Champion School Of Real Estate |301 Questions| With Correct Answers.

Reverse Annuity Mortgage {Ans: Homeowners who are at least 62 years of age can borrow against the equity in their property. Borrower can NEVER be forced to sell the home.}Novation {Ans: Occurs when a new contract is substituted for an existing one}Prior Appropriation {Ans: Theory of water law based on the idea that "first in time is first in right"}Fraud Enforcement and Recovery Act (FERA) {Ans: Signed into law by President Barack Obama in May 2009. It increases the penalties for a federal conviction for mortgage fraud.}Reliction {Ans: water recedes and dry land appears}Severable {Ans: Surface, subsurface, and air rights are said to be}