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Real Estate > Extreme Focus > Flashcards

Extreme Focus Flashcards

0
Q

How are appraisers paid?

A

Appraisers charging the based on the difficulty of the work. Appraisers are not pay any commission to reduce the possibility of a conflict of interest

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1
Q

What is uniform standards of professional appraisal practices

A

Guidelines to follow when providing appraisal services

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2
Q

What applicants cautioned to do

A

Complete the application very carefully, particularly with respect history concerning felonies, misdemeanors, and traffic offenses

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3
Q

Non-residential applicant who wishes to become licensee in Florida must consent to what

A

To service section on the license application and the consent must be notarized

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4
Q

What are the eight states that the frec entered into mutual recognition agreements

A

Alabama Arkansas Connecticut Georgia Indiana Mississippi Nebraska and Oklahoma

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5
Q

What does frec consider to define a resident

A

A person who has resided in Florida continuously for a period of four calendar months or more within the preceding year regardless of whether the person resided in a recreational vehicle hotel rental unit or other temporary or permanent location

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6
Q

What must applicants be to qualify

A

Be 18 have a high school diploma or equivalent possess a Social Security number be honest trustworthy and be confident and qualified to make real estate transactions and negotiations with investors and others

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7
Q

What does course one consist of

A

60 hours of instruction Plus three hours of examination The end of course examination consists of 100 questions with one point each and is normally on the night with 45 questions on principles and practices 45 questions on the real estate law and 10 math questions

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8
Q

How many hours is the sales associate post requirement

A

45 hours

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9
Q

After completing the post licensing education requirements during the initial Licensees complete at least what

A

14 hours during every two year period after that

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10
Q

How many hours of instruction and end of course exam hours must a broker must a broker complete

A

69 hours of instruction +3 hours for that and of course examination

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12
Q

What are the four settlement procedures Male

A

mediation arbitration litigation and escrow disbursement order

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13
Q

What are the more ways to determine a fixture Irma

A

intent relationship method adaptation

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14
Q

What Classifies joint Tenancy PITT

A

Possession interest title and time

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15
Q

What are private restrictions DELL

A

Deed Restriction Easements Lease & Liens

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16
Q

What are government restrictions PET

A

Police Power
Eminent Domain
Taxation

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17
Q

Disposition

A

Sell or give away

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18
Q

Use

A

Control

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19
Q

Possession

A

Occupy

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20
Q

Exclusion

A

Quiet enjoyment

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21
Q

Ch 475

A

Florida Real Estate Law

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22
Q

455

A

Regulation of Professions & Occupations (DBPR)

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23
Q

61j2

A

Florida real estate commission (FREC)

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24
Q

28

A

Division of Administrative Hearings

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25
Q

120

A

Administrative Procedures Act

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26
Q

Real Estate service includes any real estate activity involving compensation for performing the service for another ABARSALE

A

Advertise real estate services, Buy, Appraise, Rent or provide rental information or lists, Sell, Auction, Lease, Exchange

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27
Q

Are property owners and salaried employees of business entities exempt from having a real estate license?

A

Yes

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28
Q

Who else is exempt from holding a real estate license

A

People selling Cemetery lots, and Attorneys who are paid to do so

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29
Q

FREC members do not receive a salary but how much are they paid

A

50$ per day for each day they attend an official meeting and each day they participate in other commission business

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30
Q

All real estate licenses are issued with what two expiration dates

A

March 31st and September 30th

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31
Q

How many months after a licensee gets back from serving his country does he have to follow renewal provisions?

A

6 Months

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32
Q

What status does your license go into when you voluntarily choose to not practice real estate

A

Voluntary inactive

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33
Q

If a licensee fails to renew an active or voluntary inactive license before the renewal period what happens

A

Your license reverts to involuntary inactive

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34
Q

If your license is suspended, you are prevented from working for a period of time. What is the max

A

10 years

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35
Q

A broker who holds more than one Florida broker license is said to hold what?

A

A Multiple License

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36
Q

When is a Group license issued to sales associates

A

when they are registered under an owner developer. An owner developer may own properties in the names of various entities

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37
Q

Who is a Principal

A

A person who delegates authority to another

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38
Q

Who is an agent

A

A person entrusted with another’s business is authorized to represent and act for the principal

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39
Q

What does a fiduciary act in

A

A position of trust or confidence for another. The fiduciary owes complete allegiance to the principal

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40
Q

What is a transaction broker?

