All Chaptees Flashcards
(157 cards)
1
Q
Definition of conversion fraud
A
Loss or misuse of money or property belonging to another
2
Q
Assumption with notation
A
Seller released from liability
3
Q
Penalties for agents
A
Denial of license
Suspension of license short term but up to 10 years
Revocation of license-permanent
Citations minor violations where Publix is not threatened
Administrative fines transferred to real estate recovery funds ownership
Probation usually for 90 days
Non compliance notices
Pe otros issed by the clues
Civil pealities
4
Q
Conventional loan DTI
A
28% housing exp
36% total obligation
5
Q
Estate in severalty
A
Few simple or freehold estate
Sole ownership entire bundle
Of rights
Owner may leave his interest in his will
If die intestate interest descends to heirs
6
Q
Special agent
A
Perform single act on behalf of principal
7
Q
General agent
A
Preform acts limited to specific trade
Example sales associate or broker associate is general agent for transactions
8
Q
Universal agent
A
Represents principal in all matters
Ex power of attorney
9
Q
Disintermediation
A
Taking money out of a bank to invest I. Stock for example
10
Q
Boot I. Tax deferred exchange would be considered what?
A
Recognized gain
11
Q
FHA role
A
Loan insurance
Insures loans for lenders of real property made by qualified lending institutions
Hud overseas the fha
12
Q
FHA loan requirements
A
3.5 down
Percent loan to value ratios until
Loan reaches 78%
Lenses can charge points
13
Q
Exculpatory clause
A
Benefits borrower
Limits lenders rights in foreclosure to amount received from foreclosure sale
14
Q
1 acre is how many sq feet
1 section is how many acres
A
43560 sq ft
640 acres
15
Q
Number of se miles in a township
A
36 so miles
16
Q
Multiple licenses
A
Only available brokers
No sales associates or broker associates
17
Q
Escheat
A
Reversion of property to the state of someone dies with out a will or with no heirs
18
Q
Number of sq miles in a section
A
1 sq mile
19
Q
Number of sections in a township
A
1 township is 36 sections or 6 sq miles
20
Q
Township
A
36 sq miles. Each 1 sq mile or 640 acres with 43560 ft per acre
21
Q
Bargain and sale deed
A
Grantor makes no promise to defend title if problems arise later
Contains warrant of SEISIN
ara ro. Owns and has legal right to convey property
22
Q
Government survey (rectangle)
A
Principal meridians and baselines
Interest for purpose of forming basic reference points
Basline EW
Principal NS
23
Q
Hypothecation
A
Pledge of property as security for payment of a loan with out giving up property
24
Q
Habendum clause deed
A
To have and to hold clause
Specifies legan rights being conveyed
Few simple forever or I’m a life estate
Describing duration of estate
25
Special warranty deed
Grantor offers protection to grantee only for claims made
26
As valorom taxes
According to value
Just value = fair value
Property taxes
27
FHA loan debt to income
31 housing expense
| 43 total obligations
28
Va loans debt to income
41 % total obligation
29
Four essential of a valid contract
Lawful subject
Acceptance
Consideration
Competent parties
30
Premises granting clause in the deed
Only legal necessary clause
Required in deed
Names of parties
Words of conveyance
States consideration includes date of transfer and legal description
31
Descent and distribution
Transfer of title
| To legal descendants upon death on someone who died intestate (with out a will)
32
Legal rights of ownership bundle or rights
```
Possession
Disposition- right to sell or give away
Enjoyment
Exclusion prevent others from
Entering property
Control how property will be used
```
33
Four units to create joint tenancy
Possession
Interest
Time
Title
34
Commission refers to
Frec created 1925
Executive powers
Quasi leslative make rules
Quasi judicial impose disciplinary actions
Ministerial recode keeping admin
35
Deficiency judgment
A lender who can not recover full loan at foreclosure auction can sue barrowwr for deficiency if lender wins they can place judgement against assets of narrower
36
SEISIN CLAUSE
Claim
| Of ownership
37
Corporation. Sole
Church org cannot be registered to broker real estate does not need to file docs with state
38
Remainderman
If someone other than the original owner is to receive ownership
39
Escalation clause
Benefits lender slows lender to increase mtg interest rate
40
Life estate
Free hold estate
Convert ownership to another for their lifetime life tenant
Ownership for length of someone’s life
41
Allovion
Soil resulting from accreation
| Opposite of erosion. Soil deposit
42
Brokers customers
To whom the broker o
43
Real property
Bundle of rights
44
Most comprehensive type of appraisal
Narrative
45
Failure to account
If brokers fail to pay the sales associate or another broker
46
Number of acres is. 660x1320
20 acres
47
Reversion estate
Right to regain ownership after life tenant or give to heirs
48
Gross income multiplier(GMI)
```
Comp sales Price
——————————=gmi
Annual gross
Rental
Income
```
49
Mutual recognition
40 q law exam 75 or better
| Reside in Fl for 4 no during the previous year
50
Variance
Request to Bart from specific or literal interpretation of ordinance
51
Joint tenancy
Few simple shared by two or more person
equal
Undivided interest
52
Tenancy In common
Interest in property will descend to his legal heirs in accordance with the will
53
Capitalization rate
Noi /property value
54
Gross rent multiplier
Grm
Property value (sales price) /monthly rent
55
Time frame
Title recovery
Fun reimbursement
2 yes from aledged
Violation.
