Term
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Definition
| Florida real estate principles, practices and law |
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Term
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Definition
| A property folder it's not reside on the property and he usually replies on a property manager to supervise the investment. |
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Definition
| The process of developing and communicating and opinion other properties value based on supportable evidence and approved methods as of a certain date. |
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Definition
| One who is registered, license, or certified by the DDBPR and provides an estimate of value. |
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Term
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Definition
| broker's price opinion – A written opinion of the value of real property. Florida real estate licensees are allowed to prepare and charge for BPO's provided the BPO is not called an appraisal. Price opinions are often requested by relocation companies and lenders involved in a short sale s of distressed properties. |
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Definition
| Real estate licensees who engage in the sale, purchase, or lease of businesses. |
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Term
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Definition
| The real estate activity dealing in the sale, purchase, or lease of businesses. |
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Term
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Definition
| Community association manager – A person who holds CAM license to manage community association of more than 10 units and associations with annual budgets in excess of $100,000. |
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Term
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Definition
| comparative market analysis – and informal estimate of market value performed by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, and informal estimate of market value to assist the buyer in arriving at an appropriate offering price. |
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Term
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Definition
| and offer of land for some public use, by an owner, together with acceptance by or on behalf of at the public. |
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Term
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Definition
| a selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study. |
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Term
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Definition
| what a sales associate does after a sale to maintain customer contact and goodwill. |
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Term
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Definition
| multiple listing services – an arrangement among members of the real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result. |
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Term
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Definition
| the leasing, managing, marketing, and overall maintenance of property for others. |
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Term
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Definition
| A person who manages properties for various owners. A property managers primary duties are to secure it and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties. |
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Term
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Definition
| A part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters and completing a real estate transaction |
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Term
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Definition
| A real estate broker who is a member of the local board of REALTOR® and is affiliated with the state association (Florida Realtors®) print the Sea and the National Association of REALTORS®. The term is not synonymous with "real estate agent". |
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Term
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Definition
| A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation in the property owner seeking to acquire a lease for a house in accommodation. Rental agents who are paid on a transaction bases must be licensed real estate agent. Salaried employees who work in an on-site rental office in a leasing capacity are exempt from real estate license, provided they are not paid on a transaction basis. |
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Term
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Definition
| A plan of a tract of land subdivided into lots and showing required or planned amenities. |
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Term
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Definition
| A specific group of prospects chosen because if it's demographics, Financial, and lifestyle characteristics. |
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Term
| The product that real estate licensees market is: |
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Definition
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Term
| this is the three areas of expertise that real estate licensees bring to the transaction. |
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Definition
1. Knowledge of property transfer
2. knowledge of market conditions
3. knowledge of how to market real estate or business |
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Term
| Real estate sales associates involved in sales and leasing often specialize in one of five major sale specialties: |
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Definition
| residential, commercial, industrial, agricultural, and businesses. |
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Term
| residential sales associates |
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Definition
| should acquire a thorough understanding of the strengths and weaknesses of the neighborhoods in the areas in which they specialize (farm) |
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Term
| commercial sales associate |
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Definition
| commercial sales associates provide competent service to investors, real estate professionals who specialize in commercial sales need expertise regarding income – producing properties, investment analysis, and the various techniques for increasing after tax cash flow. |
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Term
| industrial sales associates |
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Definition
| Real estate licensees who provide real estate expertise of industrial real estate must have technical knowledge of the needs of different industries, such as transportation requirements, including access to railroad or Airport transportation; industrial construction features, such as steel versus concrete block construction; and local land Dash use restriction is affecting industrial properties. |
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Term
| Agricultural sales associate |
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Definition
| Agricultural sales associatespecialize in the sale of farms and agricultural land must be familiar with the operations of farms in the economic problems associated with the various types of farming. One of the licensees most important skills of the billet he to communicate with farmers. Real estate licensees who are effective in dealing with farm operators are knowledgeable about farm operations of the federal programs affecting farm operations. |
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Term
| Business Real estate associate |
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Definition
| Real estate associate engages in the sale, purchase or lease of businesses called business brokers. |
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Term
| List the five major sale specialties |
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Definition
| residential, commercial, industrial, agricultural, businesses |
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Term
| Real estate sales associates often specialize in a particular geographic area or property type called a |
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Definition
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Term
| what involves developing a database of prospects to direct a specific message |
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Definition
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Term
| when must a property manager be a licensed real estate agent? |
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Definition
| when he is paid by commission or on a transactional basis |
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Term
| sales associate work under the direction of |
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Definition
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Term
| licensed sales associate can not work independently as |
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Definition
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Term
| A ________ __________ is a property owner who does not reside on the property who often relies on a manager to manage the investment. |
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Definition
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Term
| Who typically find a tenant for the property and collect a fee? |
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Definition
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Term
| continues to manage the property once a tenant is secured? |
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Definition
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Term
| A property managers charge is to protect the owners ___________ and __________ the owner's____________. |
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Definition
| investment, maximize, returns |
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Term
| The scope of work a property manager performance is detailed in the? |
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Definition
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Term
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Definition
The Florida Real Estate Appraisal Board.
regulation state-certified and licensed appraiser's. |
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Term
| only A state certified or licensed ___________ can prepare an appraisal that involves a federally related transaction. |
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Definition
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Term
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Definition
| comparative market analysis developed by collecting information concerning real estate activity in the area common including recent sales of similar properties, properties currently offered for sale, and recently expired listing. A CMA is a marketing tool and may not be referred to a real represented as an appraisal; therefore CMA's do not have to conform to the USPAP standards. |
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Term
| A state – certified or licensed appraiser must conduct an appraisal when valuation assignment involves originating a _____ _____ mortgage loans. |
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Definition
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Term
| if a sales associate performs a BPO, The compensation must be paid to the _____ and not _____ to the sales associate who prepared the BPO. |
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Definition
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Term
| set of guidelines to follow when providing appraisal services. |
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Definition
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Term
| anyone who takes residential mortgage loan applications or offered to go Occie terms of residential mortgage loan application for compensation must be licensed as a _______,______,______. |
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Definition
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Term
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Definition
| mortgage loan originator's - One who finds a lender for a potential borrower, and vice versa. |
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Term
| Real estate licensees may not accept ______ _______ lenders without also being licensed as a mortgage loan originator's. |
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Definition
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Term
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Definition
| developers and builders a acquire raw land and then prepare the site for construction. They must carefully study zoning and land use plans to determine what type of development is permissible. During this phase developer seeks approval for the proposed project from the local municipal polity. For increased comfort engineering plans, attorney fees, surveyed and application fees. |
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Term
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Definition
| The process of converting parcels of land into smaller units or lots |
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Term
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Definition
| The process of improving raw land so that it can be put to productive use |
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Term
| List three general phases of development and construction. |
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Definition
| land acquisition, subdividing and development, recording the subdivision plat map. |
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Term
| what is a gift of land by developer to a local government to be used for a public use. |
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Definition
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Term
| what is a spec what is a spec home |
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Definition
| speculative homes- building "on speculation" involves purchasing one or more lots in constructing a home, or homes, without a buyer in advance of construction. |
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Term
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Definition
| A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers. |
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Term
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Definition
| A type of speculative building. A new subdivision will typically feature several models. Buyer selected plan from the models and a lot on which to build in the new subdivision. |
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Term
| List three general categories of residential construction |
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Definition
| SPEC or speculative homes, custom homes, tract homes |
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Term
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Definition
| Uniform Standards of Professional Appraisal Practice- A set of guidelines to follow when conducting appraisal services. |
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Term
| A developer acquires a tract of land that he divided into 25 homesites. Before marketing the home site, the developer message Missy sent division back to the? |
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Definition
| local government cleaning agency |
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Term
| The term follow up refers to |
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Definition
| what a sales associate guys for buyers and sellers after the sale |
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Term
| The term follow up refers to |
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Definition
| what a sales associate guys for buyers and sellers after the sale |
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Term
| even though certain exceptions apply an active real estate licensee is legally entitled to appraise real property for compensation concerning a non-federally related transaction |
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Definition
| as long as he or she does not represent themselves as a state certified or licensed appraiser and complies with the USPAP |
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Term
| The field of property management has experience growth and specialization primarily because of |
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Definition
| The increase in the number of absentee owners |
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Term
| Real estate license easements comply with uniform standards of professional appraisal practice (USPAP) when conducting which value estimates |
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Definition
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Term
| appraisers are paid a fee because |
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Definition
| to except compensation based on the appraised value is a conflict of interest |
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Term
| The real estate activity that is devoted to leasing, managing, marketing, and overall maintenance of property for others it's called |
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Definition
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Term
| which type of construction involves building to a buyer's specifications? |
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Definition
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Term
| the term dedication as it applies to development and construction refers to |
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Definition
| a gift of land by the owner to the local government for public use |
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Term
| what type of license is required to sell or lease business opportunities for another person? |
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Definition
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Term
| selecting a limited geographical area in which a real estate professional develops special expertise |
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Definition
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Term
| managing which type of property of more than 10 units requires a CAM licence? |
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Definition
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Term
| effective advertising involving developing a database of prospects to direct a specific message is called |
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Definition
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Term
| a broker charges a prospective seller $50 for a Comparative Market Analysis. Which statement applies |
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Definition
| it is fine as long as the broker does not represent the CMA as an appraisal |
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Term
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Definition
| an individual or business entity licensed by the DBPR to perform services of real estate for others |
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Term
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Definition
| an individual who is qualified to be issued a brokers license but who operates as a sales associate in the employee of another |
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Term
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Definition
| anything of value or a valuable consideration, directly or indirectly paid, promise, or expected to be paid or received' |
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Term
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Definition
| A process by which the record of a criminal conviction is destroyed or sealed after expiration of time |
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Term
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Definition
| for application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year |
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Term
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Definition
| A privilege greeted by the state to operate as a real estate broker, broker associate associate; a type of time – share interest |
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Term
| Mutual recognition agreement |
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Definition
| A transactional agreement between Florida and another state that provides for the two states to recognize each other's real estate license education |
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Term
| Nola contenders/no contest |
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Definition
| A pleading of no contest by a defendant; a plea in criminal action not admitting guilt but subjecting the defendant to punishment as though it were a guilty plea |
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Term
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Definition
| an unlicensed entity that sells, exchanges, or lease is it's own property |
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Term
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Definition
| requiring no further proof; acceptable on the face of |
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Term
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Definition
| Real estate activities involving compensation for performing activities for another |
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Term
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Definition
| The practice of mutual exchanges of privileges. Some states have reciprocal arrangement for recognizing and granting licenses to licensed real estate professionals from other states |
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Term
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Definition
| authorization by the state to place an applicant on the register or record I've officially recognized individuals and businesses |
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Term
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Definition
| A licensed individual who, for compensation, is employed by a broker owner-developer |
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Term
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Definition
| statutes in some states permit a persons criminalrecord to be sealed, and there after such records cannot be examined except by order of the court or by designated officials |
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Term
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Definition
| when the court determines that a defendant is not likely to again engage in a criminal act and it ends of justice and the welfare of society do not require that the defendant step of the penalty imposed by the law, the court may withhold adjudication of guilt, stay the imposition of the sentence and Pleas. |
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Term
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Definition
| when the court determines that a defendant is not likely to again engage in a criminal act and it ends of justice and the welfare of society do not require that the defendant step of the penalty imposed by the law, the court may withhold adjudication of guilt, stay the imposition of the sentence and Pleas. |
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Term
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Definition
| chapter 20 organizational structure, establishes the structure of the executive branch afford us government. Provides for the legislative, executive, and judicial branches of government. |
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Term
| Florida statute Chapter 475 |
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Definition
