Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
155 Cards in this Set
- Front
- Back
|
CONTRACTS
TYPES OF CONTRACTS BILATERAL |
DILIGENCE
|
|
|
CONTRACTS
TYPES OF CONTRACTS EXECUTED |
COMPLETELY PERFORMED
|
|
|
CONTRACTS
TYPES OF CONTRACTS VOIDABLE |
-BINDING UNTIL RESCINDED
-DURESS -MENACE OR THREATS -NOT ILLEGAL PURPOSE |
|
|
CONTRACTS
LEGAL ESSENTIALS OF A VALID CONTRACT |
NOT MONEY, PERFORMANCE, NOR WRITING
|
|
|
CONTRACTS
LEGAL ESSENTIALS OF A VALID CONTRACT OFFER AND ACCEPTANCE |
MUST HAVE FOR REAL ESTATE CONTRACTS
|
|
|
CONTRACTS
LEGAL ESSENTIALS OF A VALID CONTRACT CAPABLE PARTIES |
MINORS CAN ACQUIRE
|
|
|
CONTRACTS
LEGAL ESSENTIALS OF A VALID CONTRACT CONSIDERATION |
VALUABLE, GOOD, SUFFICIENT, ADEQUATE
|
|
|
CONTRACTS
STATUTE OF FRAUDS |
IF NOT TO BE PERFORMED WITHIN ONE YEAR, MUST BE WRITTEN
|
|
|
CONTRACTS
BREACH OF CONTRACT SPECIFIC PERFORMANCE |
NOT BY BROKER
|
|
|
CONTRACTS
LISTINGS |
BILATERAL EMPLOYMENT CONTRACT
|
|
|
CONTRACTS
LISTINGS AGENCY CREATION |
-REVEAL AS SOON AS POSSIBLE
-FOR ANY PERIOD OF TIME -EMPLOYMENT CONTRACT -FIND PURCHASER, ACCEPT DEPOSIT -PAYMENT OF CONSIDERATION IS NOT REQUIRED -NOT VOLUNTARY OFFER -TERMINATED BY COMPLETION |
|
|
CONTRACTS
LISTINGS AGENCY CREATION ORAL AGREEMENTS |
-COMISSION PERMISSIBLE
BROKER WOULD SUE BROKER |
|
|
CONTRACTS
LISTINGS AGENCY CREATION LEASE ON DUPLEX |
BROKER IS AGENT
|
|
|
CONTRACTS
LISTINGS AGENCY CREATION SUBAGENT OF LISTING BROKER |
DUTY TO SELLER ONLY
|
|
|
CONTRACTS
LISTINGS FIDUCIARY OBLIGATIONS |
-LICENSEE
-INTEGRITY, LOYALTY, HONESTY, CONFIDENTIALITY |
|
|
CONTRACTS
LISTINGS FIDUCIARY OBLIGATIONS PRESENT ALL WRITTEN OFFERS |
AT SAME TIME UNLESS FRIVOLOUS OR EXPRESS INSTRUCTIONS
|
|
|
CONTRACTS
LISTINGS FIDUCIARY OBLIGATIONS SELLER FIRES BROKER |
LIABLE FOR DAMAGES
|
|
|
CONTRACTS
LISTINGS FIDUCIARY OBLIGATIONS BROKER OWS BUYER |
FAIR AND HONEST DEALS
|
|
|
LISTINGS
FIDUCIARY OBLIGATIONS BROKER AS AGENT OF BUYER (OFFEROR) |
-CAN PRESENT OFFERS TO SELLER AND SELLER'S AGENT
-ACCEPTING UNATHORIZED DEPOSITS -OWES FIDUCIARY DUTY TO BUYER ONLY |
|
|
LISTINGS
FIDUCIARY OBLIGATIONS MATERIAL FACTS |
-MUST REVEAL
-LEAKY ROOF -SEPTIC TANK - RESCIND |
|
|
LISTINGS
FIDUCIARY OBLIGATIONS PUFFING |
EXAGERATED FEATURES OR BENEFITS
|
|
|
LISTINGS
FIDUCIARY OBLIGATIONS BROKER PROMISSES SELLER TO FIND HOUSE |
