Term
REAL ESTATE EXPERT KNOWLEDGE
3 KEY POINTS? |
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Definition
VALUATION
MARKETING
PROPERTY TRANSFER |
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Term
EXPERT KNOWLEDGE-
VALUATION |
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Definition
| NO TWO PROPERTIES ARE EVER ALIKE |
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Term
EXPERT KNOWLEDGE-
MARKETING |
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Definition
| MARKETS ARE CONSISTENTLY CHANGING |
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Term
EXPERT KNOWLEDGE-
PROPERTY TRANSFER |
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Definition
| CONVEYING OWNERSHIP OR RIGHTS |
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Term
STYLE OF PROPERTIES (OR)
NEIGHBORHOODS |
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Definition
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Term
| WHEN A DEVELOPER TRANSFERS STREETS AND SIDEWALKS TO THE CITY / COUNTY |
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Definition
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Term
| WHO DO THE OWNER - EMPLOYERS REGISTER WITH? |
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Definition
REGISTERED WITH THE DBPR
BUT, THEY ARE NOT LICENSED |
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Term
| WHAT ARE THE POST LICENSE EDUCATION REQUIREMENTS? |
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Definition
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Term
| IF A BROKER IS AN ASSOCIATE WHAT ARE THEY CALLED? |
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Definition
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Term
| A PERSON THAT IS GIVEN THE POWER OF ATTORNEY |
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Definition
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Term
| CAN THE DBPR ISSUE AN INJUNCTION? |
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Definition
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Term
FREC
EXECUTIVE POWERS CAN PASS POLICY IN WHICH 2 WAYS |
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Definition
ACT ALONE
(OR)
DELEGATE BY A QUORUM VOTE |
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Term
| CAN THE QUASI JUDICIAL POWERS OF FREC IMPRISON? |
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Definition
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Term
| A FAILURE TO RENEW A LICENSE AT EXPIRATION CAUSES YOUR STAUS TO GO INTO |
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Definition
| INVOULANTARY INACTIVE STATUS |
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Term
INVOLUNTARY INACTIVE STATUS -
HOW LONG CAN AN INDIVIDUAL REMAIN IN INVOLUNTARY INACTIVE STATUS? |
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Definition
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Term
| WHO MAY HOLD MULTIPLE LICENSES? |
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Definition
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Term
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Definition
| AN INDIVIDUAL AUTHORIZED BY AN EMPLOYER TO PERFORM A SINGLE ACT |
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Term
| WHO IS THE GENERAL AGENT OF A BROKER? |
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Definition
| REAL ESTATE SALES ASSOCIATE |
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Term
| THE REAL ESTATE ASSOCIATE IS THE SUB-AGENT OF ALL OF THE BROKERS? |
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Definition
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Term
| CAN A SINGLE AGENT REPRESENT 2 PARTIES? |
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Definition
| NEVER - THIS WOULD BE ILLEGAL |
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Term
| A TRANSACTION BROKER PROVIDES WHAT TYPE OF REPRESENTATION? |
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Definition
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Term
| PRESENTING OFFERS REQUIRES THAT... |
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Definition
| ALL OFFERS ARE PRESENTED. |
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Term
| CAN A FORIDA BROKER PAY A REFERRAL FEE OR SHARE A COMMISSION? |
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Definition
YES.
IT'S BEST TO HAVE THIS IN WRITING! |
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Term
| A BROKERS OFFICE CANNOT BE ESTABLISHED IN WHAT TYPE OF STRUCTURE? |
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Definition
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Term
| IF A BRANCH OFFICE CLOSES AND THEN REOPENS AT THE SAME LOCATION WITHIN 2 YEARS. WHAT ARE THE FEES? |
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Definition
NONE.
FEES APPLY AFTER 2 YEARS ARE AT A DIFFERENT ADDRESS |
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Term
TRUE (OR) FALSE
A LICENSEE MAY SELL THEIR OWN PROPERTY AS AN INDIVIDUAL IF THEY MAKE NO MENTION OF LICENSURE |
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Definition
TRUE.