| this life is often called the real estate professional practice act. Chapter 475 was created by the Florida legislature to establish the legal rights and responsibility of real estate licensees and real estate appraisers. Chapter 475 is divided up into four parts |
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Term
| 4 parts of Florida Statute Chapter 475 |
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Definition
1. real estate brokerage
2. real estate appraisers
3. Commercial Real Estate Sales Commission Leininger Act
4. Commercial Real Estate Leasing Commission Leininger Act |
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Term
Florida Statute Chapter 475:
Part I |
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Definition
| pertains to real estate brokerage. Real estate license he's responsible for knowing the provisions of this chapter. The Florida Real Estate Commission (FREC) implements, interpret, and enforces the regulatory provisions of chapter 475. |
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Term
Florida statute chapter 475:
part II |
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Definition
| pertains to real estate appraisers in sets forth the requirements for licensed and certified appraisers according to federal statute. The Florida Real Estate Appraisal Board (FREAB)regulate state certified licensed and registered trainee appraisers. The FREAB functions very similarly to the Florida Real Estate Commission (FREC). Both quasi-judicial bodies follow the same procedures for disciplining licensees. |
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Term
Florida statute chapter 475:
Part III |
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Definition
| commercial real estate sales commission lien act, gives a broker right for earned commission. This act applies only to commercial property, not residential property. The meeting is only against the owners net proceeds, personal property, from the sale and is not attached to the commercial real property. |
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Term
Florida statute chapter 475:
Part IV |
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Definition
| The commercial real estate leasing commission lien act, gives a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate. |
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Term
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Definition
| Business and Professional Regulation: General provisions, defines the general legal practice and procedures for the DBPR and the licensees of all professions regulated by the DBPR, including real estate. Section 455. 10 at the statute provides that an individual cannot be disqualified from practicing an occupation for profession regulated by the state of Florida silly because the person is not a US citizen. |
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Term
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Definition
| The Administrative Procedure Act defines the procedural process by which regulatory agencies deciding employment agency action. The licensing and disciplinary process for real estate licensees as outlined in this chapter. |
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Term
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Definition
| the rules of the Florida Real Estate Commission. it is a set of administrative rules developed by the Florida Real Estate Commission, pursuant to the rule making process outline in chapter 120, Florida Statutes. administrative rules are published in the Florida Administrative Code (FAC). |
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Term
| Chapter 20, Florida Statute |
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Definition
| executive branch of Florida government |
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Term
| chapter 475, part I, Florida statute |
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Definition
| Real estate brokers, sales associates, as in schools |
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Term
| chapter 455, Florida statute |
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Definition
| department of business and professional regulation and professions under the department |
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Term
| chapter 120, Florida statute |
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Definition
| procedural process for all government entities authorized under the Florida constitution |
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Term
| chapter 61J2, Florida administrative code |
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Definition
| Florida real estate commission rules |
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Term
| what is a set of administrative rules developed by the Florida real estate commission? |
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Definition
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Term
| which of the Florida statutes establishes the structure of the executive branch a thought it's government. |
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Definition
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Term
| what are the three categories of real estate licenses? |
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Definition
| sales associate, broker, broker associate |
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Term
| what is the time period for the DB PR to check for errors and omissions? |
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Definition
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Term
| what is the time. For the DB PR to inform the applicant of approval or denial of the license application? |
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Definition
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Term
| is proof of US citizenship required of applicants? |
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Definition
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Term
| does Florida have reciprocity? |
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Definition
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Term
| A license sales associate who moved from Florida to another state must comply with nonresident license requirements within how many days? |
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Definition
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Term
| an applicant is considered to be a Florida resident for licensure process procedures if the applicant has resided in Florida for how many consecutive calendar months within the preceding year? |
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Definition
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Term
| Mutual recognition applicants must pass a ______ question real estate license exam with a grade of ______or higher. |
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Definition
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Term
| how long is a real estate license application valid from the date the complete application is received? |
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Definition
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Term
| is a US social security number required to apply for real estate license? |
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Definition
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Term
| what is the Social Security number used for on the application? |
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Definition
| to determine whether applicants are in compliance with child support obligations |
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Term
| Who is exempt from pre-license course I? |
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Definition
4 – year or higher real estate degree,
Florida – licensed attorney |
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Term
| Who is exempt from pre-license course II? |
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Definition
| 4 – year or higher real estate degree |
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Term
| Who is exempt from post – license? |
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Definition
| 4-- year or higher real estate degree |
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Term
| Who is exempt from continuing education? |
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Definition
| Florida – licensed attorney |
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Term
| examinees who fail the license exam are ______ entitled to review the questions I answered incorrectly within days after the date of examination. |
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Definition
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Term
| ________ Who are active members of The _______ _______ are exempt from the sales associate pre-license course. |
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Definition
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Term
| individuals who have received a _______ _______ or higher in _______ _______ from an accredited institution of higher education are exempt from the sales associate pre-license course. |
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Definition
| four year degree, real estate |
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Term
| how many years is a real estate license application valid for? |
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Definition
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Term
| students must pass the 45 – hour end – of – of course exam with a score of _______ or higher. |
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Definition
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Term
| after completing the post – licensing education requirement during the initial license. Active and in active licensees must complete at least _______ hours of continuing education during every two – year license period after that. |
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Definition
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Term
| A licensee who takes the three –hour core-law course in each year of the renewal. Receives how many hours of credit toward the 14 –hour continuing education requirement? |
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Definition
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Term
| licensees must complete 14 hours of continuing education every how many years? |
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Definition
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Term
| The 14 – our continuing education requirement includes a three –hour _________ |
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Definition
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Term
| licensees to attend one legal agenda session for the FREC May substitute _______ continuing education credits per renewal cycle. |
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Definition
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Term
| associates must successfully complete _______ hours of post – licensing education before the first renewal of their licenses. |
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Definition
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Term
| A broker applicant must have held an active real estate license for at least _______ during the preceding _______. |
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Definition
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Term
| A broker must complete _______ of post – licensing education before the _______ of the initial broker license. |
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Definition
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Term
| A real estate license serves as _______ _______ evidence that the person named on the license possesses a current and valid license. |
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Definition
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Term
which information is included on the face of the real estate license?
A. Florida governor's name
B. Name of the secretary of the DB PR
C. Licensees name and address
D. license type
E.Expiration date
F. Licensees email address
G. License number |
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Definition
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Term
which information is included on the face of the real estate license?
A. Florida governor's name
B. Name of the secretary of the DB PR
C. Licensees name and address
D. license type
E.Expiration date
F. Licensees email address
G. License number |
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Definition
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Term
to remember: real estate services:
Use A BAR SALE |
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Definition
A Advertise
B Buy
A Appraise
R Rent or provide rental information or lists
S Sell
A Auction
L Lease
E Exchange |
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Term
| which individuals are exempt from real estate licensure? |
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Definition
| A person who has been given a power of attorney for the purpose of signing a contract on another person's behalf, a sales person for a real estate developer who receives commission for each lot the sales person sales, owners of a time – share. Who offered their time – share. For resale, a salaried employee of the corporation who sells property owned by the corporation so he is a part of the employees responsibility as an employee |
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Term
| A licensed sales associate me operate |
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Definition
| for the broker registered as the sales associates employer |
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Term
| is a sales associate required to be a bona fide Florida resident? |
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Definition
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Term
| which person does not meet the experience requirements to Tina for the brokers license? |
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Definition
| an applicant who has held an active Florida sales associate license during two of the preceding five years while employed by owner – developer |
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Term
| what information appears on the face of a real estate license? |
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Definition
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Term
| A sales associate applicant is not required to disclose which information on the license application |
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Definition
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Term
| A sales associate sells real estate for a real estate broker to company he also works as a field since it for another real estate brokerage company |
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Definition
| The sales associate is in violation of F.S. 475. |
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Term
| what is the Latin term for a fleet of "no contest" |
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Definition
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Term
| Florida statute 455 requires real estate license he is to notify the DB PR have a conviction, plea, or adjudication of a crime within how many days? |
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Definition
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Term
| which event may cause the FREC to refuse to certify an individual as qualified for license? |
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Definition
| if he was convicted of fraud in an insurance scam |
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Term
| license applicant has had a real estate license in good standing from the state of Alabama since 2005. Five months ago, the Alabama licensee move to Orlando, Florida. Is this licensee eligible to apply for a Florida real estate license under mutual recognition? |
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Definition
| no the applicant is a Florida resident |
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Term
| A woman receive her Florida sales associates license last year. Which requirement must she complete to become a licensed real estate broker? |
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Definition
| successfully complete the 45 our post licensing course |
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Term
| A man has a North Carolina brokers license, but he is not licensed in Florida. He sells a parcel of land he owns in Florida. Assuming all else is proper, this is a legal transaction because? |
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Definition
| Florida law exams from licensure individual owners selling their own real property |
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Term
| A sales associate applicant who has submitted it correctly completed application for the state license examination he successfully pass is the state exam may legally begin to operate as a licensee when the |
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Definition
| applicant is notified of having passed the state exam, has file the appropriate form to become registered as an active with DBPR and the DBPR website indicates the applicants license status is active. |
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Term
| if the post licensing requirement is not for filled before the first renewal and sales associate licensee wishes to continue in the real estate business, the licensee |
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Definition
| must requalify for licensure |
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Term
| services of real estate do not include |
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Definition
| filling cemetery lots for compensation |
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Term
| which statement best describes who must be licensed to practice real estate in Florida? |
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Definition
| anyone who performs any of the services of real estate for another for compensation, unless specifically excepted by law |
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Term
| which individual is not exempt from licensure under F.S. 475? |
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Definition
| and employee of a real estate developer who receive the salary plus bonus is based on sales quotas |
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Term
| A salaried individual managers a condominium building in renting it for three Dash months 26 – months. The manager |
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Definition
| is exempt from license you're under F.S. 475 |
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Term
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Definition
| A current, valid license registered with the DB PR. The status required to activate and gauge in the real estate business |
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Term
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Definition
| A license ceases to exist, if active as of the date approved by the commission, and does not involve disciplinary action. |
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Term
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Definition
| A license he cannot perform real estate services because certain events occur, such as when he broke a change of business address |
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Term
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Definition
| duties related to the education of licensees, the regulating a professional practices, and the publishing of materials |
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Term
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Definition
| A right granted a sales associate broker associate to work very properties owned by affiliated entities under one owner developer |
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Term
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Definition
| The license that is the results when a license is not renewed at the end of the license. |
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Term
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Definition
| did you need at the division of real estate that involve record keeping |
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Term
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Definition
| licenses held by a broker in two or more real estate brokerage firms |
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Term
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Definition
| The license status when a sales associate has failed to successfully complete post license education prior to the first renewal of the license or when he license has failed to renew two or more renewal cycles; the license status has been volunteering at the for more than 24 months |
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Term
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Definition
| and administrative penalty imposed by the FREC that allows the licensee to continue to practice real estate under the guidance of the FREC for a period of time while completing condition specified by the FREC |
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Term
|
Definition
| The formal active announcing a statute or an administrative rule. To publish and officially announce a new or amended rule or statute. The FREC may promulgate rules and regulations |
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Term
|
Definition
| Powers delegated to the FREC to discipline real estate licensees for violations of real estate license law and FREC administrative rules. |
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Term
|
Definition
| Powers delegated to the FREC to enact rules and regulations, decide questions of practice, and validate records. |
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Term
|
Definition
| The license status that results when a licensee has met all the requirements for licensure, yet the licensee chooses not to engage in the real estate business and has requested that the license be placed in the status. |
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Term
|
Definition
| The licensee – respondent may choose to avoid a disciplinary hearing and relinquish the real estate license in lieu of discipline, permanently revoking the Leslie's. |
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Term
| The DBP our offices are located where? |
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Definition
|
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Term
| Who appoints the secretary at the DBPR? |
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Definition
|
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Term
| once acquainted who confirms the appointment of the secretary at the DBPR? |
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Definition
|
|
Term
| where are the DRE offices located? |
|
Definition
|
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Term
| what do the DRE ministerial duties involve? |
|
Definition
|
|
Term
| The appointment of the director of the DRE is subject to approval by the? |
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Definition
|
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Term
| commissioners may not serve more than how many consecutive terms? |
|
Definition
|
|
Term
| what is the composition of the Florida Real Estate Commission?? |
|
Definition
4 active brokers- licensed at lest 5 years
1 active sales associate or broker- licensed at least 2 years
2 consumer members - never been licensed |
|
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Term
| where are FR EC meetings held and when? |
|
Definition
| each month at the Division of Real Estate, DRE, headquarters in Orlando Florida |
|
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Term
| 4 FREC members must be licensed brokers who have held active licenses for how many years preceding appointment? |
