Term
| What are four factors of Production |
|
Definition
(Cell)
Capital, Entrepreneurial ability, Land labor |
|
|
Term
| Concentrating on trying to obtain listings from a particular area |
|
Definition
|
|
Term
What is it called when a seller gives a prospective
buyer the right to buy his or her real estate |
|
Definition
|
|
Term
| Buying a HTE Property will do what? |
|
Definition
Real Estate taxes will be higher because the SOHA
Will be eliminated |
|
|
Term
| Real Estate professionals provide expert Knowledge & Expertise in what? |
|
Definition
| Marketing, Valuation, Property Transfer (MVP) |
|
|
Term
| Buying a home in a PUD Requires what? |
|
Definition
Pude Zoning is also called cluster zoning
3 days to void the contract if disclosures were not made
A specified disclosure must be provided before an offer is submitted |
|
|
Term
| Owner Employers/Owner Developers are required to have what? |
|
Definition
| Require registration when hiring sales assoc. and/or broker associate |
|
|
Term
|
Definition
| Issue Subpoenas, Cease & Desist orders and an administartive fine(s) |
|
|
Term
|
Definition
| Owner Developer deeds the common elements to the county or city |
|
|
Term
|
Definition
| Chairperson of FREC acting alone |
|
|
Term
| What is the least effective tool the FRS has to alter the cost & Availability of credit |
|
Definition
| Changing the discount rate |
|
|
Term
| What is the longest length of time to stay in an INVOLUNTARILY inactive status? |
|
Definition
|
|
Term
| When owning and managing two or more real estate brokerages you must do what? |
|
Definition
| Broker must request multiple licenses |
|
|
Term
| What roles are played when the Broker gives a sales associates the authority to deal with a principal |
|
Definition
| Broker & Sales Associate have the same fiduciary duties to the principal |
|
|
Term
| What is it called when the amount actually received in a real estate transaction |
|
Definition
|
|
Term
| What kind of agent can perform a single act on behalf of the Principal |
|
Definition
|
|
Term
| What do Special Assessment lien(s) do for a property? |
|
Definition
| Add value to the real estate |
|
|
Term
| Is it legal or illegal for a broker(s) to receive payment of referral fees from other states or jurisdictions? |
|
Definition
| Legal, if broker is not participating in the sale here in FL |
|
|
Term
| What do you have to do if you close & reopen a real estate brokerage office |
|
Definition
| Apply for a reissue if in the SAME location & SAME license period |
|
|
Term
| The sales associate license will be void by NOT Completing what? |
|
Definition
| The required 45 post license course before the expiration date |
|
|
Term
| Requirements for a brokers office must have? |
|
Definition
- One enclosed room for Files & Serious negotiations can be conducted there
- A sign on or about the entrance to the office
- Save all records for at least 5 years
|
|
|
Term
| When you pay no more for a property than the cost of aquiring another |
|
Definition
| Principle of substitution |
|
|
Term
|
Definition
|
|
Term
| When you get P.O.A is is considered what? |
|
Definition
|
|
Term
| What are approved depositories for earnest money deposits in Florida? |
|
Definition
Credit Unions
S&L's
Commerical Banks
Title Companies |
|
|
Term
| If three people want to list & Sell real estate for other individuals what do they need? |
|
Definition
| All three need to be registered & Licensed as active brokers |
|
|
Term
- A corporation is registered to broker real estate what do they need?
