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216 Cards in this Set
- Front
- Back
- 3rd side (hint)
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475 FS part 1 |
The real estate license law in Florida. Protect public. Minimal competency |
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Sales associate can work for a |
Sub agent, for a broker, and license owner employer like a developer |
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Mutual recognition requirements |
40 question law exam |
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Reimbursement of expenses is considered |
Compensation |
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Exemptions from being licensed |
Partner in real estate general partnership provided partners only receive their pro Rata share of profits Salaried employees for developers in apartment complexes, leases for one year or less
Court-appointed, I E personal representative
Attorney within a scope $50 to unlicensed person/property manager/rental fee |
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Director of DRE is appointed by who |
Secretary of Dbpr |
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Purpose of Frec |
Ensure the publics best interest are protected |
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How to become a member of Frec |
Appointed by Governor confirm by state senate |
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Frec powers are administrative and divided into three categories |
Executive = to regulate
Quasi-legislative=rulemaking
Quasijudicial=Impose penalties |
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Frec administrative penalties |
Reprimand, $5000, probation, suspension up to 10 years, revoke, citation for minor in fractions paid in 30 days, letter of non-compliance 15 day to correct without penalty, deny application for license |
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The two categories of inactive license |
Voluntary inactive involuntary inactive |
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Describe voluntary inactive |
Remains that status continuously as long as licensee completes the required education and pays the required renewal fees |
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Describe involuntary inactive |
Status becomes involuntary inactive when failure to properly renew a license and may remain involuntary inactive for two years. After two years the license becomes void
Also when a brokers license is either suspended or revoked agent becomes involuntary inactive |
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The two categories of special license |
Multiple license and group license |
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What is a multiple license |
Can be held by active brokers only in order to operate more than one brokerage business |
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What is a group license |
Can only be held by sales associates or broker associate sewer employed by owner employer for the purpose of working for more than one project |
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Office or branch office move, how long to notify DBPR |
10 days
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Brokerage relationship disclosure act establishes what |
Presumption that all licensees are acting as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer |
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Describe no brokerage relationships |
No fiduciary duties, but must deal honestly and fairly and disclose material defects |
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Single agent |
Full fiduciary, works for seller or buyer, but not both |
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Transaction broker |
Can work with both seller and buyer in the same transaction with limited duties. |
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What is the only form that must be signed between an agent and a client |
Moving from a single agent to a transaction broker, consent to Transfer |
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Describe misrepresentation |
The misstatement a facts or the concealment a facts in a transaction |
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How many square feet in a square yard |
Nine |
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How many cubic feet in a cubic yard |
27 |
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How many feet in a mile |
5280 |
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How do you determine percent of profit |
Made ——— divided by Paid for |
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Taxes are a blank blank blank |
SIN Stamps on deed/doc = $.70 for every hundred of sale price Intangible tax/new mortgage, two mill = 0.002
Note stamps = knew and assumed mortgage, $.35 for every hundred dollars Round up for stamps, cannot have part of a stamp. No note stamps on subject to mortgages |
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Credit/debit on escrow |
Escrow = credit to buyer nothing for seller
Mortgage loan = credit to buyer/nothing to seller
Prorations depend |
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FHA loan terms |
PITI divided by monthly gross income, less than, 31%
PITI plus additional expenses divided by monthly gross income, less than, 43%(borrowers total obligations)
PITI equals principal, interest, taxes, insurance |
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Equation for index lease/commercial properties |
New rate divided by old rate equals how much change in rate occurred, multiply that times price/square foot |
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Equation for depreciation |
Annual depreciation divided by original value equals annual rate of depreciation |
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Income capitalization approach equation |
Net operating income divided by rate times value |
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Types of liens |
General, specific, voluntary, involuntary, mechanics, judgment,
Liens = encumbrances |
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No call rules federal/Florida |
Florida = $10,000
