State Exam Flashcards
Out of state resident taxes
2% or net proceeds, whichever is less
Returning security deposits
30 days
Open Listing Agreement
Brokers sign contract with seller
any broker can bring a buyer
buyers broker earns commission
tax payment deadlines
one payment: April 30
two payments: Feb 28 and June 15
Late payments: interest begins on May 1
statutory duties
uniform duties
condemnation
contract is voidable
Notice of Election and Demand for forclosure
sale can be held for non agricultural prop:
110-125 days
ag prop:
215-230 days
Foreclosure sales contract cancellation date
noon on the day before foreclosure
Trade name used
Independently owned and operated
Address on a contract
both legal description and street address should be on there
Dates and deadlines on form
can be omitted
Estoppel statements receipt
by deadline specified in section 3
referral fees to unlicensed individuals
yes as long as individuals are party to the transaction
well info disclosure
permits for well and septic
who holds the title until the loan is paid in full
Trustee
trustee is name as party holding title until loan is paid in full
current years taxes recorded
Debit seller/credit buyer-
-property taxes are paid in arrears
buyer will pay at end of year
What is prorated
taxes,fuel, HOA
success fee
half up front/half at possession
dual agency in same firm
two agents from same firm can be designated to same transaction/different clients
what is prepared before closing
closing settlement sheets
what does an agent need for closing
tax certificate
single transaction agent vs tenant’s agent
tenants agent with Exclusive Tenant Listing Contract
brokers who supervise other brokers
employing brokers
counterproposal
modifies the terms of the original CBS and creates a new contract
conveying fixtures in a land contract
Inclusions
doc prep in closing
who pays tax certificate
tax cert is obtained by closing agent from country treasurers and buyer pays for it
separation of duties
agent is delegating
Complaint filed against agent
client has to wait 10-12 days to hear back from commission to see if they’ll investigate complaint
What is recorded when trust account disbursement is made
Check number
Property Management security deposits and rental payments
Separate trust accounts:
-Security deposits
-rental payments
-Sales trust funds
Agency relationship
between agent and principles
Office policy manual
Process for designating broker working with parties to a transaction:
Procedure for designating broker who will work with seller, landlord, buyer or tenant
Dual status
broker and mortgage broker
Holds legal title to the property until loan is paid in full
Public trustee
trust account disbursement
check # is recorded in ledger
name of payee
purpose of disbursement
amount
One person firm agency
single agent
How is broker’s commission documented
In Compensation to brokerage firm section:
7 is entered documenting percent of the rent that will serve as commission
Well for a 15 acre vegetable farm
Irrigation well
always used for farmland
Can seller list at a lower price than agent?
Yes
