Colibri Real Estate Final Exam Flashcards

Colibri Real Estate Final Exam Flashcards

• monthsbroker keeps expired agreements for...

hypothecationpledge of property as collateral for a loan riparian rightsrights for rivers ClientAnother word for principal

Government SurveyWhat is this legal description: 1/4 NW of 1/2 NE of 1/4 NW?

periodic tenancyspecific time period a third violationWhen will somebody be deemed a repeat offender?name and brokeran individual advertisement needs...let the client knowagent takes on a listing, decides to buy house for themselves blanket mortgagea mortgage that covers 2 parcels of land metes and boundsbeginning point (street name), then the direction to go Exclusive Right to Sellbroker receives compensation no matter who sells the property NeverWhen can a licensee receive commission from both parties in the same transaction?Trustee, Trustor, BeneficiaryParties of a Trust the sellersigns the deed at a closing tenancy at sufferencelease expires, tenants won't leave land contractbuyer pays seller to occupy and use property leveragefunds from tenant are used to pay property expenses call for late paymentsWhat can an unlicensed assistant NOT do?puffing"This is the most prestigious street in town" Acceleration ClauseThis gives the lender the right to declare all outstanding payments due upon a default by the borrower.security depositLEAST likely to be needed in a lease easement in grossgas company intrudes on land to fix a gas line goes to heirsTenants in common, 2 of 3 people die. Who gets the property of those who died?disclose it to the buyersleak in the house, seller is trying to hide it but the agent finds it opt-out optionWhat is needed when email marketing?gross leasebuyer pays only rent property managera general agent example net listinga seller wants a certain amount, the rest of the money goes to the agent as commission no loyaltyWhat is given up if there is a dual agency?Graduated LeaseA lease under which rental increases are made at scheduled intervals for specific amounts.littoral rightsrights for lakes

brokera special agent example clearing, adding structures, draining/filling, pesticidesWetlands: need a permit for...Exclusive Agencybroker gets compensation only if someone other than the seller find the buyer Percentage LeaseA lease for which the tenant's rent is calculated as a percentage of the tenant's sales.Liquidated Damagesa sum of money agreed on in advance that serves as compensation in the event of breach $10,000Second or subsequent violations cost deedproof of ownership

selling wetlandsWetlands: do not need a permit for...

listing agreementleast likely to require a legal description Fair Housing Actact that added religion and origin as protected classes flat, paved parking lotreal estate put to its highest use PITIprincipal, interest, taxes, insurance 10 days of receiptbroker pays agent within...liquidity damagesseller keeps earnest money deposit when the buyer backs out Civil Rights Act of 1866act that eliminated all racial discrimination in purchasing and selling homes tenancy at willno specified period or termination date personal propertylumber and concrete are delivered to a house and sitting in a backyard waiting to be used Transaction Brokerbroker who works with both parties on coming to an agreement, but is not in any agency relationship listings stay with brokerageagent switches brokerages, what happens to their listings?Compensatory Damagesdamages award intended to compensate a plaintiff for harm caused by defendant's act or failure to act 78%if a private mortgage insurance is cancelled...easement in grossbenefit a person, not land before seller's motivation or price is discussed When should the 4 business relationships be introduced to a client?$20,000 per transactionmaximum payout amount from the Real Estate Guaranty Fund past 5 yearscannot become an agent if a felony was committed in the past...Tenant owns it in severalityJoint Tenancy, 3 of 4 people die. Who gets property of those who died?$5,000maximum fine for first offense encroachmenta fence 3 feet onto another property's lawn is considered an ...bill of salewhat is needed when a property is bought with additional items included?

• brokers, 2 public, 1 government representative Real Estate Commission consists of...

appurtenancesrights that transfer with real property (runs with the land) honestyOpen house, declined agency relationship... What does the agent owe the person?improvementman-made attachment to the land at their next meetingLicensee must deliver Consumer Info Statement when...RESPAonly applies to 1-4 family residences

• business dayslender must deliver loan estimate within ...
• yearsbroker keeps copies of agreements and funds received

for...redliningrefusing to make loans in a minority neighborhood Their license is automatically suspended until the end of their license term or until they find a new broker.What happens to a salespersons license when their broker's license is revoked or suspended?Price-FixingA broker discussing that he was going to raise commission

rates can be found guilty of:

Sale-and-leasebackOwner constructs property, sells it, then stays as a tenant HUDWho funds the FHA (Federal Housing Administration)?marital statusNot protected by Fair Housing Act CMA (Comparative Market Analysis)shows possible listing prices, possible offer prices, but CANNOT determine property value race, nat. origin, sex, color, religion, disability, familial status Protected by Fair Housing Act consequenceNOT an element for a valid and enforceable contract Escheattitle to property reverts to the state when a person dies without a will 48 hoursif listing is submitted to MLS, must notify customer within...appurtenant easementburden one piece of land for the benefit of another piece of land 1978Lead paint checked in home built before...Blockbustingtelling homeowners that property values will be declining because of ethical/racial makeup is changing adverse possessiontitle to land is gained by the open and notorious, hostile and adverse, etc. ....statement that they are licenseda brokerage advertisement needs...net leasebuyer pays rent and other expenses tenancy for yearsspecific start and end date