Aceable Agent FL RE Course Flashcards

Aceable Agent FL RE Course Flashcards Because Steve, Leland, and Stu have the right of survivorship (meaning if one dies, their portion of the property goes to the other co-owners, not their heirs), they have a joint tenancy with the right of survivorship. Cara and Jose are the tenants in common, because they do not have the right of survivorship. If one of them dies, their portion of the property will pass to their heirs, not the other co-owner.Which of these scenarios BEST describes property held as tenants in common?In a back-n-forth negotiation, the parties can change out roles from offeror (the person making an offer) to offeree (the person receiving the offer). That happens when the original offer is responded to by a counteroffer, which is a rejection of the original offer and a new offer all in one.Buddy thinks one of Holly's marbles would be a great addition to his collection. As offeror, Buddy proposes a

swap: two of his blue marbles for one of her green marbles.

Holly listens to Buddy's offer and then counters with her

own: one of her green marbles for two of Buddy's blue

marbles AND one red marble.What are the roles played by each party to this marble negotiation?Common LawCan be traced back to customs and precedent established by court decisions over the centuries in England A 30-year mortgage will include 360 monthly payments.How many monthly payments will be made in a 30-year mortgage?Jenny and Tom had not entered into any type of agency agreement, gratuitous or not, but they allow the impression of agency to exist - which hurt the buyers. If the courts find Jenny and Tom liable for the buyers' damages, it will be ruling that agency by estoppel exists. (Agency by estoppel is created AFTER the actions giving the impression of agency have already occurred. It is used to create legal accountability for the agent or the principal responsible for creating the impression of agency when that impression hurts a third party. Both Jenny and Tom gave the buyers the impression that Jenny was representing Tom when she showed them Tom's place.) License Holder Jenny knew her neighbor Tom was considering selling his house. Although Tom hadn't entered into an agency agreement of any type with Jenny, he also didn't object when Jenny brought clients by to see his place.Things got ugly, though, when some buyers made an offer on Tom's house only to hear it really wasn't for sale.The buyers, who missed out on the opportunity to make an offer on another home because of their interest in Tom's place, sued both Tom and Jenny.What form of agency might be used as the legal basis for the buyers' lawsuit?Many clients will need third-party financing, which can come from commercial banks, savings associations, credit unions, and mortgage brokerage companies.A sales associate needs to direct their client to a few sources of third-party financing. You tell the sales associate

to look into:

The disclosure of facts that are not readily observable that could materially affect the value of a property is a duty that licensees have in all of the approved brokerage relationships in Florida, including a no brokerage relationship. Ira's awareness of radon gas in the area where the house is located could affect property value and must be disclosed.Sales Associate Ira has entered into a no brokerage relationship with Buyer Gwen. The home that Gwen is looking at is in an area where many houses are known to have issues with radon gas seeping in through the basement. Ira knows that the seller had it tested and small amounts of radon were detected.Select the statement that BEST describes Ira's duties to Gwen.

For a complaint to be investigated, it needs to be in writing and legally sufficient. A complaint does not need to concern a violation that occurred in Florida, or concern real estate. It can be anonymous or confidential.In order for the DBPR to investigate a complaint, the

complaint must be:

Jim and Bob's lifelong friendship, coupled with Jim's announcement of his raise, are both factors that could lead to an implied agency relationship.Jim and Broker Bob are lifelong friends. A year ago, Jim told Bob that he'd sure love to move into a bigger house, but he'd need to make more money. Today, during their weekly pickleball match, Jim informed Bob that he got a raise.Which of the following BEST explains why implied agency could arise from this scenario?A client's right to terminate (revoke) an agency agreement at any time with a broker does NOT automatically release the client from liability for doing so. The language of the contract will likely indicate under what conditions, if any, a client might be held liable for early client-initiated termination.Does a client always have the right to terminate (revoke) an agency relationship agreement at any time with a broker? If so, does this also mean a client could do so without liability?A contract for deed is a sales contract in which the buyer pays the seller for the property in multiple installments for a predetermined length of time. It's also known as an installment sales contract or land contract. The buyer receives equitable title until they pay their final installment to the buyer. Then they get legal title.In a contract for deed, what does the buyer receive (until they pay off the entire loan)?An acknowledgment is a party's notarized profession that they are signing a document voluntarily. Consideration is something of value exchanged by the parties as evidence of agreement to the terms of a contract.Baruch states in the contract that he will pay $350,000 for a

property. The $350,000 is the:

It looks like you added instead of subtracting. To find the equity that Larissa holds, simply subtract the debt from the value of the property. She owns $210,000 of the property

(640,000 - 430,000).

