Brainscape's Knowledge GenomeTM

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


See full index

Real Estate > Tom > Flashcards

Tom Flashcards

Test Study Flashcards

1
Q

3.5%

A

Down payment on a FHA loan

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

Acceptable TOR Ratio for a Conventional Loan

A

36%

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

Ad Valorem

A

According to the value

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

Appraisal Adjustments

A

CBS CIA
Comp, Better, Subtract
Comp, Inferior, Add

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

Appraisal Standards Board (ASB)

A

Establishes criteria for federal certified appraisers

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

Appraiser Qualifications Board (AQB)

A

Establishes criteria for state certified appraisers

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

Arbitration

A

The act of having a third party render a binding decision in a dispute regarding two parties

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

Assemblage

A

The combining of two or more adjoining properties into one tract

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

Assignment of Mortgage

A

A legal instrument stating that the mortgagee transfers the mortgage and promissory note to the purchaser

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

Beneficiary

A

Person or entity named to receive assets or property from an estate

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

Bequest

A

A gift given by will

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

Bilateral

A

An agreement wherein both parties are legally obligated to each other to perform

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

BK

A

Broker

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

BL

A

Broker Associate

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

Blockbusting

A

The illegal practice of inducing homeowners to sell their property by making misrepresentations regarding the entry of prospective entry of minority persons in order to cause a turnover of properties in the area

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

Boot

A

Money or other property that is not like-kind to make up any difference in value between exchanged properties

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

BPO

A

Brokers Pricing Opinion

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

Brokerage Relationship Duties

A

ADD COLD; Account, Deal honestly and fairly, Disclosure. Confidential, Obedient, Loyal, Disclosure (full). COLD for Single Agent!

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

Bundle of Legal Rights

A

DEEP C; Disposition, Enjoyment, Exclusion, Possession, Control

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

CAM

A

Community Association Manager

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

Caveat Emptor

A

Let the buyer beware

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

Chapter 455

A

Defines the general legal practice and procedure for the DBPR, including real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Chapter 61J1

A

Rules for appraisals

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

Chapter 61J2

A

Rules of the Florida Real Estate Commission (FREC)

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

Characteristics of Value

A

DUST; Demand, Utility, Scarcity, Transferability

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

CMA

A

Current Market Analysis

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

COLD

A

Confidence
Obedience
Loyalty
Disclosure (Full)

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

Compensatory Damages

A

A remedy for breach of contract seeking an amount of money that is equal to the extent of loss suffered

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

Condemnation

A

The taking of private real property for a public purpose under the right of eminent domain for a fair price

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

Consideration

A

Obligation that each party makes to make the contract enforceable

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

Constructive Notice

A

The recording of a document or an instrument in the public record designed to give adequate notice to all

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

Contract for Deed

A

A financing technique wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the agreed amount

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

Conversion

A

Unauthorized use or retention of money that belongs to another person

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

Conveyance

A

Written document transferring real property to another

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

Cost, Price, Value

A

Cost Create: Expenditure to create an improvement
Price Paid: Amount paid in a particular transaction
Value Worth: The worth of something between many

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

DBPR

A

Department of Business and Professional Regulations

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

Declaration

A

Declaring rights claimed under a contract or statute preventing loss or to guide performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Dedication

A

Gift of land by an owner to a governmental body for public use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Designated Sales Associates

A

Two real estate licensees designated to represent the buyer and seller as single agents in a non-residential transaction. The buyer and seller must have assets of $1M or more and sign disclosures stating the $1M.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Devisee

A

One who receives real property under a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Dimensions of a Township

A

6 miles X 6 miles = 36 square miles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

DRE

A

Division of Real Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Each Township Has How Many Sections

A

36

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

EDO

A

Escrow Disbursement Order

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Effective Gross Income

A

When vacancy and collection losses are deducted from annual PGI (potential gross income)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Elements of a Valid and Enforceable Real Estate Sale Contract

A

COLIC; Competent parties, Offer and acceptance, Legal purpose, In writing and signed, Consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Eminent Domain

A

The constitutional right given to a unit of government to take private property involuntarily, if taken for public use and a fair price is paid to the owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Equity