|
|
Definition
| At least one of the officers needs to be an active broker |
|
|
Term
| What is an example of a business legally formed as a coporation for profit |
|
Definition
| American pride realty, LLC |
|
|
Term
| What is the punishment for unlicensed activity |
|
Definition
| 5,000 fine and or imprisonment for up to five years |
|
|
Term
| First step for a city to establish a property tax rate for the coming year |
|
Definition
|
|
Term
| An application has been denied by the DBPR and must notify...... |
|
Definition
| The applicant in writing & advise them to request a formal hearing |
|
|
Term
| When appealing a final order of the FREC you do what? |
|
Definition
| File a petition for review with the DCA |
|
|
Term
| What are disciplinary actions the FREC may impose? |
|
Definition
Reprimand
Suspension to ten years
revocation
Fines
Probation |
|
|
Term
| Where does the money for the Real Estate Recovery Fund come from? |
|
Definition
| Obtained from fines & fees paid by all real estate licensees |
|
|
Term
| Dual Agency is what and under what F.S. |
|
Definition
| Illegal and is in violation of F.S. 475 |
|
|
Term
| Maximum amount that can be paid from the real estate recovery fund for a singal judgement |
|
Definition
|
|
Term
| Maxium amount that can be paid from the real estate recovery fund for multiple judgements |
|
Definition
|
|
Term
|
Definition
| Illegal practice of inducting homeowner's to list or sell their property |
|
|
Term
| When commingling of a tenant's security deposit with other business funds what needs to be done |
|
Definition
| Landlord needs to post a surety bond of 50,000 or less |
|
|
Term
| Most important factor underlying any investment decision |
|
Definition
|
|
Term
| What is it when tenant pays a fixed rent and landlord pays all other costs |
|
Definition
|
|
Term
| When there is a disagreement on the amount of commisson due at closing what happens |
|
Definition
| retain the amount due in the escrow accoutn until it's resolved |
|
|
Term
|
Definition
| Tranferring all legal rights from one party to another party |
|
|
Term
| What is referred to as real property or real estate |
|
Definition
| land and improvements as well as intengible intersts and rights |
|
|
Term
| What must happen when an offer is received by a sales associate with a post dated check |
|
Definition
| Sales associate has one bussiness day to give the check to the broker |
|
|
Term
| What is it called when three people own a parcel of land with different deeds |
|
Definition
| tenancy or estate in common |
|
|
Term
| What happens if Seller refuses to pay a commission when due to a broker |
|
Definition
| Sales Assciates and or broker associates may not sue the seller |
|
|
Term
| What is Tenancy for years |
|
Definition
| Contract creating a non-freehold estate with a definite ending date |
|
|
Term
| What does title insurance do |
|
Definition
| Financial protection against losses as the result of a title defect |
|
|
Term
|
Definition
| Curing a defect in title to real estate and or real property |
|
|
Term
| What is a limited partnership |
|
Definition
| A business organization that may be registered to a broker real estate |
|
|
Term
|
Definition
| The government needs to acquire land from a property owner for new school, rail road etc.... |
|
|
Term
| What is Equity of Redemption |
|
Definition
| Right of a borrower to cure a default with a ender prior to the foreclosure |
|
|
Term
| What is a Initial Reference Point |
|
Definition
| Primary reference point in a metes & Bounds legal description |
|
|
Term
| What happens a registration of a real estate brokerage is revoked by the FREC |
|
Definition
| All licensees within the brokerage are involuntarily inactive |
|
|
Term
| In a township, the section that is two sections west of section 10 |
|
Definition
|
|
Term
| What is a implied contract |
|
Definition
| Some of the terms or conditions of a contract are assumed by the parties |
|
|
Term
| What makes a creation of a valid real estate sales contract |
|
Definition
Offer
Acceptance
communication by each party to the other party |
|
|
Term
| What is the statute of limitations |
|
Definition
| Time period which a party may sue for the enforcement of a contract |
|
|
Term
| A divorce terminates the Estate (tenancy) by the entireties what happens? |