Larissa owns a property worth $640,000. She owes the bank $430,000 on her mortgage. How much equity does Larissa currently have in the property?Under the Florida Residential Landlord and Tenant Act,

here are the steps for eviction: 1. The landlord delivers

notice to the tenant of their eviction. 2. If the tenant doesn't leave in the allotted time, the landlord must file a complaint for eviction in the court of the county where the dwelling is located. Typically, the sheriff's department delivers the complaint to the tenant. 3. The tenant has five days to file a response in defense. The tenant can try to defend for their continued possession, in which case the courts will have to render a judgment. 4. If the tenant doesn't answer the complaint but stays on the premises, the landlord must get a final judgment from the court. 5. If the judgment is in favor of the landlord, the landlord can gain possession after a 24-hour notice is posted on the dwelling. 6. At the time the sheriff executes the writ of possession or at any time after,

the landlord or their agent may remove any personal property found on the premises to or near the property line.The landlord may request the sheriff to stand by to keep the peace while the landlord changes the locks and removes the personal property from the premises.Tenant Tiffany receives an eviction notice from her landlord. However, she refuses to leave. What is the NEXT step the landlord should take?Melissa is giving her neighbor a license (or possibly an easement, depending on the level of formality). The correct answer is Marco, the property owner selling the right to extract gas from beneath his farm to the gas company.Subsurface (or mineral) rights deal with stuff below the ground.Which of these property owners is exercising their subsurface rights?[(Front feet x Amount per linear foot) x Owner percentage] ÷ 2 = Street paving assessment. [300 ft. x 22) x 0.55] ÷ 2 = $1,815. Remember, we divide by 2 to account for the fact that the homeowner only pays for their half of the street.The homeowner on the other side of the street is responsible for the other half.Paul's street is getting paved. His lot is 300 ft. by 500 ft. It will cost $22 per linear foot for the city to pave the street, and the city is paying 45% of the total cost.How much is Paul's special assessment?

Real estate is land and improvements. Real property is land, improvements, and the bundle of rights.How is real estate different from real property?While handling tenant conflicts might be one responsibility of a property manager, it is not their primary concern.Property managers have many responsibilities, but their most important responsibility is to realize the highest return possible on the owner's investment.Ileanel is starting a new job as a property manager. She asks you for advice on what she should focus her efforts

on. You tell her:

The obligation of confidentiality does not terminate when employment terminates.Graciela is leaving Atlas Realty and moving to another brokerage. She can't wait to tell her new brokerage all the details about her most recent transaction at her old

brokerage. Graciela should remember:

Because Florida is a lien theory state, the borrower will sign a mortgage instead of a trust deed.A homebuyer is taking out a loan to purchase a home in Florida, which is a lien theory state. The lender has them sign a promissory note and what other document?This is incorrect because the storage area is a limited common element (meaning jointly owned by all of the condo owners but only used by Maribel). That means the HOA or condo association is responsible for repairs.Maribel owns a condo that has exclusive use of a storage area in the basement. If a pipe breaks in the basement and the storage area floods, who is responsible for paying for repairs to the floor?The monthly cost of the HOA fees is $128 ($1,536 ÷ 12 = $128). So, if the buyer owes the seller for 5 months, you just need to multiply $128 by 5. That equals $640.A seller paid $1,536 in HOA fees at the beginning of the year. The buyer closed on the property and took possession with exactly 5 months left in the year. Using the 360-day calendar, how much would the buyer owe the seller in prorated HOA fees?As a rule of thumb, each point a borrower pays increases the lender's yield by 1/8 of 1%, or 0.125%.Trina decides to pay one point in order to lower her interest rate. How does Trina paying one point affect her lender's yield?There are four documents that MUST be given to all condo buyers, whether they are the first purchaser of the unit or a subsequent buyer. They're known as the "condominium documents," and they outline all the important information about the condo buildings and condo association. They are the declaration, the articles of incorporation, the bylaws, and Frequently Asked Questions (FAQs). Resale condos require a condo declaration but not a prospectus.Ella is buying a condo from the current owner. Which of these documents must the owner give her?This is correct. If a state uses it, a Torrens certificate is the absolute BEST form of title evidence. If a Torrens certificate cannot be obtained for a property, then title insurance serves as the second best evidence of title.These are followed by an opinion and certificate of title.Kae is a broker. She asks her sales associate to collect evidence of title for the property they are working with.

They bring Kae evidence of title in the form of:A Torrens

certificateAn opinion of titleA certificate of titleTitle insuranceRank the types of evidence of title the sales associate brought Kae from the best to the worst.A rising supply paired with stable demand creates a renter's market. Rent rates should go down now that there is more supply in relation to demand.There has been a lot of new construction in Ace City. New apartment complexes have been opening all over town.Assuming that demand remains stable, infer the effect that this will have on rent prices.