Extra Stuff Flashcards
When do you get the disclosed dual agency consent?
At the time of the agency agreement
As an agent, You always have a duty of…
Honesty but not always fairness
Disclosure requirements
Any licensee has the duty to get this information. Even a transaction broker. This is found in chapter 410 page 40.
Who has to approve subdivisions?
All subdivisions must be approved by the town under the municipal subdivision law.
Projects that have a significant impact on the environment must also be approved by the department of environmental protection.
Where do you find the condominium rules?
From the association not at the registry.
What is due on sale?
If the owner sells the property he is voluntary conveying title to a new buyer. In this case the owner wants To be paid.
When you sell the house and have to pay off the mortgage, full balance is immediately do.
Depreciation
Can depreciate to wear in tear and becoming as obsolescence, which is old or outdated, old kitchen or bathroom fixtures.
Sale leaseback
The seller sells and then will rent it himself and have possession after close.
Answer A.
When you are doing a listing presentation you are considered a…
Nobody. you have no agreement with anybody
Do you need earnest money to have a binding contract?
No you do not need earnest money.
What are the four styles of negotiating?
– Aggressive
– Cooperative
– Effective
– Ineffective
What does the fair housing law protect and discriminate against?
–Race (asian, African etc.) – Color (white, black, etc) -Religion – Sex (male or female) – National origin (from there) - handicap/disability (physical or mental) - familia status (has kids, pregnant)
What is the main fair housing law?
All classes and including;
- Sexual orientation (Gay, lesbian, transgender etc)
- ancestry (French descendent, born in America)
– Receipt of public assistance
HUD
Housing and urban development is responsible for enforcing the federal fair housing law. With a logo that is to be displayed in a real estate office and to be used in advertising.
Steering
When a licensee directs buyers toward or away from the neighborhood based on the protected class. This is illegal.
Blockbusting
When licensees create a panic selling environment. Example is this neighborhood is going to shit! This is illegal.
Redlining
Is when lenders decide that certain neighborhoods are no good to listen to and they are not allowed to refuse to them,this is illegal.
ECOA
Equal credit opportunity act
Lenders are required to not discriminate against race color religion sex marital status age. National origin
Compensation policy
You are required to inform the seller of your agencies compensation.
Compensation is what your agency pays other agencies amount of.
Specific performance
Seller can sue (Buyer) for specific performance if they backed out of the contract and cause many costly damages to the seller.
Is to convey title
1031 exchange
investors take similar properties and use them for exchange. They have to invest all their profit to differ the tax.
Example, if they sell a property and use all that money for another property they do not have to pay taxes on it.
Answer C
Who do you go to for site location development act for longer subdivision?
The DEP department of environmental protection
LURC
Land use regulation commission is responsible for supervising and permitting all buildings and development in the on organized territories of Maine
Who do you go to for site location development act for longer subdivision?
The DEP department of environmental protection
LURC
Land use regulation commission is responsible for supervising and permitting all buildings and development in the on organized territories of Maine
