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Real Estste Exam > All Chaptees > Flashcards

All Chaptees Flashcards

1
Q

Definition of conversion fraud

A

Loss or misuse of money or property belonging to another

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2
Q

Assumption with notation

A

Seller released from liability

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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

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4
Q

Conventional loan DTI

A

28% housing exp

36% total obligation

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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

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6
Q

Special agent

A

Perform single act on behalf of principal

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7
Q

General agent

A

Preform acts limited to specific trade

Example sales associate or broker associate is general agent for transactions

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8
Q

Universal agent

A

Represents principal in all matters

Ex power of attorney

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9
Q

Disintermediation

A

Taking money out of a bank to invest I. Stock for example

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10
Q

Boot I. Tax deferred exchange would be considered what?

A

Recognized gain

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11
Q

FHA role

A

Loan insurance

Insures loans for lenders of real property made by qualified lending institutions

Hud overseas the fha

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12
Q

FHA loan requirements

A

3.5 down
Percent loan to value ratios until
Loan reaches 78%
Lenses can charge points

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13
Q

Exculpatory clause

A

Benefits borrower

Limits lenders rights in foreclosure to amount received from foreclosure sale

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14
Q

1 acre is how many sq feet

1 section is how many acres

A

43560 sq ft

640 acres

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15
Q

Number of se miles in a township

A

36 so miles

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16
Q

Multiple licenses

A

Only available brokers

No sales associates or broker associates

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17
Q

Escheat

A

Reversion of property to the state of someone dies with out a will or with no heirs

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18
Q

Number of sq miles in a section

A

1 sq mile

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19
Q

Number of sections in a township

A

1 township is 36 sections or 6 sq miles

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20
Q

Township

A

36 sq miles. Each 1 sq mile or 640 acres with 43560 ft per acre

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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

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22
Q

Government survey (rectangle)

A

Principal meridians and baselines
Interest for purpose of forming basic reference points

Basline EW
Principal NS

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23
Q

Hypothecation

A

Pledge of property as security for payment of a loan with out giving up property

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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

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25
Q

Special warranty deed

A

Grantor offers protection to grantee only for claims made

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26
Q

As valorom taxes

A

According to value
Just value = fair value

Property taxes

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27
Q

FHA loan debt to income

A

31 housing expense

43 total obligations

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28
Q

Va loans debt to income

A

41 % total obligation

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29
Q

Four essential of a valid contract

A

Lawful subject
Acceptance
Consideration
Competent parties

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30
Q

Premises granting clause in the deed

A

Only legal necessary clause

Required in deed
Names of parties
Words of conveyance
States consideration includes date of transfer and legal description

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31
Q

Descent and distribution

A

Transfer of title

To legal descendants upon death on someone who died intestate (with out a will)

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32
Q

Legal rights of ownership bundle or rights

A 
Possession
Disposition- right to sell or give away
Enjoyment
Exclusion prevent others from
Entering property
Control how property will be used
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33
Q

Four units to create joint tenancy

A

Possession
Interest
Time
Title

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34
Q

Commission refers to

A

Frec created 1925

Executive powers
Quasi leslative make rules
Quasi judicial impose disciplinary actions
Ministerial recode keeping admin

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35
Q

Deficiency judgment

A

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

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36
Q

SEISIN CLAUSE

A

Claim

Of ownership

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37
Q

Corporation. Sole

A

Church org cannot be registered to broker real estate does not need to file docs with state

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38
Q

Remainderman

A

If someone other than the original owner is to receive ownership

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39
Q

Escalation clause

A

Benefits lender slows lender to increase mtg interest rate

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40
Q

Life estate

A

Free hold estate
Convert ownership to another for their lifetime life tenant
Ownership for length of someone’s life

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41
Q

Allovion

A

Soil resulting from accreation

Opposite of erosion. Soil deposit

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42
Q

Brokers customers

A

To whom the broker o

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43
Q

Real property

A

Bundle of rights

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44
Q

Most comprehensive type of appraisal

A

Narrative

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45
Q

Failure to account

A

If brokers fail to pay the sales associate or another broker

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46
Q

Number of acres is. 660x1320

A

20 acres

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47
Q

Reversion estate

A

Right to regain ownership after life tenant or give to heirs

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48
Q

Gross income multiplier(GMI)

A 
Comp sales Price
——————————=gmi
Annual gross
Rental
Income
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49
Q

Mutual recognition

A

40 q law exam 75 or better

Reside in Fl for 4 no during the previous year

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50
Q

Variance

A

Request to Bart from specific or literal interpretation of ordinance

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51
Q

Joint tenancy

A

Few simple shared by two or more person
equal
Undivided interest

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52
Q

Tenancy In common

A

Interest in property will descend to his legal heirs in accordance with the will

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53
Q

Capitalization rate

A

Noi /property value

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54
Q

Gross rent multiplier

Grm

A

Property value (sales price) /monthly rent

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55
Q

Time frame
Title recovery
Fun reimbursement

A

2 yes from aledged
Violation.

