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118 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Group license |
Issued to Sales Associates who work for several entities with common ownership |
Several entities |
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Freehold estate |
Anyone who owns real property |
Owner |
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Owner-Developer |
Unlicensed entity that wishes to sell, exchange, or lease their OWN property |
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Comparative Market Analysis (CMA) |
Estimated value based on the recent sales of similar properties in the same neighborhood. |
Not an appraisal |
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Warrant of Seisin |
Conveying or transferring rights of real property from one party to another |
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Tenancy at Will |
Tenant is in lawful possession of property, under the agreement with the landlord with no specific time for the rights to terminate |
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Tenancy at sufferance |
Tenant occupies the landlord's property with the absence of any agreement |
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Tenancy for years |
Tenant is in lawful possession of the property, under the agreement with the landlord for a specific time period. |
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Tenancy at Entireties |
Estate for a husband and wife ONLY |
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Joint tenancy |
Equal and undivided ownership between 2 or more people. |
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Tenancy in Common |
Ownership between 2 or more people with the same or different deed, at the same or different time, with equal or unequal shares of interest. |
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Unilateral Contract |
Only one party expressly promises performance of a contract |
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Trade Fixture |
Personal property installed to conduct business/trade, is NOT considered part of real estate, can be removed during or at termination of lease |
CAN be removed |
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Trade Fixture |
Personal property installed to conduct business/trade, is NOT considered part of real estate, can be removed during or at termination of lease |
CAN be removed |
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Comparable Sales Approach |
Used to estimate the value indicated by recent sales of comparable properties in the market |
Adjustments are always to comparable property, but never to the subject property |
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Residential sales |
4 units or less; 10 acres or less |
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"Caveat Emptor" |
Let the buyer beware |
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DBPR fines range from |
$100 to $1,000 |
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8 services of Real Estate |
Advertise, buying, appraise, rent, sell, auction, lease, exchange |
A B.A.R S.A.L.E |
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Who owes fiduciary duties in an agency relationship? |
The broker only |
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When can agents be employed or compensated by a member of the public? |
NEVER |
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Cost-Depreciation Approach |
Used to estimate the current cost of reproducing/replacing a building, minus and estimate for depreciation, plus the value of the land |
Only available to estimate value of Schools, churches, etc. |
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Fixture |
Item that was once personal property but has been installed or attached to land or building in a permanent way which cause it to become part of the real estate. |
CANNOT be removed |
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Assessed value |
Value assigned by the property appraiser for ad valorem tax purposes |
Ad valorem |
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Statute of Frauds [F.S. 725.01] |
Provides protection against fraud in the sale of real property. (Enacted in England in 1677) |
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Statute of Frauds [F.S. 725.01] |
Provides protection against fraud in the sale of real property. (Enacted in England in 1677) |
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Applicant must be notified in writing and allowed 21 days to appeal if... |
Application is denied |
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Cemetery lot sales persons |
Are exempt from having a real estate license |
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What service does NOT require a real estate license? |
Mortgaging |
Service (Not a person) |
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Statute of Limitations |
Provides time limits in which parties are allowed to bring legal action to enforce their rights under a contract |
Enforce rights |
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Exclusive Listing |
Property owner promises to list property with only one broker |
Unilateral contract |
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Exclusive Listing |
Property owner promises to list property with only one broker |
Unilateral contract Broker |
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Exclusive Right of Sale Listing |
Property owner promises to pay commission regardless of who sells the listed property |
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Exclusive Right of Sale Listing |
Property owner promises to pay commission regardless of who sells the listed property |
Commission |
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Exclusive Right of Sale Contract |
Gives broker best protection of the 3 types of residential listing contracts |
Best protection broker |
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Acts as an insurance agency |
FHA |
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An easement created when a person has been using a roadway without permission for over 20 years is called... |
Easement by Prescription |
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An easement created when a person has been using a roadway without permission for over 20 years is called... |
Easement by Prescription |
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Which may be deducted for income tax purposes by a homeowner? |
Taxes and interest |
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An easement created when a person has been using a roadway without permission for over 20 years is called... |
Easement by Prescription |
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Which may be deducted for income tax purposes by a homeowner? |
Taxes and interest |
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Title to real property passes to the grantee when the deed is... |
Delivered and accepted |
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An easement created when a person has been using a roadway without permission for over 20 years is called... |
Easement by Prescription |
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Which may be deducted for income tax purposes by a homeowner? |
Taxes and interest |
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Title to real property passes to the grantee when the deed is... |
Delivered and accepted |
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To be valid, a deed must be |
Signed and witnesses |
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If capitalization rate increases, the value |
Decreases |
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Which two expenses are deductible for income taxes that are not deducted in calculating net operating income? |
Interest and Depreciation |
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Under the income approach, value equals |
Income divided by rate |
I/RV |
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Under the income approach, value equals |
Income divided by rate |
I/RV |
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An example of functional obsolescence |
4 bedroom, 1 bath home |
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Lien theory |
Property title is vested with the mortgagor |
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The license period is currently |
2 years |
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In order to be a licensee member of F.R.E.C, an individual must have been licensed a minimum of... |
2 years |
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In order to be a licensee member of F.R.E.C, an individual must have been licensed a minimum of... |
2 years |
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The passage of rules require... |
A quorum vote of the commission |
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A buyer gives a sales associate a binder check made out to him. The sales associate should |
Endorse the check and give it to the broker within one business day |
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Practicing real estate without a license is a |
3rd degree felony |
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Required brokerage relationship disclosures must be retained by the broker for (years) : |
