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85 Cards in this Set
- Front
- Back
Real estate professional brings to the transaction expert knowledge regarding (MVP) |
Marketing, Valuation, Property transfer |
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Licensees will concentrate on one type or style of property or on one particular neighborhood |
Farming |
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Ownership of streets and sidewalks is typically conveyed by a developer to the city upon completion of construction of subdevision |
Dedication |
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All sales associates must complete a 45 hour post licensing course prior to ex. date of initial license period. Failure to complete, license will become ______ |
VOID |
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Broker's license may choose to continue employment in sales associate capacity. If so, the applicant will be registered as a _______ ________ |
Broker- associate |
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Persons granted authority under a power of attorney to act for others in some capacity such as signing documents |
Attorneys in fact |
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Issue cease and desist orders, administer oaths, take depositions and issue subpoenas They CANNOT issue an injuction |
Powers of the DBPR |
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Can be exercised by the chairperson acting ALONE, or can be DELEGATED by quorum vote to any other FREC member Think Laura manager of YMCA |
Executive powers of FREC |
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FREC has the authority to deny an application, reprimand, fine, probation, suspend, or revoke license. FREC cannot inprisonate you Think getting in trouble and going to court |
Quasi-Judicial powers |
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A licensee who fails to renew a license at expiration, in other than the initial period automatically becomes |
Involuntarily Inactive |
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Does not pay required fees, does not request renewal, does not maintain education. They can remain for no more than 2 years |
Involuntary Inactive |
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Who can be issued additional licenses in two or more capacities by requesting multiple licenses? |
Broker only |
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Authorized by employer to preform a SINGLE act |
Special agent |
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sales associate is a general agent of a broker and automatically becomes _______ ________ of all brokers principals. As agent of broker, a sales associate has the FIDUCIARY RELATIONSHIP to the brokers principal as does the broker. |
Sub-agent |
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Any attempt to represent both parties to a transaction would create an Violation of F.S 475 |
Illegal dual agency |
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Out of state or foreign brokers may not participate |
Referral fee |
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What do you do with an offer? Broker has the duty to transmit and and all offers. |
Presenting offers |
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At least one enclosed room in a building of stationary construction where real estate transactions can be conducted in privacy. NOT in a motor home |
Broker office |
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If a branch office is closed- later reopened in same location during same two-year license period. A _____ of the license may be requested. WITHOUT A FEE |
Reissue |
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Who can have it? Commercial bank, title company, credit union etc. Located in the State of Florida NOT in a stock or bond brokerage house. |
Escrow account location |
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If sales associate and broker associates receives earnest money (escrow), when should the money be delivered? |
IMMEDIATELY no longer than end of third business day. |
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When deal breaks through, FREC can help. BUT you must obey whatever FREC tells you to do. Think breaking up with your boyfriend and you want your money back |
Conflicting demand for escrow |
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RECKLESS, CARELESS, EXCESSIVELY NEGLIGENT MANNER. (FRAUD) |
Culpable negligance |
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Must have at least one general partner. All active brokers licensed if dealing with public |
Real estate broker partnership |
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If a business named ABC company has company in the name |
Corporation for profit |
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religious organization title signed by sole titleholder for its own use |
Corporation sole |
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Anyone who acts as a broker or sales associate $5,000 fine - 5 years in prison |
Third degree felony |
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If app for license is denied, you must be notified in writing w/ the reason within 21 days |
Denial of license |
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No personal opinions or recommendations |
Investigators report |
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Who can issue subpoenas? For witness and compel attendance as a witness |
Administrative law judge |
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If the licensee does not agree w/ the final order of the commission, what can they file? |
Petition for review |
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Reimbursement from the recovery fun for a single judgement is limited to a maximum of 50k. It is maintained by _______ and ______ paid by licensees |
Fees and fines |
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Inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons. |
Blockbusting |
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Post the bond, can now commingle funds |
Surety bond |
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100% of the time, all space. When ALL rights under lease have been transferred to another. Two basic components |
Assignment |
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Same or different deeds, time etc. held by two or more persons. |
Tenancy in common |
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Must be in writing Possession of the property under an agreement w landlord for a specified period of time |
Tenancy for years |
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An estate for a husband and wife only. |
Tenancy by the entireties If divorced- it converts to tenancy in common unless judge says otherwise. |