A

A broker who provides limited representation to a buyer , a seller, or both in a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent

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41
Q

Define a Single Agent

A

A broker who represents, as a fiduciary, either the buyer or the seller, but no both, in the same transaction (Full Disclosure)

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42
Q

What are the three duties a real estate licensee working in a no brokerage relationship capacity.

A

Deal honestly and fairly, disclose all known facts that materially affect the value of residential real property that are not readily observable to the buyer, account for all funds entrusted to the license

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43
Q

To gain the principal’s written consent to a change in relationship, the buyer and/or seller must either sign or initial the what

A

Consent to transition to transaction broker notice set forth in Chapter 475 F.S

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44
Q

What is Misrepresentation

A

The misstatement of fact or omission or concealment of a factual matter

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45
Q

What actions can lead to action for fraud

A

The licensee made a misstatement or failed to disclose a material fact, the licensee either knew or should have known that the statement was not accurate, The party to whom the statement was made relied on the misstatement, the party to whom the statement was made was damaged as a result

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46
Q

Are sales associates permitted to open offices of their own?

A

No, they must be registered from and work out of an office maintained and registered in the name of their employer

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47
Q

What must active real estate brokers display on the interior or exterior of the entrance to their office

A

1) Trade Name
2) Brokers Name
3) The words “Licensed Real Estate Broker”, or “Lic. Real Estate Broker”

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48
Q

What must advertisements clearly reveal?

A

Tye licensed name of the brokerage firm. Advertisements that fail to disclose the license name of the brokerage firm are blind advertisements

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49
Q

When does sales associates that receive a binder deposit from a customer or principal

A

They need to deliver it to their employer or broker immediately, which means no later than the end of the next business day

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50
Q

When must brokers place trust funds into an escrow account

A

No later than the end of the third business day after their sales associate has received it.

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51
Q

What does it mean to commingle funds.

A

ILLEGAL practice of mixing funds with your own money

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52
Q

What is Conversion

A

The unauthorized control or use of another person’s personal property.

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53
Q

If a broker who maintains an escrow account receives conflicting demands on escrow property what must he do

A

He must notify the FREC, in writing, within 15 business days of receiving the conflicting demands unless specifically exempted

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54
Q

What are the four settlement procedures

A

Mediation - Non Binding
Arbitration - Binding (Third party makes the binding decision / Arbitrator)
Litigation - Lawsuit filed by disputing party so the matter can be resolved in court
Escrow Disbursement Order (EDO) - A broker may request that the FREC issue an EDO determining who is entitled to the disputed funds

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55
Q

If a broker received payment before the service is completed what must he do

A

Must be placed into the broker’s escrow or trust until the services are completed

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56
Q

Any broker who furnishes rental information to a prospective tenant for a fee must provide the prospective tenant with a contract pr receipt that community a provision for repayment under what specific conditions

A

It must state that a prospective, who does not obtain a rental is entitled to be repaid 75% of the fee paid if requested within 30 days. If the information provided us not current or is inaccurate in any material respect

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57
Q

What do the Sherman - Cayton Act & the Federal Trade Commission acts

A

Preserve competition and ensures the restraint of trade (Under these laws, you may not fix commission rates)

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58
Q

Kick back are unearned fees paid to a licensed associate with a real estate transaction for non-real-estate services . When are kickbacks legal?

A

Kickbacks are legal if all parties agree to the terms in writing prior to the kickback being received

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59
Q

Larceny means what

A

Theft

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60
Q

Ostensible Partnership (Quasi-Partnership) is the appearance of a partnership. This is considered fraudulent.

A

Brokers who share an office building must display separate signs and use separate telephone numbers

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61
Q

What are the seven steps of the complaint process?

A

1) Complaint is files
2) Investigation of the complaint
3) Probable cause determination
4) Formal Complaint is filed if probable cause is found
5) Informal Hearing or formal hearing is conducted
6) Final order is issued
7) Judicial review

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62
Q

What is the most severe penalty that FREC is authorized to impose?

A

Revocation (Max suspension is 10 years)

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63
Q

The commission may impose an administrative penalty for violations of the law or rules and regulations.

