Deck 1 Flashcards
(40 cards)
Fiduciary Duties
Care Obedience Accounting Loyalty Disclosure/Notice (Coaln/ Coald)
Sellers Agent
If principal in relationship is the seller then the broker is the sellers agent.
Buyers Agent
If principal in relationship is buyer/buying. Broker is buyers agent
Listing Agent
This is the licensee who lists the sellers property.
Selling Agent
This is the licensee who brings a buyer to complete the transaction
Disclosure Regarding Real Estate Agency Relationship
Used to disclose type of relationship with principal (single,dual,buyers,sellers)
Real Estate Transfer Disclosure Statement
2 page statement
A) identified items in home and wether or not they’re operational
B) describes any significant defects
C) identifies misc items, hazards, easements, alterations, zoning, etc.
Agents Inspection Disclosure
When agent reports results from their inspection.
Look for: structural defects, deterioration, water damage, insect damage
No exemptions, if agent doesn’t comply buyer has 2 yrs from date of possession to file suit
Residential Earthquake Hazard Report
Booklet: homeowners guide to earthquake safety. Helps agents, sellers and buyers become familiar.
Seller fills out and signs and is subsequently signed by buyers as acknowledgement
Combined Hazard Book
3 books in one:
•residential environmental hazards guide- includes toxic mold update
•Protect family from lead in your home- for homes built prior to 1978
•Homeowners guide to earthquake safety- includes gas shutoff valve update
Natural Hazards Disclosure statement
Seller must indicate if property is in one or more of these areas: •special flood hazard area •potential flooding area •very high fire hazard zone •state fire responsibility area •earthquake fault zone •seismic hazard zone
Lead based paint disclosure
Sellers/landlords of residence built prior to 1978 must fill out & sign & provide prospective buyer/tenants a lead based paint disclosure, regardless if owners know it was used or not
Military ordinance
If residential property is within 1 mile of former military training site. Must be known in writing it may contain ammunition or explosives
Sex offender database
California requires every sale/lease contract contain notice of info about sex offenders registered under Megan’s Law.
Seller financing addendum & disclosure
When the seller financing arrangements on all 1-4 unit dwellings must be disclosed to both seller & buyer using this form
- falls on person arranging the credit, usually agent or attorney
- must be made before any note is executed
Adjustable rate loan disclosure
Lenders offering adjustable rate mortgage loan must provide buyer with a copy of most recent Federal Reserve Board book called Consumer Handbook on Adjusted Rate Mortgage
Real Este Settlement Procedures Act (RESPA)
Requires borrowers receive various disclosures regarding the proposed loan transactions
Public report
A statement from DRE that discloses to prospective buyers pertinent facts about a subdivision
Sellers Market
High demand- market is good
Area have a scarcity of lower priced homes with many more buyers than homes available
Good time to sell, high demand more likely to get full price for home
Buyers Market
Low demand- home cheaper than normal
Area with larger number of higher priced homes for sale and only a few buyers for that price range
Good time to buy, pay less for nicer home
Residential property
Land/ improved property with buildings designed for humans to live in.
Industrial property
Land for industrial purposes such as warehouses, factories, and power plants
Commercial Property
Income producing property
Such as office buildings, restaurants, malls, hotels etc. some industrial may fall into this area
Agricultural property
Land used primarily for growing crops, raising livestock, farms, pasture land orchards, and Timberland
