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Broker > Exam > Flashcards

Exam Flashcards

1
Q

Licensed Property Manager

A

Negotiates contracts
No entry unless contracted

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2
Q

Colo Warranty of Habitability Act

A

protects tenants
requires tenants to maintain safety, clean, no damages
must provide written notice if defect occurs
must be dangerous or affect tenants health/welfare

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3
Q

Lease Termination possibilities

A

Expiration
Mutual agreement
Breach of lease
Eviction

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4
Q

Notice of termination delivery options

A

direct delivery
deliver to another resident of family over 15
post notice

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5
Q

Eviction options

A

Actual
Constructive
Retaliatory

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6
Q

Termination of Lease options

A

Tenancy at will- 3 days
Estate for years- no specified number of days

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7
Q

Security Deposits reason retained

A

Landlords aren’t governed on how to handle security deposits
Retained for:
-unpaid rent
-utilities
-cleaning
-repair of tenant damages

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8
Q

Method of Returning Security deposits

A

-Landlord/Tenant Laws dictate use and return
-Landlords must provide accounting of deduction from returned deposits
-Must pay treble damages if wrongfully withheld

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9
Q

Fair housing laws

A

Illegal to pick and choose
Legal rejection:
-criminal conviction
-poor credit history
-too low income
-prior eviction lawsuit

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10
Q

Carbon Monoxide

A

Lessor responsible for installation
15 ft from entrance to bedroom

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11
Q

Well change of ownership

A

-first in time, first in right
-must be Permitted
-Div of water resources handles permits

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12
Q

Uniform duties- basic

A

-Reasonable skill and care
-Confidentiality
-Clarifies limitations for broker
-Owed by transaction broker

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13
Q

Additional duties

A

Promoting interests:
-Faith
-loyalty
-fidelity
-Seeking price and terms
-Counseling of known risks and material benefits

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14
Q

Limited agent

A

Statutory and uniform duties

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15
Q

Single agent

A

Uniform and additional duties

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16
Q

Sub agency

A

2 different firms with 2 agents representing seller client
Not practiced in Colo

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17
Q

Designated agency

A

-Employing broker assigns employed broker to a party
-Only used in multiple broker firms
-2 agents can work on one transaction in the same firm
-Designated broker may share info w employing broker

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18
Q

Terminating lease

A

Tenancy at will 3 days
Month to month 10 days
Estate for years specified in contract

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19
Q

Handling security deposits

A

Landlords aren’t required to handle a certain way
Property managers must deposit in 5 days

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20
Q

Security deposits

A

Returned within 30 days not exceeding 60 days

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21
Q

Well- type of information disclosed on addendum

A

-Source and type of potable water
-Water rights
-Type of sewer
-Disclosed on sellers addendum or disclosure

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22
Q

Well change of ownership info

A

Submitted by buyers

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23
Q

Colo property taxes

A

Paid in arrears

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24
Q

Colo tax due date

A

Less than 25-
1 payment
Jan 1-April 30
More than 25-
2 payments
Last day of Feb and June 15

Accrue interest starting May 1

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25
Q

Special tax districts

A

Costs for services
Seller provides disclosure

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26
Q

Colo fair housing act

A

Mrs Murphy allows discrimination only of family

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27
Q

Foreclosure

A

Non agricultural 110-125
Agricultural 215-230 days after recording
Can cure default up to sale but not after
Notice of cancellation form -

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28
Q

CREC seller warranty equity skimming

A

Buyer won’t assume any loans
Class 5 felony

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29
Q

Prorated payments- 4

A

-Taxes
-rent
-utilities
-HOA

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30
Q

Buyers closing costs- 9

A

Appraisal
Inspection
Doc fees
Title insurance
Atty fees
Loan fees
Recording fees
Mortgage insurance
Tax and insurance reserves

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31
Q

Seller costs- 6

A

Brokers fees
Atty fees
Recording costs
Title insurance
Existing liens
Withholding tax

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32
Q

Closing statements

A

Broker responsive for accuracy
6 column worksheet optional
Doesn’t record lenders fees

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33
Q

Closings

A

Most face to face
Most use title company
-Title company performs title search
-issues title insurance

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34
Q

Closing agent

A

Submits 1099
FIRPTA
Colorado non resident withholding

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35
Q

Closing legal doc

A

Listing broker pays doc prep
Broker closing their owns transactions may charge for services but not doc

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36
Q

File retention

A

4 years

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37
Q

Closing docs include

A

CD
Closing instructions
Contract
Title
Tax cert
Lending disclosure
Closing statement

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38
Q

ILC

A

Less extensive survey
Required by lenders and title insurance companies

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39
Q

Off record title section

A

Seller must deliver to buyer copies of surveys

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40
Q

OEC

A

Owners Extended Coverage
may be paid by either buyer or seller

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41
Q

Original offer

A

Brokers must sign

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42
Q

Due diligence

A

Info about financial and physical conditions

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43
Q

Mortgage and Deed

A

Security instruments

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44
Q

Promissory note

A

Describes loan and terms

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45
Q

Title theory state

A

Deed creates a lien

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46
Q

Deed payment

A

Trustee executes deed of reconveyance and releases property

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47
Q

Closing Instructions

A

Give closing agent right to collect info

48
Q

Contract for deed

A

Transfer noting county treasurer

49
Q

Who withholds FIRPTA at closing

A

Party who performs closing

50
Q

Material facts

A

Must disclose ALL in a transaction

51
Q

What creates loan agreement and security for financing and

A

Promissory note and deed of trust
Must be delivered before financing deadline

52
Q

Deed

A

document to transfer ownership

53
Q

How long retain transaction files

A

4 years
sales and property management

54
Q

Use Variance

A

must show hardship to qualify

55
Q

Ad information options

A

only APR
but no other credit terms

56
Q

Amendment

A

changes any existing terms of contract

57
Q

Assistance animals

A

must permit with no additional costs
landlord may not about disability if not obvious