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Provides financial protection against losses sustained as a result of a defective title Think protection= insurance |
Title insurance |
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Contains no promises of any kind. Used to cure defects in title Think if its not cured, you leave |
Quitclaim deed |
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Taking land for public use. Allows local, state, or federal gov. to obtain ownership Think I want to take all the MNM's from the public and eat them |
Eminent Domain |
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TEST QUESTION #52 |
D |
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TEST QUESTION #53 |
C |
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In a legal description a _______ is 6 miles square |
Township |
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Not stated in the contract but its inferred. Some or all of the terms and conditions can be assumed or inferred by nature or the agreement of the words and actions of parties. |
Implied contract |
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When the offer of the party is accepted and acceptance of the offer is communicated Think in order to make something you have to offer, accept and communicate. |
Creation of a contract. |
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Provides time limits within which parties are allowed to bring legal action (sue) |
The statute of limitations |
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Physical land and improvements. Together with legal rights to own or use the property. |
Real property |
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Right to buy a property during a specified period of time or at a specified price. |
Option contact |
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Allows mortgagor to retain the ownership. |
Lien theory |
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Personal debt with rate, amount and term. contract between the lender and the borrower. Money borrowed to buy real estate |
Promissory note |
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Investor default on mortgage if they don't maintain property. |
Lender takes over/ Receivership clause |
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QUESTION #62 |
ANSWER IS 10.75 Each point is 1/8 6 points = 6/8 = 3/4 = .75 |
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the right of a borrower to cure the default before foreclosure, rather than to loose property. |
Equity Right of Redemption NOT STATUTORY!!!! |
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prepayment without penalty. they cannot charge you a fee for early payment |
FHA prepayment privilege |
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Owner residences, certificate of eligibility, honorarily discharged. A service related disability is not required |
VA loans. |
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Percentage added to the index rate by lender to cover lenders overhead. Does not change- remains constant |
Margin |
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Which one of these tools is least effective and generated the most publicity? |
Discount rate |
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When using the HUD-1 settlement statement expenses are entered as charges (debit) on page two to either buyer or seller |
Expenses |
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seller provides title insurance or opinion of title as evidence of marketable title |
Abstract continuation |
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step one- divide selling price by 100 step two- round up up up step three- multiply by .7 $$$ debit to the SELLER |
Doc stamp on deed |
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amount actually paid or received in a transaction |
Price |
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An over-improved property suffers from? |
Functional Obsolesce |
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Sale price = gross rent multiplier __________ Gross rent Divide the BIG number by the smaller number |
Gross rent multiplier |
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Whats the most important factor underlying ever investment decision? |
Economic soundness |
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This comes first on test used to value failing business used to establish the minimum value of a profitable business Think rain falls down and rain is a.... |
Liquidation value |
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comes second in test Profitable business when the value of all assets is combines |
Going concern value |
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How it all starts? Each ________ ________ first estimates a budget forecasting the amount of revenue needed to fund operations for the coming year. |
Taxing authority |
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Limited 3% Homesteaded property- limit increase in tax New owners will pay higher taxes |
Save our homes act |
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The real estate market is |
Local in nature |
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Supply and demand in residential market |
Vacancy ratio |
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Four factors of production Think making a baby.... |
Land, labor, capitol, entrepreneurial ability |
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Dollars earned from same community |
Service business |
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Based on density |
Residential zoning |
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Allowed smaller lots or "zero lot line" |
Planned unit development (PUB) |
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Deduct property taxes & mortgage interest Think deduct= returned |
IRS itemized return |
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Add value to a property |
Special assessment |
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How can sales associates accept money? |
Only in name of employer |
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Temporary business |
Joint venture |
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principle of substitution |
Comparable sales approach |
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At least 1 office is an active broker |
Real estate brokerage corporation |
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modifications when economically feasible |
American with Disabilities Act |
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Minor violation given by DBPR investigator |
notice of noncompliance |
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Register with DBPR can broker real estate |
Real estate brokerage limited partnership |
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In dispute may retain that amount |
Broker's right to escrow |