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54 Cards in this Set

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