Actual eviction - Study guides, Class notes & Summaries

ADJUSTABLE RATE MORTGAGE (ARM) - A loan where the interest rate is periodically adjusted based on a specific economic indicator (or financial index). ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. ABROGATION - To nullify or replace. Signing of the closing documents nullifies the Real Estate Purchase Contra...

Modern Real Estate Practice in Illinois/ 132 Qs & Ans/ . Terms like: accrued item - Answer: on a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxed on real property. acknowledgement - Answer: a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. actual eviction - Answer: the legal process that results in the tenants being physically removed from the l...

At what point do obligations under the Landlord/Tenant Code End: A) The tenant vacates B) The tenant and Landlord resolve disbursement of the security deposit C) The tenant stops paying rent D) The landlord quits - Answer-A) The tenant vacates What minimum % of condominium owners must vote to change the By-Laws: A) 50% B) 51% C) 65% D) 67% - Answer-D) 67% An owner has a mortgage for $50,000 at 9% for 30 years with monthly payments of $403 per month. What is true of this loan? A) $135...

1 NATIONAL REAL ESTATE EXAM PORTION FOR OHIO/ REVIEW QUESTIONS AND ANSWERS, GRADED A+ Tenancy at Will - -No written agreement, and can be terminated at any time by landlord or tenant Tenancy at sufferance - -Tenant is allowed to live on property after lease is over but before they are forced off the property Tenants in common - -Ownership where tenants could have different amounts of ownership. If passed away heir will take over the undivided ownership (no survivorship) Joint Tenants - ...

Federal and State Exam Terms for Idaho Real Estate (2023/2024) Rated A Abstract of Title The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property - certification by the abstractor that the history is complete and accurate. 213 Acceleration Clause Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defau...

At what point do obligations under the Landlord/Tenant Code End: A) The tenant vacates B) The tenant and Landlord resolve disbursement of the security deposit C) The tenant stops paying rent D) The landlord quits - Answer- A) The tenant vacates What minimum % of condominium owners must vote to change the By-Laws: A) 50% B) 51% C) 65% D) 67% - Answer- D) 67% An owner has a mortgage for $50,000 at 9% for 30 years with monthly payments of $403 per month. What is true of this loan?...

How much notice must be given to terminate a NON-farm tenancy from year to year? - ANSWER 60 days How much notice must be given to terminate a farm tenancy? - ANSWER 4 months What kind of lease must be in writing? - ANSWER If it is greater than 1 year. What does a landlord have a duty to repair? - ANSWER 1. Common stairways and parking lot 2. Anything that the landlord promised he would in the lease. What is an actual eviction? - ANSWER An eviction that occurs when the lease is brea...

At what point do obligations under the Landlord/Tenant Code End: A) The tenant vacates B) The tenant and Landlord resolve disbursement of the security deposit C) The tenant stops paying rent D) The landlord quits A) The tenant vacates What minimum % of condominium owners must vote to change the By-Laws: A) 50% B) 51% C) 65% D) 67% D) 67% An owner has a mortgage for $50,000 at 9% for 30 years with monthly payments of $403 per month. What is true of this loan? A) $135,000 is t...

Abstract of Title - `ANSWER The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Acceleration Clause - `ANSWER The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or another cove...

Tenancy at Will - correct answerNo written agreement, and can be terminated at any time by landlord or tenant Tenancy at sufferance - correct answerTenant is allowed to live on property after lease is over but before they are forced off the property Tenants in common - correct answerOwnership where tenants could have different amounts of ownership. If passed away heir will take over the undivided ownership (no survivorship) Joint Tenants - correct answer2 or more people own equal rights...