Federal = $11,000 |
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Four ways of owning an interest/slice of real property |
Estate in severalty = me
Tenancy by entirety‘s = marriage = right of survivorship
Joint tenancy =Right of survivorship
Tenants in common |
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When must notice of no brokerage relationship be given |
Prior to showing property |
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Do transaction brokerage relationships require written disclosures |
No |
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Violations of real estate law can have three types of penalties imposed |
Administrative = Frec Criminal = state attorney
Civil = lawsuit |
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Who is the only one that can administer administrative penalties Against licensees and applicants for licensee |
Frec |
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How long does it take for a final order to become effective |
30 days |
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Appeal to the District Court of Appeals made before final order takes affect |
Writ of certiorari |
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A writ of mandamus can be used by the district court to order who to reverse a final order/court order |
Frec |
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Frec penalties |
Reprimand, $5000 per count, probation, suspension up to 10 years, revoked license = permanent, citation = minor in fraction, notice of noncompliance = warning if fixed in 15 days |
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Civil rights act of 1968, is also known as |
The fair housing act
Prohibits discrimination in sales leasing advertising rentals financing or brokerage services
Race, color, religion, sex, national origin, handicap, or familial status
Steering = direct to or away from a property
Blockbusting = inducing a person to sell
Red lining =Lending or insurance |
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Florida land sales full disclosure act provides |
Report given to buyer three days before contract is signed if development has 50 lots or more
Buyer has seven days to cancel |
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Florida residential landlord and tenant act provides |
30 days on how deposit is being handled If deposits are in interest-bearing account, landlord owns tenant either 75% of interest earned or 5% simple interest
If deposits are commingled with personal funds, landlord owns tenant 5% interest and must place a Surety bond with clerk of courts
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What is the allodial system |
Individual ownership, real property ownership in US based on this |
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What is situs |
Do you need to save Location combined with its immobility |
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Cemetery lots And renting mobile homes or not considered to be real property true or false |
True |
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Legal test to determine if item is a fixture |
Method
Agreement of parties
Relationship
Intention
Adaptability |
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A freehold estate is one of ownership. Name the two categories |
Fee simple = most common, full bundle of rights
Life estate = terminate upon death |
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Ownership in real property can be held in four ways |
Severalty = individual
Tenancy by entireties = marriage, automatic survivorship with undivided rights
Joint tenancy =Right of survivorship with eagle interests, PITT
Tenancy in common =No right of survivorship, inheritability |
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Properties owned prior to a marriage are considered |
Separate |
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What is a non-freehold estate |
One that is less than ownership and is measured in time |
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Name three types of non-freehold estates |
Estate for years = has beginning and end, in writing
Tenancy at will = month-to-month, beginning date but no ending date(week2week=7 days,,mon-min=15day) Tenancy at sufferance, holdover tenant |
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Special interest in ownership includes Homestead properties name benefits |
Exempt from judgment foreclosures
First $25,000 of assessed value is exempt plus additional $25,000 if property is assessed for $50,000 or more |
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Two types of voluntary alienation |
Deed= most common transfer a title
Will = dying with testate |
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Four types of involuntary alienation |
Descent and distribution = dying intestate or without a will
Eminent domain = government land grab(condemnation $) Escheat= property reverts to government
Adverse possession = 7 years of uninterrupted use |
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Notice of right to real property fall into two categories |
Actual notice = physically moving in or giving oral or written notice
Constructive notice = recording with public records office |
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Abstract title versus chain of title |
Abstract is full history of property
Chain is history of ownership 30 years |
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Requirements of a valid deed |
In writing
Must contain names/grantor grantee
Grantor must be 18 years old/mentally competent
Consideration
Words of convenience/granting clause
Type of estate/haebendum Legal description
Appurtenances/condo parking spot
Signed by grantor with two witnesses
Voluntarily delivered and accepted |
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What is a fee simple defeasible |
Grantor place is a condition on an estate, if not followed, the estate might be lost |
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What is hypothecation |
Use of property to secure a loan |
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How many weeks in a year |
52 |
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Age of property depreciation equation |