|
Definition
| Tenancy (Estate) in common results unless otherwise dictated by a court |
|
|
Term
| What is Specified in the promissory note |
|
Definition
Loan amount
interest rate
loan term
repayment schedule |
|
|
Term
| What happens when a broker applicant passes the state exam and continues to be employed |
|
Definition
| will be a broker associate if he/she wants to still work under their current employer |
|
|
Term
|
Definition
- Requires Lender(s) to provide a good faith estimate of settlement costs
- Requires Lender(s) to provide an information booklet
- Requires lender(s) to provide the uniform settlement statement (HUD 1)
- Prohibits kicksbacks & rebates on any residential transaction
|
|
|
Term
| What is 1 discount point equal to |
|
Definition
| Is Equal to 1/8% to raise the lendar(s) effective rate of interest or yield |
|
|
Term
What is FHA Section 203(b)
|
|
Definition
| This type of loan may be prepaid without penalty |
|
|
Term
| When receiving an offer written or oral must be what |
|
Definition
| Must be presented to the seller |
|
|
Term
| What is it that Investigator (s) do after investigating a complaint filed against the licensee(s) |
|
Definition
| Must file the report(s) with the DBPR |
|
|
Term
| When obtaining a VA guaranteed loan what does the buyer need to quailify |
|
Definition
- The buyer needs to purchase of an owner-occupied residence
- The buyer needs a certificate of eligibility
- The Buyer needs an honorable discharge
|
|
|
Term
| Who provides an abstract or title insurance and why |
|
Definition
| Usually provided by the seller(s) as evidence of a merchantable or marketable title |
|
|
Term
| How do broker(s) seek testimony from a witness at a formal hearing (what process do they need to go about in order for their witness to be called) |
|
Definition
| Must ask the administrative law judge to subpoena the witness |
|
|
Term
| The four main prorations on a closing statement |
|
Definition
Rent
Insurance
interest
taxes |
|
|
Term
| What does the Lien theory state |
|
Definition
the title to mortgaged real property
is held by mortgagor(s) |
|
|
Term
| What type of notice can investors issue for non-compliance |
|
Definition
| For minor infractions of commission rules |
|
|
Term
| What are expenses on a closing statement noted as |
|
Definition
|
|
Term
| Highest & Best use of a parcel of real estate is what |
|
Definition
| Legal and possible use that gives the best return on the land improvements |
|
|
Term
| A Functional obsolescence is also known as |
|
Definition
| an over-improved property |
|
|
Term
| What kind of lot has a greater flexibility in building design usually |
|
Definition
|
|
Term
Status of the license on April 1 after
it expired on March 31 |
|
Definition
|
|
Term
|
Definition
| A roof style that might lift offf during a hurricane or a tornado |
|
|
Term
| What does it mean when a wall thermostat has a emergency heat setting |
|
Definition
| The home is equipped with a heat pump |
|
|
Term
| What should you do with a failing business |
|
Definition
| best way to value the business is by using the liquidation value approach |
|
|
Term
| What is a joint adventure or joint venture result in |
|
Definition
| When two brokers agree to combine their efforts for a single business transaction |
|
|
Term
| What is going concern value |
|
Definition
| Concept of value pertains to the appraisal of a profitable business |
|
|
Term
| What can home owners do when filing a itemized federal income tax return |
|
Definition
| Homeowners can deduct mortgage interest & real estate taxes |
|
|
Term
| Vancancy Ratio is determined by what |
|
Definition
| Indictator of the relationship between supply & demand for residential real estate |
|
|
Term
|
Definition
- To eliminate barriers that limits access to persons with disabilities
- To provide usable & accessible common areas for multi-family dewellings
- To remove barriers that limit access to persons with a disability for public buildings
|
|
|
Term
|
Definition
| 6 miles square and contains 36 square miles |
|
|
Term
| What should be done when there is conflicting demands on escrowed property |
|
Definition
| Notify the FREC in writing within 15 business days |
|
|
Term
| The real estate market is what |
|
Definition
