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Real Estate 1 > Deck 1 > Flashcards

Deck 1 Flashcards

1
Q

Fiduciary Duties

A 
Care 
Obedience 
Accounting 
Loyalty 
Disclosure/Notice 
(Coaln/ Coald)
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2
Q

Sellers Agent

A

If principal in relationship is the seller then the broker is the sellers agent.

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3
Q

Buyers Agent

A

If principal in relationship is buyer/buying. Broker is buyers agent

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4
Q

Listing Agent

A

This is the licensee who lists the sellers property.

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5
Q

Selling Agent

A

This is the licensee who brings a buyer to complete the transaction

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6
Q

Disclosure Regarding Real Estate Agency Relationship

A

Used to disclose type of relationship with principal (single,dual,buyers,sellers)

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7
Q

Real Estate Transfer Disclosure Statement

A

2 page statement
A) identified items in home and wether or not they’re operational
B) describes any significant defects
C) identifies misc items, hazards, easements, alterations, zoning, etc.

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8
Q

Agents Inspection Disclosure

A

When agent reports results from their inspection.
Look for: structural defects, deterioration, water damage, insect damage

No exemptions, if agent doesn’t comply buyer has 2 yrs from date of possession to file suit

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9
Q

Residential Earthquake Hazard Report

A

Booklet: homeowners guide to earthquake safety. Helps agents, sellers and buyers become familiar.
Seller fills out and signs and is subsequently signed by buyers as acknowledgement

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10
Q

Combined Hazard Book

A

3 books in one:
•residential environmental hazards guide- includes toxic mold update
•Protect family from lead in your home- for homes built prior to 1978
•Homeowners guide to earthquake safety- includes gas shutoff valve update

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11
Q

Natural Hazards Disclosure statement

A 
Seller must indicate if property is in one or more of these areas:
•special flood hazard area 
•potential flooding area
•very high fire hazard zone 
•state fire responsibility area 
•earthquake fault zone 
•seismic hazard zone
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12
Q

Lead based paint disclosure

A

Sellers/landlords of residence built prior to 1978 must fill out & sign & provide prospective buyer/tenants a lead based paint disclosure, regardless if owners know it was used or not

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13
Q

Military ordinance

A

If residential property is within 1 mile of former military training site. Must be known in writing it may contain ammunition or explosives

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14
Q

Sex offender database

A

California requires every sale/lease contract contain notice of info about sex offenders registered under Megan’s Law.

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15
Q

Seller financing addendum & disclosure

A

When the seller financing arrangements on all 1-4 unit dwellings must be disclosed to both seller & buyer using this form

  • falls on person arranging the credit, usually agent or attorney
  • must be made before any note is executed
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16
Q

Adjustable rate loan disclosure

A

Lenders offering adjustable rate mortgage loan must provide buyer with a copy of most recent Federal Reserve Board book called Consumer Handbook on Adjusted Rate Mortgage

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17
Q

Real Este Settlement Procedures Act (RESPA)

A

Requires borrowers receive various disclosures regarding the proposed loan transactions

18
Q

Public report

A

A statement from DRE that discloses to prospective buyers pertinent facts about a subdivision

19
Q

Sellers Market

A

High demand- market is good

Area have a scarcity of lower priced homes with many more buyers than homes available

Good time to sell, high demand more likely to get full price for home

20
Q

Buyers Market

A

Low demand- home cheaper than normal

Area with larger number of higher priced homes for sale and only a few buyers for that price range

Good time to buy, pay less for nicer home

21
Q

Residential property

A

Land/ improved property with buildings designed for humans to live in.

22
Q

Industrial property

A

Land for industrial purposes such as warehouses, factories, and power plants

23
Q

Commercial Property

A

Income producing property

Such as office buildings, restaurants, malls, hotels etc. some industrial may fall into this area

24
Q

Agricultural property

A

Land used primarily for growing crops, raising livestock, farms, pasture land orchards, and Timberland

25
Q

Special purpose property

A

Has a unique use to the person who owns it, churches, hospitals, schools and government buildings

26
Q

Recreational property

A

Use for leisure activities such as parks, Forest, timeshares, and camp ground

27
Q

Investment property

A

Any property being held as an investment to generate income or profit

Any residential, commercial/industrial can be considered an investment property

28
Q

Areas of specialization

A

•Type of property- residential, commercial etc. transactions
• Clients-Represent seller and landlord or buyer and tenant exclusively
•Geography-Define a “religion”
•Business type-focus exclusively on one type of client example hospital client/fast food
(also transactions, auction sales, and mortgage loans)

29
Q

Safe harbor test

A

Federal tax law requires to establish that a person is indeed an independent contractor
Three conditions of test are:
•person be properly licensed
•gross income based on production not hours worked
•written agreement clearly stating independent status

30
Q

Fidelity bond

A

For broker to get if licensee is a property manager having access to money of others

To protect from any embezzlement by such licensee

31
Q

Redlining

A

Restricting number of loans in certain areas of the community. Which is illegal.

32
Q

Unruh act

A

Protection from discrimination against sex, race, color, religion, ancestry, national origin, disability, medical condition, marital status, or sexual orientation.

File within one year of alleged discrimination

33
Q

Ethics in real estate

A

Trustworthiness, honesty, and competence

eTHiCs

34
Q

Unruh civil rights act

A
  • Protection from discrimination by all business establishments
  • Housing meet physical and social needs of senior citizen decisions is exempt from this act
  • Complaint filed within one year
35
Q

Fair employment and housing act

A

Prohibits-

Discrimination in negotiation of financing

Evection of person in relation for seeking to uphold this act

Refusal to reasonably accommodate a handicap/ disabled person

36
Q

Housing financial discrimination act

A

Holden act- Prohibits financial Institutes from discriminating and loan activities on various basis

37
Q

Agency

A

Define basic relationship between broker in person he/she represents in the transaction

– in Cali agent defined as a person licensed as a real estate broker. Associate licensees work under broker

38
Q

Agency Relationship

A

Created when person (buyer/seller) delegates to another person (agent) the right to act on his/her behalf in business transactions with third parties

39
Q

Single agent

A

Agent represents only one party for a single transaction

All other parties are customers, not clients.

40
Q

Dual agency

A

Representing both parties in the same transaction (seller and buyer)
Must have written consent

Real Estate 1 (3 decks)

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