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79 Cards in this Set
- Front
- Back
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net listing
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owner allows broker to retain excess over amount stated by owner
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procuring cause
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"find a purchaser" entitles commission to be paid to the broker when seller is presented with buyer who is willing, able and ready. "effect a sale" requires a closing to earn $$$.
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what kind of complaint is legally sufficient
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when a complaint contains facts that a violation of FL Chapter 475 has occurred.
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who can file a complaint against a licensee, applicant or unlicensed person?
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anyone
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cash basis
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recognizes income when received and expenses when actually paid
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accrual basis
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recognizes sale when they are made and expenses when they incurred with no regard to receipt or payment.
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security deposits held in escrow by broker
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can be kept in a separate acct that is interest. Landlord may retain up to 25% of the interest earned.
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security deposits held in escrow by landlord
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owner may commingle the money in their personal account as long as they post security bond for the amt or 50k (whichever is less) and pay tenant 5% simple interest. must disclose in 30 days.
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calculate an index lease
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CPI index.... new index/old index = rate of change. To calculate the new rent (current rent x the rate of change = new rental rate)
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highest and best use
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appraiser must be consider legal use of property as though vacant, that produces the greatest value.
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are promissory notes witnessed or acknowledged?
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no. anyone signing the note becomes personally liable.
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what is static risk
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Fire, storm, theft, liability, etc. Risk may be reduced by purchasing an all-perils insurance policy.
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is deposit required for every contract?
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no. offers can be written without deposits.
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when should deposit be turned over from sales associate to broker?
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by the end of the following business day
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when should deposit be deposited into an escrow account by?
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broker has until end of the 3rd business day. can place funds with a Florida bank, attorney or title company.
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principal of conformity
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suggests values are maximized when style, size and quality of construction is uniform throughout the neighborhood
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FIRPTA requires buyer to retain what % of the sales price over what price for the IRS?
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10% of the sales price over 300k
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special assessment liens
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must be paid by seller if the improvements are completed by the date of closing.
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rental list refunds
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if tenant does not obtain a rental, they are entitled to 75% refund if requested within 30 days.
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inaccurate rental list
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first degree misdemeanor (only violation classified as such), punishment up to 1 year in jail, $1000 fine and must refund 100% of fee charged.
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FHA loan programs for condos similar to 203(b) are called
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section 234 (c)
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CERCLA holds who responsible for cleanup costs?
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any parties potentially responsible
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community association manager's license
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required 10+ units and if manager received compensation for controlling or disbursing funds, preparing budgets or assisting with meetings.
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how to terminating broker relationships
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fulfillment, mutual agreement, expiration of terms, broker or principal renounce w/ notice, death of the buyer or seller, destruction of the property or BK of the principal
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what happens when broker is penalized
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all sales associates licenses are involuntary inactive.
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the administrative law judge prepares and submits a what to the DBPR?
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recommended order
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what is the eviction process?
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3 day notice, send written notice to vacant, go to court to file complaint and receive write of possession which must be served by sheriff, giving 24 hour notice.
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what are entrance sign requirements?
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must contain trade name, broker's name and words Licensed Real Estate Broker
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can sales associates and broker associates be general partners in a real estate company?
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no, sales associates and broker associates may not be general partners but may be limited partners in a general brokerage firm
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post dated checks
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seller must give permission before accepting a post dated check and fact should be noted on sales contract
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contract for deed
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buyer receives deed after making the final payment
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when can a licensee call a FSBO?
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only when they have an actual buyer interested in the property.
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what is institutional advertising
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describes the firm, it's personnel and services
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what is the function of the appraisal?
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however the client intends to use the appraisal
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what do you do if a property contains abestos?
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contact an asbestos specialists
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what is mortgage status letter
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indicates the current loan balance owed to the mortgagee
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what must be approved before a builder can develop the land?
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subdivision plat map
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whats the priority paid out after a foreclosure?
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property taxes, special assessments, mortgages, all other liens
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do you need a license to sell cemetery lots, court appointment or mortgage brokers?
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no
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do real estate contracts need to be signed?
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yes
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if buyer and seller both want escrow deposits, broker must notify FREC in how many days?
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15 days
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if buyer and seller both want escrow deposit, broker must come to a resolution within how many days?
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30 days
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homeowner's protection act of 1998 requires PMI to be auto terminated when what percentage of equity is reached?
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22%
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when can a broker place funds into a interest bearing account?
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only when he discloses it to everybody involved in writing
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how many years must a broker keep all documents for residential transactions?
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5 years
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who is exempt from post licensure requirements?
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individuals with a 4 year real estate degree.
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what is technical oversupply?
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when rental units available outnumber renters
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the federal clean water act is administered by who?
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US Army Corp of Engineers
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what is the criteria to allow for "designated sales associates"?
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in commercial sales where buyer and seller each have assets of $1 million or more.
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what is development of regional impact?
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when a development effects the health, welfare, or safety of two or more counties. Example, Disney
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Real Estate Recovery Fund
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fund will pay up to 50k per aggregate and no more then 3 cases or 150k against a licensee. License will auto be suspended until repaid. Will not pay Punitive Damages.
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Involuntary Inactive
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may reactivate during the 2 years after expiration. within first 12 months, need to take 14 hour CE and pay late fee. If after 12, but before 24, they must take 28 hour reactivation course and pay fee.
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Of FIFO and LIFO, which method shows more profits during inflation?
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FIFO
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a characteristic of tenancy in common is:
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inheritability
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how long do you have to live in FL to be determine a resident?
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4 months
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what is legally nonconforming use
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defined as use that existed prior to current zoning (grandfather)
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what is universal agent?
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authorized to perform all acts on behalf of principal
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fair housing act
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may not discriminate against race, color, religion, national origin, etc
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what is the commission lien act?
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cannot waive lien rights until commission is paid
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personal residence loss
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deduction no longer allowed by IRS
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sales manager span of control
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law compliance
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20 acre lot question
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fraud for not disclosing, no release provision
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trust deposit books
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must make available to DBPR
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when happens after 2 years and you didn't renew your license?
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inactive status
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1st step of appaisal
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define appraisal problem
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how many days to let FREC know your switched brokers?
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notify FREC within 10 days
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FHA does NOT perform service of
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lending money
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are contracts valid if not in writing and signed?
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no, must be in writing and signed by all
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how many people must FREC have on the board?
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7 people. 1 needs to be over 60 yrs old.
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what are the 7 steps complaint process?
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FILL IN ANSWER HERE
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sales contract must have what 4 financing terms?
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# of days allowed to get financing, apr, down payment and points
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what is the question and percentage passing point for Tennessee mutual recong?
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40 questions @ 75%
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how many days do you have to notify FREC of you moving?
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10 days if in state, 60 days if out of state
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who governs the clean up of hazards?
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CERCLA
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what does FHA do to loans?
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insures it
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what does VA do to loans?
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partially guaranteed it
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what is the term for units priced too high for tenants to pay?
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economical oversupply
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what is the term dedication?
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transfer of privately owned land to the public without compensation with intent for public purpose.
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what is the term variance?
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exception to zoning regulations to relieve hardship.
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