Or Discovery of claim
56
Time for coronation to replace only active broker
14 days
57
Recession period for condo
How long does the buyer have to pull out of the deal
3 biz days from receipt of documents
58
Recession period for
| A timeshare development sale
10 calendar days
59
Recession period for new condo developer sale
15 days
60
Notice to terminate week
| To week Tennancy at will
7 days
61
Notice to terminate month to month tenancy at will
15 days
62
Time to protest an annual tax assessment
25days
63
Number of feet in a mile
5280 feet is one mile
64
Notifications for brokers change of biz address
10 days to frec
65
Notification of sales
| Associates change of employment
10 days
66
Notice of applicant to correct error or omission
30 days
67
Notice to defendant of a formal hearing
Not less than 14 days
68
Probably causa request for additional information
15 days
69
Escro dispute must take action to resolve disputes
With in 30 days
70
Es ro dispute first notification of frec
With in 15 biz days
71
Time frame for probable cause panel to find cause
Within 30 days
72
Time to file an answer to a formal complaint
21 days
73
Appeal of final order to district court of appeals
30 days
74
Time frame for completion of mediation
90 days
75
Construction Leon time to file from work completed
90 days
76
Number of acres330x660
5
77
Florida save our homes act assessed value of home stead property cannot increase more than
3% or cpi
78
1866 civil rights
Race can not discriminate on race
79
Gross rent multiplier
| GRM
Comp sales price
—————————-=GRM
Gross monthly rent
80
Property value using GRM
GRMx monthly rent
81
Goes incomer multiplier GMI
Property value (sales price)
——————————————
Annual income
82
Property value using GMI
GMIx annual income= property value
83
Lot and block on plat method
Most common form to describe residential lots
84
1988 fair housing act
Handicap and family no discrimination for handicapped or single parents
85
Exclusive right of sale listing
No matter who procures the buyer the listing agent still gets commission
86
Attorney in fact
Power of attorney to sign docs
87
Temen y by enterréis
Marriage is owner of property
88
Certificate of title
Used to show ownership in event of foreclosure
89
Investigation of complaints
Executive power of frec
90
Easement in gross
Right to use land of another sewer water power lines
91
Time frame in which consumer may request refund of rental into list fee
Within 30 days of contract date
92
Transaction broker
Provide limited representation to buyer seller or both
| No dudo kart duties to either party
93
Accretion
Increase in land area opposite of erosion.
94
General warranty deed
Most common provides best protection to grantee
95
Master deed
Used by developer to convey land to condo association
96
Steering channeling
Directing buyer to minority neighborhoods based on race or ethnic backgrounds
97
Business enterprise
| Business opportunities
Business enterprise large more
Then 200k
Business opportunities less than 200k
98
If the federal were al reserve wished to decrease supply of loanable funds they would
Increase discount rate
99
What must be included for a deed to convey title to price of land
2 witnesses signed and delivered
100
1968 title vio of civil rights ax fair house if act
Can not discriminate based on Color religion sex national origin
101
Single agency fiduciary duty
Confidentiality obedience loyalist full disclosure
102
Characteristics of value
Demand
Vitality
Scarcity
Transferability
103
Summary suspension
Emergency suspension of license where the public is in danger
104
Thoroughfare study
ExMines existing system of streets highways traffic patterns to determine future needs
105
Economic base study
Examines local business activities and employment
106
Population study
Examines trends in population and develops demographic info
107
Physiographic study
Examines sail types and load bearing capacity
108
Four fractures of production
Capital investment
Enterprise ability
Load
Labor
109
Construction lien time
| Frame for action to foreclosure
Instituted with in 1 year
110
Buffer zone
Separates one land from another
111
State intangible tax on mortgage
Pains on new mortgage only amount of mortgage x.002= debt buyer
112
Tasks that need to be completed prior to closing
```
Copies of contracts
MLS status
Loan app
Inspection and insurance
Contingencies
Repairs
Closing agent
Untikites
Closing date and location
Walk through
Escro funds
```
113
Voluntary inactive license
Chooses not to actively engage in real estate
Must pay fees
Complete commission prescribed education
114
Activo es requiring Fl real estate license
Preforming real estate
Appraising buying auction renting selling advertising leasing exchange
In Fl
For another for compensation
115
Frec seven members
4 brokers active for 5 years
1 broker sales
Associate
2 lay members
116
Multiple licenses
Available to brokers only
117
Group licenses
Available for broker associates or sales associate employed by owner developer
118
Quit claim deed
Contains no warranty of any kind
Rarely