CIVIL SUIT FOR DAMAGES
|
|
|
LISTINGS
FIDUCIARY OBLIGATIONS AGENT PROMISSES TO ADVERTISE AND DOES NOT |
ACTUAL FRAUD
|
|
|
LISTINGS
FIDUCIARY OBLIGATIONS PROTECT CONFIDENTIAL INFORMATION |
AFTER LISTING EXPIRES
|
|
|
LISTINGS
DEPOSITS |
MAY BE ANYTHING
|
|
|
LISTINGS
DEPOSITS SELLER |
DEPOSIT BELONGS TO SELLER
|
|
|
LISTINGS
DEPOSITS HOLD DEPOSIT CHECK OR ACCEPT PROMISSORY NOTE |
MUST INFORM SELLER
|
|
|
LISTINGS
DEPOSITS CONFLICT BETWEEN BUYER AND SELLER |
INTERPLEADER
|
|
|
LISTINGS
COMISSIONS |
-COMUNICATE ACCEPTANCE
-IF NOT SHARED - CIVIL SUIT -CANCELS OWES BOTH |
|
|
LISTINGS
COMISSIONS COMISSION AFTER TERM OF LISTING |
PROTECTION PERIOD CLAUSE (SAFETY CLAUSE)
|
|
|
LISTINGS
LIABILITY |
DAMAGES, CIVIL, CRIMINAL
|
|
|
LISTINGS
LIABILITY FRAUDULENT MISREPRESENTATION |
DISCIPLINE, CIVIL, CRIMINAL
|
|
|
LISTINGS
TYPES OF LISTINGS EXCLUSIVE LISTING |
MUST CONTAIN SPECIFIC TERMINATION DATE
|
|
|
LISTINGS
TYPES OF LISTINGS EXCLUSIVE AGENCY |
OWNER SELLS, NO COMMISSION
|
|
|
LISTINGS
TYPES OF LISTINGS EXCLUSIVE RIGHT TO SELL |
-PAY COMMISSION
-NO PROCURING CAUSE -BETWEEN SELLER AND BROKER |
|
|
OFFERS
TERMINATED BY |
-WITHDRAWAL, GETS REFUND
-DEATH OF BUYER -REJECTION OF OFFEREE -FOR ANY REASON |
|
|
OFFERS
COUNTER OFFER |
OFFEREE BECOMES OFFEROR
|
|
|
DEPPSIT RECEIPTS
BUYER'S DEFAULTS, DEPOSIT IS |
DEVIDED BETWEEN SELLER AND AGENT
|
|
|
DEPSOIT RECEIPTS
TIME IS OF THE ESSENCE |
DEPOSIT RECEIPT
|
|
|
OPTIONS
AGREEMENT |
NOT TO REVOKE AN OFFER
|
|
|
OPTIONS
CONTRACT |
TO KEEP AN OFFER OPEN
|
|
|
OPTIONS
OPTIONEE |
NOT BOUND TO PERFORM
|
|
|
OPTIONS
OPTION AND LISTING |
DISCLOSE OFFERS, WRITTEN CONSENT
|
|
|
TAXATION
FEDERAL INCOME TAXES GENERAL RULES MARGINAL TAX RATE |
NEXT DOLLAR EARNED
|
|
|
TAXATION
FEDERAL INCOME TAXES GENERAL RULES UNADJUSTED BASIS |
COST
|
|
|
TAXATION
FEDERAL INCOME TAXES GENERAL RULES ADJUSTED BASIS |
NOT MORTGAGE PAYMENTS
|
|
|
TAXATION
FEDERAL INCOME TAXES GENERAL RULES TAX SHELTERS |
INCOME TAXES
|
|
|
TAXATION
FEDERAL INCOME TAXES GENERAL RULES GAIN |
$40,000 SALE, $8,000 BASIS = $32,000 (PROFIT)
|
|
|
TAXATION
FEDERAL INCOME TAXES PERSONAL RESIDENCE DEDUCTIONS |
-PROPERY TAXES AND INTEREST
-$3,672 INTEREST ON COMMON AREA MORTGAGE |
|
|
TAXATION
FEDERAL INCOME TAXES PERSONAL RESIDENCE ADJUSTED BASIS |
CONCRETE PATIO
|
|
|
TAXATION
