Climer Real Estate School study guide 100 questions Flashcards

Climer Real Estate School study guide 100 questions Flashcards how to calculate your sales commissionmultiply by percentage complaint requirementsstep one is it legally sufficient or not metes and Boundsnumbers stay the same but letters change investment termsequity what property is worth minus what is owed education exemptionsfour-year degree or higher in real estate do not have to take post 45 secondary Marketguarantee back Securities Gina May only MBS full credits of US government FHA versus VAFHA insurance VA guarantees how to calculate Homestead property taxes $50,000 City $50,000 County $25,000 School Board how Property Transfersif you put your real estate property into your will it is now called a device Types of Noticeanything recorded in public records is constructive notice water rights termsreliction Lake water pulls back during a drought exposes dry land how to calculate intangible tax2 mil equals .002 how ownership tenancies pass onthird form tenants-in-common you can put in your will and give to hears condominium document requirementgovernance form for resale title insurance policieslender's policy is transferable real estate Recovery Fund allowable payouts never pays punitive damages Federal telemarketing exceptionspast consumer can be called up to 18 months even on do not call National list Homeowner Association disclosure requirements if buyer doesn't get disclosure buyer can void contract government Survey System termssmall piece of land next 2 lake is government lot remedies for breach of contractdo not want money just close special performance right of survivorshipjoint tenancy and tenancy by the entireties how are seller items entered on closing statement purchase price is credit seller debit buyer types of constructionbuilder use his own money and plan equals SPEC Building what kills or terminates offerscounter offers and rejection how cooperatives workno deed you get proprietary lease authority of Planning Commissionplat plan and sign control approval how to identify ranges and townshipstownships run east to west ranges run north to south what each Florida statute coversh o a Florida statute 720 reciprocity versus Mutual recognitionFlorida only has reciprocity with us Armed Forces deed requirementsdo not have to be notarized nor recorded what dbpr investigators are allowed to do write a citation on the spot conflicting demand requirementsbroker must notify frec in 15 days if there are conflicting demands how to calculate State transfer taxescalculate taxes on sales price assumable and new mortgage

trigger termsnumber is trigger term multiple versus group licensesales associate working for owner developer might get group license Fair Housing Actif someone is asking a question about protected class cannot talk about it Exceptions to Fair Housing Actchurches can make u b a member b4 u move in limited Partnershipsif a general partner is doing real estate they have to be licensed disadvantages of real estate Investments real estate is not liquid Buffer Zoneundevelop strip of land separates zoning statute of Li.mitations RequirementsWritten 5 years Oral 4 years lien Theory vs. title Theorythe borrower keeps the deed statute of fraudsfor some contracts to enforce in court it must be in writing limitations of f r e c Authoritycannot put licensee in jail how to make CMA adjustmentsCBS CIA never adjust subject if comp is better subtract if comp is inferior add Homestead eligibility datesfile by March 1st how to calculate variable Leasedivide old by new concepts of valuevalue is whatever the appraiser says it is seller's market versus buyer's marketmore houses being sold than buyer it is buyer's market how mortgages are entered on closing statement owner financing equals credit buyer debit seller how to calculate special assessmentsdivide by 2 when you are doing Road improvements how to calculate reproduction costmultiply across and add down the secretary of DBPRsecretary appointed by govenor confirmed by senate brokerage relationshipsevery single licensee starts as a transaction broker how to derive noieffective gross income minus operating expenses equals NOI Loan Typesgovernment loans are non conventional license reactivation requirementinvoluntary inactive have two years to do 14 hrs of continued education Property Management escrow rulesif you are a broker it has to go into escrow account how prorated items are entered on closing statementall prorations credit buyer debit seller earnest money deposit time requirementsbroker put into escrow account within 3 business days categories of contractstwo parties on contract with only one has to do something highest and best useis what brings greatest value to land or property tools of Federal Reservebuy and sell us treasuries called open market operation Civil Rights Act of 1866prohibits discrimination based on race complaint settlementsif you want to cut a deal with frec it's called a stipulation personal property versus real propertyif you can bring it into the house in a box and take it out in a box it is personal mortgage documentssatisfaction of mortgage loan paid off what terminates brokerage relationshipswithdrawing does not terminate a brokerage relationship tenancy termination periodsweek-to-week 7 days notice to terminate broker's license requirementssales license active for 24 months underactive broker

real estate tax deductionspoints can be deducted from your home Florida r e Recovery Fundonly to reimburse consumers advertising ruleslast name broker registered name indicate it is my cell number characteristics of FHA Loansdown payment only 3.5% entities which can't be real estate brokerages churches cannot be real estate brokerage property tax exemptionsif you are a widow you get $500 if you are blind you get $500 how to calculate acreage using the GSS legal description640 acres in a section how to calculate lender yieldone discount Point increases yield by 1/8% property tax exemptionschurches are exempt how to calculate prorated itemscredit buyer debit seller Types of depreciationExternal obselence functions of appraisal boardsAQB how to calculate loan to value ratioloan amount divided by sales price tax advantages of Real Estatecannot deduct home owners insurance on primary residence know when a brokerage relationship disclosure is requiredwhen it is residential and a sale parts of Florida statute 475part four protected commissions on Commercial leases business brokerage versus Real Estate brokerage if you get into business brokerage you are called business broker zoning exceptionsif you want to vary from existing code request variance referral feesthe only unlicense person that can be paid a referral fee is a tenant, of no more than $50, to a tenant referral an apartment complex how to calculate Lots per acre43560 square feet times Acres minus Street acreage divided by lot size disclosure retention periods5 years landlord notification requirements30 days notice if landlord wants to keep some of security deposit criminal penalties for FS 475 violations selling rental list with in accurate or out-of-date information first degree misdemeanor how to reconcile appraisal weighted values multiply across and add down how to calculate percentage leasepay base rent plus extra percentage to landlord if business is good conflicting demand resolutionsif you agree to go to third-party and agree to what is arbitrated licensee registration requirementbroker associate gets one license Types of ListingsExclusive Agency - seller can sell against you as FSBO Clauses of a deedhabendum clause tell type of State being conveyed types of leaseswhen tenant pays rent and things landlord normally pays it is a net lease