Gold Coast FINAL EXAM STUDY SET for 4/11

Tenancy in Common

-2 or more people own it -undivided interest -can be left in a will -may sell his interest without consent

all of these are actions of the primary market except?

-Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae)

what are 3 layers of the secondary market?

-Federal National Mortgage Association (FNMA or Fannie Mae) -Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) -Government National Mortgage Association (GNMA or Ginnie Mae)

Real Estate Brokerage Partnership

-all must register w. DBPR

eminent domain

-allows local, state or federal gov., railroads, public utilities, and public housing authorities to obtain ownership to private property -the "taking" must only be for public use

What are the requirements for a Principal Office?

-at least one enclosed room in a building of stationary construction -must maintain documents for a minimum of 5 years

Do Not Call List "DNC"

-cannot call someone before 8am and after 9pm -can call someone from the DNC if you have a buyer interested in purchasing the property -CANNOT Solicit for sale by owner -can face a 40k fine

Tenancy at Will

-month to month -must give other party 15 days notice

What are the requirements for an associate advertising with a website?

-must have brokerage name and his/her last name

Principal Brokerage office

-registration is good for 2 years -can switch locations

branch brokerage office

-registration is good for 2 years -cannot move locations if not the principal location... in order to move it would need a new registration for the new location and must pays fees associated with it

Joint Tenancy

-right of survivorship

Tenancy for Years

-specific time period -has a specific start and end date

Doc Stamp on Deed located outside of Miami Dade?

.70/100

How long can one stay involuntary inactive?

2 years

Veteran who became 20% disabled in the war

30k

Housing Expense Ratio & Total Obligations Ratio

31% 43%

Which township is North of Section 1?

36

If a contract is entirely oral, action must be brought within

4 years

1 acre is how many square feet?

43,560

What are the 7 businesses that may register with the department to perform brokerage services?

6 of 7 have the letter P... the only one that doesn't is LLC -sole Proprietorship -corporation for Profit -Not-for-Profit corporation -LLC -general Partnership -limited Partnership -limited liability Partnership

How many days does one have to notify the commission of a change of address or employer

60

one section is how many acres

640

Escrow Account pg.75****

ESCROW ACCOUNT PG 75****

A spouse who is left out of a will can claim?

Elective share 30%

When transferring a title, whose signature is required?

Grantor

Which of the following 4 uses/has an interpleader? Mediation Escrow Disbursement Order Arbitration Litigation

Litigation

what are the the areas a realtor should be an expert in?

Marketing Valuation & Market Conditions Property Transfer "MVP"

If all lien holders have been paid from the proceeds of the foreclosure sale, any surplus funds remaining are paid to?

Mortgagor (borrower)

Does a corporation for profit between a broker and associate dealing with investments need to be registered?

No, a for profit corporation dealing w. investments does not need to be registered with any department

All are ways to terminate an offer except? Novation acceptance withdrawal rejection and counter

Novation

what is required for a valid contract?

Offer and Acceptance

Consideration

Promise of future money

Which term refers to physical land, improvements, & intangible rights?

Real Property

Jef owns a property, Jeff deeds it to Maggy but only for the duration of Maggys' life. When Maggy dies, the estate goes to Ray. What is this called?

Remainder Estate

Individuals who are exempt from licensure

Salaried Employees

Property owned in one spouse's name before the marriage or acquired by gift or inheritance during the marriage is considered?

Separate Property

A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day?

Thursday

Steering or Channeling

___ an individual, directly or indirectly, into or away from a neighborhood or location in a multi-unit building on the bases of race, color, religion, sex, or national origin

What is a Transaction broker

a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction *not an AGENT*

Constructive Notice

achieved by recording documents in the public records

Functional Obsolescence

adding a swimming pool that cost you 20k even though it only provides 10k in value

If all the partners in a Real Estate Brokerage Partnership want to be active in real estate sales, what must they do/be?

all must be a licensed broker

Employment

an associate can only have one employer at a time

intangible tax

applies to new mortgage

Parcel Number

assigned to a parcel of real property by a county property assessor to identify that property

