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

A small change made to an offer does not affect the offer.

The tax that a taxpayer (who is not a home builder or developer) pays on the profits he makes from selling real estate is called:

Define bilateral contract.

The Federal Housing Administration (FHA) loans money to low income borrowers.

In a trust, the person who creates the trust is called the trustee.

In a judicial foreclosures, who oversees the process?

Why can't you deed a piece of property to a child you hope to have in the future?

The property manager's fee is limited by state law.

Originating loans happens in the secondary mortgage market.

Explain the principle of highest and best use.

The ratio between the loan amount and the sale price or the appraised value is called:

Name three ways that an involuntary conveyance may occur.

An easement created by a written document is called:

You may take out insurance on your neighbor's house.

When the landlord so disturbs the tenant's enjoyment of the lease premises that the tenant has to move, the tenant has been_____________________ evicted.

The duty (s) that an agent has to his principle include:

The major weakness with the cost appraisal to value is that cost does not necessarily equal value.

In a warranty deed conveying a fee simple determinable, who has legal title:

The deed of trust/mortgage contract

Mr. Smith deeds some acreage to his church to be used for a new church and puts that stipulation in the conveyance.