Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
Mobile home |
Property designed to be used as a dwelling classified as either personal or real property depending on the method of attachment to a parcel of real estate. Also known as a manufacture home. |
|
|
Bulk sale |
The transfer of more than one half the inventory of a business material or goods to a person other than the business customers.fictiou |
|
|
Fictitious business name |
The name under which a business or operation is conducted also known as a d.b.a Doing business as |
|
|
Business opportunity |
The assets for a business enterprise including its goodwill. The term includes of sale or lease of the business and goodwill of an existing business enterprise or opportunity |
|
|
Designated officer (do) |
The. Individual who is the licensed officer qualifying a corporation for a corporate broker license. |
|
|
Principal |
A person, individual or entity acting as a buyer or seller, represented by a broker and their agent. |
|
|
Department of real estate ( Dre) |
A government entity which oversees, regulate, administer and enforce the real estate law. |
|
|
Real estate commissioner |
To enforce all the real estate laws pertaining to real estate licensing and the subdivided lands act. |
|
|
Real estate recovery fund |
Funds available to individuals who have obtained a final court judgment against a licensee and are unable to recover the judgement from the licensee. Also known as the consumer recovery account. |
|
|
Mortgage loan originator |
A department of real estate(Dre)licensee who receives fees to arrange a consumer mortgage other than a carryback. |
|
|
Agent |
One who is authorized to represent another, such a broker and client or sales agent and their broker. |
|
|
Agency law disclosure |
Restatement of agency codes and cases which establish the conduct of real estate licensees. It is delivered to all parties in targeted sales and leasing transactions. |
|
|
Buyers agent |
An agent representing the buyer. Also known as a selling agent. |
|
|
Seller agent |
An agent representing the seller.also known as a listing agent. |
|
|
Exclusive agent |
An agent who is acting exclusively on behalf of only one party in a transaction |
|
|
Fiduciary duty |
That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over their principal by the slightest misrepresentation, concealment,duress or undue influence. |
|
|
Agency confirmation |
A provision in all purchase agreements and counteroffers disclosing the agency of each broker in the transaction. |
|
|
How many hrs to renew r/e or broker license every 4 years? |
45 hrs |
|
|
A residential mortgage primarily for personal, family or household use and secured by a deed of trust on a dwelling is known as a?? |
Consumer purpose mortgage |
|
|
Agency in real estate related transactions includes relationships between brokers and their ?? |
Agents and principals |
|
|
The agency law disclosure needs to be attached to which of the following documents and signed by all parties in targeted transactions? |
Purchase agreement, seller listing agreement and counter offer. |
|
|
Failure of sellers agent to provide the seller with the agency law disclosure prior to entering into the listing agreement may result in ??? |
The loss of their fee |