A

Market value less any debt against it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Escheat

A

Reversion of property to the state when an owner dies without leaving a will or any known heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Estimate Value of Rental Property

A

Price/monthly rent = index (average if more than 1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Estoppel

A

A principle of law that prohibits or stops people from defending themselves against their own acts or lack of action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Exclusive Agency

A

An employment contract given to one real estate broker as the sole agent for the sale of an owners property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Exclusive right of sale

A

An employment contract given to one real estate broker as the sole agent for the sale of an owners property with the commission going to that broker regardless of who actually sells the property during the employment contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Executed

A

An agreement in which the terms have been fully performed by all parties; assigned documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Executory

A

An agreement containing some act or condition that remains to be completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Express

A

An agreement wherein the terms are specifically stated by the parties, either orally, in writing or a combination of the two

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Expungement

A

A process that destroys or seals a criminal conviction after expiration of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

External Obsolescence

A

Any loss in value due to influences originating from outside the boundaries of the property such as an expressway adjacent to the neighborhood

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

FAC

A

Florida Administrative Code

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Family

A

Members of a household

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Fee Simple Estate

A

The most comprehensive and complete bundle of legal rights. Allows property to descend to heirs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

FHA

A

Federal Housing Authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

FIRREA

A

Financial Institutions Reform, Recovery, and Enforcement Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Five types of real estate sales

A

Residential, Business, Industrial, Agricultural, Commercial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Florida Statute 120

A

Administrative Procedure Act. Defines the procedure for implementation of licensing and disciplinary process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Florida Statute 20

A

Establishes the structure of the executive branch of Florida’s government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Florida Statute Chapter 475 I

A

Often called the Real Estate Professional Practice Act. Establishes the rights and responsibilities of real estate licensees and appraisers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Florida Statute Chapter 475 II

A

Pertains to real estate appraisers - sets forth the requirements for licensed appraisers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Florida Statute Chapter 475 III

A

Gives a broker lien rights for earned commission for commercial property sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Florida Statute Chapter 475 IV

A

Gives a broker lien rights for earned commission for commercial leases of real estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Four Unities of a Joint Tenancy

A

PITT; Possession, Interest, Title, Time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

FREAB

A

Florida Real Estate Appraisal Board

73
Q

FREC

A

Florida Real Estate Commission

74
Q

FREC Members

A

Seven total. Four with broker license that have been held for five years, one with sales associate license for 2 years, two non-real estate. One must be 60 years old or older

75
Q

Freehold Estate

A

A tenancy in real property not terminated by a measure of time

76
Q

Functional Obsolescence

A

Anything that is inferior because of operational inadequacies such as too few bathrooms

77
Q

General Warranty Deed

A

An instrument of conveyance containing the strongest and most comprehensive promises of further assurance possible for a grantor (seller) to convey to a grantee (buyer)

78
Q

Going-concern

A

The worth of a business including real estate, goodwill and earning capacity

79
Q

Government Survey

A

A type of land description developed by the Federal government for subdividing land using surveying lines

80
Q

Granting

A

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

81
Q

Gross

A

An agreement for tenant to pay a fixed (base) rent with the landlord paying all of the expenses associated with the property

82
Q

Group license

A

A right granted a sales associate or broker associate to work various properties under one owner-developer

83
Q

Habendum

A

A provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed

84
Q

Hardship Zoning

A

A variance that allows a property owner to build or improve on their property showing a hardship in which it involves land use and is no fault of the owner

85
Q

HER

A

Housing Express Ratio (PITI + MIP) / monthly gross income = HER

86
Q

Household

A

One individual or a group of individuals living in one dwelling unit

87
Q

How Many Acres in a Section

A

640

88
Q

How Many Hours in Post-licensing Education

A

45

89
Q

How Much per Discount Point is Added to Mortgagee’s Yield

A

1/8

90
Q

HUD

A

Federal Housing and Urban Development

91
Q

Hypothecation

A

To pledge real or personal property as security for a debt or obligation without giving up possession of the property

92
Q

ILSA

A

Interstate Land Sales Full Disclosure Act

93
Q

Income Rate Value (IRV)