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Definition
|
|
Term
| how many commission members must be 60 or older? |
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Definition
|
|
Term
| what are the three general areas of responsibility that encompass the FREC's powers and duties? |
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Definition
| executive, quasi-legislative, and quasijudicial |
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Term
| The commission power to an act rules and regulations is an exercise of its ______ power. |
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Definition
|
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Term
| The commissions power to determine violations of license law into the minister penalties as his exercise of its |
|
Definition
|
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Term
| fostering education of real estate license he uses an exercise of the FREC's _______ |
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Definition
|
|
Term
| The seal, when I fix two official documents, becomes _______ _______ evidence that the document is authentic. |
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Definition
|
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Term
| The commission ____________ rules and regulations. |
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Definition
|
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Term
| if a licensee does not renew a license by the expiration date, the license reverts automatically to _______ _______ status. |
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Definition
|
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Term
| A real estate licensee must not perform real estate services following the _______ date of the license. |
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Definition
|
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Term
| A licensee who is a member of the US Armed Forces is exempt from the renewal provision is during active duty and _______ _________ after discharge. |
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Definition
|
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Term
| A temporary license expires _______ _______ after the date of issue and is _______ renewable. |
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Definition
|
|
Term
| license who has been involuntary inactive for more than _______ months but less then _______ months must complete _______ hours of reactivation education. |
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Definition
|
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Term
| in the event a brokers license is suspended or revoked, the licenses of the sales associates registered under the broker are placed on |
|
Definition
| involuntary in active status. |
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Term
| what is sometimes used to sales associates or broker associate who are registered under an owner – developer. |
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Definition
|
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Term
| what are issued to a broker who qualifies as the broker for more than one business entity? |
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Definition
|
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Term
| do members of the Florida real estate commission have to be DB PR employees? |
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Definition
|
|
Term
| members of the FREC are appointed by the |
|
Definition
| governor and confirmed by the state Senate |
|
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Term
| examples of water included in the intent of the Florida legislature concerning regulation of professional and licensed occupations to protect the public. |
|
Definition
when the potential for harm to the public is clear
when other ordinances in laws are not sufficient to protect the public
when less constraining measures of regulation or not available or apparent |
|
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Term
| Real estate licensees on active duty with the US Army are required to renew their licenses |
|
Definition
| within six months after discharge |
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Term
| The term of office for each commission member is |
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Definition
|
|
Term
| The members of the commission receive |
|
Definition
| $50 per day went on official business, plus expenses |
|
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Term
| which commission responsibility is an exercise of its quasi judicial power? |
|
Definition
| Grant or deny license applications |
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|
Term
| The commission is not empowered to |
|
Definition
| Levy fines and imprisonment as penalties for certain crimes |
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Term
| examples of responsibilities of the FREC |
|
Definition
determining the amount of licensing fees needed to operate the commission
reporting criminal violations to the states attorney
informing the division of Florida condominiums,timeshares, and mobile homes of disciplinary action against and any of its licensees. |
|
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Term
| examples of powers granted to the DPR under Florida statute 455 |
|
Definition
issue citations
investigate consumer complaints
issue subpoenas |
|
|
Term
| which branch of government is the DBP under? |
|
Definition
|
|
Term
| A sales associate is employed by a broker. The brokers license is suspended. This action causes the sale associate license to be |
|
Definition
| placed in involuntary inactive status |
|
|
Term
| what an active broker change is a business address and the broker notifies the FR EC within the required 10 days, the licenses of the sales associates |
|
Definition
|
|
Term
| if an active license he feels to renew her third to your license before the expiration date on the license, the license will |
|
Definition
| revert automatically to involuntary inactive |
|
|
Term
| and involuntary an active license will automatically become void without further action by the FREC or the DBPR after |
|
Definition
|
|
Term
| Who may not react to be a license to active status? |
|
Definition
| A sales associate he did not complete post licensing education before the expiration of the initial license |
|
|
Term
| and ordered – developer owns several properties with different names that all our business entities closely connected and controlled by the owner – developer. If he has associate working for the owner developer me legally obtain |
|
Definition
|
|
Term
| A broker moved his real estate office to renew, trendy location. He so busy coordinating the move but he forgets to notify the DBPR. The brokers license |
|
Definition
| Will cease to be enforced |
|
|
Term
| and initial real estate license is issued on September 10, 2016. Will expire |
|
Definition
|
|
Term
| A broker decide to relocate her real estate brokerage office. She notifies the DB PR at the change in business address. She also informed the DDP are the names of 2000 associates who are no longer associated with her brokerage. This is associates license will be |
|
Definition
| placed on involuntary inactive status |
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Term
|
Definition
| The body of law created by administrative agencies in the form of rules, regulations, orders, and decisions. |
|
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Term
|
Definition
| The representative; one who is authorized to act on behalf of another |
|
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Term
|
Definition
| conducting negotiations on one's own behalf without being subject to the other parties control or influence |
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Term
|
Definition
| Latin for "let the buyer beware." |
|
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Term
|
Definition
| judge – made law manifested in degrees and judgments of the courts, caselaw, as opposed to statutory law. |
|
|
Term
|
Definition
| A written agreement to gain the principles permission to a change in brokerage relationship. |
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Term
|
Definition
| one with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment. Per section 475.01, F.S., a member of the public who is or may be a buyer or seller of real property and may or may not be represented by real estate license he in an on authorized brokerage relationship |
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|
Term
| designated sales associate |
|
Definition
| two real estate licensees designated to represent the buyer and the seller as a single agents in a non-residential transaction. The buyer and the seller must have assets of $1 million or more and sign disclosures stating that their assets meet the required special. |
|
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Term
|
Definition
| representing both principles any transaction, not a legal agency relationship in Florida. |
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|
Term
|
Definition
| A person in a position of trust and confidence with respect to another person. |
|
|
Term
|
Definition
| A representative authorized by the principal to perform only acts related to the business or to employment of a particular nature |
|
|
Term
|
Definition
| transaction broker's provide a limited form of non-fiduciary representation to a buyer, a seller, or both in a real estate transaction. |
|
|
Term
| no brokerage relationship |
|
Definition
| The broker doesn't represent the customer, the customer may be the buyer or the seller. |
|
|
Term
|
Definition
| A new brokerage relationship |
|
|
Term
|
Definition
| The party employing the services of a real estate broker; amount of money borrowed any mortgage loan, excluding interest and other charges. |
|
|
Term
|
Definition
| The sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units. Or the sale of agricultural property at 10 or fewer acres |
|
|
Term
|
Definition
| Per section 475.01, F.S., A broker who represents, as a fiduciary, either the buyer or the seller but not both in the same transaction. |
|
|
Term
|
Definition
| One authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent. |
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|
Term
|
Definition
| The created by the announcement of legislation, as opposed to law created by judicial decisions (common law). |
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|
Term
|
Definition
| A person authorized to assist and represent the agent and his duties are delegated by the original agent. |
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|
Term
|
Definition
| A broker who provides limited representation to the buyer, a seller, or both any real estate transaction, but does not represent either any fiduciary capacity or is he single agent. |
|
|
Term
| A person who delegates authority to another is called the |
|
Definition
|
|
Term
| An _______ is the person interested with another's business. |
|
Definition
|
|
Term
| common law is sometimes called |
|
Definition
|
|
Term
| Laws created by the Florida Legislature are called |
|
Definition
|
|
Term
| what are the three brokerage relationship options? |
|
Definition
transaction broker
Single agent
no brokerage relationship, or nonrepresentation |
|
|
Term
| A residential sale is defined as the sale at improved residential property of ______ or fewer units. |
|
Definition
|
|
Term
| A residential sale is defined as the sale of agricultural property of _________ or fewer acres. |
|
Definition
|
|
Term
| A sales associate is a ______ agent of the employing broker. |
|
Definition
|
|
Term
| The seven duties of a transaction broker are |
|
Definition
Account for all funds,
disclose all known facts that materially affect the value of residential real property
deal honestly and fairly
use skill, care and diligence
present all offers and counter offers in a timely manner,
exercise limited confidentiality unless waived in writing by a party, perform any additional duties they are mutually agreed to by the parties. |
|
|
Term
| what are the ADD requirements in a no brokerage relationship? what are the code requirements for a single agent? |
|
Definition
Account for all funds
disclose all known facts that affect the value of residential property,
dealhonestly and fairly |
|
|
Term
| what are the COLD requirements for a single agent? |
|
Definition
confidentiality
obedience,
loyalty,
disclosure ( full) |
|
|
Term
| in Florida, there is a presumption that the brokerage is working in a ______ relationship. |
|
Definition
|
|
Term
| A transaction broker is a broker who provides ______ representation to a buyer, a seller, or both the buyer and the seller in a real estate transaction. |
|
Definition
|
|
Term
| and a transaction broker relationship, the brokerage does not represent the buyer or the seller in a ____________ capacity. |
|
Definition
|
|
Term
| what are the nine duties of a single agent? |
|
Definition
Account for all funds
disclose on then facts that affect the value of the residential property
deal honestly and fairly
use skill, care, and diligence
present all offers and counter offers
confidentiality
obedience
loyalty
disclosure |
|
|
Term
| The duty of loyalty includes |
|
Definition
attaining most favorite full price and terms for the principal
acting on behalf of the principal
not acting for parties with adverse interest in the same transaction
never concealing the identity of the purchaser to induce the principal to sell
disclosing to the principal if age it becomes personally interested in the principles property
never advancing the agents or another persons interest at the expense of the principal |
|
|
Term
| what for duty apply only to the single agent relationships? |
|
Definition
COLD
confidentiality
obedience
loyalty
disclosure (full) |
|
|
Term
| List the five brokerage relationship duties that apply to both a transaction broker relationship and a single agent relationship |
|
Definition
Account for all funds,
disclose all known facts that affect the value of residential property,
deal honestly and fairly,
use skill, care, and diligence,
present all offers and counter offers |
|
|
Term
| The duty of _______ prevents an agent from revealing to a third-party, without the principals permission, personal or private information that might lessen the principles bargaining position. |
|
Definition
|
|
Term
| The duty of ______ obligates an agent to act in good faith according to the principlals lawful instruction |
|
Definition
|
|
Term
| The duty of _______ requires the broker to place the principles interest above those of other persons with whom the broker deals. |
|
Definition
|
|
Term
| _________ __________ is a broker – agents duty to keep the principal fully informed at all times of all the facts or information that might affect the transaction or the property value. |
|
Definition
|
|
Term
| what are the three duties and I know brokerage relationship? |
|
Definition
Account for all funds
deal honestly and fairly
disclose all known facts that affect the value of residential property |
|
|
Term
| The new brokerage relationship notice messed be given before the |
|
Definition
|
|
Term
| The buyer or seller any nonrepresentation relationship with the broker is called the |
|
Definition
|
|
Term
| The single agent disclosure must be made before, or at the time of, _______ or before the ___________ of property, whichever occurs first. |
|
Definition
| entering into a listing agreement, showing |
|
|
Term
| Real estate brokers are required to retain buyer brokerage agreement for a period of |
|
Definition
|
|
Term
| A single agent relationship maybe change tree transaction broker relationship, provided the agent first obtains the principles |
|
Definition
| written consent to the change in the relationship |
|
|
Term
| we can send to transition to transaction broker notice includes a list of the _______ that a transaction broker owes to the _______ |
|
Definition
|
|
Term
| designated sales associates are used only in |
|
Definition
| non-– residential transactions |
|
|
Term
| The broker serves as an advisor to the |
|
Definition
| designated sales associate |
|
|
Term
| The designated sales associates act as _________ _______ for the buyer and the seller in the same transaction |
|
Definition
|
|
Term
| designated sales associates have the duties of a |
|
Definition
|
|
Term
| what are the reasons that a brokerage relationship maybe terminated? |
|
Definition
for filament of the brokerage relationships purpose
Mutual agreement to terminate
description of the sellers property
death of a seller's broker or the seller before the broker find a ready, willing, and able buyer.
bankruptcy of the principal or the customer |
|
|
Term
| A real estate brokerage company has entered into a single agent buyer broker relationship with the buyer. In order to show this buyer property that is listed with the same brokerage company for which it is a single agent, in what brokerage capacity may the company work with this buyer and seller? |
|
Definition
| both the seller and the buyer must transition to a transaction broker relationship before the buyer can be shown the sellers property |
|
|
Term
| The brokerage relationship disclosure requirements in chapter 475, FS, apply to the |
|
Definition
| Sale of a condominium unit |
|
|
Term
| A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is |
|
Definition
|
|
Term
| when must a licensee of ABC realty give the new brokerage relationship notice to a seller customer? |
|
Definition
| before the showing of theFSBO Home to a buyer |
|
|
Term
| A broker has listed a sellers property. The seller has disclosed to the broker that the ceramic tile is loose in the dining room because the cement did not adhere to the tile. The loose tile is not readily visible because it is covered with an area rug to protect the sellers toddler. The broker has satisfied his legal obligation if he tells the buyer |
|
Definition
| that ceramic tile in the dining room or loose |
|
|
Term
| does a transaction broker need to be obedient and his duties? |
|
Definition
|
|
Term
| in the common public relationship that exists in a typical real estate transaction, buyers and sellers are said to be dealing |
|
Definition
| at arms length with each other |
|
|
Term
| if a principal gets the broker instructions that will result in loss or harm to the principal, the broker |
|
Definition
| should inform the principle of possible harm inherent in the instructions, and then either do as instructed or withdraw from the relationship (if illegal) |
|
|
Term
| designated sales associates are best described as |
|
Definition
| Single agent for the buyer and the seller in nonresidential transaction where the buyer and the seller meet certain asset threshold |
|
|
Term
| which relationship is a general agency relationship? |
|
Definition
| relationship between the employing broker and the broker associate |
|
|
Term
|
Definition
| State and federal laws designed to maintain and preserve business competition |
|
|
Term
|
Definition
| The act of having a third-party render a binding decision in a dispute between two parties |
|
|
Term
|
Definition
| and advertisement that provides only a telephone number, a PO Box, and/or an address without the license name of the brokerage firm. |
|
|
Term
|
Definition
| to mix together money or a deposit with personal funds; combined; intermingle. |
|
|
Term
|
Definition
| when different parties each make claims that are inconsistent with one another |
|
|
Term
|
Definition
| A course of action declaring rights claimed under a contract or statute intended to prevent loss or to guide performance by the party or parties affected |
|
|
Term
| escrow disbursement order (EDO) |
|
Definition
| A course of action for determining the disposition of a contested deposit |
|
|
Term
|
Definition
| and association of two or more persons for the purpose of jointly conducting a business, each being responsible for all the debts incurred in the conducting of that business. |
|
|
Term
|
Definition
| A brokers uncertainty as to which party should receive the escrowed property. |
|
|
Term
|
Definition
| payment of money from someone other then the buyer or the seller associated with the real estate business |
|
|
Term
| Limited liability company (LLC) |
|
Definition
| and alternative, hybrid business entity with the combine characteristics and benefits of both limited partnerships and S corporations |
|
|
Term
| A brokerage office must be at least _____ enclosed room that will provide ______ to conduct negotiations and close real estate transactions. |
|
Definition
|
|
Term
| A broker may have an office in the brokers residence provided local _____ allow such activity in the brokers _______ is displayed at the entrance to the office. |
|
Definition
|
|
Term
| our registrations issue to branch office is transferable to a different location? |
|
Definition
|
|
Term
| our sales associates permit to open offices of their own? |
|
Definition
|
|
Term
| what must be displayed on the official sign for an active real estate brokers office? |
|
Definition
Tradename (if one is used)
brokers name
The words "licensed real estate broker in "or "lic. real estate broker" |
|
|
Term
| if the sales associates names are listed on the office sign |
|
Definition
The names must be below the name of the broker
there must be an observable line or space to separate the brokers name from the associates name
The license type must be included next to each associates name |
|
|
Term
| this is the Florida financial institutions that maybe used to maintain a brokers escrow account. |
|
Definition
| Credit union, savings Association, Florida bank |
|
|
Term
| The broker must sign a _______ on the escrow account |
|
Definition
|
|
Term
| if the broker chooses not to open an escrow account, the fence maybe held by a |
|
Definition
| title company or in an attorney trust account |
|
|
Term
| sales associates must deliver escrow deposit to their broker by the end of |
|
Definition
|
|
Term
| brokers must deposit escrow funds by the end of |
|
Definition
|
|
Term
| brokers must maintain records of real estate transactions for how many years |
|
Definition
|
|
Term
| brokers must maintain records of real estate transactions for how many years after that litigation if beyondthe five your period? |
|
Definition
|
|
Term
| The broker must get what from all parties to the contract before placing funds into an interest-bearing escrow account? |
|
Definition
|
|
Term
| What are the three exceptions to the notice and settlement procedures for sales escrow accounts? |
|
Definition
Brokers who are entrusted with an earnest money deposit concerning a residential sale contract used by HUD in the sale of HUD owned property
Buyer of a residential condo timely delivers to a licensee written notice of buyers intent to cancel. Buyer in good faith fails to satisfy the terms specified in the financing clause of a contract. |
|
|
Term
|
Definition
| If a buyer of a residential condominium unit timely delivers to a licensee written notice of the buyer's intent to cancel the contract, the licensee may return the escrowed property to the purchaser without notifying the commission or initiating any of the settlement procedures. |
|
|
Term
| HUD Agreement to Abide, Broker Participation Requirements |
|
Definition
| Brokers who ae entrusted with an earnest money deposit concerning a residential sale contract used by HUD in the sale of HUD owned property are exempted from the notice and settlement procedures in Chapter 475. Instead they follow the HUD Agreement to Abide, Broker Participation Requirements. |
|
|
Term
|
Definition
| If a broker has a good faith doubt as to which party should receive the escrowed property, the broker must notify the FREC, in writing, within 15 business days after having such doubts and institute one of the settlement procedures within 30 business days after having such doubt. |
|
|
Term
| What situations constitute good faith doubt? |
|
Definition
The transaction closing date has passed, and the broker has not received identical instructions from both the buyer and the seller regarding how to disburse the funds.