A

Denial of application, refusal to rectify a license for renewal and revocation of a license for not more than 10 years. ( Fines may not exceed 5,000$ for each separate violation)

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64
Q

What kind of penalties can the courts enforce if a person has performed any real estate services without a license

A

Civil Penalties

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65
Q

The DBPR can issue fines up to $5,000 per count to a person it finds guilty of unlicensed real estate activity

A

The DBPR can issue fines up to $5,000 per count to a person it finds guilty of unlicensed real estate activity

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66
Q

A violation of F.S. 475 or any lawful order, rule or regulation is legally a misdemeanor of the second degree

A

It may be punished by a fine of not more than $500 and/or by imprisonment for not more than 60 days

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67
Q

The penalty for failing to providing accurate and current rental information is what

A

a misdemeanor of the first degree and is a fine not more than $1,000 and or/ up to one year in jail

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68
Q

What is the Florida real estate recovery fund?

A

Its purpose is to reimburse an individual or business entity judged by a Florida court to have suffered monetary damages as the result of an act committed by a broker or sales associate. A claim for recovery may not be considered unless a civil suit resulted in a final judgement against an individual licensee as defendant

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69
Q

Monetary limits of claim are

A

$50,000 (For one transaction) or 150,000 for more than one transaction

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70
Q

What is fraud

A

Fraud is the intentional deceit for the purpose of inducing another to rely on information to part with some valuable asset or legal right

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71
Q

The civil Rights Act of 1866 prohibits discrimination based on what?

A

Race

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72
Q

The fair housing act created protected classes of people and prohibits discrimination when selling or renting residential property when based on what?

A

Race, Color, Religion, Sex, Handicap Status, Familial Status, National Origins. Covers single family houses and multi family housing

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73
Q

What does the Equal Credit Opportunity Act ensure what

A

Ensures credit to be maid available with fairness without discrimination to: Race, Color, Religion, National Origin, Sex, Marital Status, Age, or income from public assistance programs

74
Q

What is Steering

A

Channeling of homeowners away from particular neighborhoods because they are of a protected class

75
Q

What is Blockbusting

A

Blockbusting is to use the entry, or rumor of entry, of entry, of a protected class into a neighborhood to persuade owners to sell

76
Q

What is Redlining

A

Redlining is to deny loans or insurance coverage by a lender or insurer that presents different terms or conditions for homes in certain neighborhoods

77
Q

The truth in lending act is implemented by federal reserve Regulation Z

A

The law requires lenders to disclose the annual percentage rate of interest and finance charges imposed on consumers within three business days of accepting a loan application

78
Q

What does the growth management act require

A

Requires a concurrency provision. Requiring the infrastructure to be in place before new development can begin

79
Q

How many days do landlords have to return a security deposit and any accrued interest if no claim is made?

A

15 days

80
Q

How many days does the landlord have to impose a claim on the deposit?

A

30 days

81
Q

How many days does a landlord have to correct the noncompliance and resolve a problem?

A

7 days

82
Q

What are two surface rights?

A

Riparian Rights and Littoral Rights

83
Q

Riparian Rights

A

associated with land abutting the banks of a river or stream

84
Q

Littoral Rights

A

Associated with land abutting ocean or lake (Large body of water)

85
Q

What does a Fee simple Estate mean

A

means absolute and complete ownership, subject only to governmental restrictions

86
Q

Life estates give owners fewer rights than the owner of a fee simple estate. The life estate owner owns the property only for the period of the lifetime of the individual. When the life estate ends, the property returns to the original grantor or goes to a third party called a what?

A

Remainderman

87
Q

What is a tenancy at will?

A

A lease agreement that has a beginning date, but no fixed termination date, is known as a tenancy at will

88
Q

When a tenant stays in possession of the property beyond the ending date, it is known as what?

A

A tenancy of sufferance

89
Q

When two or more persons wish to share the ownership of a single property, they may choose to do so as what? (Most common between people who are not married)

A

Tenants in common

90
Q

What is joint tenancy characterized by?

A

Right of survivorship. The surviving co-owner(s) receive a share of the deceased tenants rights

91
Q

What is a tenancy by entireties

A

a joint tenancy between husband and wife

92
Q

Non marital assets are separate property includes what?

A

property the husband or wife owned separately prior to the marriage

93
Q

Florida law provides for the divorcing couple’s assets to be divided

A

equally

94
Q

The important result of the stock purchase is that ownership of the stock entitles the purchaser to a proprietary lease and the right to occupy the unit for the life of the corporation

A

Co-op

95
Q

The buyer of a new condominium can cancel the contract within 15 calendar days of signing the contract.

A

The buyer of a RE-Sell Condominium can cancel the contract within 3 business days after the date execution of the contract

96
Q

Purchasers of timeshares and vacation plans may cancel their contract with in _______ calendar days of contact signing

A

10

97
Q

Interval ownership is what in timeshare ownership

A

fee simple ownership and contains the same rights as any other property conveyed by deed.

