recuerdate de esto!!! Flashcards
Title VIII of the Civil Rights Act of 1968
is also referred to as the Fair Housing Act of 1968, prohibits discrimination in the sale, rental, or financing of housing based on race, color, national origin, and religion.
Fair Housing Amendments Act of 1988
provided consumers with remedies if they became victims of discrimination in housing and also added familial status and disability to the list of protected classes.
Which agency enforces Title II under the Americans with Disabilities Act of 1990, when it relates to state and local public housing, housing assistance, and housing referrals?
Department of Housing and Urban Development
Prior to a certain act’s existence, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing.
Housing and Community Development Act of 1974
Federal Trade Commission Act
created the FTC. This agency investigates practices and will stop companies and individuals from committing antitrust violations
GNMA
A governmental part of the secondary market that deals primarily in recycling VA and
FHA mortgages.
FNMA
federally sponsored private corporation which provides a secondary market for
housing mortgages
leverge
borrowed capital to increase the potential return of an investment
essential Elements of Value
STUD - Scarcity Transferability, Utility, Demand
Protection Period Clause
Safety Clause
Compensated after listing expires if you can prove your are the procuring cause
net listing
Money received above and beyond a designated amount
actual authority
Expressly conferred by a principal to an agent to act on the principal’s behalf.
codicil
A written supplement or amendment to an existing will such as one affecting the transfer of real estate upon death.
Essentials of a Valid Contract
Mutual consent, lawful object, consideration, capable parties
sherman Anti-Trust Act
bans anti competitive behavior such as price fixing
Jones vs. Mayer 1968
court case that bared all racial discrimination, private as well as public, in the
sale or rental of property based on the thirteenth amendment
Fair Housing Act 1968 act
banning refusal to sell or rent a dwelling to any person because of race,
color, religion, sex, or national origin.
TILA
- Inform use of consumer credit
- Require disclosures about its terms and cost to standardize the manner in which
costs associated with borrowing are calculated and disclosed
RESPA
Eliminating kickbacks and referral fees which add unnecessary costs to settlement
services.
to rescind a contract you have about …. days
5 days to do so
a home inspection contingency is one of the best ways to ….
protect the buyer’s earnest money
buyers who learn about undisclosed adverse issues prior to closing may….
terminate the agreement and try to get their earnest money back
if fully disclosure states the …… has the responsibility to notify the seller of the duty all known material facts
the seller’s agent
trade fixture
a trade fixture is anything attract to the property while conducting business. business may remove this when the lease terminates. they must repair any damaged created by removing the fixture
real property is conveyed from one owner to another using a ____
deed
personal property is transfer using a _______ or ____
bill of sale or receipt
an easement is a _____ right acquire by one party to use another’s party land for a special use
nonpossessory
a plat maps
known as simply as a “plat”, is a map drawn to scale by a civil engineer and shows the divisions of a piece of land - and in your case, your new property! Your plat map is often given to you from your title company and is a guide of important information for you to look over.
some duties with a client terminate of the agency relationship, except for the duties of
confidentiality and accounting
a listing agreement
is an employment contract between a property owner and a real estate broker. It allows the broker to act as a listing agent and find a buyer for the property on the seller’s terms.
listing agreements documents the ____ and ____ suties
licenses and seller
once sign the sales contract is a binding, written agreement between the ____ and ____
buyer and seller
the sales contract
identifies the parties and establishes the transaction terms and conditions. It laso documents the Ernest money amount, which the buyer and seller negotiates. licenses may filled in the blanks of a sales contract
a valuation is another term for a ____
fromal appraiser
Mortgage value
The price a lender believes a property will bring at a foreclosure sale
Investment value
Expected rate of return on an investment property
Insured value
The cost to replace a destroyed building
Value in use
What a property is worth to the person using it
Assessed value
What the local taxing authority thinks it’s worth
Gross rent multiplier (GRM)
A rough estimate of how income relates to value and is best used for one-to-four-family
units where the primary use is as a rental property.
Sales price ÷ monthly or annual gross rent
Gross income multiplier (GIM):
Essentially the same as GRM, but it uses all sources of income from the property
rather than only rent.
Sales price ÷ annual gross income from all sources
who precise over a hearing?
and administrative law judge
members of the maryand real estate commission (MREC) serve terms for how many years
4 years
licenses suspensions are ___. License revocations are ____
temporary, permanent