The transaction closing date has not passed, but one or more parties have expressed the intention not to close and the broker has not received identical instructions from the buyer and seller regarding how to disburse escrowed funds.
One party to a failed transactions does not respond to a brokers inquiry about escrow disbursement. |
|
|
Term
| List the four settlement procedures |
|
Definition
Mediation
Arbitration
Litigation
Escrow disbursement order (EDO) |
|
|
Term
| Broker's must notify the Commission in _________ of conflicting demands or of a goodpfaith doubt within ______ _________ days. |
|
Definition
|
|
Term
| A broker must institute one of the settlement procedures within ______ ________ days from the time the broker _________ the conflicting demands. |
|
Definition
|
|
Term
| For rental information and lists, the receipt must state that a prospective tenant who does not obtain a rental is entitled to be repaid _______ of the fee paid if requested within _______ days. ; |
|
Definition
|
|
Term
| If the information provided to the prospective tenant is not current or is inaccurate in any material respect, the broker must repay ______ of the fee to the prospective tenant. |
|
Definition
|
|
Term
| Any demand from the prospective tenant for the return of any part or all of the fee must be made within ______ days from the date of broker or sales associate contracted to provide services. |
|
Definition
|
|
Term
| A violation of the requirements for rental lists is a |
|
Definition
|
|
Term
| The Sherman Antitrust Act, The Clayton Antitrust Act, and the Federal Trade Commission deal with preserving .... |
|
Definition
| competition and ensuring against restraint of trade. |
|
|
Term
| A broker may place a lien on real property for nonpayment of commission only if the broker is expressly authorized to do so in a |
|
Definition
|
|
Term
| commercial Real Estate Lien Act. |
|
Definition
| Chapter 475, Part III, called the Commercial Real Estate Sales Commission Lien Act, gives a broker lien rights for earned commission. |
|
|
Term
|
Definition
| unearned fee paid to a licensee associated with a real estate transaction for non-real-estate services. |
|
|
Term
| The parties to the transaction must fully _______ of a kickback. |
|
Definition
|
|
Term
| The kickback must not be prohibited by ______ _______ |
|
Definition
|
|
Term
| It is unlawful to share a commission with an _______ ________ other than the _______ or the _________ in the transaction. |
|
Definition
| unlicensed, seller, buyer |
|
|
Term
| It is unlawful for a licensee to pay an ________ __________ for performing real estate services. |
|
Definition
|
|
Term
| Florida license law does proved that a _________ ________ _____or the owner of an __________ __________ may pay a finder's fee of no more than $50 to any unlicensed person who is a tenant of the apartment complex for the referral of a prospect who becomes a tenant of the apartment complex. |
|
Definition
| property management firm, apartment complex |
|
|
Term
| The DPBR must be notified with ______ days after the change by filing the appropriate DBPR form disclosing the name and address of the new employer. |
|
Definition
|
|
Term
| Duplication of records from a previous employer constitutes |
|
Definition
|
|
Term
| To divert buyers or sellers or to use confidential information is both unethical and _________ in Florida. |
|
Definition
|
|
Term
| Licensees must notify the DBPR in writing within _______ days of a change in current mailing address. f |
|
Definition
|
|
Term
| Licensees who fail to timely notify the DBPR of a chance of address are in violation of Florida Statute ________ and are subject to a citation and _______ fine. |
|
Definition
|
|
Term
| The only broker of a real estate brokerage retires and changes his license status to voluntary inactive. The sales associate registered under the broker must submit the proper DBPR form within_______ days to change to a new broker. |
|
Definition
|
|
Term
| A sales associate registered under the retiring broker is working with several customers. She wants to continue to show property to the prospective buyers. The sales associate must register under a new broker/employer ____________ in order to continue to perform real estate services. |
|
Definition
|
|
Term
| A broker may place a lien on residential property for nonpayment of commission, provided the broker is ___________ ____________ to do so in a contractual agreement. |
|
Definition
|
|
Term
| Licensees must notify the DBPR within _______- days of a change in current mailing address. |
|
Definition
|
|
Term
| What type of business entities may register as a Real Estate Brokerage? |
|
Definition
Corporations ( foreign and domestic)
General Partnerships
Limited Partnerships
Limited Liability Companies
Limited Liability Partnerships
Sole Proprietorships |
|
|
Term
| What types of business entities may not Register as a Real Estate Brokerage? |
|
Definition
Corporations Sole (church)
Joint Ventures
Business Trusts
Cooperative Associations
Incorporated Associations |
|
|
Term
|
Definition
a business owned by an individual
responsible for their own actions as well as their employees |
|
|
Term
|
Definition
| an association of two or more persons for the purpose of jointly conduction a business. |
|
|
Term
| Real Estate Brokerage General Partnership requirements |
|
Definition
The partnership must register with the DBPR under the partnership name
at least one partner must be licensed as an active broker
Any partner dealing with public and services of real estate must be licensed as active brokers
Sales associates and broker associates may not be general partners in a real estate brokerage partnership. |
|
|
Term
|
Definition
| created by a written instrument filed with the Florida Department of State. Partners must make an investment of cash or property but not of services. |
|
|
Term
| what are the requirements of Real estate brokerage limited partnerships? |
|
Definition
must register with the DB PR under limited partnership name, general partners who deal with the public and perform services of real estate must be licensed as active brokers,
at least one general partner must be licensed as an active broker, all other general partners must register with the DB PR for identification purposes |
|
|
Term
| are limited partners required to register with the DBPR in a real estate brokerage limited partnership? |
|
Definition
|
|
Term
| sales associates and broker associate may not be general partners in a real estate brokerage limited partnership; however they may be _______ _________. |
|
Definition
|
|
Term
| List the types of business entities that may be registered as a real estate brokerage |
|
Definition
sole proprietorship
general partnerships
limited partnership
corporation
limited liability company
limited liability partnership |
|
|
Term
| List the types of business entities prohibited from registering as a real estate brokerage |
|
Definition
Corporation sole
joint venture
business trust
Cooperative Association
unincorporated association |
|
|
Term
| in the event a brokerage has only one active broker, and the broker is unable to remain the active broker of the corporation, that they can see must be filled and how many days? |
|
Definition
|
|
Term
| in the event a brokerage has only one of the broker, and the broker is unable to remain the active broker the corporation, The corporation may appoint what type of broker for how long? |
|
Definition
| A temporary broker for up to 60 days |
|
|
Term
| can and an unlicensed personal assistant present an offer to the seller? |
|
Definition
|
|
Term
| does a personal assistant need a real estate license to negotiate and prepare a listing contract with the property owner? |
|
Definition
|
|
Term
| A sales associate received the binder deposit from a prospective buyer on Thursday morning. Later that same day, the associate gives the binder deposit to his broker. By the end of business on what day of the week with the broker deposit the funds into her escrow account? |
|
Definition
|
|
Term
| what must a real estate sales associate do if he/she receives checks payable to them as deposit on the purchase of a real property? |
|
Definition
| endorse the check and immediately turn them over to their employer |
|
|
Term
| is it illegal for the broker to keep any earned interest even if the buyer and the seller give written permission? |
|
Definition
|
|
Term
| A dispute arises between the buyer and the seller as to which one is entitled to as "property. The broker should first? |
|
Definition
| notify the FREC in writing, unless exempted from the notice requirements |
|
|
Term
| when you deposit is placed with the title company, what information regarding the title company must be included on the purchase and sale agreement? |
|
Definition
telephone number
name of the tile company
address of the title company |
|
|
Term
| A woman purchase a rental list one week ago from a real estate broker. She inspected in apartment described in the list. The apartment manager told her that cats were not allowed. She had specifically look at the apartment because the rent to list indicated that pets were allowed. Immediately, the woman orally demanded and should legally received from the broker? |
|
Definition
|
|
Term
| if the license issued to the only active broker of a real estate Corporation becomes void for any reason, another broker must be appointed within 14 calendar days. Failure to appoint another active or temporary broker will result in what action against the corporation's registration? |
|
Definition
|
|
Term
| A sales associate employees an unlicensed personal assistant to help with real estate property management. Can the unlicensed assistant show a rental property to a potential tenant? |
|
Definition
|
|
Term
| A broker must disclose to the owner at the time of signing, or before the owner signs the brokerage agreement, that chapter 475, par III |
|
Definition
| creates lien rights for commission earned by the broker via the commercial real estate sales commission Lein Act |
|
|
Term
| Limited partners must make a cash or property investment, this is one difference between a limited partnership and |
|
Definition
|
|
Term
| Kenny limited partnership be registered as a real estate broker? |
|
Definition
|
|
Term
| A licensed real estate broker and an attorney who specializes in contract law form a joint venture for the purpose of locating and selling to investors Rall land that is suitable for commercial development. Do you both parties need to be licensed? |
|
Definition
| yes because they're performing real estate services for compensation. |
|
|
Term
| A broker received conflicting demands concerning a roof inspection report. Both the buyer and the seller claimed the earnest money deposit. The broker must |
|
Definition
| Institute one of the statutory settlement procedures within 30 business days from the time the broker received conflicting demands |
|
|
Term
| The sales commission rates applicable to the various types of property sold in Florida are determined by |
|
Definition
| agreement between each broker and buyer or seller |
|
|
Term
| decides to leave the employee of her broker to work for another broker, she must do what? |
|
Definition
| notify the DB PR within 10 days of her change and broker employer |
|
|
Term
| in Florida, listings obtained and any commissions paid by the owner or the seller are |
|
Definition
| legally the property of the sales associates employer |
|
|
Term
| wcan a real estate licensee be paid a fee for referring buyers to the title company, provided the buyer is inform advance of the facts concerning the fee? |
|
Definition
|
|
Term
| can a real estate licensee share part of the commission with the buyer or the seller in a real estate transaction? |
|
Definition
|
|
Term
| must a real estate licensee also be licensed as a mortgage loan or a chair to be legally paid a fee for referring buyers to a mortgage lender? |
|
Definition
|
|
Term
| two brokers from different brokerages agreed to work with one another to market a prestigious marina in Naples, Florida,. One broker is particularly knowledgeable regarding marinas and the other is an expert on the Naples real estate right market, so they decide to combine your expertise on this particular listing. This business arrangement is a |
|
Definition
|
|
Term
| A sales associate received the binder deposit from a prospective buyer on Thursday morning. Later that same day, the associate gives the binder deposit to his broker. By the end of business on what day of the week with the broker deposit the funds into her escrow account? |
|
Definition
|
|
Term
|
Definition
any violation or omission of a legal or moral duty.
