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Real Estate Virginia definitions made by Katy Exam Questions & Answers 100% Correct
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Gross Rent Multiplier (GRM) - ANSWER-A factor dividing sales price by monthly rental income Buffer zone - ANSWER-A park located next to an apartment complex zoned for single fam homes Income (Cap) Approach formula - ANSWER-dividing the net income by the cap rate Personal property examples ...

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  • April 5, 2024
  • 7
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • real estate virginia definitions made by katy exam
  • real estate virginia definitions made by stuvia
  • attachment answer where a creditors lawyer asks

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Real Estate Virginia definitions made
by Katy Exam Questions & Answers
100% Correct

Attachment - ANSWER-Where a creditor's lawyer asks the court for permission to
put a lien or attach to your land or home. Constitutes a lien against real and personal
property (that are attached to the land)

Gross Rent Multiplier (GRM) - ANSWER-A factor dividing sales price by monthly
rental income

Buffer zone - ANSWER-A park located next to an apartment complex zoned for
single fam homes

Income (Cap) Approach formula - ANSWER-dividing the net income by the cap rate

Personal property examples - ANSWER-Privacy fence, patio furniture, and portable
dishwasher. Something that can be removed

Condo ownership - ANSWER-has fee simple ownership of one unit in a multi-story
building and pays property taxes on their unit

Fee Simple Ownership - ANSWER-Allows for the transfer of title of real property by a
will

FHA loans - ANSWER-may be made only to a borrower whose intent is to live in the
property

Neighborhood Analysis Approach for Appraisal - ANSWER-Shows that property has
experienced growth, stability and decline

Promissory note - ANSWER-Evidence of debt
Obligation of the borrower
contains amount of principal interest rate and payment terms

Dedication - ANSWER-Donation of RE for public uses

Quiet enjoyment example - ANSWER-A farmer leased a property from a company
he found out someone else was working with the land and was the true owner. that
farmer wouldn't have to pay rent to the conpany bc of quiet enjoyment

Specific performance - ANSWER-Buyer or seller defaulting on a contract before
closing

, Supervising Broker - ANSWER-An individual associate broker who has been
assigned to supervise the activities of a branch office

Ready, willing, and able buyer - ANSWER-A full price offer from a financially
qualified buyer

Commingling - ANSWER-A broker borrows money from an owners escrow account
of another property

Plottage - ANSWER-Merging separate properties under one owner and it increases
the sale

Associate broker - ANSWER-A licensee who has a brokers license but continues to
work under the principal broker

Designated Agents - ANSWER-When a principal broker assigns two licensees to
work with two separate clients in the same transaction

Escrow - ANSWER-A written instrument or something of value given to a 3rd party

Easement in Gross - ANSWER-a right of way to someone else's property like a
driveway, for their whole lifetime

FHA's role in the lending mortgage market - ANSWER-Insures loans made by
approved lenders

What law would allow a tenant to rent while excluding families w children? -
ANSWER-Fair Housing Laws and is allowed if its a single family house and the
owner only owns one other rental home in addition to his own residence

Who holds security in a trust deed? and is acknowledged by: - ANSWER-Trustee
Grantor (seller or owner)

Conventional loans are insured by: - ANSWER-Private Mortgage Insurance

Adverse Possession - ANSWER-Person having possession over land owned by
someone else may take title to it

Blanket mortgage - ANSWER-If a mortgage is covering more than one parcel of land

RESPA - ANSWER-covers owner occupied homes w their 1st mortgage loans or
anyone using federal insurance, discloses settlement costs

Assemble , -age - ANSWER-Merging lots under one owner, prohibited w RESPA

CRESPA - ANSWER-Attorneys, Title Insurance Co's, Real Estate Brokers,
Consumer Real Estate Settlement Protection Act, Would be required for a 4 unit
condo

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