Definitions Flashcards
Adverse Fact
A condition or occurrence that is generally recognized by a competent licensee as doing any of the following:
- Significantly and adversely affecting the value of the property.
- Significantly reducing the structural integrity of improvements to real estate.
- Presenting a significant health risk to occupants of the property.
OR
Information that indicates that a party to a transaction is not able to or does not intend to meet his or her obligations under a contract or agreement made concerning the transaction
Agency Agreement
written agreement between a firm and a client in which the client authorizes the firm to provide brokerage services to the client.
Associated with a firm
Means to have been engaged by a firm to provide brokerage services to the firm’s clients and customers on behalf of the firm under the firm’s supervision
Associated with a subagent
to be associated with a firm that is engaged as a subagent.
USTs Underground storage tanks used to hold hazardous substances are exempt from regulation when? (SPS 310)
- residential and farm tanks that hold less than 1,100 gallons used for noncommercial purposes are exempt
- when a tank holds less than 110 gallons
Net Listing
when firms will market and try to sell the property at the highest price obtainable in order to increase their commission. Net listings are forbidden and illegal. Reeb 24.10 states that licensees shall not obtain, negotiate, or attempt to obtain or negotiate a net listing contract.
Tenancy in Common
Two or more people can own a fractional interest in real property.
Balloon Loan
Payments may be lower in the years before then you owe a big amount at the end of the loan.
Acre
43560 square feet
Mile
5280 Feet
Sqaure Mile
640 Acres
Price Fixing
the practice of setting prices for products or services rather than letting competition in the open market establish those prices.
Multiple Representation / Dual Agency
if a firm has an agency agreement with more than one client who is a party in the same transaction.
Land Contract
Installment contract for sale with the buyer receiving equitable title and right to possession with the seller (or vendor) retaining legal title.
Fee Splitting
Personal assistants may not be paid based on production or commissions. Paying of an unlicensed personal assistant an individual commission or based on production may be considered illegal fee splitting. Fee Splitting is an illegal practice with fines up to $10,000 that may lead to imprisonment