|
|
Term
| Payroll costs are met with dollars generated from within the community, this is referred to as |
|
Definition
|
|
Term
| What happens to a licensee who operates in an excessively reckless and careless manner |
|
Definition
| Will be charged with culpable negligence |
|
|
Term
| Type of zoning that is based on density |
|
Definition
| Referred to as residential zoning |
|
|
Term
| One Judgement invloving multiple licensees (is what amount & from where?) |
|
Definition
| 50,000 max from recovery fund |
|
|
Term
| Fed's least effective tool to cost of credit |
|
Definition
| Increasing or decreasing discount rate |
|
|
Term
| How is the Real Estate Recovery Fund Funded? |
|
Definition
| Sustained by fines & Fees from Licensee's |
|
|
Term
| Means Corporation for profit |
|
Definition
| The word COMPANY in a business name, protected entity with the state |
|
|
Term
| Temporary Incapacitation of license is called what? |
|
Definition
|
|
Term
| How many times can you have a Temporary suspension? |
|
Definition
|
|
Term
| Best used to determine value of a falling business |
|
Definition
| Liquidation Value Appraisal |
|
|
Term
| Unlicensed Individuals violating R.E. Law |
|
Definition
| Cannot be fined monetarily by the FREC |
|
|
Term
|
Definition
| Does not involve fee simple ownership |
|
|
Term
| After PCP finds probable cause |
|
Definition
| A formal Complaint is filed |
|
|
Term
| How are interest rates determined on Conv. FHA & VA Loans |
|
Definition
| Determined by borrower/lender negotiations |
|
|
Term
| What must a licensee do when they teminate employement? |
|
Definition
| Must get a reissue before performing services |
|
|
Term
|
Definition
| risk income or expenses miss expectations |
|
|
Term
| What is issued for minor infractions according to FREC Rules |
|
Definition
Notice of noncompliance or citations
(licensee affected $1-1000) |
|
|
Term
| What is charged to lender to increase yield(profit) |
|
Definition
Discount points charged to make a loan
1 point=1% |
|
|
Term
| Who can pay a Sales Associate Compensation? |
|
Definition
| Can only be paid by his or her employer |
|
|
Term
| What does a officer or director to sales force have to have |
|
Definition
| Must have a active broker license |
|
|
Term
| What must appear in all advertising? |
|
Definition
| Registered name of the brokerage |
|
|
Term
| What does Market Conditions mean? |
|
Definition
| Consideration in compariable Sales Approach (appreciation of market around you) |
|
|
Term
| What must a Broker do when they have doubts of disposition of escrow funds? |
|
Definition
| Must notify FREC in writing |
|
|
Term
| What are exempt from execution of judgement liens |
|
Definition
Homestead property
Tax
HOA
Foreclosure |
|
|
Term
| Is an out of state licensee allowed to receive a referral fee? |
|
Definition
| Yes, not in violation of R.E. Law as long as Licensee has done nothing other than a referring. |
|
|
Term
| When a Sales Assc. gets a post-dated check as a deposit what must they do first? |
|
Definition
| Deliver immediately to employing broker (no more than the next business day) |
|
|
Term
| Recording deed in the public record |
|
Definition
| know a contructive notice |
|
|
Term
| What must be done with all funds received in connection with rentals |
|
Definition
| Must be placed in brokers escrow account |
|
|
Term
| What is the max for Sales Escrow account |
|
Definition
|
|
Term
| What is the max for Rental Escrow account? |
|
Definition
|
|
Term
| What happens to Sales Associates that are under a Brokerage that has now been suspended or revoked |
|
Definition
| All Sales Associates are automactically involuntarily inactive |
|
|
Term
| What is Violation of Chapter 475 |
|
Definition
| One brokerage representing both parties, No dual representing |
|
|
Term
| Can a brokerage do transactions only with two parties? |
|
Definition
| Yes...as long as they do not represent either party. |
|
|
Term
| SW1/4 of sw1/4 of NE 1/4 of sw 1/4 Sec. 5 |
|
Definition
|
|
Term
| Availability of credit is directly related to? |
|
Definition
Demand for real estate in the market
(Simple Supply and Demand) |
|
|
Term
| Fed's strongest to regulate our economy |
|
Definition
| Open Market (Buying & Selling high yielding t-bills) |
|
|
Term