5 years |
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A licensed sales associate of a brokerage corporation may: |
Own a stock in that corporation |
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A licensed sales associate of a brokerage corporation may: |
Own a stock in that corporation |
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What situation requires disclosure of brokerage relationship to a customer |
The sale of improved property with 4 units or fewer The sale of agricultural property with 10 acres or less |
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How many hours of post license education are required to renew a broker's license? |
60 hours |
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How many hours of post license education are required to renew a broker's license? |
60 hours |
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3 components of Real estate |
Air, Surface, Subsurface |
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Florida Real Estate Sales associates that desire to become broker's must wait ____ _____ before taking the state exam |
One year |
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Florida Real Estate Sales associates that desire to become broker's must wait ____ _____ before taking the state exam |
One year |
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Comparative Market Analysis CMA |
Estimated value based on recent sales of similar properties in the same neighborhood |
NOT AN APPRAISAL |
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Owner-Developer |
Unlicensed entity that wishes to sell, exchange, or lease their own property |
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Owner-Developer |
Unlicensed entity that wishes to sell, exchange, or lease their own property |
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The continuing education requirement consists of ______ hours |
14 |
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A licensee that fails to renew when required to do so will have his/her license pleased on ______ _______ |
Involuntary inactive |
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Properties located in subdivided areas are usually described using the _______ ________ method |
Lot and Block |
Locating parcel land |
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A sales associate failed to complete required post license education prior to expiration of the license period. What is the status of license? |
Null and void |
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[F.S. 475] A real estate license is required when |
Performing the services of real estate
In the state of Florida
For another
For compensation |
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A real estate sales associate is a person who |
Performs the services of real estate ordinarily performed by a broker provided that the service is under supervision of employing broker |
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The F.R.E.C is composed of |
7 members:
4 brokers 2 lay members 1 brokers/sales associate |
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Licensure may be suspended for what maximum period of time? |
10 years |
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Reproduction Cost |
Estimated cost to construct at current prices an exact duplicate of building which is being appraised by using same materials, design, and layout as subject property |
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Reproduction Cost |
Estimated cost to construct at current prices an exact duplicate of building which is being appraised by using same materials, design, and layout as subject property |
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Freehold estate |
Anyone who owns real property (No specified time for rights to expire) |
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Non-freehold estate |
Tenant does not have an ownership interest in the property |
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Bilateral contracts |
Both parties to the contract mutually agree to be bound to performance of terms specified |
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Certificate of title |
Used to show ownership in event of a foreclosure |
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Unilateral contract |
Only one party expressly agrees to perform terms of contract |
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Open listing |
Property owner promises to pay commission if broker finds a buyer willing to purchase property at a price and terms that are acceptable to property owner |
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Alienation of title |
Transferring or conveying ownership from one party to another |
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Income approach |
Used to estimate the value that the property's net earning power will support |
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Warrant of Seisin |
Essentially a claim of ownership by the grantor |
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Estate in severalty |
Sole ownership of the entire bundle of rights |
One person |
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Estate in severalty |
Sole ownership of the entire bundle of rights |
One person |
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Market value |
Amount that should be paid for a property, but not necessarily amount asked or paid |
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Potential Gross Income (PGI) |
Total annual income for the coming year |
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Potential Gross Income (PGI) |
Total annual income for the coming year |
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Gross Rent Multiplier (GRM) |
Used for monthly rental properties and is derived from comparable properties which are rented at the same time of sale |
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Life estate |
Owner of fee simple estate conveys ownership to another, but only for the balance of the lifetime |
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Life estate |
Owner of fee simple estate conveys ownership to another, but only for the balance of the lifetime |
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Police power |
Allows government to restrict the use of land to protect the health, safety, and welfare of citizens |
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Life estate |
Owner of fee simple estate conveys ownership to another, but only for the balance of the lifetime |
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Police power |
Allows government to restrict the use of land to protect the health, safety, and welfare of citizens |
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Executory contract |
If any term or condition remains to be performed |
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Fee simple estate |
Owner has a complete bundle of rights |
Most desirable estate |
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Vacancy and Collection Losses (V&C) |
Income the owner will not receive |
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Vacancy and Collection Losses (V&C) |
Income the owner will not receive |
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Parol contracts |
Known as oral contracts |
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Vacancy and Collection Losses (V&C) |
Income the owner will not receive |
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Parol contracts |
Known as oral contracts |
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Principle of Contribution |
Value of component of a property is the amount it adds to total amount of the property |
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Vacancy and Collection Losses (V&C) |
Income the owner will not receive |
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Parol contracts |
Known as oral contracts |
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Principle of Contribution |
Value of component of a property is the amount it adds to total amount of the property |
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Separate property |
Property owned in one spouse's name before the marriage or by gift or inheritance during marriage |
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Gross Income Multiplier (GIM) |
Calculated exactly same as GRM but uses annual gross rental income rather than gross monthly rent |
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Effective Gross Income (EGI) |
Remaining income you get when you subtract the v&c from PGI |
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Effective Gross Income (EGI) |
Remaining income you get when you subtract the v&c from PGI |
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Littoral rights |
Rights of owners of property bordering nonflowing water
Ocean Sea Lake |
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Cognovit Clause |
Gives lender right to foreclosure at it's option by requiring to admit any future default at the time a loan is obtained |
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Thank you Auntie Cassi for the sandwich... You are the best
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:)
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