Exam (elaborations)
NC Superior Real Estate School - Chapter 7
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NC Superior Real Estate School - Chapter 7
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Name: Score:216 Multiple choice questions
Definition 1 of 216
The rental is tied to some commonly agreed to price index such as the Consumer Price Index or
the Wholesale Price Index.
Graduated lease
Percentage lease
Sale-leaseback
Index lease
Definition 2 of 216
The substitution of a third person in place of a creditor to whose rights the third person succeeds
in relation to the debt.
Novation
Subrogation
Rescission
Implied Agency
Definition 3 of 216
Regulation Z requires disclosure of all costs of financing the purchase of owner-occupied
residential purchases of one to four units. It also requires disclosure of the annual percentage rate
of the loan.
Regulation Z
Equal Credit Opportunity Act
Eminent Domain
Comparative Analysis
,Definition 4 of 216
The idea that the owner of land is entitled to all that the soil produces or all that is added to the
land either intentionally or by mistake. Trade fixtures not removed are "assessed" by the owner of
the property.
Accession
Escheat
Novation
Avulsion
Definition 5 of 216
The transfer of title to land from one party to another.
Commingling
Avulsion
Escrow
Conveyance
Definition 6 of 216
A mortgage subordinate to a first mortgage; also referred to as a junior mortgage.
First mortgage
Second mortgage
Finance charge
Purchase money mortgage
,Term 7 of 216
Market data approach
The price at which a willing buyer and a willing seller will agree upon, where neither is
under any undue pressure and both are negotiating at arm's length with complete
knowledge of the market.
A means of estimating value by comparing similar properties. Used when there is an active
market and where comparables can be identified. Also called comparable sales approach.
A personal claim based on a judicial order against the debtor. This occurs when the
property fails to bring in a price at the foreclosure sale which covers the mortgage amount.
A method of land description which involves identifying distances and directions and
makes use of both the physical boundaries and measurements of the land.
Term 8 of 216
Renegotiable rate mortgage
A loan containing a clause which allows the mortgagor to borrow additional money without
rewriting the mortgage.
A mortgage which covers more than one piece of real estate. often used by a developer in
the financing of undeveloped lots. contains a partial release clause.
A renegotiated loan where the maturity is fixed (for example, 30 years), but the interest
rate, and hence the monthly payment, is renegotiated periodically.
An abbreviation which means "principal, interest, taxes and insurance." in residential
financing, it is common for the monthly mortgage to include these four payments.
, Term 9 of 216
Quitclaim deed
An interest which only lasts for the term of a life, or lives, of one or more persons.
A form of concurrent ownership, which occurs when two or more persons own a single
estate in land, with right of survivorship. must have equal shares, right to partition.
Only conveys what present interest a person may have in a particular property but makes
no representations or warranties of title.
The recognition that states give whereby a licensee of one state can be involved in real
estate transactions in other states.
Term 10 of 216
Voluntary alienation
The transfer of title by a deed.
The legal use of a parcel of land, which when capitalized, will generate the greatest net
present value of income
A history of the ownership affecting title to a parcel of land.
A personal right to use the land of another.
Definition 11 of 216
A mortgage given by the seller to the buyer to cover all or part of the sale price. Seller financing.
Blanket mortgage
Purchase money mortgage
Package mortgage
Wraparound mortgage
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