| What can you be charged with if you failed to split commission as agreeded |
|
Definition
| Can be charged with Failure to account |
|
|
Term
| What can a Licensee be charged with when operating recklessly & carlessly |
|
Definition
|
|
Term
| What does OTS/Office of Thrift Supervision |
|
Definition
| Federal Agency regulating Savings & Loans |
|
|
Term
| What is happening when a Sales ass. is working with brokers principal |
|
Definition
| Both Broker & Sales Ass. have fiduciary duties |
|
|
Term
| Sale Ass can suewho for commission |
|
Definition
| Only BROKER currently employing Sales Ass |
|
|
Term
| Who can Apartment Complex owners employ |
|
Definition
| Unlicensed, salaried, on-site leasing agent...Basically anyone you don't need a license to rent apartments for a complex |
|
|
Term
| What does Quasi-Legislative do for the power of FREC |
|
Definition
| Allows FREC to adopt rules & Regulations |
|
|
Term
|
Definition
| Inducing people to sell due to minorities |
|
|
Term
| How is a Brokers commission determined? |
|
Definition
| Established by negotiations with principal |
|
|
Term
| What times can you not call peeps on the state and federal no soliciation phone list (law/rule etc) |
|
Definition
Disallows calls from 9pm to 8am
Allowed to call between 8-9 |
|
|
Term
| What is a debit entry on closing statement mean |
|
Definition
|
|
Term
| Residential zoning is based on |
|
Definition
|
|
Term
|
Definition
| Become a lien Jan 1st of every year |
|
|
Term
| Title insurance is an expense entry what should never be done |
|
Definition
| Never prorate on a closing statement Seller gets this abstract |
|
|
Term
| During a hearing a licensee can request |
|
Definition
| Administrative law judge to subpoena witness |
|
|
Term
| Commerical and Investment properties qualify for what? |
|
Definition
| Qualify for cost recovery tax deductions (MACRS) |
|
|
Term
| What is a scheduled increase in mortgage payments |
|
Definition
| Graduated payment mortgage |
|
|
Term
| Legal time to sue for contract enforcement |
|
Definition
| Statue of limitations (5 years) |
|
|
Term
| What are the two things a home owner can deduction on income tax returns |
|
Definition
| Mortgage interest and real estate taxes |
|
|
Term
| 9% annual interest plus 6 discount points= |
|
Definition
| Effective yield 9.75 (1 dis point= 1/8%) |
|
|
Term
| Executive power of FREC is what |
|
Definition
| Can be excrised by Chairperson acting alone |
|
|
Term
| How long before principal should get a copy of the new listing |
|
Definition
| Principal must get a copy within 24 hours |
|
|
Term
|
Definition
| Combining two lots under one ownership |
|
|
Term
| What is Bank Insurance fund (BIF) |
|
Definition
| Fed Agency insuring deposit at commerical banks |
|
|
Term
| Who is the watch dog for the BIF |
|
Definition
|
|
Term
| Why would Estoppel happen? |
|
Definition
| Could result from failing to record deed |
|
|
Term
| What does Consumer Credit Protection (CCPA) Act (Reg Z) require |
|
Definition
| Requires disclosure of true cost of credit with APR |
|
|
Term
|
Definition
| System allowing individual ownership of real estate |
|
|
Term
| Construction loans are usually disbursed how |
|
Definition
| By draws as construction progresses |
|
|
Term
| What tax is usually paid by the buyer not the seller |
|
Definition
| Intangible taxes on a new mortgagee loan |
|
|
Term
| True of both VA & FHA 203b loans |
|
Definition
| May be prepaid without Penalty |
|
|
Term
| Are Oral Real Estate loans enforceable? |
|
Definition
| NO they are UNenforceable according to the STATUE OF FRAUDS |
|
|
Term
| First step in obtaining VA Loan |
|
Definition
| Obtain a Certificate of Eligibility |
|
|
Term
| Is Acknowlegement (notarization) needed in order to have a valid enforceable contract? |
|
Definition
| No not required to create a valid, enforceable contract |
|
|
Term
| In the Income Capitalization Approach Appraisal |
|
Definition
| Mortgage payments are NOT an Operating Expense |
|
|
Term
| What is the best employment protection for the broker |
|
Definition
| Exclusion right of sale agreement |
|
|
Term
| What is the basis for all 3 primary appraisal techniques |
|
Definition
|
|
Term
| A brokers office must always be |
|
Definition
Stationary construction
name clear
seperate room for closing and neg.