THEY MAY ALSO ADVERTISE IT THROUGH A REGISTERED BROKER. |
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Term
| CAN AN ESCROW ACCOUNT BE HELD IN A STOCK OR BOND BROKERAGE HOUSE. |
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Definition
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Term
| WHERE CAN AN ESCROW ACCOUNT BE HELD? |
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Definition
COMMERCIAL BANBK
TITLE COMPANY
CREDIT UNION
SAVINGS AND LOAN |
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Term
| WHEN AN ASSOCIATE RECEIVES EARNEST MONEY WHAT MUST HAPPEN? |
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Definition
| MUST DELIVER THE DEPOSIT TO THE BROKER IMMEDIATELY |
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Term
| WHAT HAPPENS IF A DISPUTE ARRISES REGARDING COMMISSION. |
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Definition
| THE BROKER MAY RETAIN THE EXACT AMOUNT OF THE CLAIM IN ESCROW UNTIL DISPUTE IS SETTLED |
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Term
| IF THERE IS A CONFLICTING DEMAND REGARDING ESCROWED FUNDS AND THE BROKER HAS GOOD FAITH DOUBT... WHO MAY THE BROKER ASK TO RESOLVE THE CONFLICT |
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Definition
FREC
FLORIDA REAL ESTATE COMMISSION |
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Term
| WHAT IS CULPABLE NEGLIGENCE |
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Definition
NEGLIGENCE THAT ONE CAN BVE HELD LEGALLY ACCOUNTABLE.
EXCESSIVELY NEGLIGENT |
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Term
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Definition
| WHEN A BROKER FAILS TO DISCLOSE INFORMATION |
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Term
| CAN AN ASSOCIATE SUE AN EMPLOYER |
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Definition
YES
ONLY FOR UNPAID COMMISSION |
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Term
| SALES ASSOCIATE OR BROKERS ASSOCIATE CAN ONLY BE PAID BY WHO? |
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Definition
THE BROKER.
UNLESS INSTRUCTION HAVE BEEN PROVIDED IN WRITING THAT THE CLOSING AGENT MAY DO SO. |
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Term
| CONSISTS OF AT LEAST ONE GENERAL AND ONE LIMITED PARTNER |
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Definition
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Term
| WHAT IS A TEMPORARY BUSINESS INVOLVING A SINGLE TRANSACTION OR A PREDETERMINED NUMBER OF TRANSACTIONS? |
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Definition
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Term
| WHAT IS A TEMPORARY BUSINESS INVOLVING A SINGLE TRANSACTION OR A PREDETERMINED NUMBER OF TRANSACTIONS? |
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Definition
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Term
| WHAT DOES "COMPANY" MEAN IN A BUSINESS NAME? |
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Definition
IT IS A
CORPORATION FOR PROFIT |
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Term
| IF A CORPORATE BROKER RESIGNS ETC... WHAT HAPPENS TO THE BROKERAGE OFFICE AND ITS LICENSEES |
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Definition
| THEY HAVE 14 DAYS TO FILL POSITION BEFORE ALL AGENTS BECOME INVOLUNTARILY INACTIVE. |
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Term
| A RELIGIOUS ORGANIZATION HAS A CLERICAL PERSONAGE THAT TAKES TITLE AS THE... |
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Definition
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Term
| WHO DOES A "LIMITED PARTNERSHIP" REGISTER WITH IN ORDER TO PERFORM BROKERAGE? |
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Definition
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Term
| WHAT IS THE MAXIMUM 3RD DEGREE FELONY THAT A BROKER / AGENT CAN RECEIVE? |
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Definition
THIRD DEGREE FELONY
$5000 / FINE
5 YEARS PRISON |
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Term
| WHEN MUST THE DBPR CONTACT YOU IN WRITING? |
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Definition
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Term
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Definition
| MINOR VIOLATION GIVEN BY DBPR INVESTIGATOR |
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Term
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Definition
| NO PERSONAL OPINIONS OR RECOMMENDATIONS |
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Term
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Definition
| MAY ISSUE SUBPOENAS FOR WITNESSES |
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Term
ON THE FINAL ORDER OF FREC.
THE LICENSEE MAY DO WHAT? |
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Definition
ACCEPT OR APPEAL
PETITION FOR REVIEW |
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Term
| WHAT IS THE MAXIMUM REIMBURSMENT THAT THE RECOVERY FUND CAN ISSUE? |
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Definition
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Term
| HOW DOES THE RECOVERY FUND MAINTAIN FUNDS? |
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Definition
| FROM FEES AND FINES PAID BY LICENSEES. |
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Term
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Definition
INDUCING OWNER TO SELL
* ON THE BASIS THAT A NEIGHBORHOOD IS DETERIORATING OR BECOMING TRANSITIONAL |
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Term
ECONOMICALLY FEASIBLE
WHEN IS THIS TERM USED? |
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Definition
WHEN DESCRIBING THE REQUIRED MODIFICATIONS ON EXISTING PROPERTIES TO COMPLY WITH THE
AMERICAN DISABILITY ACT - ADA |
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Term
SURETY BOND
WHERE IS IT POSTED? |
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Definition
WITH THE
CLERK OF CIRCUIT COURTS
IN THE AMOUNT OF THE TOAL SECURITY HOLDINGS (OR) $50,000 - WHICHEVER IS LESS.