FEDERAL INCOME TAXES INCOME PROPERTY DEDUCTIONS |
NOT FOR VACANCY
|
|
|
TAXATION
FEDERAL INCOME TAXES INCOME PROPERTY DEPRECIATION |
-COST OF BUILDING, NOT LAND
-MUST BE IMPROVED |
|
|
TAXATION
FEDERAL INCOME TAXES INCOME PROPERTY OPERATIONAL LOSS |
MIGHT OFFSET CAPITAL GAIN
|
|
|
TAXATION
FEDERAL INCOME TAXES INCOME PROPERTY CAPITAL EXPENDITURES |
ADDED TO COST BASIS AND DEPRECIATED
|
|
|
TAXATION
FEDERAL INCOME TAXES INCOME PROPERTY LOSS UPON SALE |
COULD DEDUCT IF RENTAL PROPERTY
|
|
|
TAXATION
FEDERAL INCOME TAXES EXCHANGES |
LIKE KIND
|
|
|
TAXATION
FEDERAL INCOME TAXES EXCHANGES BOOT |
DEBT RELIEF OR CASH
|
|
|
TAXATION
FEDERAL INCOME TAXES EXCHANGES RECEIVER |
MAY HAVE RECOGNIZED GAIN
|
|
|
TAXATION
FEDERAL INCOME TAXES EXCHANGES BASIS OF NEW PROPERTY |
BASIS OF OLD
|
|
|
TAXATION
PROPERTY TAXES |
NOT INTANGIBLE PERSONAL PROPERTY
|
|
|
TAXATION
PROPERTY TAXES TAX BILLS |
NO LEGAL DESCRIPTION
|
|
|
TAXATION
PROPERTY TAXES "AD VALOREM" |
ACCORDING TO VALUE
|
|
|
TAXATION
PROPERTY TAXES PROPERTY REASSESSED |
WHEN SOLD
|
|
|
TAXATION
PROPERTY TAXES OVER ASSESSED |
ASSESSMENT APPEALS BOARD
|
|
|
TAXATION
PROPERTY TAXES DATES |
FEBRUARY 1ST, APRIL 10TH
|
|
|
TAXATION
PROPERTY TAXES DELINQUENT TAX SALE |
OWNER REMAINS IN POSSESSION, AND CAN REDEEM FOR 5 YEARS
|
|
|
TAXATION
ASSESSMENT LIENS |
-FOR LOCAL IMPROVEMENTS
-CANNOT PURCHASE LAND |
|
|
TAXATION
ASSESSTMENT LIENS MELO ROOSE |
SELLER MUST DISCLOSE
|
|
|
TAXATION
TRANSFER TAX |
$22
$138 |
|
|
SUBDIVISIONS
SUBDIVISION MAP ACT |
CITY OR COUNTY GOVERNING BODY
|
|
|
SUBDIVISIONS
SUBDIVISION MAP ACT MASTER PLAN |
DISTRICTS, STREETS, SEISMIC
|
|
|
SUBDIVISIONS
SUBDIVISION MAP ACT PLANNING COMMISSION |
ZONING
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT CONDOMINIUMS |
5 OR MORE UNITS
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT CONDOMINIUMS SIDEWALKS |
COMMON AREAS
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT CONDOMINIUMS TYPE OF PROPERTY |
RESIDENTIAL, INDUSTRIAL, COMMERCIAL
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT CONDOMINIUMS ESTATE IN REAL PROPERTY |
CONDO AND APARTMENT
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT CONDOMINIUMS SELLER PROVIDES BUYER |
BY-LAWS, CC & R'S
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT LAND PROJECT |
14 DAYS
