Real Estate Terms Flashcards
remember terms and definitions (16 cards)
Florida law does not require written listing contracts to include which item?
Automatic renewal clause
A synagogue owns an assisted living facility for its members. Can they restrict to only members of the synagogue?
Yes, under the fair housing act
Linda executes a deed that transfers title to her home to dean, if Dean dies before Linda, title transfers back to Linda..what type of estate does Linda hold?
Estate in reversion
In an option contract, what type of consideration is paid for the right to purchase the property at a specific price within a specific period?
Valuable consideration
A retail business rents a space in the mall for a base rent of 25k monthly plus 5% of annual gross sales that exceed 500k Annual gross sales are 750k what is the total annual rent owed?
750k - 500k = 250k x .05 = 12,500 additional rent; 25k x 12 = 300k annual base rent; 300k +12,500 = 312,500 total annual rent
How long must adverse possession last to be considered alienation and does the owner have to consent?
Adverse possession must continue for 7 or more years, without owner consent.
What document gives the purchaser of a unit in a cooperative the right to occupy?
A property lease
Which disclosure of a harmful substance gives purchaser a 10 day period to conduct an inspection at the buyers expense?
a) energy efficiency
B) lead based paint
c) radon gas
d) material defects
A building rents for $125 per sq ft, with an index of 1.5 The index increases to 1.8 what is the adjusted rental rate?
150
1.8 new index ÷ 1.5 orig.index = 1.20; 1.20 x $125 = 150 new rental rate
An elderly man died without a will. He lived alone and no living relative’s. What happens to his property?
The property will escheat to the state.
Escheat provides for a govt. To take the property of an owner who dies intestate and has no heirs entitled to receive the property.
The contract is cancelled and the parties are restored to their original positions in what remedy for breach of contract?
Rescission
A greenhouse that is included in the sale of a residential dwelling would be listed in what clause in a deed?
Appurtenances
A real estate contract between the time of signing the contract and the time that the title is conveyed from the grantor to the grantee is what type of contract?
Executor
The process of land build up from water-borne rock, sand and soil is…?
Accretion
Increase in land build up by the action of water that deposits soil on the shoreline
True or false;
A community development district tax assessments relieve the homeowners of paying county and city property taxes.
FALSE