98
Q

Right-to-use is what in timeshare ownership?

A

Grants rights with the right-touse forms of time-sharing that are temporary in nature.

99
Q

Voluntary Alienation

A

Deeds conveys the legal title and Wills are a legal instrument used to convey title to real and personal property after a person’s death

100
Q

Involuntary Alienation is what?

A

Example: Foreclosure, Decent leaves the property of the deceased to legal descendants if they don’t have a will

101
Q

What does Escheat mean

A

Escheat provides for a government to take the property of an owner who dies intestate (Without a will), and without any known heirs entitled to receive the property

102
Q

Adverse Possession

A

Arises when the true owner of record fails to maintain possession and another seizes the property

103
Q

Eminent domain is what?

A

Gives government the right to take land from an owner through a legal process referred to as Condemnation, as long as the taking is for public purpose

104
Q

What is Actual Notice

A

Direct knowledge acquired in the course of a transaction

105
Q

How is constructive notice accomplished

A

accomplished by recording the information in the public records

106
Q

Title Insurance: owners policy

A

is not transferable and is issued for the total purchase price of the property

107
Q

Title insurance: lenders policy

A

is transfereable is issued for the unpaid mortgage amount

108
Q

Clauses in a deed: Habendum clause

A

Limits the estate or tenancy being conveyed and is entered before or after the restrictions or limitations on the property’s use (To have and to hold)

109
Q

Clauses in a deed: The premises section of deed name

A

parties to the deed and date of the deed

110
Q

Clauses in a deed: A seisin is a promise that the grantor

A

owns the property and has the right to convey title

111
Q

The covenant against encumbrances

A

states that the property is free from liens or other encumbrances, except as noted in the deed

112
Q

What are deed restrictions

A

part of the deed and affect a particular property

113
Q

Restrictive Covenants are

A

recorded along with the subdivision plat and usually affect the entire subdivisions

114
Q

Easements are what

A

Rights use a portion of an owners land for a specific portion

115
Q

Easement Appurtenant

A

Benefits an adjacent parcel of land

116
Q

Easement in gross

A

benefits an individual or a business entity

117
Q

Easement by Prescription

A

Created by longtime usage such as 20 years of open

118
Q

What is an Encroachment

A

Unauthorized use of another property

119
Q

What does meat and bounds mean

A

Mete refers to distance and bounds refer to direction

120
Q

What is the principal meridian

A

The beginning reference is the intersection of the north/south line

121
Q

What is the baseline

A

the east/west line

122
Q

What is a township

A

A square tract of land measuring six miles on each side and including 36 sections formed by the crossing of range and township lines

123
Q

Statutes of frauds requires what

A

contracts conveying an interest in real property must be in writing and signed to be enforceable

124
Q

Statute of limitations

A

Designates the period of time during which the terms of the contract may be enforced

125
Q

Written contracts are _____ years

A

5

126
Q

Oral contrats are ____ years

A

4

127
Q

What is a parol contract

A

An oral agreement and an informal contract

128
Q

What is a bilateral Contract

A

obligates both parties

129
Q

What is a unilateral contract

A

obligates only one party

130
Q

Counteroffer

A

indicates willingness to contract, but on terms or conditions different from those contained in the original offer. the original offer is dead and cannot later be accepted

131
Q

Specific Performance

A

Wronged party may sue to have the courts force the other party to perform as the contract specifically states

132
Q

Liquidated Damages

A

The parties will stipulate an amount of money in the contract to be paid in case of default by the buyer

133
Q

Rescission

A

To rescind is to cancel or annul the contract

134
Q

Compensatory Damages

A

Suit for damages; the party bringing the suit seeks an amount of money equal to the extent of loss suffered

135
Q

Open listing

A

An employment contract given to any number of brokers who work simultaneously to sell the owners property

136
Q

Exclusive-Right-Of-Sale Listing

A

when seller gives the listing to a selected broker, who then becomes the exclusive real estate agent of the owner, for the sale of the property during the time the listing contract is in affect

137
Q

Radon gas disclosure:

A

A disclosure statement on real estate sale and lease contracts that consists only of what radon is

138
Q

Lead-Based paint

A

Disclosures of lead-based paint must be given with any home, purchased or rented, that was pre built 1978

139
Q

Homeowners Association disclosure

A

Provides buyers with a disclosure summary regarding the association, the existence of restrictive covenants, and any assessments that the association imposes

140
Q

Property tax disclosures

A

Prospective buyers of residential property must be presented a disclosure summary concerning ad valorem takes before or at the time of execution

141
Q

Lien theory is what

A

States the borrower retains title to the property.

