Exam 9: Real Property and Home Ownership

Interest rates required by a variable interest rate mortgage (VIRM) typically are capped (i.e., limited) as to how much they can be adjusted at any one time. ​

How do anti-deficiency statutes protect homeowners?​

Nicki is a debtor who defaulted on a real loan and is facing a foreclosure proceeding. Among the protections the debtor might have is a;​

One advantage of a non-judicial foreclosure to the buyer is the debtor lacks the right of redemption.​

As the text notes on p. 386, disclosure laws may require sellers to disclose the occurrence of some deaths in the home with prospective buyers. But what about ghosts? Find the case Stambovsky v. Ackley , 169 A.D.2d 254 (N.Y. App. Div. 1991). Why did the court conclude that the seller owed a duty to disclose to the buyer that the home had a reputation for being haunted? Do you agree? Why or why not? Consult this primer on stigmatized property as you develop your response: http://www.americanbar.org/content/dam/aba/publishing/probate_property_magazine/rppt_mo_premium_rp_publications_magazine_2005_mj_perlin.authcheckdam.pdf

Which of the following typically represents the largest cash expenditures incident to home ownership?​

Describe the difference between an exclusive listing and an exclusive-agency listing.​

All of the repayment terms of a home loan are found in two documents, the ____________ and the ________________ .​

A debtor fails for several months to pay creditor money due on a loan secured by a mortgage. Which of the following may happen?​

The market practices governing home sales are tightly governed by the National Association of Realtors.^TM​

A real estate employment contract is generally a:​

One advantage to an adjustable interest rate mortgage (ARM) is that the lender typically will not charge the borrower any loan origination fee. ​

The term impound account is another term used to describe a homeowners equity.​

The listing real estate agent is an employee of​

When a home buyer agrees to continue to make monthly payments to the seller's existing mortgage lender, a(n) __________________ occurs.​

It is generally believed and a common saying that the most important factor in selecting a home is price, price, price.​

A two party instrument stating on its face "Pay to the order of Tom Smith" is: ​

A real estate employment contract in which the owner of real property agrees to pay a licensed agent a certain commission regardless of who finds the buyer to whom the property is sold is called​

A homeowner desires to sell his or her home and signs an exclusive-agency listing agreement, requiring payment of a six percent commission to the real estate agent. If shortly thereafter, before the agent has time to do anything to sell the property, the owner surprisingly finds a couple who  purchases it for $400,000, the homeowner​

Lee and Patricia Cheema own a house in California. The house was owned by Lee Cheema as his separate property before his marriage to Patricia. Improvements were made to the house after the marriage and paid for with community property funds. California is a community property state and therefore most property acquired during a marriage is community property. Assume that Don Burgunder wishes to buy the property from Lee Cheema. Don will want to be sure that all interests in the property are conveyed to him. Ownership records will show that Lee Cheema is the sole owner. Don, however, would be right to be concerned that Patricia may have some interest in the house because of the community property improvements to it. What type of deed should Don expect from the Cheema's to protect his interests?​