Vocabulary | National Principles & Law | NV Laws & Regulations | Real Estate Math | Contracts& Financing |
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What is the concept pf land ownership that includes ownership of all legal rights to the land--possession, control within the law, enjoyment, exclusion, and disposition?
Bundle of Legal Rights
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What are the 3 physical characteristics of real estate?
Immobility, indestructibility, and non-homogeneity
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How are members of the Commission selected?
By the governor
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What is a mill recorded as?
.001
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If an offer to purchase is received under certain terms and the seller makes a counter offer, what is the prospective purchaser's legal position?
They are relieved of the original offer.
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What is the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake,or sea
Accretion
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What 9 requirements make a deed valid?
grantor, grantee, must be in writing, legal description, granting clause, consideration, grantor's signature, acknowledgement, and delivery and acceptance
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Who has the authority to issue certificates authorizing out-of-state licensed brokers to cooperate with Nevada brokers?
Administrator
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Discount points are charges made at the time the loan is closed and serve to increase the effective yield to the lender. Points are calculated on the amount borrowed and in order to work this type of problem, what must be remembered?
1 discount point = 1% of the loan amount
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Which loan allows the borrower to acquire additional money during the loan term, using the original mortgage as security?
Open-end Loan
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What is annually cultivated crops such as fruit, vegetables, and grain
Emblements
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What type of listing is non-exclusive, is oral or written, has no stated expiration, procuring cause gets commission and if client procures customer then there's no commission?
Open Listing
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The commission shall render a decision on any complaint within 15 days after the final hearing thereon and shall give notice in writing of the ruling or decision to the license affected thereby within how many days?
60 days
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A savings and loan agrees that the value of a real property is the $100,000 a buyer has agreed to pay. If the lender will give the buyer a mortgage with an 80% loan-to-value ratio and charge the buyer 3 points, how much is the total amount of cash the buyer needs to provide?
$22,400
$80,000 loan X 13 points = 2400 + 20,000 |
What is the legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract?
Specific performance
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What is one in whom trust and confidence is placed; a reference to a real estate professional employed under the terms of a listing contract or buyer representation agreement?
Fiduciary
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What are the rights of the owner of property located along the banks of a stream or river called?
Riparian Rights
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What is "Association" as defined in the Nevada Administration Code?
2 or more individual broker, operating as individuals and not partners, who share office space
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Selling price of a house was $92,000 with $11,000 as down payment. Present loan balance is $$79,000 and the appraised value of the property is $116,000. What is the equity in the property?
$37,000
116,000 - 79,000 = 37,000 |
What is the clause in a mortgage or trust deed that permits a lender to declare the entire unpaid sum due upon the borrower's default?
Acceleration clause
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What is the illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood?
Blockbusting
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Harry Potter asked Ron Weezley if he could use his vacant lot for planting magical herbs. Ron answered that the lot was for sale but that Harry could use it until a sale was made. What is Harry's occupancy right?
A license
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Where are complaints regarding licensees filed?
Real Estate Division
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Assessed value of property for real estate taxes is $75,000. Tax rate is $3.00 per $100 of assessed valuation. What are the yearly taxes?
$2,250
$75,000 divided by 100 = 750 X 3.00 = 2250 |
What is "meeting of the minds"?
The offer and acceptance
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