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Key Terms Flashcards

(93 cards)

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0
Q

Two types of estates with right of survivorship

A

Joint tenancy

Estate by the entireties

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1
Q

Fee simple ownership

A

Most comprehensive interest in an estate

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2
Q

Estate by entireties

A

Type of freehold estate between Husband and wife, homesteaded property goes to survivor ( right of survivorship )

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3
Q

Joint tenancy

A

Freehold estate with right of survivorship. Two or more people but must have possession, interest, time, and title
PITT

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4
Q

Estate in severalty

A

Freehold estate with one person, no right do survivorship

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5
Q

Tenancy in common

A

Two or more people, no survivorship. Maybe willed to heirs

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6
Q

Life estate

A

Tenancies whose durations are limited to the life of some person, free hold but not fee simple

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7
Q

Estate in reversion

A

An estate that comes back to the original owner

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8
Q

Estate of remainder

A

An estate that can become effective only after another estate has terminated. Goes to a third party.

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9
Q

Vested remainderman

A

Someone whose legal name is specifie

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10
Q

Contingent remainderman

A

Legal name not specified such as “ first born son “

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11
Q

Non freehold estates

A

Leases

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12
Q

Estate for years

A

Standard lease. Written lease with specific starting and ending date

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13
Q

Tenancy at will

A

Either an oral agreement or one with no specific ending date

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14
Q

Tenancy at sufferance

A

Lease period ( agreed time ) has ended, tenant still there

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15
Q

To find a properties Income capitalization =

A

IRV. I -/- r x v

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16
Q

How much does FHA require down on a loan ?

A

3.5 %.

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17
Q

What type of loan requires a mortgage insurance premium

A

FHA

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18
Q

What is chattel ?

A

Personal property

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19
Q

State doc stamp on deed formula

A

Price of home -/- by $100 = number of stamps ( round up )

Number of stamps x .70 = doc stamp tax

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20
Q

Formula for figuring out the price of a home from doc stamp tax amount

A

Doc stamp tax amount -/- .70 x 100

1540 -/- .70 = 2200 x 100 = 220,000 value of house

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21
Q

Exculpatory clause

A

A provision in a mortgage or note in which the lender waives the right to a deficiency judgement against the borrower and the borrower is relieved of personal liability to repay the loan

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22
Q

Five sales specialties of real estate

A 
Residential
Commercial 
Agricultural 
Industrial
Businesses
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23
Q

