Exam 16: Understanding Real Estate: A Comprehensive Guide to Ownership, Rights, and Legalities

You have decided to invest in commercial real estate. What sort of legal entity would best suit your purposes? How will you want to take title? What type of financing would you want?

Typically a site manager at an apartment complex negotiates the leases and sets the rental rate.

The amount of real estate commissions are negotiated by the parties.

Discuss RESPA and the Federal Truth in Lending laws.

Earnest money may be used as liquidated damages. What are liquidated damages?

You own a house worth $100,000.00 that is insured for $50,000.00 and you have a claim for damages to your home in the amount of $30,000.00. How much will the insurance company actually pay you?

An encumbrance might include an easement, a debt owned by the property owner or a lien against the property.

A _______________________title is one that is relatively free from the risk of litigation over possible defects.

RESPA requires that a copy of the closing statement be given on the business day before closing to which borrower:

The power of sale clause in a deed of trust:

A breach of contract occurs when either party fails to honor his contractual responsibilities.

Closing procedures are set by local custom and are not set by any statute.

In a buyer's market:

You have decided to invest in real estate. Now what sort of legal entity would best suit your purposes? How will you want to take title? What type of financing would you want?

In an owner's title policy the premium(s) are due monthly.

Listing agreements should contain:

The loss of land by wind or water is called accretion.

The primary function of zoning is:

The Statute of Frauds says that all transactions dealing with real estate must be ______________ to be enforceable.

The value that the end user, like a homeowner places on a piece of property is called retail value.