MAY BE COMMINGLED WITH OTHER FUNDS OF THE LANDLORD. |
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Term
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Definition
| TENANT PAYS A FIXED RENTAL AMOUNT. |
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Term
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Definition
INCLUDES:
PHYSICAL LAND & IMPROVEMENTS
INDIVIDUAL RIGHTS ARE GUARANTEED AND PROTECTED BY THE GOVERNMENT.
REMEMBER THE EXAMPLE OF AIR BLOWING OUT THE WINDOW. |
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Term
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Definition
PROPERTY BORDERS ON A FLOWING WATERWAY.
MAY USE WATER, BUT MAY NOT DIVERT OR POLLUTE. |
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Term
| WHAT IS A FREEHOLD ESTATE? |
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Definition
| ANYONE WHO OWNS REAL PROPERTY |
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Term
WHAT IS AN:
ESTATE IN SEVERALTY |
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Definition
| SOLE OWNERSHIP OF THE ENTIRE BUNDLE OF RIGHTS |
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Term
TENANCY IN COMMON
(estate in common) |
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Definition
A FEE ESTATE HELD BY TWO OR MORE
EQUAL RIGHTS OF USE AND POSSESSION.
EACH PERSON UNDIVIDED INTEREST IN THE WHOLW PROPERTY
MAY SELL HIS OR HER INTEREST WITHOUT CONSENT |
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Term
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Definition
- A FEE ESTATE
- MUST HAVE 2 OR MORE MEMBERS
- MUST BE PRESENT AT SIGNING
- EQUAL RIGHTS TO USE AND POSSESSION
- UPON DEATH THE INTEREST PASS ON TO THE SURVIVING JOINT TENANTS
- NOT SUBJECT TO PROBATE |
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Term
JOINT TENANCY REQUIRES WHAT 4 THINGS?
(brad pitt) |
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Definition
P - POSESSION
I - INTEREST
T - TIME
T - TITLE |
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Term
| TENANCY BY THE ENTIRETIES |
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Definition
- ESTATE FOR HUSBAND WIFE ONLY
- THE MARRIAGE IS CONSIDERED THE OWNER
- EACH SPOUSE HAS RIGHT TO THE SURVIVORSHIP
- UPON DEATH SPOUS WILL OWN THE PROPERTY IN SIMPLE FEE.
- NOT SUBJECT TO PROBATE |
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Term
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Definition
- NO ENDING DATE
- IS A NON-FREEHOLD ESTATE
- TERMINATE BY SALE OF PROPERTY, DEATH TO EITHER PARTY OR AT THW ILL OF EITHER PARTY GIVING PROPER LEGAL NOTICE
> WEEK TO WEEK 7 DAYS
> MONTH TO MONTH 15 DAYS
> QUARTERLY 30 DAYS
> ANNUALY 60 DAYS |
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Term
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Definition
HAS A DEFINITE BEGINNINGDATE
HAS A DEFINITE ENDING DATE |
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Term
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Definition
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Term
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Definition
| COMPASS DIRECTIONS ON PROPERTY BOUNDARIES |
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Term
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Definition
OLDEST LEAST ACCURATE OF LAND DESCRIPTION
-USES TOPOGRAPHICAL FEATURES: EX. TREES, ROCKS, RIVERS |
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Term
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Definition
ALSO KNOW AS
METES AND BOUNDS METHOD |
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Term
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Definition
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Term
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Definition
WHERE THE SURVEY BEGINS
IT IS ALSO THE "CLOSING" POINT |
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Term
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Definition
6 MILES SQUARE
36 SQUARE MILES |
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Term
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Definition
EAXAMPLE:
NW 1//4
SW 1/2
NE 1/4
CAN NEVER BE SMALLER THEN A 1/4 |
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Term
| HOW DO YOU SECTION A TOWNSHIP? |
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Definition
TIER AND RANGE.
EAXAMPLES ON PG.185 |
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Term
| HOW MANY ACRES IN 1 SQUARE MILE? |
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Definition
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Term
| HOW MANY SQUARE FEET IN 1 ACRE |
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Definition
43,560
4 DIPSHITS, DRIVING 35 IN A 60 |
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Term
| HOW MANY LINEAR FEET IN A MILE |
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Definition
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Term
| HOW TO CALCULATE AREA OF A TRIANGLE |
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Definition
BASE X HEIGHT
---------------- = AREA
2 |
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Definition
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Definition
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Term
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Definition
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DESCRIBE PROERTY IN A SUBDIVISION
- THE LOT AND BLOCK SYSTEM |
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Term
| THE AREA BETWEEN MERIDIANS IS CALLED A |
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Definition
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| THE DISTANCE BETWEEN MERIDIANS |
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Definition
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Term
| A TOWNSHIP CONTAINS HOW MANY SECTIONS? |
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Definition
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| A PROPERTY DESCRIBED BY LOT AND BLOCK NUMBER IS PART OF A |
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Definition
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| AREA BETWEEN BASELINE AND LINE RUNNING PARALLEL TO IT IS A |
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Definition
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Term
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Definition
ESTIMATE THE VALUE OF PROPERTY - INVESTMENT PROPERTY
INCOME
-------------
RATE (X) VALUE |
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Term
GROSS RENT MULTIPLIER
(GRM) |
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Definition
USED TO ESTIMATE VALUE
(uses gross rent instead of NOI)
SALE PRICE
------------ = GRM
GROSS RENT |
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Term
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Definition
PGI - POTENTIAL GROSS INCOME
-VC - VACANCY LOSS
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EGI - EFFECTIVE GROSS INCOME
OE - OPERATING EXPENSES
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NOI - NET OPERATING INCOME
-DS -DEBT SERVICE
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CTO - CASH THROW OFF
P - PLEASE
V - VISIT
E - EVERY
O - OTHER
N - NIGHT
D - DRESSED
C - CASUALLY |
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Term
| WHAT DOES TITLE INSURANCE DO? |
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Definition
PROVIDES FINANCIAL PROTECTION AGAINST LOSSES SUSTAINED AS THE RESULT OF A DEFECTIVE TITLE.
IT IS NOT A GUARANTEE OF GOOD TITLE |
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Term
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Definition
ALLOWS LOCAL, STATE, FEDERAL TO OBTAIN OWNERSHIP.
CALLED "TAKING" |
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Definition
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Term
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Definition
| APPLIES WHEN SOME OR ALL OF THE TERMS AND CONDITIONS CAN BE ASSUMED BY TH NATURE OF AGREEMENT |
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Term
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Definition
| CREATED WHEN THE OFFER OF ONE PARTY IS ACCEPTED AND ACCEPTANCE IS COMMUNICATED TO THE PERSON THAT MADE OFFER. |
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Term
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Definition
| TIME LIMIT FOR LEGAL ACTION |
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| LEGAL RIGHTS TRANSFERRED TO ANOTHER PERSON |
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Definition
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Term
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Definition
| THE RIGHT TO BUY WITH SPECIFIC TIME AND PRICE |
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Term
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Definition
EVIDENCE OF PERSONAL DEBT
ALL THE DETAIL |
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Term
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Definition
INCOME PRODUCING PROPERTY
LENDER MAY ASK COURT TO APPOINT A TRUSTEE TO MANAGE PROPERTY |
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Term
| EFFECT OF A LOAN DISCOUNT |
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Definition
EACH POINT = PLUS 1/8
PAGE 227 |
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Term
| EQUITY RIGHT OF REDEMPTION |
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Definition
| ALLOWS BORROWER TO CURE BEFORE FORECLOSURE |
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Term
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Definition
| PREPAYMENT WITHOUT PENALTY |
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Definition
| HOW THE VET WILL QUALIFY 104,250 |
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Term
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Definition
| PRINCIPLE BALANCE (X) RATE / 12 |
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Definition
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Term
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Definition
| DISCOUNT RATE-LEAST EFFECTIVE, MOST PUBLICITY |
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Term
| WHAT ITEM IS NOT SUBJECT TO PRORATION |
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Definition
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Term
| EXPENSES ARE ENTERED AS DEBT TO? |
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Definition
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Term
| WHO IS RESPONSIBLE FOR TITLE INSURANCE |
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Definition
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Term
| FOUR FACTORS OF PRODUCTION |
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Definition
| LAND, LABOR, CAPITOL & ENTREPRENEURIAL |
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Term
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Definition
| SUPPLY AND DEMAND IN RESIDENTIAL MARKET |
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| REAL ESTATE MARKET IS WHAT |
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Definition
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Term
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Definition
SITE AS VACANT
VS
IMPROVED AND LEGAL USE |
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Definition
| AMOUNT ACTUALLY PAID OR RECEIVED |
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Term
| COMPARABLE SALES APPROACH |
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Definition
| PRINCIPLE OF SUBSTITUTION |
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Term
| ADJUSTMENTS TO COMP PROPERTY |
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Definition
MORE IS LESS
LESS IS MORE FOR THE COMP |
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Term
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Definition
SUFFERS FROM FUNCTIONAL
OBSOLESENCE |
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Term
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Definition
SALE PRICE
----------
RENT
= GRM |
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