All Chaptees Flashcards
Definition of conversion fraud
Loss or misuse of money or property belonging to another
Assumption with notation
Seller released from liability
Penalties for agents
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
Conventional loan DTI
28% housing exp
36% total obligation
Estate in severalty
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
Special agent
Perform single act on behalf of principal
General agent
Preform acts limited to specific trade
Example sales associate or broker associate is general agent for transactions
Universal agent
Represents principal in all matters
Ex power of attorney
Disintermediation
Taking money out of a bank to invest I. Stock for example
Boot I. Tax deferred exchange would be considered what?
Recognized gain
FHA role
Loan insurance
Insures loans for lenders of real property made by qualified lending institutions
Hud overseas the fha
FHA loan requirements
3.5 down
Percent loan to value ratios until
Loan reaches 78%
Lenses can charge points
Exculpatory clause
Benefits borrower
Limits lenders rights in foreclosure to amount received from foreclosure sale
1 acre is how many sq feet
1 section is how many acres
43560 sq ft
640 acres
Number of se miles in a township
36 so miles
Multiple licenses
Only available brokers
No sales associates or broker associates
Escheat
Reversion of property to the state of someone dies with out a will or with no heirs
Number of sq miles in a section
1 sq mile
Number of sections in a township
1 township is 36 sections or 6 sq miles
Township
36 sq miles. Each 1 sq mile or 640 acres with 43560 ft per acre
Bargain and sale deed
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
Government survey (rectangle)
Principal meridians and baselines
Interest for purpose of forming basic reference points
Basline EW
Principal NS
Hypothecation
Pledge of property as security for payment of a loan with out giving up property
Habendum clause deed
To have and to hold clause
Specifies legan rights being conveyed
Few simple forever or I’m a life estate
Describing duration of estate
Special warranty deed
Grantor offers protection to grantee only for claims made
As valorom taxes
According to value
Just value = fair value
Property taxes
FHA loan debt to income
31 housing expense
43 total obligations
Va loans debt to income
41 % total obligation
Four essential of a valid contract
Lawful subject
Acceptance
Consideration
Competent parties
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
Descent and distribution
Transfer of title
To legal descendants upon death on someone who died intestate (with out a will)
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
Four units to create joint tenancy
Possession
Interest
Time
Title
Commission refers to
Frec created 1925
Executive powers
Quasi leslative make rules
Quasi judicial impose disciplinary actions
Ministerial recode keeping admin
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
SEISIN CLAUSE
Claim
Of ownership
Corporation. Sole
Church org cannot be registered to broker real estate does not need to file docs with state
Remainderman
If someone other than the original owner is to receive ownership
Escalation clause
Benefits lender slows lender to increase mtg interest rate
Life estate
Free hold estate
Convert ownership to another for their lifetime life tenant
Ownership for length of someone’s life
Allovion
Soil resulting from accreation
Opposite of erosion. Soil deposit
Brokers customers
To whom the broker o
Real property
Bundle of rights
Most comprehensive type of appraisal
Narrative
Failure to account
If brokers fail to pay the sales associate or another broker
Number of acres is. 660x1320
20 acres
Reversion estate
Right to regain ownership after life tenant or give to heirs
Gross income multiplier(GMI)
Comp sales Price ——————————=gmi Annual gross Rental Income
Mutual recognition
40 q law exam 75 or better
Reside in Fl for 4 no during the previous year
Variance
Request to Bart from specific or literal interpretation of ordinance
Joint tenancy
Few simple shared by two or more person
equal
Undivided interest
Tenancy In common
Interest in property will descend to his legal heirs in accordance with the will
Capitalization rate
Noi /property value
Gross rent multiplier
Grm
Property value (sales price) /monthly rent
Time frame
Title recovery
Fun reimbursement
2 yes from aledged
Violation.
Or Discovery of claim
Time for coronation to replace only active broker
14 days
Recession period for condo
How long does the buyer have to pull out of the deal
3 biz days from receipt of documents
Recession period for
A timeshare development sale
10 calendar days
Recession period for new condo developer sale
15 days
Notice to terminate week
To week Tennancy at will
7 days
Notice to terminate month to month tenancy at will
15 days
Time to protest an annual tax assessment
25days
Number of feet in a mile
5280 feet is one mile
Notifications for brokers change of biz address
10 days to frec
Notification of sales
Associates change of employment
10 days
Notice of applicant to correct error or omission
30 days
Notice to defendant of a formal hearing
Not less than 14 days
Probably causa request for additional information
15 days
Escro dispute must take action to resolve disputes
With in 30 days
Es ro dispute first notification of frec
With in 15 biz days
Time frame for probable cause panel to find cause
Within 30 days
Time to file an answer to a formal complaint
21 days
Appeal of final order to district court of appeals
30 days
Time frame for completion of mediation
90 days
Construction Leon time to file from work completed
90 days
Number of acres330x660
5
Florida save our homes act assessed value of home stead property cannot increase more than
3% or cpi
1866 civil rights
Race can not discriminate on race
Gross rent multiplier
GRM
Comp sales price
—————————-=GRM
Gross monthly rent
Property value using GRM
GRMx monthly rent
Goes incomer multiplier GMI
Property value (sales price)
——————————————
Annual income
Property value using GMI
GMIx annual income= property value
Lot and block on plat method
Most common form to describe residential lots
1988 fair housing act
Handicap and family no discrimination for handicapped or single parents
Exclusive right of sale listing
No matter who procures the buyer the listing agent still gets commission
Attorney in fact
Power of attorney to sign docs
Temen y by enterréis
Marriage is owner of property
Certificate of title
Used to show ownership in event of foreclosure
Investigation of complaints
Executive power of frec
Easement in gross
Right to use land of another sewer water power lines
Time frame in which consumer may request refund of rental into list fee
Within 30 days of contract date
Transaction broker
Provide limited representation to buyer seller or both
No dudo kart duties to either party
Accretion
Increase in land area opposite of erosion.
