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71 Cards in this Set
- Front
- Back
- 3rd side (hint)
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REALTIST Ch 1 pg 5 |
A real estate broker holding active membership in a real estate board affiliated with the National Association of Real estate brokers |
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REALTOR Ch 1 pg 4 |
A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors |
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California Association of Realtors (CAR) Ch1 pg 4 |
State affiliated group that provides services for California Members |
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National Association of Realtors (NAR) Ch1 pg 4 |
The largest real estate association which is identified by the symbol Realtor-they own the term and only members are allowed to use the term |
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Business opportunity Ch1 pg 14 |
The sale or lease of a business, including stock, trade fixtures, trade name, and goodwill |
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Real Estate Commissioner Ch1 pg 9 |
Appointed by the governor and serves as the chief executive of the CalBRE-administrators the law and issues regulations that have force of law and become part of the California administrative procedures code |
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Appurtenant Ch 2 pg 27 |
Anything that is used with the land for its benefit and goes with the land Ex: easements like a road or bridge |
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Bundle of rights Ch2 pg 24 |
Right to..... Own property To possess property To use property To enjoy property To encumber property or borrow money on property Dispose of property Exclude those who do not share ownership of the property |
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Emblements Ch2 pg 27 |
Growing vegetable crops |
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Fixtures Ch2 pg 29 |
Appurtenances attaches to the land or improvements which usually cannot be removed without agreement as they become real property Ex: plumbing fixtures |
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Right of appropriation Ch2 pg 27 |
The right given to the state to give permission to a non riparian owner to take water from a river or a lake |
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Riparian rights Ch2 pg 27 |
The right of a landowner to the water on, under, or adjacent to his or her land |
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Tests of a fixture Ch2 pg 30 |
MARIA: Method, adaptability, relationship, intention, and agreements between parties |
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Treaty of Guadalupe Hidalgo Ch2 pg 22 |
Ended the war with Mexico and whereby California became a territory of the United States (1848) |
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Agent Ch3 pg 37 |
One who represents another from whom he or she has derived authority |
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Buyers agent Ch3 pg 41 |
True to their name, buyer's agents help real estate buyers navigate the real estate market; they can also save you tons of time and money on the road to your new home |
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Commingling Ch3 pg 46 |
When a broker mixes up funds of his or her principal with the brokers own money |
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Conversion Ch3 pg 46 |
Misappropriation of funds and using the clients money-it is a crime that carries a jail sentence |
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Dual agency Ch3 pg 41 |
Where a broker represents the buyer and seller in a real estate transaction |
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Single agency Ch3 pg 41 |
When a real estate broker acts an agent to only the seller or only the buyer |
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Fiduciary Ch3 pg 40 |
A person in a position of trust and confidence; as between principal and broker; the broker as fiduciary owes certain loyalty that cannot be breached under the rules of the agency |
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Recovery fund Ch3 ph 48 |
Fund established by the state of California whereby the public can recover money when there are certain uncollectable court judgments obtained against a real estate licensee on the basis of fraud,misrepresentation, deceit, or conversion of trust funds in a transaction |
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Trust funds Ch3 pg 45 |
Are defined as money or other items of value that an agent receives on behalf of a principal in the course of real estate transaction that requires a license |
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Misrepresentation Ch3 pg 45 |
Failure of broker or salesperson to disclose a material fact about the property such as a defect |
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Secret profit Ch3 pg 46 |
When a broker who already has a higher offer from another buyer makes a lower offer usually through a dummy purchaser-the difference is the secret profit |
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False promise Ch3 pg 46 |
Is a false statement about what the promiser is going to do in the future |
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Sellers agent Ch3 pg 41 |
When a Seller appoints a real estate broker to find a buyer for the sellers property-legally bound to do the very best for the seller |
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General agent Ch3 pg 37 |
One who has broad powers to act on behalf of the principle |
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Principal Ch3 Pg37 |
The person being represented by an agent |
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Special agency Ch3 pg 37 |
Agent who has limited powers like real estate agents |
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Independent contractor Ch3 pg 38 |
When an individual is hired to accomplish results and little or no supervision is required |
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Transfer disclosure agreement (TDS) Ch4 pg 63 |
Statement that details various facts about the property like needed repairs, condition of appliances, improvements added w/ or w/o permits or any know harmful substances if known |
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Lead based paint Ch4 pg 66 |
Paint that contains lead typically found in houses built prior to 1978-could cause lead poising if airborne during removal |
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Controlled substances Ch4 pg 67 |
generally a drug or chemical whose manufacture, possession, or use is regulated by a government, such as illicitly used drugs or prescription medications that are designated by law. |
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Methamphetemine Ch4 pg 67 |
Methamphetamine is a powerful, highly addictive stimulant that affects the central nervous system Must be disclosed if property had a meth lab because it contaminates the soil |
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Natural hazard disclosure (NHD) Ch4 pg 67 |
Disclosure reporting regarding possible natural hazards Ex: Flood area, inundation area, high fire severity, earthquake fault zone |
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Inundation Ch4 pg 68 |
to flood; cover or overspread with water; deluge. |
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Carbon Monoxide Ch4 pg 69 |