Effective life divided by economic life equals = percent of depreciation |
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Name private restrictions to real property |
Deed restrictions and restrictive covenants
Easements = right to enter someone else’s property
Leases
Liens |
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Name two types of title insurance ,,who do they protect |
Owners policy = to protect owners equity and is not transferable to another owner Mortgage policy/bank = protects the lenders investment and is transferable |
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Three ways to cure defect in title |
Quit claim deed
Sue to quiet title/legal process
Marketable records title act = defects more than 30 years are deemed cured |
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True or false a contract is a mutual meeting of the minds |
True |
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Statue of frauds requires certain contracts be in writing to be enforceable |
Sales contract, option contract, lease more than one year |
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Name contracts Florida licensees can and cannot draft |
Can = sales contract, option contract, listing contract
Not allowed = leases or other conveniences, can fill in blanks |
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Name three types of listing contracts/employment agreements |
Open listing = procuring cause gets paid Exclusive listing = 1 broker, but seller reserves right to sell themselves without owing a commission
Exclusive right to sell = broker paid no matter who sells property, the only bilateral listing contract |
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Describe option contracts |
Must be in writing
Must have the definite valuable consideration, minimum $100
Broker can obtain options and resell for profit |
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Local planning commission act as advisers to who |
County or city commission |
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Planning commission authority includes the following |
Subdivision plat approval
Site plan approval
Sign control |
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Five types of zoning categories |
Residential, commercial, industrial, agricultural, special use |
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Zoning laws can be flexible through the following |
Variance = working within current zoning codes, example setback change
Special exemptions = working outside said codes
Nonconforming use = grandfathered in |
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Name a planned unit development |
Seaside Florida |
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Number one objective of a property manager |
Generate the greatest net income while at the same time maintaining the integrity of the property |
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Describe Florida as a lien theory state |
Property owner retains title when borrowing money and property as collateral |
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When a debt is paid in full on a mortgage what is given to the borrower to release the property as collateral |
Satisfaction of mortgage |
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Who is the mortgagor Who is the mortgagee |
Mortgagor = borrower Mortgagee= lender |
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What does a due on sale clause do |
Prevents assumptions without lenders permission |
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Lender will not seek a deficiency judgment after a foreclosure sale |
Lender will not seek a deficiency judgment after a foreclosure sale |
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Package mortgage = |
Covers both real and personal property |
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What is a defeasance clause |
Defeated, requires lender to provide satisfaction of mortgage when loan is paid off |
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Subject to mortgage = |
Buyer has no personal liability to the mortgage |
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Assumption of the mortgage = |
Buyer signs a note and becomes liable for the debt |
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Novation = |
A release of liability to the seller in an assumption mortgage |
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What is a contract for deed/land contract |
Seller financing, seller retains legal title until debt is paid |
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A Lis pendensis a constructive notice of what |
Foreclosure |
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Equity of redemption = |
The time up to auction for the borrower to cure the defect and pay the full debt |
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Deficiency judgment = |
In adequate funds from the sale at public auction |
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Surplus money from public auction is called |
Overage,, mortgagor/borrower gets it |
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Term mortgage = |
Interest only |
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Amortized mortgage = |
Systematic payment of principal and interest for the duration of the loan. |
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Partial amortization mortgage |
Payments of principal and interest, but the principle of the payment is insufficient to pay the full debt, therefore requiring a final balloon payment |
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Equation for ARM |
Adjustable rate mortgage = index + margin = ARM |
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Reverse annuity mortgage(RAM) |
Allows banks to make payments to senior homeowners based on their equity eventually the home belongs to the bank |
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Name the three types of mortgages available to consumers |
VA, FHA, conventional |
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Describe a VA loan |
Guaranteed to lenders in the event of default of borrower Qualifying ratio is 41% total obligation to income No loan limits, but there is a guarantee limit |
