Rplu Real Estate Chapter 2

Front 1

Real estate professional liability E&O is a form of professional that covers

Back 1

Negligent acts, errors, omissions meanwhile acting in professional capacity on behalf of another party
Real estate agent acting on behalf of buyer may negligently misrepresent condition of the property ( error ) or fail to disclose the discoverable deficiencies of the property to the buyer
(Omission)

Front 2

Commercial general liability insurance covers only

Back 2

Bodily injury or property damage cleans and does not cover your financial losses. CGL policy's usually have professional liability exclusion

Front 3

In the past real estate professionals were typically covered under

Back 3

Miscellaneous professional policies by endorsements however growing number of real estate professionals and increasing impact of services on the economy and society have led to real estate E&O

Front 4

Actually run the real estate offices have time for licensing education requirements and are required to sign and approve every transaction as a management function

Back 4

Real estate brokers

Front 5

Works to find tenants for the owners of residential or commercial property usually handles all aspects of renting a property. They are expected by property owners to rent their properties to responsible tenant for a fair price and under reasonable terms

Back 5

Leasing agent

Front 6

State licensed thanking entity that makes mortgage loans directly to consumers. Unlike traditional bank this does not receive deposits. Two of the largest our countrywide home loans and Wells Fargo

Back 6

Mortgage banks

Front 7

Act as intermediary to obtain mortgage loans on behalf of buyers. Typically market to attract clients and assess each borrowers credit history and financial capacity

Back 7

Mortgage brokers

Front 8

Typical services provided by them are dealing with tenants pay necessary expenses and taxes, collecting rent, overseeing repair and improvement
Any residential or commercial property must be maintained the physical aspects of the leased or rented property such as maintenance and tenant relations with landlord must all be handled by
Operates a real estate property for a fee when the owner is unable to personally tend to such details or is not interested in doing so

Back 8

Property manager

Front 9

Help real estate agents and brokers expand networks of buyers and sellers they receive a percentage of the agent or broker's commission

Back 9

Referral agent

Front 10

Financial protection against title defects is available through unique form of coverage noon as _____and sold by _____

Back 10

Title insurance sold by title agents

Front 11

Immovable property which includes land and other properties permanently affixed to land such as houses, office buildings, gas stations.

Back 11

Real property or real estate

Front 12

Any property that is not real. Examples are cars, boats, livestock, household goods, tools, inventories, computers, portable machinery and equipment, trademark and copyright

Back 12

Personal property or Chattel

Front 13

Common real estate services include

Back 13

– Appraisal – auctioneering – brokerage – consulting – development – escrow– Mortgage brokerage – property management – real estate investment – services provided while serving on regulatory or professional Board

Front 14

Real estate services that are not typically covered under real estate professional E&O policy

Back 14

Investment partnerships or real estate investment trusts REIT's

Front 15

Sales people who work for brokers on the front lines. – List properties for sellers and show to buyers

Back 15

Real estate agent

Front 16

A real estate company that offers common shares to the public. Standard real estate professional does not cover this type of service because it is an investment vehicle. Provide the financial management service to investors and does not provide professional services related to real estate

Back 16

Investment partnership or real estate investment trust

Front 17

Investment vehicles normally have to be filed with

Back 17

S EC

Front 18

Provides advice on various real estate issues and concerns compensation on hourly or fixed fee basis

Back 18

Real estate counselor

Front 19

Provide support services to real estate agents and brokers and usually handle documentation and administrative services such as scheduling appointments and organizing open houses

Back 19

Real estate personal assistant

Front 20

Expedite a real estate transaction for benefit of the buyer and seller by investigating any potential problems with the title

Back 20

Abstracter

Front 21

Specialist in estimating market value of real property prepare a written report. Consists of description of property and estimate of the value. Opinion provides assistance to those who own manage sell invest in or lend money for real properties
All states require them to be licensed or certified

Back 21

Real estate appraisers

Front 22

Historically been used for buying and selling property. Work for the seller and their job is to obtain the best price possible for property

Back 22

Auctioneers

Front 23

Legal agreement between a depositor, agent and a beneficiary. Depositor is required to entrust money or property to this agent. This agent hold deposit until he can be released to beneficiary when some future event takes place or condition is meant. Common example is the down payment to the seller pending the title closing
Release payment to seller at closing. If cancel contract, this person returns money
They could also be the broker