Breaking of a promise or obligation Buy an act of commission or omission default or non performance. |
|
|
Term
|
Definition
| to mix the money or other personal property of a buyer or a seller with a brokers own money or property, or to combine escrow money with personal or business funds. Sometimes called intermingling. |
|
|
Term
|
Definition
| withholding of information or a material fact. And if you do fiduciary relationship for example, the broker has a duty to speak, unless the principal knows the information or fact. |
|
|
Term
|
Definition
| licensee's personal use or miss use of client monies. |
|
|
Term
|
Definition
| involves negligent conduct that, while not intentional, involves a disregard of the consequences likely to result for one's actions. |
|
|
Term
| failure to account for and deliver |
|
Definition
| The act of failing to pay money to a person entitled to receive it. |
|
|
Term
|
Definition
| intentional deceit and reliance on the deception for the purpose of inducing another person to rely on the deceitful information and for the injured person to part with some valuable thing or just a renter |
|
|
Term
|
Definition
| A piece of information that is relevant to a person making a decision and that affects the value of the real property. |
|
|
Term
|
Definition
| an untrue statement of fact and an incorrect or false representation of the facts. |
|
|
Term
|
Definition
| involves conduct contrary to honest, good morals, justice, or excepted customs. Depravity against society. |
|
|
Term
|
Definition
| and alleged violation of the law or rule |
|
|
Term
|
Definition
if a complaint contains fax indicating that he violation of any of the following has occurred
Florida statute
any existing, legally and acted DBPR rule
any existing, legally and acted FREC rule |
|
|
Term
| what is the recommended penalty for a first violation of breach of trust, section 475.25 FS? |
|
Definition
| The penalty for breach of trust for a first violation is a $1000-$2500 administrative fine and a 30 day suspension to revocation.. |
|
|
Term
| what is the recommended penalty for a first foundation or concealer, section 475.25 FS? |
|
Definition
| The penalty for a first violation of concealment is a $1000-$2500 administrative fine and a 30 day suspension to revocation. |
|
|
Term
| The penalty for a first violation of concealment is a $1000-$2500 administrative fine and a 30 day suspension to relocation. what is the recommended penalty for a first violation of section 475.2 5FS convicted or found guilty of a crime involving moral turpitude. |
|
Definition
| The penalty for a first violation of conviction of a crime involving moral turpitude is a $250-$1000 administrative find any 30 day suspension to revocation. |
|
|
Term
| A broker is the property manager for a duplex that rents for $1000 per unit. Last month, he collected the rent from each tenant at the beginning of the month. Because the broker was having trouble making his mortgage payments, he used the $2000 to pay his lender. Two weeks later, the broker received a commission check from a sale and then paid the owner of the duplex the $2000 of rent. Which legal term applies to the broker's misuse of the rent money? |
|
Definition
| The broker is guilty of conversion. He used the landlord's money to make his mortgage payment. If the checks were made payable to the broker, he should have deposited them in his escrow account. |
|
|
Term
| A sales associate received a $1000 cash deposit with an offer. She was uncomfortable holding that much cash so she used the night depository to place the money in her checking account. She then wrote a check to the escrow account for $1000. Which legal term describes the sales associates actions. |
|
Definition
|
|
Term
| A broker received an earnest money check for $5000 payable to John Stetson, Attorney Trust Account. The broker placed the check in his desk drawer until he was able to get it to the attorney's office. The he received a copy of the closing disclosure before closing, the buyer noted that the earnest money was not mentions. The attorney had no record of an earnest money deposit. Which legal term best describes this situation? |
|
Definition
| Because the broker did not deposit the check with the attorney's trust account, the broker can be charged with failing to account for or deliver escrowed property. |
|
|
Term
| A complaint is __________ ______________ if it contains facts indicating that a violation of Florida statute or administrative rule has occurred. |
|
Definition
|
|
Term
| A complaint and the information obtained during the investigation is treated as __________ until __________days after probable cause is found to exist. |
|
Definition
|
|
Term
| Reasonable grounds for prosecution is called |
|
Definition
|
|
Term
| The probable cause panel must make a decisions within ______ days of receipt of the final investigative report, unless an __________ is granted by the secretary of the Department. |
|
Definition
|
|
Term
| What does it mean when the subject is given a letter of guidance? |
|
Definition
| The probable cause panel found that probable cause does not exist. |
|
|
Term
| What happens if probable cause is found? |
|
Definition
| A formal complaint is filed. |
|
|
Term
| At least _________ of the probable cause panel members must be a __________ member of the Commission. |
|
Definition
|
|
Term
| Are probable cause proceedings open to the public? |
|
Definition
|
|
Term
| Are remaining FREC members allowed to attend the proceedings? |
|
Definition
|
|
Term
| A formal (Administrative) Complaint |
|
Definition
| an outline of allegations of facts and charges against the licensee. |
|
|
Term
| What are the 3 options of Election of Rights? |
|
Definition
1. Not dispute the allegations of fact and request an informal hearing.
2. dispute the allegations of fact and request a formal hearing
3. not dispute the allegations of fact an waive the right to be heard. |
|
|
Term
| What is a settlement stipulation? |
|
Definition
| an agreement as to the facts of the case and the penalty reached between the attorneys for the DRE and the licensee or licensee's attorney. |
|
|
Term
| A Settlement Stipulation must be approved by who for it to be effective? |
|
Definition
|
|
Term
| Voluntary Relinquishment for permanent revocation |
|
Definition
| permanently puts the licensee out of the real estate business. |
|
|
Term
|
Definition
| FREC's final decision on innocence or guilt and the determination of the appropriate penalty. |
|
|
Term
|
Definition
| A challenge of the final order by the licensee who files an appeal within 30 days of the decision. |
|
|
Term
| What is a Stay of Enforcement? |
|
Definition
| if granted, it stops the enforcement of a suspension or revocation in the final order pending the outcome of the appeal process. |
|
|
Term
|
Definition
| An order issued by the courts that supersedes the action of the Commission and allows the licensee to continue to practice until the case can be heard on appeal. |
|
|
Term
| A __________ is a possible settlement between a licensee-respondent and a DRE attorney that is reached before the hearing. |
|
Definition
|
|
Term
| If a licensee-respondent does not dispute the material facts of the case, the case is heard in an ____________ hearing. |
|
Definition
|
|
Term
| Who presides over formal hearings? |
|
Definition
|
|
Term
| The administrative law judge prepares and submits to the FREC a ___________ |
|
Definition
|
|
Term
| The licensee-respondent may challenge the final order within how many days? |
|
Definition
|
|
Term
| Can the Commission issue a penalty of incarceration? |
|
Definition
|
|
Term
| Does the FREC have authority to order restitution to an injured party? |
|
Definition
|
|
Term
| What are the three types of penalties imposed for violations of the real estate license law? |
|
Definition
administrative
civil
criminal |
|
|
Term
| If a license is issued by mistake, the license will be revoked without |
|
Definition
|
|
Term
| What are the types of Administrative Penalties |
|
Definition
Denial of license
Letter of Reprimand
Notice of noncompliance
citation
probation
fine up to $5000
Suspension of a license
Revocation of a license (permenant) |
|
|
Term
| What is a letter of reprimand? |
|
Definition
| criticism from the FREC noting that the conduct of the licensee is not considered satisfactory. Usually conveyed in a letter. |
|
|
Term
| What is a Notice of Noncompliance? |
|
Definition
| The DBPR may issue this for a first time minor violation by a licensee. |
|
|
Term
| If a licensee receives a Notice of Noncompliance and fails to take action to correct the minor violation within _________ days after being notified, the licensee may be issued a _________ or the licensee may be subjected to a ________________ proceeding. |
|
Definition
| 15, citation, Disciplinary. |
|
|
Term
|
Definition
| fines that currently range from $100 to $500 per offensed |
|
|
Term
| For licensees who fail to pay their fines in a timely manner, the FREC will file an |
|
Definition
|
|
Term
|
Definition
| Fine imposed by the FRECup to $5000 per violation of Chapter 475 F.S. |
|
|
Term
|
Definition
| The FREC may suspend a licensee for up to 10 years |
|
|
Term
|
Definition
| The most severe type of administrative penalty that the FREC is authorized to impose. It permanently puts the licensee out of the real estate business. |
|
|
Term
|
Definition
| The FREC may place a licensee on probation. The conditions are set by the commission. |
|
|
Term
| The FREC may suspend a real estate license for up to how many years? |
|
Definition
|
|
Term
| The LEAST severe administrative penalty is a |
|
Definition
|
|
Term
| Revocation of a license is |
|
Definition
|
|
Term
| A notice of noncompliance may be issued for a minor _________ offense |
|
Definition
|
|
Term
| What may be issued for a licensee's failure to time notify the DBPR of a change in current mailing address? |
|
Definition
|
|
Term
| What are civil penalties? |
|
Definition
| may be enforced by the courts if an unlicensed person performs real estate services or a licensee commits fraud in a real estate transaction. |
|
|
Term
|
Definition
| issued by the criminal courts. The DBPR must refer any criminal matters to the state attorney general's office for investigation and possible prosecution. |
|
|
Term
| What are the Criminal penalties for a third-degree felony? |
|
Definition
| $5,000 fine or 5 years incarceration |
|
|
Term
| What are the Criminal penalties for a second-degree misdemeanor? |
|
Definition
| $500 or 60 days incarceration |
|
|
Term
| What are the Criminal penalties for a First-degree misdemeanor? |
|
Definition
| $1000 or 1 year in prison |
|
|
Term
| What is a third-degree felony in real estate? |
|
Definition
Making misleading statements or giving false information a DBPR license application.
Unlicensed activity without a license
Theft or reproduction of a license exam |
|
|
Term
| What is a First-Degree Misdemeanor? |
|
Definition
| Failing to provided accurate and current rental information for a fee. |
|
|
Term
| What is a Second-Degree Misdemeanor? |
|
Definition
| A criminal violation of Chapter 475 False and misleading advertising |
|
|
Term
| List three real estate violations that are third-degree felonies. |
|
Definition
Falsifying a license application
Unlicensed activity
Theft or reproduction of a license exam |
|
|
Term
| Failing to provide accurate and current rental information for a fee is a misdemeanor of the ________ degree. |
|
Definition
|
|
Term
| False and misleading advertising is a misdemeanor of the ______ degree. |
|
Definition
|
|
Term
| What is the Florida Real Estate Recovery Fund? |
|
Definition
| the purpose of the fund is to reimburse an individual or business entity judged by a Florida court to have suffered monetary (compensatory) damages as a result of an act committed by a broker or sales associate. |
|
|
Term
| A claim for recovery will not be considered unless |
|
Definition
| a civil suit resulted in a final judgement against an individual licensee as defendant (not merely agains a real estate brokerage entity). |
|
|
Term
|
Definition
| Suspension of a licensee's license is mandatory on payment of any amount from the Real Estate Recovery Fund in settlement of a claim to satisfy a judgement against any licensee as described in 465.482 (1) F.S. The license is automatically suspended on the date of payment from the fund and will not be restored until the licensee has repaid the amount paid from the fund in full (plus interest) |
|
|
Term
| What type of damages are never paid by the FREC |
|
Definition
| Punitive damges and interest |
|
|
Term
| Who are the individuals who cannot make a claim from the recovery fund? |
|
Definition
The spouse of the offending licensee
A licensee who acted as a single agent or transaction broker
An individual whose claim is against a licensee who owned property under contract
A person who files a claim against an unlicensed licensee
Individuals who obtain a judgment against a real estate brokerage entity only, rather than against a licensed individual |
|
|
Term
| List the types of costs that may be reimbursed to a broker who complies with an EDO and is later sued in court. |
|
Definition
Attorneys Fees
Court costs
Actual damages |
|
|
Term
| The maximum payment from the fund for a single transaction is? |
|
Definition
|
|
Term
| The maximum payment based on multiple transactions against a single licensee is |
|
Definition
|
|
Term
| The authorized fund limit (maximum fund amount) is? |
|
Definition
|
|
Term
| A person is eligible to seek recovery from the Real Estate Recovery Fund if that person |
|
Definition
| Received a final judgment against a licensee in a legal action and the case was based on a real estate brokerage transaction (assuming no specific exceptions apply) |
|
|
Term
| The decision as to whether probable cause exists is made by a majority vote of the |
|
Definition
| probable-cause panel (or the department if there is no panel) |
|
|
Term
| A sales associate received her license as a result of administrative error by the Division of Real Estate. What action would take place? |
|
Definition
| The license would be revoked without prejudice. |
|
|
Term
| Failing to provide current and accurate rental information for a fee leads to what criminal penalty? |
|
Definition
| Misdemeanor of the first degree |
|
|
Term
| Who prepares and submits a recommended order if findings and conclusions in a complaint case? |
|
Definition
|
|
Term
| Any order issued by the DBPR secretary or a legally appointed designee that results from circumstances posing an immediate danger to the public's health, safety or welfare is called a |
|
Definition
| summary or emergency suspension |
|
|
Term
| A buyer gives the broker a $47,500 earnest money deposit. The broker defrauds the buyer of the $47,500. The buyer sues the broker and is awarded a judgment in the amount of $62,500 for the original $47,500 deposit plus $15,000 for punitive damages. Because the buyer was unable to collect the judgment from the broker, the buyer requests relief from the Florida Real Estate Recovery Fund. How much can the buyer receive from the recover fund? |
|
Definition
| $47,500 because the fund does not award punitive damages |
|
|
Term
| The DBPR is authorized to investigate a written complaint filed against a licensee |
|
Definition
| if the alleged complaint is legally sufficient |
|
|
Term
| If a broker's license is suspended, the licenses of all sales associates working for that broker are |
|
Definition
| placed on involuntary inactive status. |
|
|
Term
| One of the grounds for the suspension or revocation of a licensee's license is the unauthorizes use or retention of money or property, otherwise called |
|
Definition
|
|
Term
| A licensee received a citation for $500 for operating as a sales associate without a registered employer. The sales associate feels the citation was issued in error. How should the sales associate proceed? |
|
Definition
| File a written objection within 30 days |
|
|
Term
| When payment from the Real Estate Recovery Fund is made to satisfy a claim against a licensee and the claim was not the result of the broker complying with an escrow disbursement order, the Commission's action against the licensee must be |
|
Definition
|
|
Term
| Which type of penalties may be imposed for violations of the real estate license law? |
|
Definition
| Criminal, Civil, and Administrative penalties |
|
|
Term
| Can the Florida Real Estate Commission impose a penalty of imprisonment? |
|
Definition
|
|
Term
| The collective amount to be paid from the Real Estate Recovery Fund as a result of any one real estate transaction may Not exceed. |
|
Definition
|
|
Term
| The Civil Rights Act of 1866 |
|
Definition
| prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception. |
|
|
Term
| Can a suit be filed in a federal court under the 1866 Civil Rights Act? |
|
Definition
|
|
Term
| The C ivil Rights Act of 1866 protect what class? |
|
Definition
| race in all real estate residential and commercial |
|
|
Term
| The Civil Rights act of 1964 protects what class? |
|
Definition
| Race, color, religion, and national origin; It ended racial segregation and the focus is Public accommodations and Public facilities |
|
|
Term
| The Fair Housing Act is protects what class? |
|
Definition
| Race, olor, religion, sex, national origin, familial status, and handicap status. The focus is sSale or rental of single-familyand multi-family residential property, including advertising sales and rentals, financing, and brokerage services. |
|
|
Term
| Civil Rights Act of 1964 (Titles II and III) |
|
Definition
landmark legislation that need racial segregation in schools, workplaces, and public accommodations.