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT REAL ESTATE COMMISSIONER |
DESIST AND REFRAIN
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT PUBLIC REPORT GIVEN |
ANYONE, ANYTIME
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT PUBLIC REPORT RECEIPTS |
KEEP 3 YEARS
|
|
|
SUBDIVISIONS
SUBDIVIDED LANDS ACT PUBLIC REPORT EXCESSIVE PRICE |
NOT INCLUDED
|
|
|
SUBDIVISIONS
GENERAL INFORMATION BUILDING CODE |
HIGHER STANDARD
|
|
|
SUBDIVISIONS
GENERAL INFORMATION BUILDING CODE PURPOSE |
MINIMUM STANDARDS
|
|
|
SUBDIVISIONS
GENERAL INFORMATION BUILDING PERMIT |
LOCAL BUILDING DEPARTMENT
|
|
|
SUBDIVISIONS
GENERAL INFORMATION DEVELOPER |
STREETS, ETC
|
|
|
SUBDIVISIONS
GENERAL INFORMATION TIME SHARE GIFTS |
MUST REVEAL REQUIRED ATTENDANCE
|
|
|
BUSINESS OPPORTUNITIES
GENERAL INFORMATION FRANCHISE |
MARKETING PLAN
|
|
|
BUSINESS OPPORTUNITIES
GENERAL INFORMATION ADVANCE FEE FOR ADVERTISEMENT |
DEPOSIT IN TRUST ACCOUNT AND USE FOR ADVERTISING
|
|
|
BUSINESS OPPORTUNITIES
GENERAL INFORMATION BILL OF SALE |
NOT REAL PROPERTY
|
|
|
APPRAISAL
APRAISAL THEORY APPRAISER |
-DISCLOSE INTEREST
-DATE CONTRACT WAS SIGNED -THE GIVEN DATE -BUILDING OF NO VALUE - DEDUCT DEMOLITION -UNACCEPTABLE METHODS - FELONY -MARKETABILITY AND ACCEPTABILITY -NOT ASSESSED VALUE -STRIP MALL - CERTIFIED GENERAL LICENSE |
|
|
APPRAISAL
APRAISAL THEORY APPRAISER NARRATIVE REPORT |
NOT BUYER'S FINANCIAL CONDITION
|
|
|
APPRAISAL
APRAISAL THEORY APPRAISER TYPE OF VALUE |
STATEMENT OF PURPOSE
|
|
|
APPRAISAL
APRAISAL THEORY FEE APPRAISER |
SELF EMPLOYED
|
|
|
APPRAISAL
APRAISAL THEORY APPRAISAL |
ANALYSIS OF FACTS
|
|
|
APPRAISAL
APRAISAL THEORY STABILITY OF VALUE |
CONFORMITY
|
|
|
APPRAISAL
APRAISAL THEORY MARKET VALUE |
-PRESENT WORTH, ABILITY OF ONE COMMODITY
-NOT COST -DEMAND, UTILITY, SCARCITY, TRANSFERABILITY "DUST" |
|
|
APPRAISAL
APRAISAL THEORY PRINCIPLE OF CONTRIBUTION |
-SWIMMING POOL
-EFFECT ON NET INCOME |
|
|
APPRAISAL
APRAISAL THEORY HIGHEST AND BEST USE |
-FIRST STEP FOR VACANT LAND
-NET RETURN -SITE ANALYSIS -IF TEMPORARY, INTERIM USE |
|
|
APPRAISAL
APRAISAL THEORY PRINCIPLE OF SUBSTITUTION |
-NO PRUDENT PERSON
-USE, DESIGN, INCOME -LOWEST PRICE PREFERRED |
|
|
APPRAISAL
APRAISAL THEORY PRINCIPLE OF REGRESSION |
NEARBY SUBSTANDARD PROPERTY
|
|
|
APPRAISAL
APRAISAL THEORY UNEARNED INCREMENT |
POPULATION
|
|
|
