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54 Cards in this Set
- Front
- Back
know the fed reserve money chart
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see notes
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3 members of the secondary mortgage market
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fannie mae
freddie mac genny mae |
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an attempt by fov't to require lenders to disclose the full cost of financing to borrowers us the APR; applies to personal, family or household properties
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regulation Z
aka Truth in Lending Act |
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the rate inclusive of all fees
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Annual Percentage Rate
APR |
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another name for the note rate
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nominal
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loan amount less the lender fees
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is the amount financed
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what is the cooling off period on a personal residential refi?
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3 day right of recission
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what is RESPA?
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Real Estate Settlement Procedures Act
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Respa requirements
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requires the lender to give the borrower a good faith estimate up front
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what is the uniform settlement statement also known as?
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HUD1
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what does HUD1 ensure?
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*look up*
1 day prior to close of escrow, the buyer is allowed to inspect the statement |
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know article 7 o the CA loan disclosure act
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no notes
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1st deed of trust greater than 30,000 or 2nd greater than 20,000 limits costs and fees
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no notes
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someone who represents another in dealings with 3rd parties
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agent
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person represented by the agent
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principal
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relationship between an agent and a principal; also a 2 party relationship that involves 3 parties
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agency
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the principal/agent relationship is...
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fiduciary and requires full disclosure of material facts
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the agent/3rd party relationship is...
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about honesty and fairness and full disclosure of material facts regarding the property
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in a contract, the principal is refererred to as
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client
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who speaks on behalf of the principal?
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agent
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can you be your own agent?
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no because the definition of agency is representation of another
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listing agent with a narrow scope of responsibility
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special agency
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property manager with a broad scope of responsibilities
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general agency
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letting someone sign your name
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power of attorney
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states that written OK is needed to sign written documents
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equal dignities rule
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the agent in a power of attorney is called
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the attorney in fact
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two types of power of attorney
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general and special (special you can only sign on one thing, like a contract)
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the authorization to act in a situation
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actual agency
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causing someone to believe they are acting on your behalf (3 answers, all the same)
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implied agency
ostensible agency agency by estoppel |
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actual agency after the fact
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ratification
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actual agency before the fact
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express agreement
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know the befores and afters of 1988 agency and subagents
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in notes
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both the buyer and the seller are represented by the same broker co. (not necessarily the same salespeople)
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dual agency (this is only allowed in RE and escrow)
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contract to seller before listing the house
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dual agency agreement
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order of dual agency
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1. Disclosure
2. Election 3. Confirmation |
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not disclosing a relationship between buyer and listing agent
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secret profit
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every seller of CA RE in 1-4 family units must disclose all defects. these are called..
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Transfer disclosure statements;
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who fills out transfer disclosure statements?
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they are filled out by owner and again by agent
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What is the timline of disclosure for death in a property?
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3 years; manner must also be disclosed except AIDS
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this court case states that "first disclose what you know, then what you don't". it set disclosure standards
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Easton V. Strausberger
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Must all othe offers be presented even if the principal is already in contract?
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yes because an offer is a material fact
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Commission facts
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it is negotiated between the owner and agent in 10pt type
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two types of listing agreements
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exclusive (bilateral executory)
non exclusive (unilateral) |
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stats on exclusive listings
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exclusive right to sell
exclusive agency (definite start and end date) |
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is a non exclusive contract open or closed ended?
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open listing, no end date
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compensation agreement
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look up definition
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this type of listing is legal but discouraged by Real Estate Commission
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Net Listing
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in this type of listing, the broker takes option to purchase the RE, the broker becomes the principal
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Option Listing
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when is commission earned?
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after the buyer and seller negotiate contract
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when is commission paid?
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only once the funds from the sale are available
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how many days does a broker have to give a list of names in the event of the expiration of a listing to get paid?
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3
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this states that if the buyer purchased with another agent, the broker still gets paid anyway
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buyer agency
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according to IRS rules, sellers are considered...
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independent contractors
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according to CARE law, sellers are considered...
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employees
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