Or Discovery of claim

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56
Q

Time for coronation to replace only active broker

A

14 days

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57
Q

Recession period for condo

How long does the buyer have to pull out of the deal

A

3 biz days from receipt of documents

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58
Q

Recession period for

A timeshare development sale

A

10 calendar days

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59
Q

Recession period for new condo developer sale

A

15 days

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60
Q

Notice to terminate week

To week Tennancy at will

A

7 days

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61
Q

Notice to terminate month to month tenancy at will

A

15 days

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62
Q

Time to protest an annual tax assessment

A

25days

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63
Q

Number of feet in a mile

A

5280 feet is one mile

64
Q

Notifications for brokers change of biz address

A

10 days to frec

65
Q

Notification of sales

Associates change of employment

A

10 days

66
Q

Notice of applicant to correct error or omission

A

30 days

67
Q

Notice to defendant of a formal hearing

A

Not less than 14 days

68
Q

Probably causa request for additional information

A

15 days

69
Q

Escro dispute must take action to resolve disputes

A

With in 30 days

70
Q

Es ro dispute first notification of frec

A

With in 15 biz days

71
Q

Time frame for probable cause panel to find cause

A

Within 30 days

72
Q

Time to file an answer to a formal complaint

A

21 days

73
Q

Appeal of final order to district court of appeals

A

30 days

74
Q

Time frame for completion of mediation

A

90 days

75
Q

Construction Leon time to file from work completed

A

90 days

76
Q

Number of acres330x660

A

5

77
Q

Florida save our homes act assessed value of home stead property cannot increase more than

A

3% or cpi

78
Q

1866 civil rights

A

Race can not discriminate on race

79
Q

Gross rent multiplier

GRM

A

Comp sales price
—————————-=GRM
Gross monthly rent

80
Q

Property value using GRM

A

GRMx monthly rent

81
Q

Goes incomer multiplier GMI

A

Property value (sales price)
——————————————
Annual income

82
Q

Property value using GMI

A

GMIx annual income= property value

83
Q

Lot and block on plat method

A

Most common form to describe residential lots

84
Q

1988 fair housing act

A

Handicap and family no discrimination for handicapped or single parents

85
Q

Exclusive right of sale listing

A

No matter who procures the buyer the listing agent still gets commission

86
Q

Attorney in fact

A

Power of attorney to sign docs

87
Q

Temen y by enterréis

A

Marriage is owner of property

88
Q

Certificate of title

A

Used to show ownership in event of foreclosure

89
Q

Investigation of complaints

A

Executive power of frec

90
Q

Easement in gross

A

Right to use land of another sewer water power lines

91
Q

Time frame in which consumer may request refund of rental into list fee

A

Within 30 days of contract date

92
Q

Transaction broker

A

Provide limited representation to buyer seller or both

No dudo kart duties to either party

93
Q

Accretion

A

Increase in land area opposite of erosion.

94
Q

General warranty deed

A

Most common provides best protection to grantee

95
Q

Master deed

A

Used by developer to convey land to condo association

96
Q

Steering channeling

A

Directing buyer to minority neighborhoods based on race or ethnic backgrounds

97
Q

Business enterprise

Business opportunities

A

Business enterprise large more
Then 200k
Business opportunities less than 200k

98
Q

If the federal were al reserve wished to decrease supply of loanable funds they would

A

Increase discount rate

99
Q

What must be included for a deed to convey title to price of land

A

2 witnesses signed and delivered

100
Q

1968 title vio of civil rights ax fair house if act

A

Can not discriminate based on Color religion sex national origin

101
Q

Single agency fiduciary duty

A

Confidentiality obedience loyalist full disclosure

102
Q

Characteristics of value

A

Demand
Vitality
Scarcity
Transferability

103
Q

Summary suspension

A

Emergency suspension of license where the public is in danger

104
Q

Thoroughfare study

A

ExMines existing system of streets highways traffic patterns to determine future needs

105
Q

Economic base study

A

Examines local business activities and employment

106
Q

Population study

A

Examines trends in population and develops demographic info

107
Q

Physiographic study

A

Examines sail types and load bearing capacity

108
Q

Four fractures of production

A

Capital investment
Enterprise ability
Load
Labor

109
Q

Construction lien time

Frame for action to foreclosure

A

Instituted with in 1 year

110
Q

Buffer zone

A

Separates one land from another

111
Q

State intangible tax on mortgage

A

Pains on new mortgage only amount of mortgage x.002= debt buyer

112
Q

Tasks that need to be completed prior to closing

A 
Copies of contracts
MLS status
Loan app
Inspection and insurance
Contingencies
Repairs
Closing agent
Untikites 
Closing date and location 
Walk through
Escro funds
113
Q

