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Real Estate U Final Exam Study Guide.docx
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Article 12-A of the NYS Real Property Law - The section of the New York Real Property Law pertaining to real estate salespersons and brokers.
public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded. Chain of Title - The sequence of historical transfers of title to a property. It runs from the present owner back to the original owner of the property. Title - Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. Closing Statement - A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. Essential Element of a Contract -
Legal agreement by which a bank lends money in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon payment of the debt. APR - The actual interest rate charged, including loan fees and points Secondary Mortgage Market - The market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors. Loan-to-Value (LTV) - A financial term used by lenders to express the ratio of a loan to the value of an asset (property) purchased.
A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it. Asbestosis - A chronic lung disease caused by inhaling asbestos fibers. Lead - A material used in pipes and paint of many older homes. Clean Air Act (CAA) - Federal law designed to control air pollution on a national level. Appraisal - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. Cost Approach - A method of estimating the value of real property by calculating a current construction cost, subtracting accrued depreciation and adding a land value obtained from the market.
A federal prohibition that protects buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability. Brown vs. Board of Education - Determined that separate is NOT equal. Testers - Volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out if brokers deal fairly with all clients/customers. Acre - A measure of land equaling 43,560 square feet. Planning Board - Responsible for developing and controlling a municipality's comprehensive strategy for growth and development Architectural Review Board - Oversees and upholds the quality and aesthetics of a neighborhood, town, or city. The Office of Receiver of Taxes - Responsible for collecting taxes Building Department - A town or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances. Deductible - The amount of expenses that must be paid out of pocket before an insurer will pay any expenses. Umbrella Policy - Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance. Tax Assessor - Responsible for determining a municipality's tax rate. Levy - An assessment of tax. Assessed value - A valuation placed upon property by a public officer or a board, as a basis for taxation.
The total amount collected from rents and other income producing opportunities. Capital Gain - A profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price. Boot - Cash received in a tax-deferred exchange Tax Shelter - Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. Straight-line Depreciation - A method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year.