58
Q

SARA innocent landowner defense

A

superfunds amendment and reauthorization act-

59
Q

Pending Contract

A

shows how long property was on the market- DOM

60
Q

Addenda

A

must be drafted by an attorney

61
Q

Tenancy in Common

A

inheritable

62
Q

Periodic Estate

A

month to month lease

63
Q

Inactive license renewal

A

must complete every 3 years
or license will expire

64
Q

Price Fixing

A

must occur to the public in order for price fixing to occur

65
Q

Reconciliation

A

weighted averaging of two properties or comparable
also reconciliation

66
Q

Blockbusting

A

Change in value due to influx of new demographic

67
Q

Accounting and trust account record keeping

A

Cash, not accrual
Keep hard copies
Reconcile monthly

68
Q

Reasonable time

A

contract necessity

69
Q

LTV ratio

A

using lesser of the sales price or appraised value

70
Q

UETNA

A

Universal Electronic Transactions Act
State laws take precedence over UETNA

71
Q

Statute of limitations

A

Deadline written

72
Q

Acceptance of contract

A

all parties have signed

73
Q

Binding acceptance

A

offer is delivered

74
Q

Straight mortgage

A

Interest only

75
Q

Budget

A

PITI included
monthly payment remains the same

76
Q

Adjustable

A

fluxuates depending on rates

77
Q

Title theory

A

lender holds title

78
Q

Lien theory state

A

lender holds lien
foreclosure proceedings may be more lengthy

79
Q

Conventional Loans

A

Offered on the secondary market

80
Q

VA loan

A

No down payment

81
Q

Balloon Loan

A

Regular amortized payments
Balloon lump sum due at maturity date

82
Q

ARM

A

Adjustable Rate Mortgage
Payment and Interest locked for first period
then interest in response to economic index

83
Q

Bridge Loan

A

delay between sale of old home and purchase of new home

84
Q

Land Contract

A

seller retains right to title until loan is paid off
both buyer and seller have equitable title while loan is being paid off

85
Q

Freddie Mae and Freddie Mac

A

Govt Sponsored Entities GSE
when loans meet their guidelines, they’r less risky, more attractive, lower rates

86
Q

Mortgage bankers

A

in house processing and underwriting

87
Q

Kickbacks between mortgage broker and agent

A

illegal under RESPA between service providers

88
Q

Loan Estimate

A

Dodd Frank Act
tells buyer their estimated settlement costs and loan specifics

89
Q

Equal Credit Opportunity Act

A

protects classes like national origin

90
Q

Underwriters

A

Collateral, capacity, credit

91
Q

Pre-qualification vs pre- approval

A

pre-approval lender verification of information
pre- qualification unverified info

92
Q

Force of Law termination

A

bankruptcy of brokers
property destruction
principal incompetency

93
Q

Sub agency

A

Agent working w buyer on behalf of another firm’s listing

94
Q

Estoppel

A

making actions based on agreed terms
and later denying it

95
Q

Bulk Zoning

A

regulates density with setbacks and building heights/widths

96
Q

Reverse redlining

A

charging higher interest rates to non white

97
Q

Blockbusting

A

inducing owners to sell due to influx of different types of homeowners

98
Q

Cease and desist order

A

penalties of more than 15k per penalty per day
civil penalties
up to millions in damages
corrective ads may be needed

99
Q

CE at firms

A

Firms can’t dictate where agents get their continuing ed

100
Q

Tax abatement

A

assessment halted for construction or renovation

101
Q

Indestructibility

A

land has great value

102
Q

Metes and bounds

A

first reference to a property when surveying in a lot and block system
RGSS or metes and bounds

103
Q

Fee simple estate that ends when owner dies

A

Life Estate
only valid during his lifetime

104
Q

Disposition

A

right to convey

105
Q

Transfer of title occurs

A

Owner delivers the deed to the new owner

106
Q

Required elements of deed

A

Grantor:
signs
legal age and capacity
positive identification
act of conveyance
may include habendum clause
MUST BE RECORDED

107
Q

CLOSING disclosure

A

Details closing costs
due 3 days before closing

108
Q

Closing Estimate

A

Estimated fees
Payment schedule
doesn’t include final closing costs

109
Q

Deduct taxes

A

Homeowners are sometimes eligible to deduct if they itemize

110
Q

FHA loan on new build

A

Requires builder take out third party warranty

111
Q

Correlation

A

Reconciliation
Appraisal process using findings to determine value
Using comparable

112
Q

Sales Comparison Approach

A

1-financing terms and cash equivalency
2-conditions of sale
3-market conditions
4-location
5-physical characteristics

113
Q

Comparable pricing

A

adjust only the comparable property, not the main property

114
Q

Bracketing

A

Comparing similar properties

115
Q

Pending sale

A

Determines DOM days on the market

116
Q

Unbiased opinion of value

A

Formal Appraisal

Broker (5 decks)

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