records on file for at least 5 yrs. |
|
|
Term
| A florida house without central heat & air is an example of what |
|
Definition
|
|
Term
| Single agent acts can only be performed for whom? |
|
Definition
|
|
Term
| Example of an intangible assest with market value |
|
Definition
|
|
Term
| ANY Deposit received by a broker should go where |
|
Definition
| Should immediately be placed in escrow |
|
|
Term
| In appraising, the word "Price" means |
|
Definition
| Amount of money RECEIVED in a transaction |
|
|
Term
| Assigment Allows (due/hash) |
|
Definition
| Transfer of rights from one to another |
|
|
Term
| Real Estate can be described as |
|
Definition
|
|
Term
| Prorated real estate taxes are entered how |
|
Definition
| Double entry on a closing statement |
|
|
Term
| May be a potential tital problem |
|
Definition
| Title held by a corporation sole |
|
|
Term
| Possesion of a valid Real Estate License |
|
Definition
| Prima Facia evidence that holder is licensed |
|
|
Term
|
Definition
| REIT (Real Estate Investment Trust) |
|
|
Term
| What can be found on a promissory note |
|
Definition
Loan amount
interest rate
term
payment plan |
|
|
Term
| Primary consideration of all investments is called |
|
Definition
| Economic Soundness (risk) |
|
|
Term
|
Definition
| Individual ownership of a single unit |
|
|
Term
| Foreclosure funds are insufficient to pay all |
|
Definition
| Lien holder may apply for a deficiency judgement |
|
|
Term
| Are Policy and Procedure manuals required |
|
Definition
| Helpful, but not a legal requirement |
|
|
Term
| The title holder in a lien theory state |
|
Definition
|
|
Term
| Violation of Sherman-Clayton Anti-Trust Act |
|
Definition
| Unaffilated brokers discussing commission rates |
|
|
Term
| Third Party holding title for security |
|
Definition
| Deed of trust=Title theory |
|
|
Term
| Estate by the entireties/married people |
|
Definition
| Terminated by divorce into tenancy in common |
|
|
Term
| Limited partnership brokerage requires |
|
Definition
| 1 or more general and 1 or more limited partners |
|
|
Term
| Tenancy without stated termination rights |
|
Definition
|
|
Term
|
Definition
| brokers sharing office without seperate signs |
|
|
Term
|
Definition
| legal right to enter upon another's property |
|
|
Term
| 1 broker revoked in office of 4 active brokers who does this affect |
|
Definition
| Only licensee affected is broker who was revoked |
|
|
Term
|
Definition
| Delivery & Acceptance of the deed to & by grantee |
|
|
Term
| Defends title against any & all legal claims |
|
Definition
| General Warranty Deed/Warranty Deeed same thing |
|
|
Term
| Who gets commission when Sales Ass. was invalid at time of service |
|
Definition
| Neither Broker nor sales ass. get commission |
|
|
Term
|
Definition
| Damages not specified in the contract |
|
|
Term
| Option contract/Lease Option |
|
Definition
| Agreement for specified period of time |
|
|
Term
| Promise in a deed of no hostile claims |
|
Definition
| Warrant of quiet enjoyment |
|
|
Term
| If customer refuses representation, give him |
|
Definition
| No brokerage relationship notice before showing |
|
|
Term
| Function of Secondary Market |
|
Definition
| Provides Liquidity to primary market |
|
|
Term
| A clause that benefits the mortgagor |
|
Definition
|
|
Term
|
Definition
| to perform license service after suspension ends |
|
|
Term
| Can a licensee advertise in their own name |
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Definition
| If the licensee ownes the property being advertised |
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Term
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Definition
| Borrower pledges property as security |
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Term
| Money in escrow after acceptance of offer |
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Definition
| is held by broker for both buyer & seller |
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Term
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Definition
| Tenant pays rent only, landlord pays the rest |
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Term
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Definition
| Contract with terms & conditions inferred |
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Term
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Definition
| When tenant shares lease rights with others |
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Term
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Definition
| must be presented like all other offers |
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Term
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Definition
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Term
| In a registered brokerage corporation |
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Definition
| One broker must be an officer of the corporation |
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Term
| All contracts for deed documents |
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Definition
| should be placed in escrow |
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Term
| If all 4 broker partners want to perform services |
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Definition
| All 4 must be actively licensed |
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Term
| Option without definite valuable consideration |
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Definition
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Term
| Limited partnerships registered with Sec of st. |
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Definition
| Must be registered with FREC to brokerage real estate |
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Term
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Definition
| Highest and Best use of appraisals |
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Term
| Max paid from recovery fund for SINGLE JUDGEMENT |
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Definition
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Term
| To close and reopen office in the same lic. period |
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Definition
| Requires a reissue if office is in the same location |
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Term
| Broker fails to advise principl of true value |
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Definition
| Could be charged with concealment |
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Term
| Owner lists with ONLY 1 & Reserves right to sell |
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Definition
| Exclusive listing or Exclusive agency listing |
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Term
| Brokers sign at office enterance requires |
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Definition
| Requires only 1 active broker's name |
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Term
| When should ther be a satisfaction of mortgage |
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Definition
| Should be received upon final mortgage payment |
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Term
| Acceleration clause in mortgage |
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Definition
| Treats balance due & payable based of default |
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Term
| Seller usually provides abstract or title insurance to |
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Definition
| To close a real estate transaction |
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Term
| Needed to build a church in a residental area |