Residential Zoning

based on density

A broker is entitled to compensation if they...

bring a buyer who brings an offer the seller was looking for

Listing Contract

broker's employment contract that states the terms and conditions that the broker must meet to become eligible for compensation

Static Risk

can be offset with insurance, such as fire, flood, robbery, etc

When a landlord is holding a security deposit, which can't he do?

cannot hold money in an out of state banking institution

Blockbusting

consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons

When does a mortgager (borrower) become Legal Owner?

day of closing

Voluntary Alienation

deed and will

Promissory Note

document specifies money owed, payment schedule, and interest

Involuntary Alienation

escheat, eminent domain, adverse possession, descent and distribution

What type of listing best protects the broker?

exclusive right of sale

Where does the money come from for the Recovery Fund?

fees and fines

Net Lease

fixed rent + portion of operating cost like taxes, insurance, and maintenance

Abstract Continuation

history of title provided by seller

Tenancy by the entireties

husband and wife only

Suit for Specific Performance

if seller promises to sell and a few weeks later he doesn't want to sell

Inferred

implied contract

Statute of Frauds

in writing to be enforceable

FHA

insures and has a max loan

Multiple Licenses

issued only to active brokers if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business

Real Estate Settlement Procedures Act (RESPA)

law that requires lenders to provide a loan estimate of settlement costs

External Obsolescence

loss of value caused by factors beyond the boundaries of the subject property

All are examples of an eminent domain except?

mall

Market Value

most probable price

Principle of highest and best use

most profitable use, produces the greatest net return on land

As is Contract

must DISCLOSE any material defects

What must an applicant for a real estate license do if he has been convicted of a crime?

must disclose all convictions

Advertising

must have name of brokerage

Presenting Offers

must present all offers

What's the grace period for a Sales associate's first renewal? Post Licensing

no grace period, void and null

culpable negligence

occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable

misrepresentation

omission or misstatement of facts

Principle of Substitution

pay no more for a property than for an equally desirable alternative property

When should one disclose that they are a licensed agent?

prior to entering serious negotiations

Immune Property

properties that are owned by local, state, and federal gov

all apply to homestead except?

property is immune

Defeasance Clause

protection to borrower

Earnest Money Deposit

provide written verification within 10 days of request

Principles of Value

rate stays the same, value goes up -> interest goes up

Redlining

refusal by a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residents, or the racial composition of the area

Appeal a final order

request review with district court of APPEAL

Equal Credit Opportunity Act

requires lenders to judge every loan applicant on the basis of the applicant's own credit rating and income

Option Contract

right to buy during a specified period of time

Equity of Redemption

right to redeem interest by paying off lender what they are owed in full

Riparian Rights

rights of an owner whose property borders a flowing waterway (RIVER)

When a loan is paid off, a lender provides the mortgagor what?

satisfaction of mortgage

Estate in Severalty

sole ownership of entire bundle of rights

Habendum Clause

specifies the legal right being conveyed/received

When a sales associate has not received his compensation, what can they do?

sue employing broker only

if a husband and wife get divorced, the property that was once tenancy by the entireties becomes?

tenancy in common

Check

the intersection of guide meridians and correction lines from a 24-mile-square area

Fee Simple

the owner has a complete bundle of rights

Assignment of Contracts

the sale, transfer, or subrogation of rights in a contract

What happens to an associates license if a broker's license is void, suspended, or revoked?

their license automatically becomes inactive

what do the following businesses that may not register to broker real estate have in common

they don't have the letter P in it or LLC

Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license?

to get a FL real estate license, you don't need to be a citizen

Lot and Block

used to identify small parcels of property

Liquidation Value

value of failing business

Escrow Disbursement Exemptions

when a sales contract is subject to a contingency (financing/appraisal/etc) and it's not met

Referral Fees: I as the sellers agent promise kickback commission. Is this allowed?

yes, as long as this is disclosed to all interested parties

what if an attorney asks for a fee because they referred a client to you?

you cannot give him a referral fee for sending you a client