5153657
Description
Flashcards by Laila Enchante, updated more than 1 year ago
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Created by Laila Enchante
about 8 years ago
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| Question | Answer |
| Environmental Impact Statement (EIS) | needs to be prepared to analyze the effect that a proposed development will have on the natural and social environment |
| Residential Lead Based Paint Hazard Reduction Act | pg 18 |
| Remediation | process used to reduce or eliminate an environmental hazard |
| Formaldehyde | colorless, gas that is emitted from various building materials; preservatives in paint and coating products, adhesives use to bond pressed wood and plywood, etc (pg 20) |
| Molds | the most pressing environmental issues facing real estate agents is the concern of prospective buyers and tenants about ______; can be classified as allergens, pathogens, and toxins; commonly detected by sight or smell. |
| Mold spores | will grow on any substance where there is moisture that occurs from such sources as condensation, water leaks, excessive humidity, water damage, flooding or water infiltration. |
| important real estate agent information | pg 15, 16, 19, 22, 23, 28 |
| Environmental Protection Agency (EPA) | Federal Agency; has the authority to take corrective actions |
| Department of Environmental Protection (DEP) | State; In PA |
| Real Estate Seller's Disclosure Act | any seller who intends to transfer an interest in residential real property shall disclose to the buyer all material defects to the property including environmental concerns and hazards |
| property disclosure statement | must be given to a prospective buyer prior to the signing of a written agreement |
| material defect | a problem with the property or any portion of it that would have a significant adverse impaction the value of the residential real property or that involves an unreasonable risk to people on the land |
| encumbrance | is a special claim or interest in real property that is held by someone other than the owner and creates a limitation and/or burden to the real property owner |
| incorporeal right | represents a special interest in real property without having ownership; affects bundles of rights and creates a limitation for the real property owner |
| easement appurtenant | occurs where there are two adjacent; has a servient tenement and dominant tenement; should be placed in deed or in separate document and recorded |
| Easement in gross | is a personal right to use the land of another owner; involves a non-adjacent property; not transferable to others, commercial _____ _ ___ usually can be assigned, transferred or inherited |
| easement by necessity | would be the only practical way an owner could get to or from a parcel of real property that is surrounded by one or more owners and is landlocked; a property that has no frontage on a public road |
| easement by prescription | to obtain an easement by the prolonged use of real property against the owner's consent; open and visible use of a property; continuous use of property: 21 years in Pennsylvania; hostile use: action taken against owner's consent |
| license | temporary to enter and use the real property of another for a specific reason; temporary and revokable |
| Lien | a charge against property, a property's security for a debt or obligation of the property owner; |
| Specific lien | a legal claim against only one particular parcel of real property; examples: mortgage, mechanics lien, real property tax lien |
| general lien | a claim against all real and personal property owned; examples: federal income tax, state inheritance tax, and judgement |
| mortgage lien | represents a debt of a borrower by which lender cantata foreclosure against the specific real estate secured by the mortgage |
| Foreclosure | is the procedure that a lender takes tp recover money when a borrower defaults on the mortgage |
| 4 types of foreclosure | judicial non judicial strict foreclosure deed in lieu of foreclosure |
| equitable redemption | the borrower in default can stop the foreclosure by making all the necessary payments BEFORE the sale |
| Statutory redemption | a borrower in default has a period of time to make all necessary payments even AFTER the sale; |
| deficiency judgment | the lender to go back to court and file a _______ ______ for the amount of any shortfall |
| non-recourse financing | Mortgage contracts that lack this deficiency judgment |
| short sale | a lender-approved sale of a property |
| Mechanics lien | filed by material supplier, builder, contractor, subcontractor or developer when some type of construction or repair work on real estate in eluding materials and/or labor has been ordered and completed but has not been paid for |
| 3 forms of protection against mechanics liens | waiver of liens release of liens mechanics lien insurance |
| waiver of liens | would be put in the agreement of sale with the general contractor; stipulation (stip) |
| release of liens | all subcontractors would be required to sign off on the release giving up their right to file a lien |
| Stipulation against liens (Stip) | short version of wavier of liens; is recorded in the public records |
| mechanics lien insurance | insurance coverage against any mechanics liens filed against the property; issued by a title insurance company |
| tax lien | a claim tax on real property; County Tax Claim Bureau |
| priority order of the liens | the court action of a foreclosure sale, tax sale or sheriff's sale; becomes a very important issue |
| Subordination Agreement | An agreement between lien holders to change the priority these liens |
| lis pendens | a lawsuit filed against real property in the case of mortgage foreclosure or suit to quiet title, a notice of the lawsuit; recorded in the county courthouse to alert any interested party of the pending litigation |
| writ of attachment | it is a document that is issued by the court to prevent title from being conveyed while a court suit is in progress on real property |
| writ of execution | the judgement lien is enforced by a document known as ______ __ ______ that allows the sheriff to seize and sell the property of the debtor |
| Judgement | represents a general lien that affects all real and personal property of the debtor. |
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