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Definition
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Term
| A person given power of attorney |
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Definition
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Term
| Planning commission does what |
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Definition
| Offer advice to elected officals |
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Term
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Definition
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Term
| Real Estate taxes are based on |
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Definition
| Assessed value/Prop Apprasier |
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Term
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Definition
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Term
| Contracts written and under seal |
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Definition
| Formal Contract (Signed /acknowledged) |
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Term
| Securities direct participation program |
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Definition
| Involves flow thru tax benefits to investor |
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Term
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Definition
| Lien for labor, materials, or construction on Real Estate |
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Term
| Principal of subsititution |
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Definition
| Buyer will pay no more than a suitable substitution |
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Term
| Mortgage Liens are known as |
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Definition
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Term
| Real Estate settlement procedures act |
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Definition
| Requires buyers are informed of closing act |
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Term
| Must be paid to person foreclosed on |
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Definition
| Foreclosure proceeds left after paying liens |
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Term
| When payment is made from recovery fund |
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Definition
| Suspended until fund is reimbursed plus interest |
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Term
| Homestead owned as tenancy by entireties |
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Definition
| not subject to elective share |
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Term
| Joint effort in 1 or predetermined number of deals |
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Definition
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Term
| Tenancy acquired by same or different deeds |
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Definition
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Term
| To appeal a final oder of FREC |
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Definition
| File petition of review with District of court of appeal |
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Term
| Tenancy for years giving occupancy |
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Definition
| Written non free hold estate for specified time (rental agreement) |
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Term
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Definition
| Survey shows fence built over property line |
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Term
| Broker learns title is not marketable on listing |
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Definition
| Immediatley notify owner of condition of title |
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Term
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Definition
| Ususally used to cure defects in title |
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Term
| A license that was not renewed will expire |
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Definition
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Term
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Definition
| Government power to take title for public use |
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Term
| Approve for broker's escrow in Florida |
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Definition
Title company
Bank
S&L
Credit Union |
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Term
| Physical Possession of property |
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Definition
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Term
| Broker fails to pay their sales assoicate |
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Definition
| Would be a misdemeanor of the second degree |
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Term
| The section 4 sections west of section 11 |
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Definition
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Term
| Instructed not to show property to minorities |
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Definition
| Violation of 1968 civl rights act if followed |
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Term
| Metes and Bounds primary reference point |
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Definition
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Term
| Rights of tenant for violations by landlord |
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Definition
| Seek temporary rent reduction |
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Term
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Definition
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Term
| FREC cannot impose as a penalty of |
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Definition
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Term
| Township directly east of T30S, R21E |
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Definition
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Term
| Licnesee found guilty of breach of trust |
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Definition
| subject to discipline by FREC |
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Term
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Definition
| Least accurate form of legal description |
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Term
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Definition
| CELL (Captial, Enrepreneurial ablility, land, labor) |
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Term
| Group license for sales and broker associates |
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Definition
| Only when employed by an owner-employer |
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Term
| High School diploma or equivalent required |
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Definition
| To apply to take any real estate exam |
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Term
| Broker with conflicting demand on escrow |
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Definition
| Must notify FREC in writing |
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Term
| Vancancis ratio is an indicator of |
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Definition
| Relationship of supply & demand |
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Term
| Passed broker exam, employed by another |
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Definition
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Term
| Real Estate market is best described as |