General warranty deed
Most common provides best protection to grantee
Master deed
Used by developer to convey land to condo association
Steering channeling
Directing buyer to minority neighborhoods based on race or ethnic backgrounds
Business enterprise
Business opportunities
Business enterprise large more
Then 200k
Business opportunities less than 200k
If the federal were al reserve wished to decrease supply of loanable funds they would
Increase discount rate
What must be included for a deed to convey title to price of land
2 witnesses signed and delivered
1968 title vio of civil rights ax fair house if act
Can not discriminate based on Color religion sex national origin
Single agency fiduciary duty
Confidentiality obedience loyalist full disclosure
Characteristics of value
Demand
Vitality
Scarcity
Transferability
Summary suspension
Emergency suspension of license where the public is in danger
Thoroughfare study
ExMines existing system of streets highways traffic patterns to determine future needs
Economic base study
Examines local business activities and employment
Population study
Examines trends in population and develops demographic info
Physiographic study
Examines sail types and load bearing capacity
Four fractures of production
Capital investment
Enterprise ability
Load
Labor
Construction lien time
Frame for action to foreclosure
Instituted with in 1 year
Buffer zone
Separates one land from another
State intangible tax on mortgage
Pains on new mortgage only amount of mortgage x.002= debt buyer
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
Voluntary inactive license
Chooses not to actively engage in real estate
Must pay fees
Complete commission prescribed education
Activo es requiring Fl real estate license
Preforming real estate
Appraising buying auction renting selling advertising leasing exchange
In Fl
For another for compensation
Frec seven members
4 brokers active for 5 years
1 broker sales
Associate
2 lay members
Multiple licenses
Available to brokers only
Group licenses
Available for broker associates or sales associate employed by owner developer
Quit claim deed
Contains no warranty of any kind
Rarely
Used in day to day sales
Used to convey title in divorce
Clauses in deeds
Premise granting clause
Ha ending clause
Reds dum clause
Types of deeds
Quit clAim
Bargain and sale
Special warranty
General warranty
Property value using overall rate
NOI/ overall cap rate = net income
Loan payment principal formula
Principal x rate= interest
175000x6%= 10500= 12 no interest
10500/12= 875 first mo interst
Concurrency provision
Florida growth management act
Mandates roads common areas must be available at the same time development takes place
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
Post license first renewal requirements
Sales associate 45 hrs
Broker 60 hrs
Local planning agency controls
Site plans
Subdivision plot maps
Sign control
Condemnation
Governing power to take land for phone you legal process is called condemnation taking for public purpose
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
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
Blind as
Does not contain registered trade name of the broker
Of personal name is used must include Last
Name as registered
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
Persons required to be licensed
Performing service of a real estate agent in the state of Florida for another for compensation
Warrant of quiet enjoyment
Promised by grand tour at that grantee will not suffer hostile claims against ownership of property
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
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
Easement by prescription
Interest in real property Created by wrongful use For at least 20 Yes Unauthorized use of road Or walkway
Procuring clause
Locate willing ready able buyer only broker entolted commission
Effect a
Sale
Find will ready and able buyer ans get binding contact at most price and terms
Find purchaser
Who is will able and ready entitled to
Compensation weather or not sale
Is finalized
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
Office sign
No phone number needed
License real estate
Broker. With license number
Block busting
Illegal discrimination practices to sell
Or rent property based on race color religion will be moving in. Create rumors
Assignments
When someone signs over rights they have in a contract it’s as assignment of contract
Tenancy by entireties
Marriage is ownership of property divorce tenancy in common
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
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
Four tests used by court to retreat or personal property
Intent of parties
Relationship of parties
Method of annexation
Adaption of article
Defeasance clause
Benefits borrower requires lender to acknowledge performance by narrower
Only legal necessary clause
Brokers principal is
Person broker represents as an agent
Brokers customer is
To whom the broker owes fiduciary duties
Disciplinary process
1) complaints
2) investigations
3) probably cause
4) administrative complaint
5) formal informal hearing
6) final order of commission
7) judicial review
Littoral rights
Rights of owners bordering non flowing water
Has rights to shoreline or high water mark
Riparian rights
Rights of owner who borders flowing water river or stream
Owns Ronnie point can not interfere with others Down nstream
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
Role of government
Local. Cities counties. Planning and zoning property tax and health codes
Role of government state
Licensing statues and rules
Role of government federal
Legislative affecting lending institutions monitoring and policing adopted by federal reserve