Title II prohibits discrimination on the basis of race, color, religion, and national origin in places of public accommodation
Title III prohibits state and municipal governments from denying access to public facilities on grounds of the above. |
|
|
Term
|
Definition
| The Fair Housing Act is contained in Title VIII of the Civil Rights Act of 1968. The act prohibits discrimination on the basis of race, color, religion, sex, and national origin when selling or renting residential property. |
|
|
Term
| Fair housing Amendments Act |
|
Definition
| 1988 congress amended the Fair Housing Act of 1968to include two additional protected classes: familial status and handicap status. prohibits discrimination in sales, leasing, the advertising of sales and rental, financing, and brokerage services. |
|
|
Term
| Today the Fair Housing Act includes seven protected class which are |
|
Definition
| race, color, religion, sex, handicap status, familial status, and national origin. |
|
|
Term
|
Definition
| created by the Amendment of 1988 The poster features the equal housing logo and a statement pledging adherence to the Fair Housing Act. |
|
|
Term
| The Fair Housing Poster is available without charge from the |
|
Definition
| Department of Housing and Urban Development (HUD). |
|
|
Term
| List four criteria not protected under the Fair Housing Act. |
|
Definition
| age, occupation, marital status, sexual orientation |
|
|
Term
| The Civil Rights Act of 1964 prohibits discrimination in places of |
|
Definition
| public accommodation including hotels and restaurants |
|
|
Term
| The Civil Rights Act of 1964 ended |
|
Definition
| racial segregation in schools |
|
|
Term
| The Civil Rights Act of 1866 prohibits discrimination based on race in both |
|
Definition
| residential and commercial real estate. |
|
|
Term
| The Fair Housing aCt is contained in the |
|
Definition
|
|
Term
| What two categories does the Fair Housing Act cover? |
|
Definition
Single-family houses
Multifamily housing |
|
|
Term
| What constitutes Single-family housing user the Fair Housing Act? |
|
Definition
Residential property that is not privately owned
Privately owned residential property if a real estate licensee is employed to sell or rent the propers.
Residential property owned by a person who owns four or more residential units in total
Residential property when the owner, during the immediate past two-year period, sells two or more houses in which the owner was not a resident. |
|
|
Term
| What constitutes Multifamily housing under the Fair Housing Act? |
|
Definition
Multifamily dwellings of five or more units
Multifamily dwellings of four or fewer units if the owner does not reside in any of the units. |
|
|
Term
| Considering Housing for Older Persons, certain hosing is exempt from the familial status protection under the Fair Housing Act, provided: |
|
Definition
all units are occupied by one or more persons 62 years of age or older; or
at least 80% of the units are occupied by one or more persons 55 years of age or older, and housing policies are published and followed that demonstrate an intent to be housing for persons 55 and older. |
|
|
Term
| Considering the Real Estate Transactions exempted under the Fair Housing Act, what two conditions need to be met for the exemptions to apply? |
|
Definition
1. A real estate licensee was not involved
2. there was no discriminatory advertising |
|
|
Term
| What Real Estate transactions are exempted under the Fair Housing Act? |
|
Definition
Sell er owns three or fewer single-family dwellings and sells or rents the property.
Seller was not living in the single-family house and was not the most recent resident when the property was sold or rented.
Rentals in multifamily dwelling with four or fewer family units as long as the owner lives in one of the units. |
|
|
Term
| Under the Special Exemptions of the Fair Housing Act Religious organizations may restrict dwelling units they own or operate to members of their religion if the organization |
|
Definition
| does not otherwise discriminate in accepting its members. |
|
|
Term
| Under the Special Exemptions of the Fair Housing Act, Private clubs may |
|
Definition
| restrict rental or occupancy of its units to its members |
|
|
Term
|
Definition
| Channeling home seekers to or away from particular neighborhoods because they are members of a protected class. |
|
|
Term
| What is it called when use of the entry or rumor of the entry, of a protected class into a neighborhood to persuade owners to sell |
|
Definition
|
|
Term
| To deny loans or insurance coverage by a lender or an insurer that present different terms or conditions for homes in certain neighborhoods is called |
|
Definition
|
|
Term
| How long does a person have to file a complain with HUD? |
|
Definition
| one year from when the discriminatory act occurred |
|
|
Term
| List the two categories of residential housing covered by the 1968 Fair Housing Act. |
|
Definition
Single Family homes
multifamily housing |
|
|
Term
| Lenders who den loan applications in certain neighborhoods based on social or economic considerations of the geographic area are practicing |
|
Definition
|
|
Term
| The practice of channeling potential buyers to or away from a particular neighborhood because of their race, national origin, or other protected class is called? |
|
Definition
|
|
Term
| Religious organizations may restrict dwelling units they own or operate to who? |
|
Definition
| members of their religion |
|
|
Term
| What is the American Disabilities Act (ADA)? |
|
Definition
| a federal statute from 1990, that protects employment and accessibility rights of individuals with mental and physical disabilities. The act prohibits discrimination in places of public accommodations and in commercial facilities. |
|
|
Term
| Public accommodations are |
|
Definition
| facilities open to the public including sales and rental establishments, hotels, restaurants, and shopping centers. |
|
|
Term
| Individuals with disabilities may not be denied access to what |
|
Definition
public transportation
public accommodation
commercial facilities |
|
|
Term
| Developers of 25 or more lots must provide buyers with a |
|
Definition
|
|
Term
| What is a property report |
|
Definition
| contains important information about the property. |
|
|
Term
| purchasers who receive a property report may cancel the contract up until midnight of the |
|
Definition
| seventh day following signing the contract |
|
|
Term
| Subdivisions of no more than 24 lots are _________ from ILSA. |
|
Definition
|
|
Term
| A landlord has how many days to return the security deposit and any accrued interest if applicable provided the landlord does not intend to make a claim on the security deposit? |
|
Definition
|
|
Term
| How many days does the landlord have to notify the tenant of intentions to impose a claim on the deposit? |
|
Definition
|
|
Term
| A landlord who intends to make a damage claim against a security deposit must give the tenant written notice of the intent to make the claim within how many days? |
|
Definition
|
|
Term
| If a landlord holds a security deposit and advance rent in an interest-bearing rental account, the tenant is entitled to at least _________ of the annualized average interest rate payable on the account or _________ simple interest, with disbursements at least once each year, whichever the landlord elects. |
|
Definition
|
|
Term
| If a real estate brokerage provides property management services, the broker must place rental deposits and advance rent in an |
|
Definition
|
|
Term
| Brokers may keep put to how much money of personal funds or business funds in a property management escrow account? |
|
Definition
|
|
Term
| The Federal Statute that prohibits a private homeowner from discriminating strictly on the basis of ra e if selling, renting, or leasing is the |
|
Definition
|
|
Term
| The law requiring developers with subdivisions of 100 or more lots to register with the Consumer Financial Protection Bureau is the |
|
Definition
| Interstate Land Sales Full Disclosure Act (ILSA) |
|
|
Term
| Thed federal 1968 Fair Housing Act as amended prohibits discrimination based on |
|
Definition
| race, color, religion, sex, national origin, familial status, or handicap status |
|
|
Term
| A sales associate collects the rent for an absentee owner of a multifamily building. The sales associate must deliver the rent to the sales associates broker |
|
Definition
| no later than the end of the next business day after receipt |
|
|
Term
| When security deposits or advance rents are required by a landlord in Florida, such funds |
|
Definition
| may be deposited in the landlords account if a sufficient surety bond has been posted |
|
|
Term
| The sales associates in a real estate office have been instructed to send all their Spanish speaking prospects to a new subdivision "beautifully designed with a Spanish flavor". This is an example of |
|
Definition
|
|
Term
| a landlord who rents a duplex to two tenants is obligated to provide |
|
Definition
|
|
Term
| Which disclosure must be given to tenants in multifamily buildings of five or more units? |
|
Definition
| Notice of where the deposit is held within 30 business days |
|
|
Term
| If a tenant vacates rented premises promptly when a lease or tenancy expires, the landlord must |
|
Definition
| inform the tenant within 30 days if part of the tenants deposit will be claimed. |
|
|
Term
| Does the Fair Housing Act apply to a property owner of a single-family home who owns two residential properties and is selling the single-family property as a for sale by owner? |
|
Definition
|
|
Term
| If a tenant's rent is current and the tenant notifies the landlord of an intended absence, the landlord may not |
|
Definition
| enter the tenants rented premises without the tenant's consent, except in an emergency |
|
|
Term
| How long does a landlord have to correct a noncompliance after receiving written notice from the tenant? |
|
Definition
|
|
Term
| A landlord must follow designated procedures in evicting a tenant. the first step in a legal eviction is |
|
Definition
| notify the tenant in writing to demand posession |
|
|
Term
| Which law prohibits hotels from discriminating against customers because of the customer's national origin? |
|
Definition
|
|
Term
|
Definition
| the surface of the earth and to everything attached to it by nature, such as trees and lakes. |
|
|
Term
| Are oil and limestone included in the products of nature? |
|
Definition
|
|
Term
|
Definition
| the land and all human made improvements permanently attached to the land. |
|
|
Term
|
Definition
| all real estate plus the legal bundle of rights inherent in the ownership of real estate. |
|
|
Term
| What other terms is used interchangeable with Real Property? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| What are the two types of water rights? |
|
Definition
|
|
Term
| What are Riparian rights? |
|
Definition
associated with land abutting a flying waterway, such as the banks of a river or stream.
The property owner does not own the river or stream but has a right to use the water, such as for fishing or boating. |
|
|
Term
| What are Littoral rights? |
|
Definition
| associated with land abutting tidal bodies of water, such as an ocean or a sea. |
|
|
Term
| What is the process of land buildup from water borne rock, sand, and soil? |
|
Definition
|
|
Term
| What is new deposits of land as a result of accretion:__________ deposits commonly occurring at the mouth of large rivers? |
|
Definition
| Alluvion and landowner is entitled to all new soil deposits. |
|
|
Term
|
Definition
| gradual receding of water, uncovering additional land. The new land usually belongs to the landowner of the area that was previously covered by water. |
|
|
Term
| What are an owner's rights to underground minerals, petroleum, natural gas, and so forth, and what is the alternate name for those rights? |
|
Definition
| Subsurface rights, mineral rights |
|
|
Term
|
Definition
| involve the space above a tract, extending up to a height established by law. Building rights, basements, aerial navigation |
|
|
Term
| What are the three physical components of land? |
|
Definition
|
|
Term
| Reasonable use of waters that flow past an owners property is called |
|
Definition
|
|
Term
| Littoral rights are associated with land that abuts ________ water. |
|
Definition
|
|
Term
| Land refers to the _______ of the earth and to everything attached to it by _________. |
|
Definition
|
|
Term
| Real Estate is defined as land plus all _______ ________ _________ permanently attached to the land. |
|
Definition
|
|
Term
| What are the two types of property? |
|
Definition
| Real property and personal property |
|
|
Term
| Property that is not real property is |
|
Definition
| personal property or chattel |
|
|
Term
| what property usually consists of items having a limited life that are easily morale from one place to another? |
|
Definition
|
|
Term
| Real property can become personal property by the act of |
|
Definition
|
|
Term
|
Definition
| an item that was once personal property but has been permanently attached to or made part of real estate and is now legally considered real property. |
|
|
Term
| What is the legal test for fixtures? |
|
Definition
IRMA
Intent of the parties
Relationship or agreement of the parties
Method or degree of attachment
Adaptation of the item. |
|
|
Term
| In what test does the four seek to determine the exact nature of the relationship of the parties? Buyer and seller or landlord and tenant? |
|
Definition
| Relationship or Agreement of the Parties |
|
|
Term
| What is the Method or Degree of Attachment? |
|
Definition
| The manner in which a article is attached to real property generally indicating whether it is a fixture or personal property. |
|
|
Term
| What is the test that seeks to determine whether an item was designed for, or necessary to, the normal use of a specific property? |
|
Definition
|
|
Term
| Personal property is also called _______ or _______, consists of items having a __________ life. |
|
Definition
Chattel
personality
limited |
|
|
Term
| what are articles of personal property that are attached by a tenant and are a necessary part of the tenant's trade or business? |
|
Definition
|
|
Term
| what are bundle of legal rights? |
|
Definition
Real property ownership rights including
Disposition
Enjoyment
Exclusion
Possession
Control |
|
|
Term
| What is a freehold estate? |
|
Definition
| an ownership interest for an indefinite period. |
|
|
Term
| What is an ownership interest for an indefinite period, that can be inherited or can be measured by the lifetime of an individual? |
|
Definition
|
|
Term
| What is the largest bundle of legal rights; an ownership interest with complete power to use, to dispose of, and to allow the property to descend to heirs? |
|
Definition
| Fee Simple Estate- the highest type of real property interest recognized by law. Most property is held in Fee |
|
|
Term
| Life Estates are another type of ? |
|
Definition
|
|
Term
| The life estate owner owns the property for only the period of the ________ |
|
Definition
|
|
Term
| Fee, Fee Simple, and Fee Simple Absolute are all terms to describe the |
|
Definition
|
|
Term
| During the time an owner enjoys a life estate, the owner must maintain the property and not permit |
|
Definition
|
|
Term
| What is a Conventional Life Estate? |
|
Definition
| Life estates that are created by the p person who holds title to real property |
|
|
Term
| When the life estate ends, the property reverts to the original grantor or goes to a third party called a |
|
Definition
|
|
Term
| Life estates can also be created by law. These life estates are called |
|
Definition
|
|
Term
| What are the four protections and benefits of Homestead? |
|
Definition
Protection of the family.