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Definition
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Term
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Definition
| Item of personal property attached to real estate |
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Term
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Definition
| Not allowed or covered by real estate license |
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Term
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Definition
Land
Improvements
Intangible rights |
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Term
| Building to owner's plan & specifications |
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Definition
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Term
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Definition
| Land bordering a river or stream |
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Term
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Definition
| focusing on listings in a particular neighborhood |
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Term
| Elimated when property ownership transfers |
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Definition
| Tax limitation created by save our home act |
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Term
| Expert knowledge from real estate pro does not include |
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Definition
| Does not include construction knowledge |
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Term
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Definition
| Issued only by the courts |
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Term
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Definition
| First step in determining tax rate |
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Term
| Landlord posted surety bond |
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Definition
| Then they can commingle deposit with their money |
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Term
| Developer deeds common elements to county |
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Definition
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Term
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Definition
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Term
| Written lease with definite beginning and end |
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Definition
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Term
| FREC can impose administrative fines NOT |
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Definition
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Term
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Definition
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Term
| Failure to complete 45hr. post license course |
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Definition
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Term
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Definition
| Mortgagor can redeem interest before Foreclosure |
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Term
| Broker operates more than one Brokerage firm |
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Definition
| Must have multiple Real Estate Licenses |
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Term
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Definition
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Term
| Max. penalty for unlicensed practice of Real Estate |
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Definition
| $5000 and or up 5 years in prison |
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Term
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Definition
| Tenantpays fixed rent/landlord pays taxes, etc. |
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Term
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Definition
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Term
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Definition
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Term
| Real Estate Licensee's Professional contributions |
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Definition
Valuation
Marketing
Property transfer |
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Term
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Definition
| Offer greater flexibility in building design |
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Term
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Definition
| Hearing Officer (admin law judge) |
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Term
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Definition
| Most likely to sustain damage from high winds |
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Term
| Not required for a VA loan |
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Definition
| a disability: you have to qualified not disabled |
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Term
| How do you recognize a heat pump (hvac) |
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Definition
| The thermostat has an emergence heat setting |
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Term
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Definition
| Appraised value of a profitable business |
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Term
| ADA (Americans with Disability Act) |
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Definition
| Make improvements when economically feasible |
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Term
| Dollars generated from the community |
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Definition
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Term
| Standard Homestead exemption |
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Definition
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Term
| Maximum homestead exemption |
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Definition
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Term
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Definition
| Comparable inferior add in Comp.sales appraisal |
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Term
| State documentary stamp tax rate on Deed |
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Definition
| $.70 per $100 of Sales price or fraction thereof |
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Term
| State Doc. Stamp rate on Mortgage Note |
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Definition
| $.35 per $100 of the loan amt. OFT of loan amount |
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Term
| State intangible tax rate on new liens only |
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Definition
| 2 mills (.002) times dollar amount of new loans only |
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Term
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Definition
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Term
| Can't follow legal instructions of principal |
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Definition
| Licensee must withdraw from transaction |
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Term
| Availability of credit is directly related to |
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Definition
| Demand for Real Estate in the market |
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Term
| Fed's strongest tool to regulate our econonmy |
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Definition
| Open Market (buying & selling high yielding T bills) |
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