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Describe FHA loans |
Mortgage insurance paid upfront and monthly
Qualifying ratio is 31% PITI to income and 43% total obligation to income
There are loan limits for different locations throughout the country |
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Describe conventional mortgages |
Qualifying ratio is 28% PITI to income and 36% total obligation to income
Private mortgage insurance is usually required when the loan value is greater than 80% |
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Mortgage loan underwriting is risk evaluation for two things |
Ability to pay/income/job
Willingness to pay/past credit |
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Name the three secondary mortgage market |
FNMA GNMA FHLMC |
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Describe the federal national mortgage association |
1938, purchase FHA, today Fannie Mae buys FHA, VA, and conventional 31%, 43% |
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Describe government national mortgage association |
1968, subsidy function for FHA loans, works directly with FNMA call the tandem plan |
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Describe federal home loan mortgage Corporation |
1970, to purchase conventional loans from savings and loans. Today Freddie Mac buys FHA, VA, and conventional |
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Laws regarding federal fair credit and lending procedures |
Real estate settlement procedures act/RESPA
Requires disclosure of closing cost to borrowers, information booklet/3 Business days, good faith estimate of closing cost/3 business days |
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Describe truth in lending act |
Requires disclosures of cost of borrowing/APR, implemented through regulation Z |
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TILA/RESPA |
Requires lenders to provide borrowers a closing disclosure at least three business days prior to closing |
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Name the federal reserves three methods of influencing the cost of money/interest rates |
Open market, buying and selling of treasury bonds
Changing the discount rate in the interest rate
Changing the reserve requirements |
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When is a property sold |
When a deed is transferred by the buyer/grantor to the buyer/grantee for money. At that point the deed is delivered and excepted |
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What dictates the details of the closing |
The real estate contract |
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When is a state certified appraisal required |
Federally related loan |
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Assemblage and plottage |
Assemblage is the combining of two more parcels under one ownership
Plottage is the increase in value of property because of assemblage |
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Name three approaches to value real estate |
Comparable sales approach
Cost depreciation approach
Income capitalization approach |
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Describe comparable sales approach |
Principle of substitution, mostly used for residential, adjusting comparable properties to find the reconciliation |
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Cost depreciation approach |
Principle of substitution, special purpose property, building is valued separately from the land |
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Income capitalization approach |
Principle of anticipation, potential gross income/00 percent occupancy, effective gross income/excludes vacancy losses,NOI equals EGI minus operating expenses, gross rent multiplier |
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What must be on a broker sign |
List the broker business Name of broker and “licensed real estate broker” Visible Sales associates names must be segregated from broker to prevent confusion
Must be observable to anyone entering the office |
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Guidelines for advertising in real estate |
Misleading or false advertising is a misdemeanor of the second degree
Wording so a reasonable person can understand
Minimum requirement is the name of the brokerage business
Sales associates cannot advertise in their own names
Team our group name cannot be larger than the brokerage name |
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Deposits and escrow accounts |
Broker hold money in escrow or trust account
Sales associates have one business day
Brokers have three business days
Before contract buyer is boss of the money, under contract money can be moved without consent a buyer seller
If deposit is placed an interest-bearing account the buyer and seller must first degree |
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Procedures required for conflicting demands |
Notify Frank and 15 business days
If the conflict is not resolved in 30 business days the broker must take 1 of 4 actions Mediation/negotiate
Arbitration/binding decision
Escrow disbursement order from FREC
Litigation |
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Tax deduction for business property |
Depreciation |
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Home ownership provides three tax advantages |
Mortgage interest deduction
Real estate tax deduction
Exclusion of gain from sail principal residence |
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How to appeal a tax assessment |
First request an adjustment from the property appraisers office
If denied, file request with the value adjustment board |
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When is tax due on a real estate installment sale |
Storm in sales when a seller excepts partial payments over time, no taxes due until the payment is collected |
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When a property is exchange for another like kind property/1031, the taxes on the exchange are |
Deferred |
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List additional tax exemptions |
Surviving spouse = $500.