Florida 455

A

General practice and procedures for ? DBPR

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24
475 commercial lien act
Broker lien right to earned commission ( only on commercial property)
25
Mutual recognition
Applicant must pass a 40 question test and get a 75 %
26
Moral turpitude
Conduct contrary to honesty, good morals
27
Pre license regulations. Student can't miss more then ----- hours of class
8
28
Students failing course exam must wait ----- to retest and may retest a maximum of ----- in one year
30 days, 1
29
Time limit per license ed
After course complete ion, must pass state test within two years of completion date
30
Broker experience requirements
Active broker license in another state or in any foreign jurisdiction for at least 24 months during the five-year period preceding application to become florida real estate broker
31
Real estate services
A bar sale | Advertise, buy, appraise, rent, sell, auction, lease, exchange
32
Court appointed individuals acting within the limitations of their duties are ?
Exempt from holding a fl real estate license, chapter 475 fl. Statute
33
Owner developer
Unlicensed entity that sells its own property
34
FREC powers : executive powers
Regulate and enforce license law
35
FREC power: quasi-legislative
Power to enact and revise administrative rules and regulations
36
FREC power : quasi judicial
Power to grant or deny license
37
Acknowledgement
Signing legal papers as a free act, done by notary
38
Condemnation
Land taken by eminent domain
39
Granting clause
Provision in a deed that specifies the names of parties involved, the words of conveyance, and a description of the property
40
Habendum clause
Provision in a deed that stipulates the estate or interest the guarantee is to receive and the type of title conveyed
41
Bargain and sale deed
Doesn't warrant other claims on title. Protects you against me, not the world. Doesn't protect from clouds, or claims on title. Consists of a granting clause, habendum clause, and Covent odd seized
42
Private restrictions on ownership
``` DELL Deed restrictions Easements Leases Liens ```
43
Government restrictions on ownership
PET Police power Eminent domain Taxation
44
Variable lease
Lease where rent will change graduated at set times. Tied to an index
45
Quit claim deeds
Relinquish rights ( giving it away )
46
General warranty deed
I have right to sell it and I nor anyone else will try to take it
47
Special purpose deeds
Make a will that says who executor is and he is your personal representative
48
Government lot
Fractional piece of land less the a quarter section ( 1/4 mi ). Identified by specific lot number
49
To find the number of acres in a tract
Multiply the denominators of each fraction( 1/4x 1/4x 1/4 x 1/4) 4x4x4x4= 256. 640 ( number of acres in one section ) -/- by 256 = 2.5 acres
50
Bench mark
Permanent reference mark embedded in the sidewalk to establish elevations and altitudes above sea level
51
Mile
5280 feet
52
A legal real estate contract has what 5 elements
``` Competent parties Offer and acceptance Legal purpose In writing ( statute of frauds ) Consideration ```
53
Statute of frauds
Requires that contracts that are not to be performed within in one year be in writing and signed to be enforceable
54
Statute of limitations on a written contract is
5 years
55
Hypothecation
Pledging of property as a security for payment of a loan without surrendering possession of the property
56
Assignment of mortgage
When ownership of a mortgage is transferred from one company or individual to another
57
FHA borrowers pay up front mortgage insurance premium. On a 30 year loan it is
1.75 % of loan amount
58
FHA borrowers are also charged mortgage insurance premium
MIP
59
FHA a loans are fully
Assumable No prepayment penalty Have minimum property standards
60
Va loans are assumable by
Anyone
61
Four ways to purchase mortgaged property
Cash Subject to mortgage Assumption of mortgage Notation
62
Notation
Substitution of a new party or new terms to an existing obligation
63
FHA HER expenses
Mortgage and principal, interest, property taxes, hazard insurance, and FHA mortgage insurance FHA only allows 31 % HER 43 % TOR
64
Calculated interest rate
Index+ margarine
65
Fed wants an increase in economic activity it will do what
Buys securities
66
Discount rate is
Interest rate banks are charged to borrow money from fed
67
Fed sells securities
Causes drop in loan able funds and interest rates rise
68
Reserve requirements
Amount of money fed requires banks to have in vaults
69
Ginnie Mae
Buys mortgages
70
Profit formula
Amount made on sale -/- total cost = profit
71
Loss formula
Amount lost on sale -/- total cost = percent loss
72
Characteristic of value
Demand Utility Scarcity Transferability
73
Situs
People's personal preference
74
Wattage
How much energy something uses
75
Jalousie
Louver window
76
Investment
Outlay of investors money in anticipation of profi
77
Equity
Investors own money
78
Advantages of real estate as investment
``` Good rate do return Tax advantages Hedge against inflation Leverage Equity build up ```
79
Static risk
Risk that can be transferred ( fire, etc )
80
Similarities of business and real estate broker
Real property involved | Long term liability
81
Capital
Net worth of a business, amount assets exceed liabilities
82
Cash flow
Total money generated from an investment after expenses
83
How to protest assessed value
County property appraisers office Value adjustment board Go to court
84
Straight line method
Depreciation | IRS has established a useful assets life as 27.5 for residential and 39 for commercial property
85
What influences supply
Availability of labor, construct loans, land, materials
86
Inverse relationship in real estate to demand
Price goes up, demand goes down
87
Influences on demand
``` Price Population Income Availability of credit Taste ```
88
Concurrency provision
City and county level, 1985 must have infrastructure in place to support additional population before new development is allowed
89
Authority of city planning commission
Plat plan approval Site plan approval Sign contro
90
Base industries
Attract outside money ( citrus )
91
Residential zoning regulates
Density, number of homes per acre
92
Legally non conforming use
Use is no longer conforming to zoning because of new ordinance but is allowed to stay

Real Estate (2 decks)

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