a colorless, odorless, poisonous gas, CO, that burns with a pale-blue flame, produced when carbon burns with insufficient air: used chiefly in organic synthesis, metallurgy, and in the preparation of metal carbonyls, as nickel carbonyl. |
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Smoke alarm Ch4 pg 69 |
an electronic fire alarm that is activated by the presence of smoke. Amt of alarms depend on building code when property was built Current code: 1 on each floor and sleeping area |
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Mold Ch4 pg 70 |
An organism that grows where there is a food source Typically in humid dark places like bathrooms Must disclose |
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Radon gas Ch4 pg 70 |
Colorless, Odorless radioactive gas that can be released beneath the ground frequently found in areas where large amounts of granite rock are located |
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Accessible areas Ch4 pg 72 |
Agents must make a diligent visual inspection of accessible areas and disclose material facts Accessible roads driveways etc |
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Agent visual inspection report (AVID) Ch4 pg 72 |
A Visual Inspection Disclosure and can be used by a buyer to negotiate for necessary repairs among other useful things. |
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Visual inspection Ch4 pg 72 |
Agent must walk the property and note any items seen that might warrant further inspections by a home buyer. It is not a professional review as done by a licensed home inspector; it is simply a visual probe. |
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Reasonably competent Ch4 pg 72 |
To enter every habitable room and spend time looking around to see if there is any evidence of a problem |
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Red flag Ch4 page 72 |
Something that indicates a problem like water stains or cracks on walls |
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Soil liquefaction Ch4 pg 68 |
the loss of stability and strength in water-saturated soil due to violent ground movements caused by earthquakes or construction blasts, as well as other kinds of explosions. Ex: can cause landslides |
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Material fact Ch4 pg 63 |
Something that affects the value of the property |
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Contract Ch5 pg 79 |
An agreement between two or more persons consisting of a promise or mutual promises to perform or not to perform certain acts |
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Unilateral contract Ch5 pg 79 |
Created by only one party extending a promise without reciprocal promise by another party Ex: reward |
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Bilateral Contract Ch5 pg 79 |
Most real estate contracts are bilateral contracts in nature, in which a promise from one person is made an exchange for a promise from another person Ex: I sell your house in exchange for compensation |
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Expressed Contract Ch5 pg79 |
Parties have agreed to perform an act or acts verbally or under a written agreement |
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Implied contract Ch5 pg 79 |
Parties have not formally agreed verbally or through a written agreement to perform and act Ex: spoke to a contractor about building a fence- he shows up next day w material and Starr’s building it- if u do not stop him u owe him money |
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Executed contract Ch5 pg 80 |
Completed All parties have performed and fulfilled their obligates |
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Executory contract Ch5 pg80 |
Some action is still needed Some act of the contract remains to be completed by one or more parties |
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Full performance Ch5 pg 84 |
What normally happens-parties accomplish what they set out to do in the contract |
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Statue of limitations Ch5 pg 85 |
Must begin the lawsuit within a legally prescribed time 3 yrs-removal of encroachment 4 yrs-action on a written contract 5 yrs- recovery of property 90 days-after filing a mechanics lien the mechanic must bring a court foreclosure to enforce the lien |
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Fiduciary relationship Ch5 pg 86 |
Agency relationship between the broker and the principal |
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Open listing Ch5 pg 87 |
It lets owners sell their homes themselves as "for sale by owner" properties. It's a non-exclusive agreement, allowing an owner to execute open listings with more than one real estate broker and pay only the broker who brings an able buyer to the table whose offer is accepted by the owner. |
Who ever sells it first gets the commission |
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Exclusive agency listing Ch5 pg 87 |
contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the seller(s), the seller(s) is not obligated to pay a commission to the listing broker. |
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Exclusive right to sell listing Ch5 pg 88 |
A written agreement between the owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement |
Most common type of listing used in real estate |
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Net listing Ch5 pg 90 |
A net listing allows the agent to keep any amount over what the seller has agreed that he must net at the conclusion of the sale. It's important to note that net listings are illegal in many states. |
Risky |
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Multiple Listing Service (MLS) Ch 5 pg 90 |
Listing service usually controlled by a group of brokers who are affiliated with a real estate association |
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Counteroffer Ch5 pg 95 |
Home sellers make counteroffers when they're dissatisfied with a buyer's initial bid. Typically, a counteroffer states that the seller has accepted the buyer's offer subject to one or more changes |
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Option Ch5 pg 96 |
An agreement made between a vendor and a developer to exchange land for an agreed price at an agreed time. This allows the vendor to achieve a higher than market value for their asset. ... The property is then sold in accordance with the original agreement, and construction can begin. |
Option to buy |
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Statue of frauds Ch5 pg 83 |
is a doctrine of law that requires certain contracts to be in writing and signed by the person to be charged in order to be enforced. One such contract that falls under the statute of frauds is a contract for the sale of real property. |
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Unenforceable contract Ch5 pg 81 |
Contract that appears to be valid but cannot be sued upon |
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Valid Ch5 pg 81 |
Binding and enforceable |
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Void Ch5 pg 81 |
No legal effect, no contract |
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Void Ch5 pg 81 |
No legal effect, no contract |
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Voidable Ch5 pg 81 |
One party can cancel due to fraud, duress, or undue influence, but the other side can not cancel |
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