type of timeshare involves a buyer agreeing to pay a one-time purchase price and an annual maintenance fee, and in return selecting an accommodation time and having the right to use the unit for a specified number of years?

Report information that their client may not be able to perform in the transaction.

When engaged in an Arizona real estate transaction, which of the following is something licensees are required to do for their customers?

Non-judicial foreclosure

Which of these is NOT an option for a seller under an Arizona agreement for sale when a buyer defaults on the loan?

Carbon monoxide

Which substance prevents blood's ability to transport oxygen when it's absorbed into the body?

A zoning permit

Your buyer client wants to add a six-foot privacy fence around the perimeter of the property line. What type of permit may be required for this project?