APPRAISAL
APRAISAL THEORY PLOTTAGE |
COMMON OWNERSHIP OF 2 OR MORE UNITS
|
|
|
APPRAISAL
APRAISAL THEORY HIGHEST VALUE |
MAXIMUM RESOURCES
|
|
|
APPRAISAL
APRAISAL THEORY APPRECIATION |
INCREASE IN VALUE OVER TIME
|
|
|
APPRAISAL
MARKET DATA (COMPARISON) APPROACH |
-ENTIRE PROPERTY
-SUBSTITUTION -SUBSTRACT FEATURES FROM COMPARABLES -VACANT LOT -RENT SCHEDULES -REAL ESTATE LICENSEES |
|
|
APPRAISAL
MARKET DATA (COMPARISON) APPROACH DIFFCULTY OF MARKET DATA |
-ADJUSTING FOR DIFFERENCES
-RARELY SIMILAR CONCERNING EVERYTHING |
|
|
APPRAISAL
MARKET DATA (COMPARISON) APPROACH LEAST RELIABLE |
RAPID ECONOMIC CHANGE OR INACTIVE MARKET
|
|
|
APPRAISAL
MARKET DATA (COMPARISON) APPROACH WAREHOUSE |
SQUARE FOOT
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH |
SPECIAL PURPOSE PROPERTIES
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH UPPER LIMITS OF VALUE |
SET BY REPLACEMENT COST APPROACH
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH REPLACEMENT |
SAME UTILITY
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH NEW PROPERTY |
NEW, NOT OLD
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH COST OF CONSTRUCTION |
QUANTITY SURVEY, UNIT-IN-PLACE, SQUARE FOOT
|
|
|
APPRAISAL
COST REPLACEMENT APPROACH 1910 HOUSE |
CURRENT COST OF REPRODUCTION
|
|
|
APPRAISAL
CAPITALIZATION APPROACH |
CONVERTS INCOME INTO VALUE
|
|
|
APPRAISAL
CAPITALIZATION APPROACH EFFECTIVE GROSS INCOME |
DEDUCT FOR VACANCY
|
|
|
APPRAISAL
CAPITALIZATION APPROACH NET INCOME |
DO NOT DEDUCT INTEREST
|
|
|
APPRAISAL
CAPITALIZATION APPROACH PRESENT WORTH |
OF FUTURE BENEFITS
|
|
|
APPRAISAL
CAPITALIZATION APPROACH CAPITALIZATION RATE |
-MOST DIFFICULT PART
-SUMMATION, COMPARISON, BAND OF INVESTMENT -POST OFFICE - LOWER RATE |
|
|
APPRAISAL
CAPITALIZATION APPROACH CAPITALIZATION (INCOME) APPROACH |
RESTAURANT
|
|
|
APPRAISAL
GROSS MULTIPLIERS |
-PRICE DIVIDED BY RENT
$89,700 $308,736 |
|
|
APPRAISAL
DEPRECIATION |
LOSS IN VALUE FROM ANY CAUSE
|
|
|
APPRAISAL
DEPRECIATION EFFECTIVE AGE |
15 YEARS OLD - 6 YEARS
|
|
|
APPRAISAL
DEPRECIATION ECONOMIC LIFE |
SUFFICIENT INCOME
|
|
|
APPRAISAL
DEPRECIATION OBSOLESCENSE |
NOT WEAR AND TEAR
|
|
|
APPRAISAL
DEPRECIATION FUNCTIONAL OBSOLESCENSE |
-NOT NEARBY NUISANCES
-ONE-CAR GARAGE |
|
|
APPRAISAL
DEPRECIATION SAME BUILDING COSTS, DIFFERENT VALUES |