Protection of the homestead
Tax exemption.
Size of homestead
Personal Property |
|
|
Term
| Non freehold estates have |
|
Definition
| a known duration and do not involve an ownership interest. |
|
|
Term
| Non freehold estates or less-than-freehold estates grant the right of |
|
Definition
| quiet enjoyment (the right to use and possess but not own) |
|
|
Term
| non freehold estates are also called |
|
Definition
|
|
Term
|
Definition
| an interest in real property that a tenant possesses. |
|
|
Term
| What are the three types of leasehold estates? |
|
Definition
estate for years
tenancy at will
tenancy at sufferance |
|
|
Term
| a tenancy with a specific starting and ending date is a |
|
Definition
|
|
Term
| a lease agreement that has a beginning date but no fixed termination date, such as a well tp well pr a ,pmts tp ,pmts agree,eat os |
|
Definition
|
|
Term
| Wehn a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord. The tenant has no estate or title but only "naked" possession and is not entitled to notice to terminate. This is |
|
Definition
|
|
Term
| What are the two types of Sole Ownership? |
|
Definition
Estate in Severalty
One owner |
|
|
Term
| What are the three types of Concurrent ownership? |
|
Definition
|
|
Term
|
Definition
| Tenancy by the Entireties |
|
|
Term
|
Definition
| When two or more persons wish to share the ownership of a single property, they machos to do so as tenants in common. Most frequently used co-ownership. |
|
|
Term
| What is the difference between a joint tenancy and a tenancy in common? |
|
Definition
| the right of survivorship |
|
|
Term
| Right of survivorship means |
|
Definition
| that the share of a co-owner who has died goes to the surviving co-owners and not to the deceased tenant's heirs. |
|
|
Term
| What are the four unities of a Joint Tenancy? |
|
Definition
PITT
possession
Interest
Title
Time |
|
|
Term
| a joint tenancy between a husband and wife is called |
|
Definition
| Tenancy by the Entireties |
|
|
Term
| What are the two general groups of estates |
|
Definition
Freehold Estates
Lease hold Estates (non freehold) |
|
|
Term
| Three types of estates with concurrent owners are |
|
Definition
Tenancy in Common
Joint Tenancy
Tenancy by Entireties |
|
|
Term
| What are the four entities of a joint tenancy? |
|
Definition
PITT
Possession
Interest
Title
Time |
|
|
Term
| List the two types of estates that provide for right of survivorship. |
|
Definition
Joint Tenancy
Tenancy by the Entireties |
|
|
Term
| How many days notice to vacate must a tenant be given based on rent payment time intervals? |
|
Definition
Week to week - 7 days
Month to month - 15 days |
|
|
Term
| A freehold estate is an estate of ownership for an ________ period of time. |
|
Definition
|
|
Term
| The most comprehensive estate with the largest bundle of legal rights is the |
|
Definition
|
|
Term
| Leasehold estates are estates of ________ and are also called |
|
Definition
|
|
Term
| A husband and wife who take ownership of property together create a |
|
Definition
| Tenancy by the Entireties |
|
|
Term
| A tenancy for years must have a definite |
|
Definition
|
|
Term
| IF title passes upon the death of a life tenant to someone other than the original grantor, the person receiving title is the |
|
Definition
|
|
Term
| A life estate created by the grantor is called a conventional life estate; whereas a life estate created by law is called a |
|
Definition
|
|
Term
|
Definition
| cooperative association, or co-op, is a multiunit building that is owned by a corporation. The corporation holds the title to the land and improvements |
|
|
Term
|
Definition
| the right to occupy a unit by ownership of stock |
|
|
Term
| What are condominium documents? |
|
Definition
| a set of written instruments describing the condominium and the association. |
|
|
Term
| What is included in the condominium documents? |
|
Definition
Declaration of condominium
Articles of incorporation of the association
Bylaws of the association
Frequently asked quests and answered
Estimated operating budget |
|
|
Term
| What purpose do FAQs serve? |
|
Definition
| Frequently asked questions inform prospective purchases about restrictions on the leasing of a unit, information concerning assessments, and whether and in what amount of the unit owners or the association are obligated to pay rent or land use fees for recreational facilities. |
|
|
Term
| IF purchasing from a private party (resale), the buyer is entitled to a copy of the |
|
Definition
declaration of condominium
articles of incorporation of the association
bylaws
rules of the association
FAQ
copy of the most recent year-end financial information
at sellers expense |
|
|
Term
| What is a "deeded interest" time-share format that provides for fee simple ownership of each unit in specific time increments and allows the buyer to purchase a fractional interest in a unit? |
|
Definition
|
|
Term
| What is the Right to Use? |
|
Definition
| The time-share purchaser receives the right to use the unit for a specified number of years, usually 20-40 years. |
|
|
Term
| Stock ownership in the corporation entitles the purchaser to the right of occupancy through a |
|
Definition
|
|
Term
| The shareholders pay a _______________ share of the property taxes to the corporation and the corporation pays the tax bill. |
|
Definition
|
|
Term
| Transfer of ownership of a cooperative unit is accomplished by sale of |
|
Definition
|
|
Term
| Condominium purchasers own an individual unit in ______ ______ in addition to an ______________ interest in the common elements. |
|
Definition
|
|
Term
| Condominium property taxes are levied on |
|
Definition
|
|
Term
| Transfer of ownership of a condominium unit is accomplished by |
|
Definition
|
|
Term
| Recording of the ________ creates the condominium. |
|
Definition
|
|
Term
| The "dded interest" legal format of time-share ownership is called |
|
Definition
|
|
Term
| The MOST comprehensive interest in real property that an individual may possess is |
|
Definition
|
|
Term
| Physical components of real property include |
|
Definition
surface
air space and subsurface |
|
|
Term
|
Definition
are fixed, or attached, to real property
were once personal property but are now real property
have been incorporated as a part of real property |
|
|
Term
| Ad valorem taxes are assessed against each cooperative unit and each |
|
Definition
|
|
Term
| The handle of legal rights associated with real property includes |
|
Definition
control
possession
disposition |
|
|
Term
| A son gives his mother a conventional life estate for her lifetime. The deed states that upon her death, the property will transfer to her granddaughter. What type of estate does the granddaughter possess during the grandmothers lifetime? |
|
Definition
|
|
Term
| At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the apartment. The tenant's position is called |
|
Definition
|
|
Term
| A woman received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets and venting it through the attic. The microwave is considered |
|
Definition
|
|
Term
| The homestead tax exemption is deducted from the |
|
Definition
| assessed value of a property |
|
|
Term
| A husband and his wife own a home with title in both names. They have one minor child and one adult son. The husband dies. What happens? |
|
Definition
| The widow owns the entire home through right of survivorship |
|
|
Term
| The real estate protected by homestead rights is limited to |
|
Definition
| 160 acres outside a city or town or .5 acres in town. |
|
|
Term
| A constitutional homestead is owned by a man who is head of a family consisting of himself, his wife, and their three children. The man dies unexpectedly. After his death |
|
Definition
| by operation of law, the widow owns a life estate in the homestead, and the children are vested remainder men. |
|
|
Term
| Which estate features right of survivorship? |
|
Definition
|
|
Term
| Chapter 475, F.S., defines real property as any interest or estate in |
|
Definition
| land, business enterprises and business opportunities including any assignment, leasehold, subleasehold, or mineral rights |
|
|
Term
| In Florida, cooperatives and time-shares are regulated by the |
|
Definition
| Division of Florida Condominiums, Time-shares, and Mobile Homes |
|
|
Term
| A condominium unit buyer has how long to cancel the purchase contract after signing an agreement with a developer? |
|
Definition
|
|
Term
| Developers of condominium projects with 20 or more units must give buyers |
|
Definition
|
|
Term
| Which characteristic applies to condominium ownership? |
|
Definition
| The purchaser receives a deed to a particular unt |
|
|
Term
| What applies to constitutional homestead exemption? |
|
Definition
-protection from forced sale for nonpayment of certain debts
-deduction of up to $50,000 from the assessed value of the homesteaded property , if claimed
-claimants must hold title to the property and use the home as their principal residence. |
|
|
Term
| A woman paid cash for a 60 acre lemon grove in Citrus County. The estate is for an indefinite period of time. The woman does NOT own which type of estate in the property? |
|
Definition
|
|
Term
| What is a beneficial interest in real estate implying that an individual will receive legal title at a future date? |
|
Definition
|
|
Term
| What is the act of transferring ownership, title, or an interest in real property from one person to another? |
|
Definition
| Alienation it may be voluntary or involuntary |
|
|
Term
|
Definition
| the legal term used to indicate the transfer of title is accomplished with he owner's control and consent. |
|
|
Term
| what is a written instrument used to convey an interest in real property? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| What is a legal instrument used to convey title to real and personal property after the person's death? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| what indicates the decent (deceased person) prepared a will before death? |
|
Definition
|
|
Term
| Conveyance of property according to a last will and testament is _____________ _______________ because the person who left the will intended to gift property to a particular individual. |
|
Definition
|
|
Term
| A person who left a will is called |
|
Definition
testator (male)
testatrix (female) |
|
|
Term
| A gift of personal property is a |
|
Definition
|
|
Term
| The recipient of the personal property gift is called |
|
Definition
|
|
Term
| Real Property conveyed by Will is called |
|
Definition
| Devise (the person conveying ) |
|
|
Term
| Real property received by Will is called |
|
Definition
| Devisee (the person receiving) |
|
|
Term
| Title to property may be transferred without the owner's consent by |
|
Definition
| involuntary alienation- usually carried out by the law |
|
|
Term
| a person who dies without leaving a will dies |
|
Definition
|
|
Term
| When person dies intestate all the property |
|
Definition
| the person owned at the time of death passes to the deceased persons' legal descendants. |
|
|
Term
| legal descendants are called |
|
Definition
|
|
Term
| Person dies intestate with heirs>___________>_______________ |
|
Definition
|
|
Term
| Person dies intestate; no heirs>______________>_____________ |
|
Definition
|
|
Term
| Open, notorious, continuous hostile, and adverse use of another's property for prescriptive period>_____________>_____________ |
|
Definition
| Adverse possession>Adverse possessor |
|
|
Term
| Land needed for public use>______________>____________ |
|
Definition
| Eminent Domain >Governmental Agency |
|
|
Term
| What provides for a government, normally a state government, to take the property of an owner who dies intestate and who has no known heirs entitled to receive the property? |
|
Definition
|
|
Term
| What arises when the true owner of record fails to maintain possession and the property is seized by another? |
|
Definition
|
|
Term
| Conditions for Alienation by Adverse Possession |
|
Definition
HOT CAN
Hostile possession of the property
Open possession with no attempt to conceal occupancy
Taxes paid on the property by the adverse possessor during all the years
Claim of title, even an imperfect one
Adverse possession
Notorious and flagrant public possession of the property |
|
|
Term
| What gives government the power to take land from an owner through a legal process? |
|
Definition
|
|
Term
| List the two ways to transfer title to property by voluntary alienation |
|
Definition
|
|
Term
| List the four ways to transfer title to property by involuntary alienation. |
|
Definition
descent/probate
escheat
adverse possession
eminent domain |
|
|
Term
| Transfer by ______________ ___________ is accomplished with the owner's control and consent. |
|
Definition
|
|
Term
| The instrument used to transfer title from on individual to another is |
|
Definition
|
|
Term
| A person who did not prepare a will before death died |
|
Definition
|
|
Term
| Involuntary alienation is usually accomplished by |
|
Definition
|
|
Term
| Title by adverse possession may be obtained after |
|
Definition
| seven or more consecutive years |
|
|
Term
| what is direct knowledge acquired in the course of a transaction |
|
Definition
| actual notice (towns people witnessed transfer) |
|
|
Term
| what is accomplished by recording a document in the public records? ** |
|
Definition
|
|
Term
| Do actual notice and constructive notice have the same legal priority? |
|
Definition
|
|
Term
| The two types of notice to legal title are |
|
Definition
|
|
Term
| Recording a document win the public records provides __________ notice. |
|
Definition
|
|
Term
| What is a formal declaration made before a notary public by a person signing a document declaring that the person signing the document is doing so voluntarily. |
|
Definition
|
|
Term
| The complete successive record of a property's owner-ship is a |
|
Definition
|
|
Term
| What is a search of the recorded documents concerning a parcel of real property? |
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Definition
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Term
| Some buyers will accept an _________ _______ _________ executed by an attorney who has studied the abstract of title. The ___________ will list any defects or clouds on the title. |
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Definition
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Term
| What is a contract that protects the policyholder from losses arising from defects in the title? |
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Definition
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Term
| Does Florida law require Title Insurance? |
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Definition
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Term
| What protects against loss from an occurrence that has happened in the past, such as a forged deed somewhere in the chain of title? |
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Definition
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Term
| What are two types of Title insurance? |
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Definition
Owners Policy
Lender's Policy |
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Term
| What type of title insurance is issued for the total purchase price of the property and helps to protects against unexpected risks? |
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Definition
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Term
| What type of title insurance is issued for the unpaid mortgage amount that protects against title defects? |
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Definition
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Term
| Which title insurance policy is transferrable? |
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Definition
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Term
| An attorney's opinion of title is prepared after studying the ? |
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Definition
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Term
| The owner's policy is issued for the total |
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Definition
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Term
| Real estate licensees must advise buyers to contact either an ______ or a _________ ___________ ___________ to determine the condition of the seller's title. |
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Definition
attorney
title insurance company |
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Term
| What is a written instrument that conveys title to real property? |
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Definition
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Term
| Who are the two parties to a deed? |
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Definition
grantor (owner)
grantee (new owner receiving title) |
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Term
| Parts of a deed that spell out the necessary intent and the property which it applies are |
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Definition
Names of the grantor and the grantee
consideration
words of conveyance
interest or Estate being conveyed
Exceptions and Reservations
Deed Restrictions
Appurtenances
Legal Description
Voluntary Delivery and Acceptance
Signature of the Grantor and Two Witnesses |
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Term
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Definition
| a right or privilege associated with the propertyParking spaces, easements, water rights, improvements. |
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Term
| What are the requirements for a valid deed? |
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Definition
In writing
Names of the grantor and the grantee
Grantor must be of legal capacity
Consideration must be described
Granting clause (words of conveyance)
Habendem clause ( ownership interest being conveyed)
Legal description
Signed by the grantor and two witnesses
Voluntary delivery and acceptance |
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Term
| Transfer of riparian rights or easements to the grantee are examples of |
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Definition
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Term
| The deed must be signed by a |
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Definition
| competent grantor and two witnesses |
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Term
| The words "to have and to hold for the life of the grantee" are found in the _________ ___________ and indicate that a _________ estate is being conveyed to the grantee. |
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Definition
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Term
| Title to real property is transferred from the grantor to the grantee when the deed is voluntarily |
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Definition
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Term
| What are the types of statutory deeds? |
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Definition
General Warranty Deed
Special Warranty deed
Bargain and Sale Deed
Quitclaim Deed
Social purpose Deeds |
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Term
| List the five covenants contained in a general warranty deed |
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Definition
Covenant of Seisin
Covenant against encumbrances
Covenant of further insurance
Covenant of quiet enjoyment
Covenant of warranty forever |
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Term
| The Deed that provides the greatest protection to the grantee is the |