10% or more military disability = $5000
Blind = $500
Non-veteran 100% disability = $5000
Permanent and total military disability = 100% exempt |
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How is a tax levy calculated |
Assessed value less exceptions equals taxable value
Taxable value multiplied by tax rate equals tax levy |
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Describe just value |
The county property appraiser assess as real property according to its fair and equitable value |
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The auction bidding on tax certificate interests begin at what rate |
18% |
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The truth in lending act gives a consumer the right to resend a mortgage secured by his Homestead true or false |
True |
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Who can renew their initial Florida real estate license without post license education |
A person that graduated with a four year degree or higher in real estate |
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How is someone elected to the chairman of Florida real estate commission |
Chairman is elected by his or her peers |
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How does a Florida real estate license promise to re-purchase property back in the future |
With a guaranteed re-purchase agreement that has been approved by the state of Florida |
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A real estate broker can have an interest-bearing escrow account true or false |
True |
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Difference between actual notice and constructive notice |
Actual notice = giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into the property
Constructive notice = notice given by publishing in a newspaper, public records, or other method |
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Assemblage |
Bringing together two or more adjoining parcels of property under one ownership |
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Plottage |
Plotting for an increase in value of property experienced through assemblage |
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Active and former active duty military members and their spouses are allowed to do wet through reciprocity |
Obtain a DBPR license in Florida if they have the same license in another state |
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Who can order a summary suspension |
Secretary of Dbpr |
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Upheld the civil rights act of 1866 |
Upheld the civil rights act of 1866 |
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One negative wire, one positive wire, one neutral wire |
One negative wire, one positive wire, one neutral wire |
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Homestead rights are from who |
Florida constitution |
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Money will be paid from the real estate recovery fund when |
A judge rules against a Frec decision in a court of law |
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The federal reserve system can increase the money supply by |
Decrease reserve requirements |
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A naval base in Pensacola is |
A base industry |
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Who can bid on a foreclosed auction |
Anyone |
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The tax reform act of 1997 did what |
Excludes up to $250,000 of capital gain tax on sale of principal residence if you were single |
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When a property is bought subject to the mortgage, describe some of the stuff |
Intangible tax on mortgage is not paid, the grantee is not responsible to pay the note, the mortgage he could sue the original owner for deficiency judgment |
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For real estate brokerage is arranged as a limited partnership can the limited partners be required to register with the DBPR |
No |
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Holographic will |
Hand written |
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Marginal tax rate |
Percentage taken from your next dollar of taxable income |
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1031 tax deferred exchange |
Defer taxes, identify 45 days, acquire within 100 days of closing previous property |
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Boot |
Fair market value of other property received in exchange |
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Constructive evection |
Landlord fails to do something that they has a legal duty to provide |
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Chain of title versus abstract of title |
Chain equals history that shows conveniences encumbrances
Abstract of title equals summary |
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Dominant tenant versus servient tenant |
Dominant equals gaining the benefit of the easement
Servient equals suffers the burden of the easement |
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Easement by prescription |
Granted after use the property in a hostile continuous open manner for a number of years |
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Appurtenant easement |
Appurtenant easement |
Right to use adjoining property that transfers with the land |
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Easement in gross |
No dominant tenant, powerlines |
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Ad valorem |
=according to value |
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Inverse condemnation |
Suing the government for just compensation when property is taken |
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TILA |
Inform use of consumer credit
Require disclosures about its terms and costs standardize the manner in which cost associated with barring or calculated and disclosed |
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Fair housing act |
1968 act banning refusal to sell or rent a dwelling to any person because of race color religion sex or national origin |
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Jones versus Mayer |
1968 court case that barred all racial discrimination, private as well as public, and the sale of rental property based on the 13th amendment |
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Sherman antitrust act |
Bands anti-competitive behavior such as price fixing |
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Americans with disabilities act |
1990 act for him and discrimination as people disabilities and employment, transportation, public accommodations, communications and government activities |
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Material fact |
A fact that, if known, may have caused a buyer or seller of real estate to make a different decision |
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Steering |
Buyers = you should live by those people |
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Blockbusting, panic selling, panic peddling |
Sellers = you better sell because you don’t want to live by those people |
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Essentials of a valid contract |
Mutual consent, lawful object, consideration, capable parties |
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Codicil |
Amendment |
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Codicil |
Amendment |
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Agency duties |
