Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Key Terms > Flashcards

Key Terms Flashcards

0
Q

Two types of estates with right of survivorship

A

Joint tenancy

Estate by the entireties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Fee simple ownership

A

Most comprehensive interest in an estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Estate by entireties

A

Type of freehold estate between Husband and wife, homesteaded property goes to survivor ( right of survivorship )

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Joint tenancy

A

Freehold estate with right of survivorship. Two or more people but must have possession, interest, time, and title
PITT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Estate in severalty

A

Freehold estate with one person, no right do survivorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Tenancy in common

A

Two or more people, no survivorship. Maybe willed to heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Life estate

A

Tenancies whose durations are limited to the life of some person, free hold but not fee simple

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Estate in reversion

A

An estate that comes back to the original owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Estate of remainder

A

An estate that can become effective only after another estate has terminated. Goes to a third party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Vested remainderman

A

Someone whose legal name is specifie

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Contingent remainderman

A

Legal name not specified such as “ first born son “

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Non freehold estates

A

Leases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Estate for years

A

Standard lease. Written lease with specific starting and ending date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Tenancy at will

A

Either an oral agreement or one with no specific ending date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Tenancy at sufferance

A

Lease period ( agreed time ) has ended, tenant still there

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

To find a properties Income capitalization =

A

IRV. I -/- r x v

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How much does FHA require down on a loan ?

A

3.5 %.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What type of loan requires a mortgage insurance premium

A

FHA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is chattel ?

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

State doc stamp on deed formula

A

Price of home -/- by $100 = number of stamps ( round up )

Number of stamps x .70 = doc stamp tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Formula for figuring out the price of a home from doc stamp tax amount

A

Doc stamp tax amount -/- .70 x 100

1540 -/- .70 = 2200 x 100 = 220,000 value of house

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Exculpatory clause

A

A provision in a mortgage or note in which the lender waives the right to a deficiency judgement against the borrower and the borrower is relieved of personal liability to repay the loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Five sales specialties of real estate

A 
Residential
Commercial 
Agricultural 
Industrial
Businesses
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Florida 455

A

General practice and procedures for ? DBPR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

475 commercial lien act

A

Broker lien right to earned commission ( only on commercial property)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Mutual recognition

A

Applicant must pass a 40 question test and get a 75 %

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Moral turpitude

A

Conduct contrary to honesty, good morals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Pre license regulations. Student can’t miss more then —– hours of class

A

8

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Students failing course exam must wait —– to retest and may retest a maximum of —– in one year

A

30 days, 1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Time limit per license ed

A

After course complete ion, must pass state test within two years of completion date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Broker experience requirements

A

Active broker license in another state or in any foreign jurisdiction for at least 24 months during the five-year period preceding application to become florida real estate broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Real estate services

A

A bar sale

Advertise, buy, appraise, rent, sell, auction, lease, exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Court appointed individuals acting within the limitations of their duties are ?

A

Exempt from holding a fl real estate license, chapter 475 fl. Statute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Owner developer

A

Unlicensed entity that sells its own property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

FREC powers : executive powers

A

Regulate and enforce license law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

FREC power: quasi-legislative

A

Power to enact and revise administrative rules and regulations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

FREC power : quasi judicial

A

Power to grant or deny license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Acknowledgement

A

Signing legal papers as a free act, done by notary

38
Q

Condemnation

A

Land taken by eminent domain

39
Q

Granting clause

A

Provision in a deed that specifies the names of parties involved, the words of conveyance, and a description of the property

40
Q

Habendum clause

A

Provision in a deed that stipulates the estate or interest the guarantee is to receive and the type of title conveyed

41
Q

Bargain and sale deed

A

Doesn’t warrant other claims on title. Protects you against me, not the world. Doesn’t protect from clouds, or claims on title. Consists of a granting clause, habendum clause, and Covent odd seized

42
Q

Private restrictions on ownership

A 
DELL
Deed restrictions
Easements
Leases
Liens
43
Q

Government restrictions on ownership

A

PET
Police power
Eminent domain
Taxation

44
Q

Variable lease

A

Lease where rent will change graduated at set times. Tied to an index

45
Q

Quit claim deeds

A

Relinquish rights ( giving it away )