A

NOI/Rate = Estimated Value

94
Q

Index

A

The variable component that is added to the margin to calculate the interest rate of an ARM

95
Q

Investment

A

The worth of a property to a particular investor based on the investor’s desire rate of return, risk tolerance, etc

96
Q

IRMA

A

Legal Test for fixtures

Intent of the parties
Relationship or agreement of the parties
Method or degree of attachment
Adaptation of the item

97
Q

Just Value

A

The fair and reasonable value based on objective valuation methods

98
Q

Kickback

A

Unearned compensation paid to licensee

99
Q

Legally Sufficient

A

A complaint that contains facts indicating that a violation of a Florida statute, a DBPR rule or a FREC rule has occurred

100
Q

Leverage

A

The use of borrowed funds to finance the purchase of an asset

101
Q

Lis Pendens

A

A notice a lawsuit has been filed usually in the county, that disputes the property’s ownership or title

102
Q

Life Estate

A

Tenancies whose durations are limited to the life of some person; freehold

103
Q

Liquidated Damages

A

In case of default by the buyer, a payment (typically the earnest money) is sought by the seller

104
Q

Liquidation

A

The process of determining liabilities and apportioning the assets in order to discharge the indebtedness of a business to be sold

105
Q

Location of DBPR

A

Tallahassee

106
Q

Location of FREC and DRE

A

Orlando

107
Q

Lot and Block

A

A type of legal description of land

108
Q

LTV

A

Loan to Value ratio

109
Q

MALE

A

Mediation, Arbitration, Litigation, Escrow Disbursement Order

110
Q

Margin

A

The fixed component that is added to the index to calculate the interest rate in an ARM

111
Q

Mediation

A

The act of having a third party attempt to reconcile a dispute between two parties

112
Q

Ministerial

A

The duties of the DRE that involve record keeping

113
Q

MIP

A

Mortgage Insurance Premium

114
Q

MLO

A

Mortgage Loan Originator

115
Q

MLS

A

Multiple Listing Service

116
Q

Mortgagee

A

A lender who holds a mortgage on a specific property as security for the money loaned to the borrower

117
Q

Mortgagor

A

A borrower who gives a mortgage on the borrowers property in order to obtain a loan from a lender

118
Q

Multiple license

A

Licenses held by a broker in two or more real estate brokerage firms

119
Q

N.A.

A

National Association - initials required to be on a federally chartered bank

120
Q

NAR

A

National Association of Realtors

121
Q

Net

A

An agreement for the tenant to pay a fixed rent plus property costs such as taxes, insurance and utilities

122
Q

Non-Freehold Estate

A

A tenancy that is measured in time of an individual such as a lease, renter

123
Q

Nonconforming use

A

Continuing land use that is not in compliance with zoning ordinances

124
Q

Novation

A

The substitution of a new party/new terms to an existing obligation

125
Q

Option

A

The right or privilege to purchase or lease real property at a specific price during a designated period based on a sufficient consideration

126
Q

Percentage

A

An agreement for the tenant to pay rent based on the gross sales received by doing business on the leased property

127
Q

PITI

A

Principal/Interest/Taxes/Insurance

128
Q

Plottage

A

The added value as a result of combining two or more properties into one large parcel

129
Q

Power of Attorney

A

Designation of another person to act for a principal who may not be present

130
Q

Quasi-Judicial

A

Powers delegated to the FREC to discipline real estate licensees for violations

131
Q

Quasi-Legislative

A

Powers delegated to the FREC to enact rules and regulations and decide questions of practice

132
Q

Real estate professionals provide expertise in three areas

A

Knowledge of property transfer, knowledge of market conditions, knowledge of how to market real estate and businesses

133
Q

Real Estate Services

A

A BAR SALE; Advertise, Buy, Appraise, Rent, Sell, Auction, Lease, Exchange

134
Q

Recommended order

A

A determination by a judge that includes findings and conclusions to be in a final order

