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Florida Brokers > Chapters 10 - 14 (38%) > Flashcards

Chapters 10 - 14 (38%) Flashcards

1
Q

What are the duties of a
“NO BROKERAGE RELATIONSHIP” capacity ?

A
  1. Account for all funds.
  2. Deal hones and fairly.
  3. Disclose all known facts that affect the value of residential property.
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2
Q

What is the acronym to remember NO BROKERAGE RELATIONSHIP capacity?

A

A
D
D

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3
Q

Wha are the Duties of a “Single Agent” ?

A

Confidentiality
Obedience
Loyalty
Disclosure ( FULL )

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4
Q

What is the acronym o remember the duties of a “Single Agent” ?

A

C
O
L
D

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5
Q

What is the notice called that allows a “Single Agent” to change to a Transaction Broker ?

A

The form is called
“Consent To Transition To Transaction Broker”

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6
Q

What is a “Transaction Broker” ?

A

A “Transaction Broker” is a notice that allows a Licensee to represent both parties “Buyers and Sellers” in a Real Estate transaction in a limited capacity.

Aka receiving both commissions.

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7
Q

What is a Earnest Money Deposit AKA “Binder Deposit”or “Good Faith Deposit” ?

A

A certain amount of money that a buyer pays to a seller to demonstrate his good faith and intention to complete the transaction.

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8
Q

What Page of the closing disclosure is the Binder Deposit
AKA
“Earnest Money Deposit”Or
“ Good Faith Deposit “ On ?

A

It is noted on PAGE 3

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9
Q

On the closing disclosure the Binder Deposit AKA
“Earnest Money Deposit”Or
“ Good Faith Deposit “
Is a ___________ to the ____________?

A

The Binder Deposit is a
“Credit to the Buyer”

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10
Q

Unit 13 - What page are all mortgages Noted on the Closing Disclosure?

A

Page. 3

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11
Q

Unit 12 - What are the 3 Special Provisions Clauses of a Mortgage and who are they especially important for ?

A

The Three Clauses are
1. Accelerations Clause
2. Pre Payment Clause
3. Due-On-Sale-Clause

They re Especially important for the buyer.

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12
Q

What is the Acceleration Clause and what does it do ?

A

A Acceleration Clause allows the lender to call due remaining loan balance if borrower defaults.

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13
Q

What is PREPAYMENT CLAUSE and what does it do ?

A

A Prepayment clause give the borrower specific permission to pay the debt ahead of schedule or early.

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14
Q

What is a due- on-sale-clause and what does it do?

A

A Due-on-sale-clause is a specific type of acceleration clause. If the property is transferred the lender may require immediate payment of the loan. Effectively preventing the buyer form assuming the loan.

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15
Q

What are the two types of Mortgage theory’s?

A

Title Theory & Lien Theory.

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16
Q

What type of mortgage theory state is Florida ?

A

Florida is a Lien Theory State .

17
Q

What is Lien Theory?

A

Lion Theory is when the Borrower has both possession of the title and property. But eh lender has a lien.

18
Q

What is Title Theory?

A

Title Theory is when the borrower gives legal title to the property to the lender as security for the loan. Under title theory, the lender holds the title to the property until the borrower has paid off the loan in full.

19
Q

How are Rental Income , Property taxes & Mortgage Interest noted on the closing disclosure ?

What Page ?

A

Credit Buyer, Debit seller
Pg. 3

20
Q

What are the 4 elements to make a contract VALID ?

A

Legal Subject, Offer and Acceptance, Competent Parties and CONSIDERATION.

21
Q

Options Contracts are _____ lateral contracts.

A

Bilateral Contracts.

22
Q

In regards to a
Home Owners Association.

What FL Statue?
What is provided to who ?When ?

A

F.S 720
HOA disclosure
Before the execution of the contract.

23
Q

Capital Gains & Capital loss what is it ?

A

Capital gains = increase in value of an investment or asset over time. When you sell the asset for a higher price than what you originally paid for it, the profit you make is considered a capital gain.

And vise versa.

24
Q

What are Like-kind Exchanges?
What are the six Like-Kind-Exchanges?

A

Exchange Real Estate for the the same character. Its a tax Diversion as well.

EXAMPLE:
House for House

  • Residential-Income Producing Property
  • Commercial Property
  • Industrial property
  • Vacant Land Held For Investment
  • Leasehold for 30 years or more
  • Hotels and Motels.
25
Q

Defer Capital Gains

A
26
Q

The two main TAX DEDUCTIONS available to home owners are?

A

Interest and property Taxes

27
Q

Unit 12 - What is an Equity Of Redemption ?

A

A equity of redemption allows the borrower to prevent foreclosure sale by paying the balance due to lender.


28
Q

Unit 12 - What is a Partially amortized Mortgage ?

A

A loan that included both principal and interest but comes due before he loan is fully paid and has a balloon payment.

29
Q

Binder deposit is a credit to who ?

A

Binder Deposit is credit to the buyer or credit buyer only.

30
Q

Depreciation is also known as what?

A

Cost recovery.

Florida Brokers (6 decks)

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