45 hour post license real estate course Flashcards

45 hour post license real estate course Flashcards Landlord and Tenant ActTenant, within 30 day of signing lease, where deposits is being held; whether it is an interest-bearing account and the interest rate, if any single agents may call their customersPrincipals.Federal Reserve's Regulation ZReaders of Ads, Full disclosure of all material factors in finacing including price, down payment, monthly payment, finance cost, and annual percentage rate of interest concurrencyA state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs A broker must disclose known facts that materially affect the value of residential property when that broker is ALL OF THESE1. a licensee with no official brokerage relationship2. a single agent3. the transaction broker Brokerage relationship disclosuresBuyer & Seller, Entering into a representation agreement or showing a property Persons who sends a fax tohave an "established relationship" with the recipient or written consent from the recipient.Radon gasA colorless, odorless gas occurring from the natural breakdown of uranium in the soil. Many experts believe radon gas to be the second leading cause of lung cancer.John and Bill are sales associates working for a commercial broker. The broker allows sales assoicate John to act as a single agent for the buyer and sales associate Bill to act as a single agent for the seller. Both the buyer and the seller have assets of more than $1 million and each agrees to this form of representation. The situation describes designated sales associate Disabilityas a physical or mental impairment that sugstantially limits a major life activity, such as walking, seeing, hearing, learning, breathing, caring for oneself or working.Designated sales associateA sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been appointed to be the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement.Fair Housing ActThe federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, familial, status, and handicap MisrepresentationA false or misleading statement made intentionally or unintentionally, or the failure to disclose a material fact.A residential sale is defined as1. property 4 or less units2. unimproved residential property intended for use 4 or less units3. agricultural property 10 or

less acres

If the licensee does not succerssfully complete the post-license requirements the license becomes voidand if wants to practice real estate must take prelicensing course and state exam.Single AgentA broker who represents either the seller or the buyer in a real estate transaction, but not both.No Brokerage RelationshipBrokers who will not represent the customer as a single agent or a transaction broker must give the customer a NO Brokerage Relationship Notice before showing property.The notice need not be signed a broker need not give a brokerage relationship disclousre when the property being show is a nonresidential property Fiduciary relationshipA relationship of trust and confidence between an agent and principal The broker's license becomes what if failure complete the required 60 hour post-license course.void Time-Share Act- unit assessmentsBuyer, Annual assessment for common expenses Dual agencyAn illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction Homeowners Association DisclosureBuyer, Notification that the owner is required to be a member of an association; there are covenants and restrictions; there is a required assessment; there may be a land use fee Property condition disclosureSeller & Buyer, Any material defects that affect the property's value Fair Housing Amendments Act of 1988added two new classes of protection: handicap and familial status Which statement to a prospective buyer is NOT likely to increase a licensee's liability?"You should be able to get information from the school board about which school your child would attend if you purchase this home." A principal is legally represented by aSingle Agent consent to Transition to Transaction Broker NoticeA disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change Principalsare responsible for the acts of his single agent The rate for long-term (holding 12 months) capital gains are a maximum of 15% ( 5 percent for persons in the 10 % ordinary income tax rate).Fair Housing Postermust be posted in all offices, failure to do so shifts the burden of proof in discrimination actions to the broker.Civil Right Act of 1968included Title VII, the Fair Housing Act. protected against discrimination in housing based on race, color, religion, sex, and national origin.Transaction brokerA licensee who has limited representation to the buyer and/or the seller in a transaction. Instead of being an advocate for the buyer or the seller, the licensee is working for the contract.

Florida Americans with disabilities Actmirrors the Federal American with Disabilities Act except it allow suing in state courts for victims of discrimination an easier remedy.Innocent purchaser statusAn amendemnt to the Comprehensive Enviromental Response, Compensation, and Liability Act (CERCLA) that exempts from liability landowners who made resonable inquiries about hazardous substances before purchasing the property.BlockbustingThe illegal act of a licensee who frightens homeowners into selling by raising fears that minority homeowners are moving into a neighborhood Transaction Broker DutiesLimited Confidentiality, unless waived in Writing by a party.The transaction broker may not reveal to either party1. that the seller might accept a price less than the asking or list price2.that the buyer might pay a price greater than the price submitted in a written offer3. the motivation of any party for selling or buying property4. that a seller or buyer will agree to financing terms other than those offered5. any other information requested by a party to remain confidential PrincipalThe person who enters into a fiduciary relationship with a single-agent licensee.Condominium Act- purchase cancellationBuyer, 15-day cancellation privilege when buying from a developer; 3 day cancellation privilege when buying a resale unit Time-share Act-purchase cancellationBuyer, All material aspect of the property, rights and obligations of buyer and seller, ten-day cancellation privilege, notification that purchase is a leisure time activity, not an appreciating investment buyer brokerage agreementAn agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative.Land use disclaimer-some jurisdiction, but not statewideBuyer, Restrictive covenants for the neighborhood; buyer's responsibility to investigate whether the anticipted land use conforms to comprehensive plan, zoning building codes, etc; public or private street and drainage maintenance A principal is responsible for the acts of her Single Agent In which status does a licensee not need to provide a written brokerage relationship discloure notice When acting with no brokerage relationship A man has a capital gain of $197,000 on the sale of his home, which he owned for three years. The sales price was $425,000. Sales costs were $7,000, qualified fix-up costs were $1,000, and moving costs were $2,000. How much must the man pay in capital gains taxes on this sale if his