135
Q

Redlining

A

Discriminatory financing by a lender

136
Q

REIT

A

Real Estate and Investment Trusts

137
Q

Reliction

A

Gradual receding of water that results in more land once covered

138
Q

Remainderman

A

The party designated to receive an estate at the end of a life estate

139
Q

Riparian

A

Private ownership rights along a river or stream

140
Q

Salvage

A

The estimated amount for which improvements can be sold at the end of a structures useful life

141
Q

Seisin

A

A covenant in a deed that warrants that the grantor (seller) holds the property by a fee simple title and has the complete right to sell the same

142
Q

Seven Protected Classes

A

FRSH CRN; Familial status, Race, Sex, Handicap status, Color, Religion, National Origin

143
Q

SIN

A

Stamp Tax - on entire purchase $.7 for each $100
Intangible - $.002 on new mortgage
Note - $.35 for each $100 of note

144
Q

Situs

A

Relationship and influences created by location of a property that effects value, as an example accessibly, personal preference

145
Q

SL

A

Sales Associate

146
Q

SOH

A

Save Our Homes

147
Q

Special Exemptions

A

An individual ruling in which a property owner is granted the right to a use otherwise contrary to law

148
Q

Special Use

A

Permission to build or use in apparent conflict with existing zoning ordinance

149
Q

Special Warranty Deed

A

The grantor guarantees that nothing has been done to encumber or cloud the title during the grantor’s ownership.

150
Q

Specific Performance

A

A remedy for an injured party obtained through a court of equity, which requires specific accomplishment of the contract terms by a defendant

151
Q

Square Feet in an Acre

A

43,560

152
Q

Stay of enforcement

A

A delay temporarily of an enforcement during an appeal process

153
Q

Steering

A

Discriminatory acts against buyers

154
Q

Subordination

A

A provision in a mortgage in which the lender voluntarily permits a prior or subsequent mortgage to take priority over the lender’s otherwise superior mortgage

155
Q

Summary suspension

A

An immediate action by the DBPR taken to suspend further actions against a licensee to protect the public

156
Q

Tenant at sufferance

A

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired. Non-freehold estate

157
Q

Tenant at will

A

An estate that may be terminated by either party at any time upon proper notice; non-freehold estate

158
Q

Tenant by the Entirety

A

An estate created by spouses jointly owning real property with instant and complete right of survivorship

159
Q

Tenant in Common

A

A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not surviving tenants

160
Q

Testatrix

A

Female leaving a will

161
Q

Three Approaches to Value of Property

A

Sales Comparison, Cost Approach, Income Approach

162
Q

Three general phases of development and construction

A

Land acquisition, Subdividing, Recording plat map

163
Q

Three Items that Must be on Broker Sign

A

Name of company, Broker name, “Licensed Real Estate Broker”

164
Q

Three Types of Brokerage Representations

A

Transactional, Single Agent, Non-Representation

165
Q

Three Types of Residential Construction

A

Speculative, Custom, Tract

166
Q

TOR

A

Total Obligation Ratio

167
Q

Triggering Terms of a Loan

A

Amount or % of any down payment, number of payments, period (term), amount of any payment, amount of any finance charge

168
Q

Types of Sales Transactions for Licensees

A 
Business
Residential
Industrial
Agricultural
Commercial
169
Q

Unilateral

A

An agreement in which only one party promises to perform without receiving a reciprocal promise to perform from the other party

170
Q

USPAP

A

Uniform Standards of Professional Appraisal Practice

171
Q

VA

A

Veterans Administration

172
Q

Value Associated with a Rapid Sale

A

Liquidation

173
Q

Variances

A

Exception to zoning regulations or ordinances granted to relieve the hardship

174
Q

Voidable

A

A contract that because of the manner or method in which it was brought about, one of the parties is allowed to avoid contractual duties

175
Q

What happened in 1923

A

Florida legislature passed the Real Estate License Law

176
Q

What happened in 1925

A

FREC was established

177
Q

What is Considered Residential

A

Four or less units, 10 acres or less of agricultural property

178
Q

WILD CARD

A 
Ways an offer is terminated
Withdrawal by offeror
Insanity
Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction of the property
179
Q

Writ if supersedeas

A

A stay of enforcement; temporary stop in a legal proceeding, restraining order

Real Estate (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions