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55 Cards in this Set
- Front
- Back
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home inspector |
combines re interest w/professional skills or training in construction or engineering. do visual inspection of property structure |
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demographics |
and and description of population |
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disclosure |
duty to inform principal of all facts or info that may affect a transaction. |
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brokerage |
point of contact between 2 or mote parties in negotiating a sale, purchase, or rental of a property |
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exclusive agenency listing |
one broker is authorized to act as the exclusove agent of the principal |
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percent at PMI |
22% |
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steering |
illegal channeling a homeseekerto a particular area |
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age protected class |
40 |
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civil rights act of 1866 |
discrimination of race |
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affiliated business arrangement |
to streamline settlement process |
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prorations |
divide financial responsibility at closing. ensuring expenses are divided fairly between seller and buyer |
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all parts of mortgage contingency |
* type and amount of the loan *the maximum interest rate and minimum term *nature and extent of assistance *the deadline by which |
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exclusive right to sell listing |
one broker is appointed as the sole agent of the seller |
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can a broker give an independent contractor an employee benefit |
no. irs investigates. individual must have license, must have written contract w/ broker |
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fiduciary loyalty |
placing the principals interest above all others |
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fiduciary care |
skill and expertise in RE |
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Blockbusting |
persuading owners to sell property cheaply because of new race or class moving into neighborhood |
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having a pet with disability |
part of reasonable accomidation |
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terminating a listing |
agreement fulfilled agreement expires title transferred by law broker seller mutually agree broker or seller dies |
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three day recession |
borrower has 3 days to cancel |
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equitable title |
after sales agreement is signed both parties. buyer may have insurable interest. |
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highest and best use |
most profitable use of property. |
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substitution |
property max value= cost to purchase equally desirable. FOUNDATION OF SALES COMPARISON APPROACH |
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supply demand |
demand up, supply down supply up, demand down |
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reverse mortgage |
relinquish equity in exchange for regular payments |
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familial status |
one or more individuals younger than 18 living with a parent or guardian. includes pregnant |
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filing a complaint with HUD discrimination |
1 year to file complaint |
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who can give licensed agent commission |
PA law authorizes -broker can share fees with another licensed broker, consumer represented represented by the broker, referal fees legal if parties are licensed |
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market price |
what property sells for |
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market price |
what property sells for |
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procuring cause |
occurs when the home buyer has worked with multiple real estate agents while searching for a home, and multiple agents feel entitled to the commission of the buyer's home purchase |
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fiduciary |
one i which agent is placed in the position of special trust and confidence to the principal |
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type of agent a property manager is |
general agent |
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cosumer notice must given when? |
initial interview or first substatantivr discussion between licensee and consumer, before into agency agreement of sale, before exchange of personal info |
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cosumer notice must given when? |
initial interview or first substatantivr discussion between licensee and consumer, before into agency agreement of sale, before exchange of personal info |
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uniform condiminium act & uniform planned community act |
requires sellers to furnish copies of developments, declarations, bylaws, rules and regulations, resale certification. buyer has 5 days To review docs |
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client vs customer service |
customers dont recieve what clients do |
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statement of estimated closing costs is to be given |
before an agreement of sale |
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dual agency |
2 principals |
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disclosed dual |
disclosure to protect broker |
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latent defect |
is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. |
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what to do with escrow money |
have a seperate agency handle money |
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types of maintenance property managers are responsible for |
PREVENT REPAIR ROUTINE CONSTRUCTION |
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capital gains |
profit earned from the sale of an asset |
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megans law |
disclose sex crimes |
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cma is not an appraisal |
CMAs compare location, size, age, and style appraisals worry about recently sold |
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do not call registry |
18 months after last purchase even if on registry |
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pennsylvania human relations act |
fair housing law for PA |
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express agency |
orally or written agreement between the principal and the agent |
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hand money |
must be agreed by both parties |
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anticipation |
value is created by the expectation that certain benefits will be realized in the future |
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non exclusive agency |
open agency contract between broker and buyer. allows for unlimited amount of brokers |
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exclusive buyer agency |
agreement where buyer is exclusively bound to compensatethe broker if the buyer purchases property |
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exclusive buyer agency |
agreement where buyer is exclusively bound to compensatethe broker if the buyer purchases property |
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exclusive agency buyer agency |
like an exclusive buyer agency agreement, this is an exclusive contract between the buyer and one broker.limits the brokers right to compensation |