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Definition
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Term
| The covenant in a general warranty deed guaranteeing that the grantee is receiving title free from hostile claims against the title is the covenant of |
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Definition
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Term
| What is a statutory deed? |
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Definition
| a deed whose format is defined by state law. |
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Term
| Which deed guarantees that nothing has been done to encumber or cloud the title during the grantor's ownership? |
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Definition
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Term
| which deed contains no express warranty against encumbrances? |
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Definition
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Term
| Which deed provides the grantee with the least protection of the statutory deeds? |
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Definition
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Term
| which deed is used to fix an otherwise defective title? |
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Definition
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Term
| Which deeds provide solutions for legal problems encountered when property is converted from on e owner to another? |
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Definition
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Term
| What are the 4 Special Purpose Deeds |
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Definition
Personal representatives deed
Guardian's deed
Committee's deed
Tax deed |
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Term
| What are the two categories of restrictions of ownership? |
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Definition
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Term
| What are the three types of Government Restrictions under Freehold Estates? |
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Definition
Police power
Eminent domain
Right of taxation |
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Term
| What are the four types of Private Restrictions under Freehold Estates? |
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Definition
Deed Restrictions
Easements
Leases
Liens |
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Term
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Definition
| taking for just compensation by the government |
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Term
| What are the 5 types of Lease Agreements? |
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Definition
Gross Lease
Net Lease
Percentage Lease
Variable Lease
Ground Lease |
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Term
| What is the formula for Calculating the rent owed for a percentage lease? |
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Definition
1. Divide the new idea by the original index
2. Multiply the number from step one by the original rent. |
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Term
| What is an assignment of a lease |
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Definition
| occurs when a lessee assigns o another person all the leased property for the remainder of the lease. |
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Term
| what is a claim to have a debt or other obligation satisfied out of property belonging to another? |
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Definition
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Term
| List three government restrictions on ownership. |
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Definition
Police power
eminent domain
right of taxation |
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Term
| List four types of private restrictions. |
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Definition
Deed restrictions
easements
leases
liens |
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Term
| list three general liens. |
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Definition
judgment
income tax
estate tax |
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Term
| an easement that attaches to the land and transfers from one owner to the next is an |
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Definition
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Term
| An easement that does not benefit a specific property, such as easements for railroads, utility companies, and so forth, are |
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Definition
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Term
| A wooden fence that extends one foot into the neighbors side yard is an |
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Definition
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Term
| A ___________ lease agreement stipulates that the lessee will pay fixed rent plus certain expenses, such as the utilities. |
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Definition
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Term
| Lien priority can be changed to allow a lien to move ahead in priority over a prior lien using a |
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Definition
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Term
| A lease calls for a minimum rent of $2,800 per month plus 4% interest of annual gross sales in excess of $500,000. What is the annual rent if the annual gross sales were $725,500. |
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Definition
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Term
A tenant
t lease requires a payment of $2,000 per month. The lease provides for an adjustment based on an index of 1.25. The index increases to 1.6. Why is the new rent payment? |
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Definition
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Term
| Which type of easement gives an electric company the authority to install and maintain electric power lines? |
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Definition
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Term
| The government may take the property of an owner who has died intestate through a process called |
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Definition
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Term
| For a deed to be valid, a competent |
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Definition
| grantor and two witnesses must sign the instrument |
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Term
| The type of form of deed MOST commonly used to clear clouds on the title of real property is the |
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Definition
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Term
| If the sale contract does not specify the type of deed to be delivered, the seller is required to provide a |
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Definition
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Term
| The process of taking property under the power of eminent domain is called |
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Definition
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Term
| The type of deed in which the grantor does not warrant the title in any manner except against the grantor's acts or the acts of the grantor is called a |
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Definition
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Term
| The covenant against encumbrances in a deed is designed to guarantee that the |
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Definition
| grantor has not encumbered the property in any manner excepted as noted on the deed |
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Term
| In answering questions pertains to quality of title, real estate licensees are |
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Definition
| required to advise prospective buyers to have a lawyer render an opinion or obtain title insurance. |
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Term
| The seisin clause in a deed specifies |
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Definition
| that the grantor actually owns the property and has the right to sell it. |
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Term
| The provision in a deed that names the parties and contains the granting clause is the |
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Definition
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Term
| An owner placed a condition in the deed stipulating that a commercial building could NOT be erected on the property until at least the year 2020. This is an example of |
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Definition
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Term
| An example of an encumbrance on title to real property does NOT include |
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Definition
| A premises clause in the deed |
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Term
| The mortgagee's title insurance policy is issued for |
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Definition
| the loan balance and is transferrable |
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Term
| Which lien is first in priority? |
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Definition
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Term
| A business has a five year variable lease for a suite in an office party. The first year of the lease calls for rent of $21.50 a square foot based on a beginning index of 189. The index increases to 195 at the beginning of the second year. What is the new rental rate? |
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Definition
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Term
| A married couple signed a contract to purchase a home in a residential subdivision. When the couple had the lot surveyed before closing, there discovered that the contractor had built the neighbor's garage three inches inside the rest boundary of their lot. The garage in its present location is an example of |
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Definition
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Term
| When a pathway to a property has been used continuously and without interruption for more than 20 years, it creates an |
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Definition
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Term
| The seisin clause in a deed specifies |
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Definition
| that the grantor actually owns the property and has the right to sell it. |
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Term
| The provision in a deed that names the parties and contains the granting clause is the |
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Definition
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Term
| An owner placed a condition in the deed stipulating that a commercial building could NOT be erected on the property until at least the year 2020. This is an example of |
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Definition
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Term
| An example of an encumbrance on title to real property does NOT include |
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Definition
| A premises clause in the deed |
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Term
| The mortgagee's title insurance policy is issued for |
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Definition
| the loan balance and is transferrable |
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Term
| Which lien is first in priority? |
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Definition
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Term
| A business has a five year variable lease for a suite in an office party. The first year of the lease calls for rent of $21.50 a square foot based on a beginning index of 189. The index increases to 195 at the beginning of the second year. What is the new rental rate? |
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Definition
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Term
| A married couple signed a contract to purchase a home in a residential subdivision. When the couple had the lot surveyed before closing, there discovered that the contractor had built the neighbor's garage three inches inside the rest boundary of their lot. The garage in its present location is an example of |
|
Definition
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Term
| When a pathway to a property has been used continuously and without interruption for more than 20 years, it creates an |
|
Definition
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Term
| Soon after a man's death a deed was discovered in his desk. The deed is for the man's home and it deeded the property to a charitable organization. The man is survived by his son, who discovered the deed. The man died intestate. Based on this information, the house belongs to the |
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Definition
| legal heir because the deed was never delivered and accepted |
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Term
| A retail business rents a space in a mall. The lease calls for a base rent of $2000 a month plus 5% of the annual gross sales that exceed $400,000. If the annual gross sales are $550,000 what is the total annual rent for the business? |
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Definition
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Term
|
Definition
total - interest = loan amount
loan amount X # of years=?
interest divided by ? = simple interest rate |
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Term
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Definition
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Term
|
Definition
| an added loan fee often charged by lenders to increase the yield on a lower-than-market-interest loan to make the loan more competitive with high interest loans. |
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Term
When ownership of mortgage is transferred from one company or individual to another it is called ___________
The process is accomplished by executing an ____________ ___________ |
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Definition
an assignment
assignment mortgage |
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Term
| When a financing device used when a buyer does not have sufficient cash to make a down payment that is acceptable the the seller so the seller finances the rest of the purchase price it is called |
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Definition
Contract for deed
vendor grants the vendee Equitable Title when the loan is paid |
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Term
| A mortgage loan characterized by an interest rate that adjust wither up or down over the term of the loan. |
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Definition
| Adjustable-rate mortgage or ARM |
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Term
| an economic indicator that is used to adjust the interest rate in the loan |
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Definition
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Term
| What economic indicator moves up and down with the fluctuations in the nations economy? |
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Definition
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Term
| What is the percentage added to the index, that represents the lenders cost of doing business plus profit and remains constant over a lifetime? |
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Definition
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Term
| What is the calculated index rate? |
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Definition
| the calculated interest rate is arrived at by adding the index to the lender's margin. |
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Term
| FHA is the only Loan that has a |
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Definition
| Housing Expense Ration (HER) |
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Term
| Because VA loans do not have a due-on-sale clause, they are assumable . This is known as |
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Definition
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Term
| What you need to know about FHA loans |
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Definition
They are government insured
Loan limits by area
assumable |
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Term
| What you nee to know about VA Loans |
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Definition
They are government guaranteed
No established loan limit
Assumable |
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Term
| someone whose credit is used to purchase a property and secure financing but who isn't actually going to own the property is called a |
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Definition
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Term
| Documentary tax is an expense a debit to the |
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Definition
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Term
| the tax are for Doc stamps is $.35 per $100 on |
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Definition
the note
loan amount / $100= number of taxable increments (rounded up )
number of increments X $.35 = cost of Doc Stamp on notes |
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Term
| Intangible tax on new mortgages |
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Definition
| new loan amount X $.002 = cost of intangible tax |
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Term
| Items credited to the seller |
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Definition
Total purchase price
Prepaid items |
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Term
|
Definition
Mortgages assumed or paid off
Mortgages newly created |
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Term
|
Definition
|
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Term
| Total purchase price is entered as a credit to the __________ and as a debit to the ________ |
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Definition
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Term
| The U.S. Census Bureau states that any person or group of persons occupying a separate housing space is a |
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Definition
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Term
| The two independent boards of Appraisal Regulation (FIRREA) are |
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Definition
Appraiser Qualifications Board (AQB)
Appraisal Standards Board (ASB |
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Term
| Which appraisal board establishes minimum criteria for state-certified appraisers and endorses uniform examinations for certification? |
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Definition
| AQB Appraiser Qualifications board |
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Term
| Which appraisal board sets mini standards for appraisals performed for federally related transactions? |
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Definition
| ASB Appraisal Standards Board |
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