46
Q

General warranty deed

A

I have right to sell it and I nor anyone else will try to take it

47
Q

Special purpose deeds

A

Make a will that says who executor is and he is your personal representative

48
Q

Government lot

A

Fractional piece of land less the a quarter section ( 1/4 mi ). Identified by specific lot number

49
Q

To find the number of acres in a tract

A

Multiply the denominators of each fraction( 1/4x 1/4x 1/4 x 1/4) 4x4x4x4= 256. 640 ( number of acres in one section ) -/- by 256 = 2.5 acres

50
Q

Bench mark

A

Permanent reference mark embedded in the sidewalk to establish elevations and altitudes above sea level

51
Q

Mile

A

5280 feet

52
Q

A legal real estate contract has what 5 elements

A 
Competent parties
Offer and acceptance 
Legal purpose
In writing ( statute of frauds ) 
Consideration
53
Q

Statute of frauds

A

Requires that contracts that are not to be performed within in one year be in writing and signed to be enforceable

54
Q

Statute of limitations on a written contract is

A

5 years

55
Q

Hypothecation

A

Pledging of property as a security for payment of a loan without surrendering possession of the property

56
Q

Assignment of mortgage

A

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

57
Q

FHA borrowers pay up front mortgage insurance premium. On a 30 year loan it is

A

1.75 % of loan amount

58
Q

FHA borrowers are also charged mortgage insurance premium

A

MIP

59
Q

FHA a loans are fully

A

Assumable
No prepayment penalty
Have minimum property standards

60
Q

Va loans are assumable by

A

Anyone

61
Q

Four ways to purchase mortgaged property

A

Cash
Subject to mortgage
Assumption of mortgage
Notation

62
Q

Notation

A

Substitution of a new party or new terms to an existing obligation

63
Q

FHA HER expenses

A

Mortgage and principal, interest, property taxes, hazard insurance, and FHA mortgage insurance FHA only allows
31 % HER
43 % TOR

64
Q

Calculated interest rate

A

Index+ margarine

65
Q

Fed wants an increase in economic activity it will do what

A

Buys securities

66
Q

Discount rate is

A

Interest rate banks are charged to borrow money from fed

67
Q

Fed sells securities

A

Causes drop in loan able funds and interest rates rise

68
Q

Reserve requirements

A

Amount of money fed requires banks to have in vaults

69
Q

Ginnie Mae

A

Buys mortgages

70
Q

Profit formula

A

Amount made on sale -/- total cost = profit

71
Q

Loss formula

A

Amount lost on sale -/- total cost = percent loss

72
Q

Characteristic of value

A

Demand
Utility
Scarcity
Transferability

73
Q

Situs

A

People’s personal preference

74
Q

Wattage

A

How much energy something uses

75
Q

Jalousie

A

Louver window

76
Q

Investment

A

Outlay of investors money in anticipation of profi

77
Q

Equity

A

Investors own money

78
Q

Advantages of real estate as investment

A 
Good rate do return 
Tax advantages
Hedge against inflation 
Leverage 
Equity build up
79
Q

Static risk

A

Risk that can be transferred ( fire, etc )

80
Q

Similarities of business and real estate broker

A

Real property involved

Long term liability

81
Q

Capital

A

Net worth of a business, amount assets exceed liabilities

82
Q

Cash flow

A

Total money generated from an investment after expenses

83
Q

How to protest assessed value

A

County property appraisers office
Value adjustment board
Go to court

84
Q

Straight line method

A

Depreciation

IRS has established a useful assets life as 27.5 for residential and 39 for commercial property

85
Q

What influences supply

A

Availability of labor, construct loans, land, materials

86
Q

Inverse relationship in real estate to demand

A

Price goes up, demand goes down

87
Q

Influences on demand

A 
Price
Population
Income
Availability of credit
Taste
88
Q

Concurrency provision

A

City and county level, 1985 must have infrastructure in place to support additional population before new development is allowed

89
Q

Authority of city planning commission

A

Plat plan approval
Site plan approval
Sign contro

90
Q

Base industries

A

Attract outside money ( citrus )

91
Q

Residential zoning regulates

A

Density, number of homes per acre

92
Q

Legally non conforming use

A

Use is no longer conforming to zoning because of new ordinance but is allowed to stay

Real Estate (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions