Gold Coast Real Estate-Answers verified 100%, Exams of Real Estate Management

Download Gold Coast Real Estate-Answers verified 100% and more Exams Real Estate Management in PDF only on Docsity! Gold Coast Real Estate-Answers verified 100% Tract building When a dev. Acquired land, records a plat map and uses a model center from which sales may be made Local level Planning, zoning, property taxation, building and health codes and regulations, and building moratoriums that affect development play a significant role in the cost and desirability of real estate Broker associate A licensed broker working for another broker False A florida real estate license applicant must be a resident and citizen (true or false) Application Denial You have 21 days to send a formal letter to the department for a hearing if: One How mang brokers can a sales or broker associate work for Post license requirements No grace period Sales associate first renewal No grace period Exempt from licensure Attorney in fact/ Attorney at Law Attorneys at law My perform legal services on behalf ofntheir clients; they may prepare documents, handle closings, and give legal advice. Involuntary inactive An individual who does not request renewal of their second or subsequent lecense, pay the required fees, or maintain their continuing education requirements will have their license placed in 2 years A license may remain in involuntary inactive status for no longer than Special Agent A special agent is authorized under agency law by the employer to perform a single act. The employment contract between the employer and agent establishes the limit of authority granted Presenting offers A broker has a buty to transmit any and all offers to the employer including oral offers or offers made without a binder deposit Limited Commingle A broker is not allowed to _________ or deposit the personal funds of any person with any funds being held in escrow, trust or on condition Next business day A sales associate or broker associate who receives an earnest money deposit on behalf of his or her employer must deliver the deposit to the employer no later than the _________________ following the receipt True A broker must immediately place the earnest money deposit in a escrow or trust account. (True or False) Immadiately Defined as "No later than the end of the third business day following receipt" escrow dispute Conflicting requests in which both the buyer and the seller demand that the broker release escrowed funds is called an written notification If a broker receives conflicting demansafor escrowed funds, or if the broker has good-faith doubt as to which person is entitled to the escrow property, the broker must give _______________ to the commission 15 days Notification to the commission must be made within ________ from the date of the last party's demand. 10 days A sales associate must report any change of employer or change of address within _____ of the change to the Department on a form prescribed for such use. 60 days Any resident licensee who becomes a nonresident must notify the Commission of the change in residency within False A non- US Citizen can be denied (True or False) Real estate brokerage partnership Must have at least one partner licensed as an active broker Brokers license Each partner who provides real estate services to the public either ditectly or indirectly must hold an active __________ Joint venture a temporary business that involves a single transaction or a predetermined number of transactions. temporary The participants of a joint venture cannot bind one another to any new transactions because their relationship is Corporation for profit Must include the word "Corporation, Company, incorporated, or the abbreviation "Corp" "Inc." or "Co." Company No business is allowed to use the word ________ unless it is formed legally as a corporation for profit or unless the words are "not Inc." Second degree misdemeanor Dissementing false or misleading advertising is a 500 60 A second degree misdemeanor is punishable by a criminal fine of up to ___ dollars and imprisonment of up to __ days Concealment occurs when a broker fails to disclose information to a party, to whom the borker has such a duty, and that is material to his or her decision. Culpable negligence Occurs if a broker operaties in a reckless, careless, and excessively negligent manner. Administrative Tenancy in common Can be created by the same or difeerent deeds, at the same or different times, with equal or unequal shares of ownership. Tenancy by entireties An estate for husband and wife only. Survivorship The marriage in a tenancy by entireties is considered to be the ownerof the property in which each spouse has a right of Life estate is a freehold estate created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed. Non marital asset A separate property in a life estate is a divided equitably Marital assets are Grantor The party that created the life estate is the reversion estate The right to regain ownership of a life estate is called remainder estate if someone other than the owner is to receive the ownership of a life estate it is called a Tenancy at will A non freehold with the tenant in lawful possession of the property under an grement with the landlord, but with no definite time limit for the rights to terminate. Tenancy for years non freehold estate with lawful possession of the property under an agreementwith the landlord for a specified period of time. Elective share Provides for a surviving spouse to be entitles 30% of thr decendant's real and personal property owned at the time of death Constructive notice is acheived by recording documents in the public records. Recording a document has the same legal effect as showing it to the entire world. Granting clause is the only legally necessary clause required in a deed Habendum clause specifies the legal rights being conveyed. The portion of the bundle of rights being conveyed is described in this clause. Quitclaim deed states that any interest they may have in the property is relinquieshed to the grantee. The grantor does not promise to have any rights in the property, but rather, any rights he or she may have are being conveyed. Eminent domain Allows local, state, or Federal government, railroads, public utilities, and public housing authorities to obtain ownership to private property. Gross lease a lease in which the tenant agrees to pay a fixed rental amountm and the landlord pays all expenses related to the property such as real estate taxes, insurance, and maintanance costs. Metes and bounds also known as the surveyors method, the oldest method of land description. Township A township is six miles square and contains 36 sq miles Plat method known as the lot and block, is a method of legal description used to identify small parcels of property subdivided areas and cities. The underwriter obtains a report from a credit-reporting agency and reveiws the applicants contract for deed a form of land owner financing Default failiure to perform as agreed in the promissory note Equity of redemption the right of a borrower to cure the default before forclosure rather than lose the property. Honorably discharged In order for a VA applicant to be qualified he must have served atleast 90 days during military conflict and have been Private mortgage insurance insurance for conventional loans Mortgage insurance protection for FHA and VA loans Respa requires lenders to provide good faith estimates of closing costs no later than three days following the date of mortgage loan payment Binder deposit credit buyer expenses either debit to seller or buyer depending on who owes money Abstract continuation is a history of the title to a property. Must be updated to assure that the property has a marketable title. Title insurance Is not prorated Liquidation value the amount that remains after all assets if a business have been sold in a hurried, but not forced, sale and all liabilities have been paid. Principle of substitution No one would pay more for a property than the amount necessary to acquire an acceptable substitute Cost depreciation approach used to estimate the cost to reproduce or replace a building, minus the estimate for depreciation, plus the value of the land Over improvement an investment that does not make the best use of a property or is excessive in comparison to other properties External obsolescence Dirty home or bad neighbor can be an example of an Effective age the percentage of the total life lost or used up of a building Potential gross income the total annual income for the coming year Fixed expenses Does not change with occupancy levels. Examples of fixed expenses are property taxes and hazard insurance. Variable expenses change with occupancy levels. Examples of variable expenses are maintanance, utilities, trash removal, janitorial expenses, and management fees. Operating expenses do not include mortgage payments, tax depreciation, capital improvements, personal expenses unrelated to operation of the property, and income taxes. one mill expressed as the decimal number .001, the equivalent of 1/1,000 of a dollar assessed value The estimate of value that is determined by the county property tax appraiser is called the Brokerage office Enclosed and stationary Broker End of third business day Escrow dispute 15 days to notify FREC for Culpable negligence Excessively negligent Brokerage partnership Atleast one active broker providing RE services Joint venture Not required to register eith DBPR Limited partnership Whoch of the following may register with the Dept to perform brokerage services First degree misdemeanor 1000 fine Legally sufficient Complaint filed with DBPR Civil rights act of 1968 Steering, blockbusting, redlining ADA Requires all physical barriers be removed for disables individuals Advance rents May use thenfunds by paying 5% interest on surety bond Riparian rights Rights of owners whose property borders a river or stream One owner An estate in severalty only has Tenancy in common NO SURVIVORSHIP Nonfreehold estate Tenancy for will/ tenancy for years Lien Homestead is exemptfrom forclusure due to personal debt or Eminent domain The right for government to take private land for public use Adverse possession True owner fails to maintain possession and property is taken by another Escheat Owner dies withouth a will and with no heirs -owner sleeps on their rights Involuntary alienation Eminent domain, adverse possession, escheat Quitclaim deed What deed is best from the seller or grantors position Premises section Names the parties, contains date states consideration Estate or tenancy Another's name for rights 640 How many acres does a township have Lot and block Subdivision is divided into blocks and lots or Section 1 square mile or 640 acres Essentials of a contract Legality of object, consideration acceptance and communication to all parties Suit for cancellation Wronged party may sue for cancellation Unilateral An option contract is