142
Q

Title theory

A

Title to mortgaged property goes to the mortgage/lender or a third party

143
Q

Promissory note

A

Legal instrument that represents the evidence of a debt

144
Q

Mortgage

A

Is an instrument that pledges the property as security for a debt. The legal document that represents the lien on the real estate that secures the debt

145
Q

Hypothecation

A

Refers to the pledging of property, as a security for payment of a loan without surrounding possession of the property

146
Q

What is an Assignment

A

Ownership of a mortgage is transferred from one company or individual to another

147
Q

What does equity of redemption allow?

A

Allows the mortgage or to prevent foreclosure by paying the principal and interest due plus any expenses

148
Q

What does a receivership clause allow

A

Allows a receiver to be appointed to collect income from the property and use the income to make mortgage payments in the event of default

149
Q

Va loans

A

Partially guarantees mortgage loans made to veterans by private lenders. Covers the top portion of the loan

150
Q

Maximum VA loan guarantees 104,250 or 25% of the loan amount

A

They can take out basically as much as they want

151
Q

What does a package mortgage include

A

Both real and personal (chattel) as security for the debt

152
Q

What is the loan-value ratio

A

Relationship between amount borrowed and appraised of a property

153
Q

What is a primary market

A

A market where securities or goods are actually created

154
Q

What is a secondary mortgage market

A

An investor market that buys and sells existing mortgages

155
Q

What is intermediation

A

Process practiced by financial thrift institutions that serve as financial middlemen between depositors and borrowers

156
Q

When does disintermediation occur?

A

Occurs when funds are withdrawn from intermediary financial institutions, such as banks and savings associations, and are invested in instruments yielding a higher return

157
Q

Fannie Mae, Freddie Mac, & ginnie mae

A

Secondary market participates that buy up existing mortgages

158
Q

What does liquidity mean

A

Selling an investment very quickly without the loss of ones capital

159
Q

Illiquidity

A

Is the inability to sell an investment quickly

160
Q

Leverage

A

Is when investors use others money (lender)

161
Q

Equity

A

Investors use their own money

162
Q

Positive and negative leverage

A

Positive is making money and negative is loosing money

163
Q

What do business enterprise brokers normally deal in?

A

Cooperate transactions involving the sale and purchase of businesses that provide goods and services

164
Q

What do business opportunity brokers typically deal in?

A

The sale and purchase of smaller businesses

165
Q

What is goodwil

A

Intangible asset attributed to a business’s reputation and the expectation of continued customer loyalty

166
Q

The vale f an established business property compared with the value of just the physical assets of a business that is not yet established is called what

A

The going concern value

167
Q

When do property taxes become a lien on all real estate in Florida?

A

On January 1st each year

168
Q

How much is the homestead

A

25,000

169
Q

Widows, legally blind persons, and non veterans who are disabled qualify for $___ exemption

A

500

170
Q

Veterans who are at least 10% disabled by military service connected misfortune are entitled to how much homestead exemption

A

5,000

171
Q

What does the Florida green belt law authorize?

A

Authorizes county property appraisers to assess agricultural land used for agricultural purposes according to its current value as agricultural land

172
Q

What doe the save a home amendment cap

A

How much the assessed value of homesteaded property may increase on a given year

173
Q

When a property owner fails to pay property taxes

A

It is auctioned off to bidders they bid on percentages starting at 18% and going down

174
Q

Authority

A

1) subdivision plat approval
2) site plan
3) sign control

175
Q

Basic Background Studies:

A
  1. Population background studies - most basic & important
  2. Area economic base studies (industry)
  3. Existing land-use studies
  4. Physiographic studies (water & soil conditions)
  5. Recreation and community facilities studies (Park, Playground, beaches)
  6. Thoroughfare studies (traffic circulation)
176
Q

Residential Zoning is regulated density or the

A

of homes per acre

177
Q

What is the purpose of Commercial Zoning

A

To regulate intensity of use

178
Q

Industrial zoning

A

Intended to regulate intensity of use

179
Q

What is a variance

A

Allows a property owner to vary from strict compliance with all or part of a zoning code because to comply would force an undue hardship on the property owner

180
Q

Nonconforming use

A

Grandfathered in

Real Estate (5 decks)

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