Used in day to day sales
Used to convey title in divorce
119
Clauses in deeds
Premise granting clause
Ha ending clause
Reds dum clause
120
Types of deeds
Quit clAim
Bargain and sale
Special warranty
General warranty
121
Property value using overall rate
NOI/ overall cap rate = net income
122
Loan payment principal formula
Principal x rate= interest
175000x6%= 10500= 12 no interest
10500/12= 875 first mo interst
123
Concurrency provision
Florida growth management act
| Mandates roads common areas must be available at the same time development takes place
124
Security deposit
Return deposit within 15 days if no claim this late or
| notify the tenants within 30 days of claim and it has 30 days to respond
125
Post license first renewal requirements
Sales associate 45 hrs
Broker 60 hrs
126
Local planning agency controls
Site plans
Subdivision plot maps
Sign control
127
Condemnation
Governing power to take land for phone you legal process is called condemnation taking for public purpose
128
If a broker wants to obtain an option contract they must
Pay definable valuable
Consideration
And divest out of their identity as broker
No longer acting as a broker
129
```
3 month interest calculation
Buy house at 38000
10% down payment
14% for 30’yrs
Loan constant .011849
```
38000x .9=34200
34300x.011849=405.24
130
Blind as
Does not contain registered trade name of the broker
Of personal name is used must include Last
Name as registered
131
Variance
Property use which permits its owner to depart from literal requirements of current zoning ordinance that would cause and hardship to owner if strictly enforced
132
Persons required to be licensed
Performing service of a real estate agent in the state of Florida for another for compensation
133
Warrant of quiet enjoyment
Promised by grand tour at that grantee will not suffer hostile claims against ownership of property
134
Note
Contains all intricate details of loan such as mortgage rate repayment terms mortgage resembles did an appearance and cunt content does not contain financial details of loan
135
Easement by necessity
Permits owner of Lanlark pot parcel to cross a portion of land retain by grantor both parcels must have been a parcel of land prior
136
Easement by prescription
```
Interest in real property
Created by wrongful use
For at least 20
Yes
Unauthorized use of road
Or walkway
```
137
Procuring clause
Locate willing ready able buyer only broker entolted commission
138
Effect a
| Sale
Find will ready and able buyer ans get binding contact at most price and terms
139
Find purchaser
Who is will able and ready entitled to
Compensation weather or not sale
Is finalized
140
```
Tax exemption
Exempt
Immume
Green belt laws
Homestead tax
Exposure
```
Exempt: church and non profits
Immune bound by local state federal gov not assessed taxes
Green belt farmers get preferred tax treatment limit proof assessment not exemption
Homestead max 50
assessed value
141
Office sign
No phone number needed
License real estate
Broker. With license number
142
Block busting
Illegal discrimination practices to sell
| Or rent property based on race color religion will be moving in. Create rumors
143
Assignments
When someone signs over rights they have in a contract it’s as assignment of contract
144
Tenancy by entireties
Marriage is ownership of property divorce tenancy in common
145
Joint tenancy
Shared by two people Isr have equal interest
Acquire interest at the same time with the same deed
Interest cannot be left in a will
Right of survivorship
Possession interest time
Title
146
Tenancy in common
```
Held
By two people
Each has interest in property
Created by same
Or different deeds at the same
Or different times
Can have = shares or no
Can sell interest at any time
```
147
Four tests used by court to retreat or personal property
Intent of parties
Relationship of parties
Method of annexation
Adaption of article
148
Defeasance clause
Benefits borrower requires lender to acknowledge performance by narrower
Only legal necessary clause
149
Brokers principal is
Person broker represents as an agent
150
Brokers customer is
To whom the broker owes fiduciary duties
151
Disciplinary process
1) complaints
2) investigations
3) probably cause
4) administrative complaint
5) formal informal hearing
6) final order of commission
7) judicial review
152
Littoral rights
Rights of owners bordering non flowing water
| Has rights to shoreline or high water mark
153
Riparian rights
Rights of owner who borders flowing water river or stream
| Owns Ronnie point can not interfere with others Down nstream
154
Surveyors method
Oldest and most accurate
Metes and bounds
Bounds compass direction
Metes inch ft yard mile
Movements fixed objects to establish boundaries.
Point of beginning main reference from which survey direction begins
155
Role of government
Local. Cities counties. Planning and zoning property tax and health codes
156
Role of government state
Licensing statues and rules
157
Role of government federal
Legislative affecting lending institutions monitoring and policing adopted by federal reserve
