Final Exam Realestate Pawlicki

-more spacious backyard
-less car traffic

-provides for government
-allows to take property of deceased without any hiers

Principal meridian - north and south
Base Line- east and west
-Township/Range

1/2 ,1/2 = 2*2=4
640/4= acres

west/east =90 degree
north and south = 0 degree

-P- urchase and sale of conrtacts
-O- ption contracts
-L- ease agreements for MORE than one year
-L- isting agreements for MORE than one year.

-must be written/signed except:
1) when an oral contract has been formed and the buyer has paid part of the property or made improvements.
2) if both parties have fully performed as promised.

(time a contract may be enforced)
-written contracts - 5 years
-Oral contracts - 4 years
-1/2 written 1/2 oral - 5 years written and 4 years oral.

1) contractual capacity of parties (competence)
2) offer and acceptance (mutual assent)
3) Legality of Object
4) Consideration

COLIC
C-contractual capacity( competent parties)
O- offer and acceptance (meeting of the minds)
L- Legality of object
I - In writing and signed (statue of frauds)
C- consideration (valuable or good)

an employment contract given to any number of brokers who work simultaneously to sell the property.

Title to a mortgage property is conveyed to the lender through a mortgage deed, if the borrower defaults, the lender may take possession of the property.

a tenant pays fixed rent plus property costs such as maintenance and operating expenses(taxes insurance and utilities). Typically commercial property.

Payments during the first few years are almost entirely to pay interest and payments during the last few years are almost entirely principal repayment

Growing equity mortgage (GEM): rapidly increases the equity in a property by increasing the monthly payments by a certain percentage each year and applying these increases to the principal. quicker payoff.

exculpatory clause requires that the lender waive the right to a deficiency judgment against the borrower. it relieves the borrower of personal liability to repay te loan.

The discount rate.

HER- housing expense ratio-29 %
-monthly housing expenses/ monthly gross income
-------------------------------
TOR - total Obligation ratio -41%
-total monthly obligations/ monthly gross income

Ginnie Mae

refers to the pledging of property as security for payment of a loan without surrendering possession of the property.

Adjustable-rate mortgages:
calculated interest rate = index + margin

Change/increase the reserve requirements. Reserve requirements are the amount of funds the bank must hold in reserve against deposits liabilities.

credit to the buyer

Stamps on deed .70 - 100$
Note,stamps on notes .35- 100$
Intangible on new mortgages .002-1$ of debt.

wattage indicates how much energy a device consumes. electric company charges customers according to kilowatt hours used. kwh-1000 watts

The ability to command other goods in exchange. market value.

Comparable property Better = Subtract
Comparable property inferior= add

ex, property taxes, hazard insurance.

1) Mortgage Interest
2) Property taxes
3) Interest on a home equity loan
4) Mortgage origination fees (points)

If the benefits from borrowing exceed the costs of borrowing.

Good rate of return
Tax advantages
Hedge against inflation
Leverage
Equity buildup
--------------------------
Bad = illiquidity = not liquid.

The most profitable use to which a property may be put.
1)legally permissible (zoning)
2)physically possible (soil type, slope)
3) financially feasible (income generating vs. costs)

ordinary wear and tear cause by use, lack of maintenance exposure to elements and physical damage.

When the seller is paying for the owner's title insurance policy.

liquidation analysis. Used b/c ; failure, death of a sole proprietor, dissolution of partnership, a court order, or any # of other reasons.

consider: pay-off short term obligations, the value of inventory on hand, and the liquidation value preferred stock.

pamphlet, disclosure must be signed.

feet * $$ = total
total * owners share = OS
OS /2 = Special assessment.

1) Go to county property appraisers office.
2) Go before Value adjustment board
3) Go to court

reverse annuity mortgage. designed to help elderly homeowners The lender pays the borrower a fixed amount each month based on the mortgagor's life expectancy and property value.

1,000 mills - $1.

approved budget- non property tax revenue/
total assessed value - exemptions =

Tax rate.

original purchase price + purchase expenses and capital improvements =
adjusted basis

1)skilled labor
2)construction loans and financing
3)land
4)materials

when an owner invests more money in a structure than they may reasonably expect to recapture.

local laws that implement the comprehensive plan. local gov. exercises police power by regulating and controlling the use of land and structures within designated land-use districts or zones.

1) 2 or more people
2) undivided possession
3) interest equal or unequal percentage
4) same or different time
5) No right of survivorship heirs inherit.

A strip of land separating one land use from another.

allows all property owners to vary from strict compliance with all or part of a zoning code.
under 2 conditions;
1)property owner must show hardship exists.
2)ZBA must use same criteria to judge the validity of requests for variance.

steering - channel protected home seekers away from areas that are not mixed with that class.
block bustering - use entry or rumor of entry of a protected class in a neighborhood to persuade others to sell.

good faith estimate (GFE) of closing (settlement) costs, listing charges the buyer is likely to pay at closing.

ECOA of 1974. ensures financial institutions and firms engaged in extending credit will make credit available with fairness and w/o discrimination.

non-interest/interest bearing accounts in Florida. or
post a security bond with the clerk of court in the county in which the rental property is located.

Building "on speculation" involves purchasing one or more lots and constructing a home without securing a buyer in advance of construction.

a CMA is a marketing tool and may NOT be referred to or represented as an appraisal.

Federally related transactions include the sale, lease, purchase, exchange, investment , refinancing, or other use of real estate as a security for a loan or investment that has a transaction value greater than 250,000.

when dealing with residential real estate transactions. ONLY

traffic offense, ex) parking, speeding, inspection, or traffic signals violations.

complete 2 28 hour continuing education courses.

provides that lawsuits and other legal actions may be initiated against the applicant in any county of FL.

investors own money.

post licensing education requirement.

prevents disclosure that seller and buyer are in agreement on price.

no disciplinary action. license involuntarily suspended.

buy/sell cemetary lots
mobile park homes

NOT:
loyalty
confidentiality
obedience
full disclosure

transition to another relationship.

timely manner

Loan amount/ price =Ratio

dep. basis /39 years = annual depreciation

sq.feet per acre * percent land available= #
#/ minimum sq feet per lot =##
##* acre= total subdivsion lots

potential gross income (PGI) - vacancy and collection losses
+ other income= EGI

EGI- expenses oper.
= NOI

I/R=V

s SELLER .70-100
n BUYER .35 - 100
I BUYER .002- 1

MONTHLY EXPENSES / gross income

principal balance* annual interest /12= 1st months interest

monthly mortgage payment - first months interest = pay. on principal

begining principal balance - principal payment = new principal balance

sale price / monthly rental= GRM