45H Post Licensing Course Study GuideGold Coast Doral 2023

45H Post Licensing Course Study Guide(Gold Coast Doral 2023) Flashcards What's a court house auction?They are involved with the enforcement of liens due to borrowers defaulting on items such as property taxes, mortgages, income taxes, or community association fees, and any other judicially required proceedings leading to actual auction of the real property for repayment of that debt.In a NOI Statement what are considered operating expenses?operating expenses include Fixed Expenses (FE), Variable Expenses (VE), and Reserve For Replacement.Chapter 475 regulates?Regulates real estate licensees, schools, and appraisers.What's property flipping?When a property is purchased, falsely appraised at a higher value, and then quickly sold.Who participates in the secondary mortgage market?Ginnie Mae, Fannie Mae, and Freddie Mac.What's the contracted Sales Price? What's the principle of contribution?

1.Contracted sale price is the total consideration received by the Company for the sale of an Investment.2.Principle of contribution states that the value of a component of the property is the amount it increases the total value of the property.What's the purpose of Condominium Bylaws? are basic rules under which the condominium operates.Are commonly used for detached garages, screened porches, room additions, and non residential buildings.Flat Roofs What's a single agency relationship duties? Deal honestly and fairlyaccount for all fundsDisclose all known facts that effect the value of res propertySkill, care, and diligencePresent all offers and counteroffersConfidentialityobedienceloyaltyfull disclosure The 1988 Amendment of the Fair Housing Act Of 1968 added which additional protected classes?Handicap and Family Status Define Deed in lieu of foreclosure?The title is usually transferred with a warranty or quitclaim deed from borrower to the lender specifying that the borrower transfers all legal rights and interests in their real property to the lender in exchange for the avoidance of an actual foreclosure.What's Leverage?Is the use of borrowed funds to increase the potential return of an investment.What's a CMA? And most useful to Seller for? CMA is an opinion of value based on current market conditions. Helps seller choose best listing price for property.The Civil Right Act of 1866 was enacted for the purpose of?Prohibits discrimination based on race in the purchase, sale, or lease of real property.define investment value?is the value of a particular property to a particular investor.its the highest price an investor will pay for a property and

the lowest price seller will accept.

why are building code regulations put in place? To protect the public health, safety, and general welfare as they relate to the construction and occupancy of buildings and structures.How many days does a sales associate need to notify FREC when changing employers?

10 DAYS

What's the NAR? And how big is it?National Association of realtors and is the largest and most prestigious real estate org in the world.Who is responsible for governing a condominium? Governed by a board of directors or board of managers that maintains the common elements and enforces the regulations.What happens if Sales Associate does not complete his/ her post licensing requirement when it is due?Initial license is NULL & VOID Who is the mortgagee?the lender What is Statue Of Frauds?it requires that all contracts be in writing, and signed by all the parties to be enforceable.What's the R-Value?Is a measure of the ability of the material to resist the flow of heat and is expressed in British Thermal Units (BTUs) that can be transmitted through one thickness of the material in one hour.What's an Option Contract?An offer to purchase a property without the obligation to buy it for specific price and for a specific amount of time.What's a conventional loan?Is any loan that is not insured or guaranteed by an agency of the government.What's Lender Title Insurance?Generally required by all institutional lenders to protect their security interest, or collateral, for a real estate loan and it is issued for a loan amount.Whats a benefit of purchasing a home with a VA loan?Veterans only need to put how much money down?VA loan requires little to no down payment, and provides veterans with a relatively easy qualification requirement and comparatively low interest rates.What protected class is not exempt from any type of discrimination?Race.A sales associate received an Escrow Deposit from Buyer; Sale associate must submit the check to Broker when?Next business day.What's Double entry in Closing Disclosure Statement?Expenses between two parties to the transaction, with no third party involved.What is Farming?Concentrating on one type or style of property or on one particular neighborhood.Whats a BPO?Broker Price Opinion is an estimate of value for property(Real Estate Asset) owned by the bank.Who needs a CAM License?Property managers who are employed and compensated by community associations. Is required when managing a community association of more than10 units and/or with an annual budget in excess of $100,000.Define steering?Is the practice of directing homebuyers toward or away from homes in certain neighborhoods or in a multiunit

building in order to preserve or alter the makeup of that neighborhood with respect to race, religion, sex, or national origin.