Back 23

Escrow

Front 24

Earnest money

Back 24

Down payment

Front 25

Necessary to ensure buyers are fully aware of condition of the property they are purchasing. Examine accessible structure of property being purchased including roof, basement, heat and air-conditioning systems, electrical, plumbing. Have a duty to ascertain the condition of property and disclose visible and accessible defects of the home which are then disclosed to the buyer in a written report

Back 25

Home inspector

Front 26

Actually run the real estate offices have time for licensing education requirements and are required to sign and approve every transaction as a management function

Back 26

Real estate brokers

Front 27

Works to find tenants for the owners of residential or commercial property usually handles all aspects of renting a property. They are expected by property owners to rent their properties to responsible tenant for a fair price and under reasonable terms

Back 27

Leasing agent

Front 28

State licensed thanking entity that makes mortgage loans directly to consumers. Unlike traditional bank this does not receive deposits. Two of the largest our countrywide home loans and Wells Fargo

Back 28

Mortgage banks

Front 29

Act as intermediary to obtain mortgage loans on behalf of buyers. Typically market to attract clients and assess each borrowers credit history and financial capacity

Back 29

Mortgage brokers

Front 30

Typical services provided by them are dealing with tenants pay necessary expenses and taxes, collecting rent, overseeing repair and improvement
Any residential or commercial property must be maintained the physical aspects of the leased or rented property such as maintenance and tenant relations with landlord must all be handled by
Operates a real estate property for a fee when the owner is unable to personally tend to such details or is not interested in doing so

Back 30

Property manager

Front 31

Help real estate agents and brokers expand networks of buyers and sellers they receive a percentage of the agent or broker's commission

Back 31

Referral agent

Front 32

Financial protection against title defects is available through unique form of coverage noon as _____and sold by _____

Back 32

Title insurance sold by title agents

Front 33

Immovable property which includes land and other properties permanently affixed to land such as houses, office buildings, gas stations.

Back 33

Real property or real estate

Front 34

Any property that is not real. Examples are cars, boats, livestock, household goods, tools, inventories, computers, portable machinery and equipment, trademark and copyright

Back 34

Personal property or Chattel

Front 35

Common real estate services include

Back 35

– Appraisal – auctioneering – brokerage – consulting – development – escrow– Mortgage brokerage – property management – real estate investment – services provided while serving on regulatory or professional Board

Front 36

Real estate services that are not typically covered under real estate professional E&O policy

Back 36

Investment partnerships or real estate investment trusts REIT's

Front 37

Sales people who work for brokers on the front lines. – List properties for sellers and show to buyers

Back 37

Real estate agent

Front 38

A real estate company that offers common shares to the public. Standard real estate professional does not cover this type of service because it is an investment vehicle. Provide the financial management service to investors and does not provide professional services related to real estate

Back 38

Investment partnership or real estate investment trust

Front 39

Investment vehicles normally have to be filed with

Back 39

S EC

Front 40

Provides advice on various real estate issues and concerns compensation on hourly or fixed fee basis

Back 40

Real estate counselor

Front 41

Provide support services to real estate agents and brokers and usually handle documentation and administrative services such as scheduling appointments and organizing open houses

Back 41

Real estate personal assistant

Front 42

Expedite a real estate transaction for benefit of the buyer and seller by investigating any potential problems with the title

Back 42

Abstracter

Front 43

Specialist in estimating market value of real property prepare a written report. Consists of description of property and estimate of the value. Opinion provides assistance to those who own manage sell invest in or lend money for real properties
All states require them to be licensed or certified

Back 43

Real estate appraisers

Front 44

Historically been used for buying and selling property. Work for the seller and their job is to obtain the best price possible for property

Back 44

Auctioneers

Front 45

Legal agreement between a depositor, agent and a beneficiary. Depositor is required to entrust money or property to this agent. This agent hold deposit until he can be released to beneficiary when some future event takes place or condition is meant. Common example is the down payment to the seller pending the title closing
Release payment to seller at closing. If cancel contract, this person returns money
They could also be the broker

Back 45

Escrow

Front 46

Earnest money

Back 46

Down payment

Front 47

Necessary to ensure buyers are fully aware of condition of the property they are purchasing. Examine accessible structure of property being purchased including roof, basement, heat and air-conditioning systems, electrical, plumbing. Have a duty to ascertain the condition of property and disclose visible and accessible defects of the home which are then disclosed to the buyer in a written report

Back 47

Home inspector