FUNCTIONAL OBSOLESCENCE
|
|
|
APPRAISAL
DEPRECIATION ECONOMIC OBSOLESCENCE |
-ECONOMIC CHANGES
-EXTRANEOUS -DIFFICULT TO CURE -NOT HEATING SYSTEM -AIRPLANES -OVERSUPPLY, ZONING CHANGES -EXPENSIVE HOUSE AMONG CHEAPER ONES -ABANDONED GAS STATION - TOXIC WASTE REPORT -ARE TENANTS PROSPERING? |
|
|
APPRAISAL
DEPRECIATION OBSOLESCENCE |
CAUSE, NOT METHOD
|
|
|
APPRAISAL
CONSTRUCTION TERMS BEARING WALL |
REMODELING, STRONGER, ANY ANGLE
|
|
|
APPRAISAL
CONSTRUCTION TERMS JOIST |
PARALLEL BEAN THAT SUPPORTS CEILING OR FLOOR
|
|
|
APPRAISAL
CONSTRUCTION TERMS RIDGE BOARD |
HIGHEST
|
|
|
APPRAISAL
CONSTRUCTION TERMS FOOTING |
SPREADING AT FOUNDATION BASE
|
|
|
APPRAISAL
CONSTRUCTION TERMS STRUCTURAL PEST CONTROL REPORT |
-ANYONE, FROM STRUCTURAL PEST CONTROL BOARD
-MUST GIVE TO BUYER AS SOON AS POSSIBLE |
|
|
APPRAISAL
CONSTRUCTION TERMS STRUCTURAL PEST CONTROL REPORT NO INFESTATION OR DAMAGE |
BUYER PAYS
|
|
|
APPRAISAL
CONSTRUCTION TERMS STRUCTURAL PEST CONTROL REPORT BEST TIME TO GET REPORT |
BEFORE MARKETING
|
|
|
APPRAISAL
CONSTRUCTION TERMS DECIDIOUS |
NOT TYPE OF SOIL
|
|
|
APPRAISAL
CONSTRUCTION TERMS ROOF SLOPING ON FOUR SIDE |
HIP
|
|
|
APPRAISAL
CONSTRUCTION TERMS HIGHER EER |
UNIT IS MORE EFFICIENT
|
|
|
APPRAISAL
CONSTRUCTION TERMS SHEET METAL |
FLASHING
|
|
|
APPRAISAL
CONSTRUCTION TERMS INSULATION |
INTERIOR, ADEQUATE
|
|
|
APPRAISAL
CONSTRUCTION TERMS INSULATION R-VALUE |
RESISTANT TO HEAT
|
|
|
APPRAISAL
CONSTRUCTION TERMS TURN KEY PROJECT |
READY FOR OCCUPANCY
|
|
|
APPRAISAL
CONSTRUCTION TERMS ELEVATION SHEET |
EXTERIOR VIEWS OF BUILDING
|
|
|
APPRAISAL
CONSTRUCTION TERMS INFORMATION BOOTH |
KIOSK
|
|
|
APPRAISAL
CONSTRUCTION TERMS BACKFILL |
EXCAVATION
|
|
|
APPRAISAL
CONSTRUCTION TERMS CRACKED FOUNDATION |
SOILS REPORT
|
|
|
APPRAISAL
CONSTRUCTION TERMS PLOT PLAN |
PLACEMENT OF IMPROVEMENTS
|
|
|
APPRAISAL
CONSTRUCTION TERMS FOUNDATION PLAN |
FOOTINGS, PIERS, SUBFLOORING
|
|
|
APPRAISAL
CONSTRUCTION TERMS SUBSTANDARD BUILDING |
NOT WIRING
|
|
|
APPRAISAL
CONSTRUCTION TERMS REPAIRS TO BUILDING'S EQUIPMENT |
CORRECTIVE MAINTENANCE
|
|
|
APPRAISAL
CONSTRUCTION TERMS COMMERCIAL ACRE |
GROSS AREA LESS STREETS, CURBS, SIDEWALKS, ETC.
|
|
|
APPRAISAL
CONSTRUCTION TERMS ORIENTATION |
POSITION ON SITE
|
|
|
APPRAISAL
CONSTRUCTION TERMS HVAC |
HEATING VENTING AIR CONDITIONING
|