ACOLD = accountability, care, obedience, loyalty, disclosure |
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Reddendum clause |
Clause describes any reservations or restrictions that run with the land, such as deed restrictions |
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A valid deed must be signed by a competent grantor with 2 what |
Witnesses |
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Deed requirements to be legally valid |
In writing
Contain names of grantor and grantee
Declare the considerations
Contain a granting clause/words of conveyance Habendum clause/type of estate (fee simple/life estate) Complete legal description
Competent grantor must sign the deed with two witnesses
In order to accomplish the conveyance, the deed must be delivered to an excepted by the grantee
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Bargain and sale deed means what |
This type of deed contains no warrants or covenants other than a warrant of seisen/statement of ownership |
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Special warranty deed |
Only promises to defend any title defects that arose during the period of time at the property was owned by the grantor, often used by banks who’ve taken property through foreclosure |
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Guardians deed and committees deed |
Guardians deed = used to convey title to a minor
Committees deed = used to convey title to mentally incompetent |
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What section of the government has the right to enact laws on public health, safety and welfare, As well as divide areas of the community and the various uses like residential, commercial and building codes as a guidelines for construction |
Police power |
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What is a legal determination of value in the court system |
When a property owners Disputes the amount of financial compensation from eminent domain |
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Lesser vrs lessor |
Lessee = renter Lessor= landlord |
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Assignment versus sublease |
Entire lease in full= assignment |
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Name the three superior liens |
Real estate tax liens
Special assessment liens
Federal estate tax liens |
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What is a letter of guidance |
Probable cause panel informs licensee no technical violation may have occurred, but licensee may want to handle this type of situation with more care in the future |
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How long does a licensee have to file a written us response to a formal complaint |
20 days |
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What is a written exception |
It’s an objection by the licensee with concerns to the recommended order, must be filed in 10 days |
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What groups are not considered to be a protected class and not covered by the 1968 fair housing act |
Marital status, occupation, age |
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Inclusion clause in exclusive and claws refer to what |
Weather fixtures or a part of personal or real property |
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A cooperative multi unit dwelling is also basically a proprietary lease true or false |
True |
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What is a Declaration and where is it used |
Condominiums are recorded and created with state approval
Rules and bylaws, condo convenience transfers title to individual units as well as undivided interest in the shared common elements |
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What are the two legal format for timeshares |
Interval ownership = taking legal title of property/fee simple as a tenant in common with other interval owners
Right to use/vacation lease= a person license the timeshare unit for a pre-describe period of time or which soul right of possession is in transferred back to the developer |
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IRS deductions for residential |
Mortgage interest deduction, property tax deduction, tax free up to $10,000 from IRA |
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IRS deductions for residential |
Mortgage interest deduction, property tax deduction, tax free up to $10,000 from IRA |
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Investment property IRS tax deductions |
Deduction of operating expenses, except for reserves for replacements
Deduct depreciation
Candy clear Gain loss
Deferred cap Gain with like kind and 1031 |
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Special flood zone hazard area |
Flood zones a and V are considered to be areas prone to flooding at least one percent of the time each year |
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CERCLA |
Legislation to make sure properties that have been contaminated will be cleaned |
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Department of business and professional regulation’s is under which Florida statue |
455 |
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Can a landlord put deposits in his personal account |
No |
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Financial institutions must make credit available without discrimination of race in accordance with |
Equal credit opportunity act |
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An appliance with RES PA, at the time of a mortgage loan application this requires |
A good faith estimate and hud settlement cost booklet |
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Where does the principal meridian and baseline meridian intersect |
Tallahassee |
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A for your real estate degree is exempt from what |
Four year degree in real estate is exempt from sales associate pre-and post license course, exempt from broker pre-license course, they are not exempt from 14 hours of continuing education every two years |
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advertisement must indicate what so it’s not a blind advertisement |
License name of the brokerage firm |
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Internet advertisements must contain a point of contact which includes |
Name of brokerage, address/both physical and mailing, email address, and telephone numbers |
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A single agent broker who wishes to remain loyal to the principal yet be involved with both sides of the transaction must |
Work with the other party in a no official brokerage relationship role |
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To be valid a deed must be |
Signed and witnessed |
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The most common method used by the federal reserve board to control supply of money is |
Open market operations |
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Two expenses are deductible for income taxes that are not deducted in Calculating net operating income |
Interest and depreciation |
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Under the income approach value equals |
Income divided by rate |
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What requires disclosure of pertinent information such as down payment and annual percentage rate if he triggering items such as interest rate is advertised |
Regulation Z |
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