Voluntary inactive license

A

Chooses not to actively engage in real estate
Must pay fees
Complete commission prescribed education

114
Q

Activo es requiring Fl real estate license

A

Preforming real estate
Appraising buying auction renting selling advertising leasing exchange
In Fl
For another for compensation

115
Q

Frec seven members

A

4 brokers active for 5 years
1 broker sales
Associate
2 lay members

116
Q

Multiple licenses

A

Available to brokers only

117
Q

Group licenses

A

Available for broker associates or sales associate employed by owner developer

118
Q

Quit claim deed

A

Contains no warranty of any kind
Rarely
Used in day to day sales
Used to convey title in divorce

119
Q

Clauses in deeds

A

Premise granting clause
Ha ending clause
Reds dum clause

120
Q

Types of deeds

A

Quit clAim
Bargain and sale
Special warranty
General warranty

121
Q

Property value using overall rate

A

NOI/ overall cap rate = net income

122
Q

Loan payment principal formula

A

Principal x rate= interest

175000x6%= 10500= 12 no interest

10500/12= 875 first mo interst

123
Q

Concurrency provision

A

Florida growth management act

Mandates roads common areas must be available at the same time development takes place

124
Q

Security deposit

A

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
Q

Post license first renewal requirements

A

Sales associate 45 hrs

Broker 60 hrs

126
Q

Local planning agency controls

A

Site plans
Subdivision plot maps
Sign control

127
Q

Condemnation

A

Governing power to take land for phone you legal process is called condemnation taking for public purpose

128
Q

If a broker wants to obtain an option contract they must

A

Pay definable valuable
Consideration
And divest out of their identity as broker
No longer acting as a broker

129
Q 
3 month interest calculation
Buy house at 38000
10% down payment
14% for 30’yrs 
Loan constant .011849
A

38000x .9=34200

34300x.011849=405.24

130
Q

Blind as

A

Does not contain registered trade name of the broker

Of personal name is used must include Last
Name as registered

131
Q

Variance

A

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
Q

Persons required to be licensed

A

Performing service of a real estate agent in the state of Florida for another for compensation

133
Q

Warrant of quiet enjoyment

A

Promised by grand tour at that grantee will not suffer hostile claims against ownership of property

134
Q

Note

A

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
Q

Easement by necessity

A

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
Q

Easement by prescription

A 
Interest in real property
Created by wrongful use 
For at least 20
Yes
Unauthorized use of road
Or walkway
137
Q

Procuring clause

A

Locate willing ready able buyer only broker entolted commission

138
Q

Effect a

Sale

A

Find will ready and able buyer ans get binding contact at most price and terms

139
Q

Find purchaser

A

Who is will able and ready entitled to
Compensation weather or not sale
Is finalized

140
Q 
Tax exemption 
Exempt
Immume
Green belt laws
Homestead tax
Exposure
A

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
Q

Office sign

A

No phone number needed
License real estate
Broker. With license number

142
Q

Block busting

A

Illegal discrimination practices to sell

Or rent property based on race color religion will be moving in. Create rumors

143
Q

Assignments

A

When someone signs over rights they have in a contract it’s as assignment of contract

144
Q

Tenancy by entireties

A

Marriage is ownership of property divorce tenancy in common

145
Q

Joint tenancy

A

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
Q

Tenancy in common

A 
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
Q

Four tests used by court to retreat or personal property

A

Intent of parties
Relationship of parties
Method of annexation
Adaption of article

148
Q

Defeasance clause

A

Benefits borrower requires lender to acknowledge performance by narrower
Only legal necessary clause

149
Q

Brokers principal is

A

Person broker represents as an agent

150
Q

Brokers customer is

A

To whom the broker owes fiduciary duties

151
Q

Disciplinary process

A

1) complaints
2) investigations
3) probably cause
4) administrative complaint
5) formal informal hearing
6) final order of commission
7) judicial review

152
Q

Littoral rights

A

Rights of owners bordering non flowing water

Has rights to shoreline or high water mark

153
Q

Riparian rights

A

Rights of owner who borders flowing water river or stream

Owns Ronnie point can not interfere with others Down nstream

154
Q

Surveyors method

A

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
Q

Role of government

A

Local. Cities counties. Planning and zoning property tax and health codes

156
Q

Role of government state

A

Licensing statues and rules

157
Q

Role of government federal

A

Legislative affecting lending institutions monitoring and policing adopted by federal reserve

Real Estste Exam (11 decks)

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