Florida Real Estate State Exam Prep Flashcards

Florida Real Estate State Exam Prep Flashcards Principal Meridianan intersection of a North/South line.Loan-to-Value- RatioLoan Amount divided by Price or value equals Loan-to-value ratio (LTV) Chapter 28, Sections 101-110Division of Administrative Hearings (DOAH Rules), Florida Administrative Code (F.A.C.) Private Restrictions (DELL)Deed RestrictionsEasementLeasesLiens

Lot Types:Corner LotInterior LotT-intersection LotCul-de-sac LotFlag

LotKey Lot TownshipA square tract of land measuring 6 miles on each side and including 36 sections. Formed by the crossing of range and township lines. Township line run horizontal East/West.DisclosuresMaterial Defects DisclosureRadon Gas DisclosureLed Base Paint DisclosureEnergy Efficiency BrochureHomeowner's Association DisclosureProperty Tax DisclosureBuilding Code Violation Disclosure Two type's of Title InsuranceOwner's policy: is issued for the total purchase price of the

propertyLenders Policy: is issued for the unpaid mortgage

amount Required DisclosuresAnnual % Rate (APR)Finance ChargeAmount FinancedTotal Payments BlockbustingUse the entry, or rumor of the entry, of a protected class into the neighborhood to persuade owners to sell Granting ClauseThe provision in a deed that specifies the names of the parties involved, the words of conveyance, and a description of the property.Definition of Real Propertymeans any interest or estate in land and any interest in business enterprises or business opportunities, including and assignment leasehold, sublease hold, or mineral rights; however the term does not include cemetery lot or renting mobile home lot or recreational vehicle lot in a mobile home park or travel park.Who are the Secondary Mortgage Market:Fannie MaeGinnie MaeFreddie MacOther Entities Triggering TermsAnything with number's is considered a triggering term.General Warranty deedcontains all the Covenants and warranties available to give the grantee every possible future guarantee to title protection.Americans with Disabilities Act of 1990removes barriers that prevent qualified individuals with disabilities from enjoying the same opportunities that are available to persons without disabilities. The Act prohibits discrimination in places of PUBLIC ACCOMIDATIONS and in commercial facilities.

Civil Rights Act of 1968: The Fair Housing Act Prohibits discrimination on the basis of Race, Color, Religion, Sex and National Origin when selling or renting residential property.Habendum ClauseThe provision in a deed to real property that stipulates the estate or interest the grantee is to receive and the type of title conveyed.Civil Rights Act of 1964 (Titles II and III) ended racial segregation in schools, the work place, and public accommodations.SteeringChannel Home seekers to or away from a particular neighborhood because they are members of a protected class Trade Namesis a business name other than the legal name of the person doing business. The letters T/A are used to indicate "trading as." Recovery FundClaim must be paid with in 2 yrs.Max payment $50,000 (single transaction)Max payment on multiple $150,000Punitive Damages and Interest CANNOT be reimbursed from fund 30-day-month Methodthis method is also called the Statutory month method. All months are considered to have 30 days (even Feb) To use (360-day year) determine the yearly cost of the item, next divide by 12 to find the cost per month, then divide by 30 to find the cost per day.Four Unities of a Joint Tenancy (PITT)PossessionInterestTitleTime Nonfreehold EstateEstate for YearsTenancy at WillTenancy at Sufferance Chapter 120, F.S.Administrative Procedures Act CheckA square 24 miles on each side creates by intersecting guide meridians and correction lines, used to adjust the grid pattern of squares because of the CURVATURE of the EARTH. A check contains 16 townships.The SAFE Actis intended to improve the accountability and tracking of residential mortgage loan originators. Helps to prevent fraudulent brokers, realtors, appraisers etc....Assignmentrefers to a transfer of rights and duties under a contract The reasons for qualifying potential buyers fall into 4 areas:Saves TimeIncreases confidence in Sales AssociateFits buyers to PropertiesRetains Buyers The demand for Mortgage money is increased or

decreased by the following 6 major influences:

changes in the number and size of householdsshifts in geographic preferences for householdsExisting inventory of structuresChanges in employment rates and incomeChanges in cost of real property services, taxes, and maintenanceChanges in construction costs Joint Venturesis a temporary form of business arrangement often encountered in real estate business.SectionsOne of the Primary units of measurement in the government survey system of land description. A section is

• square mile and contains 640 acres.

3-Day Right of RescissionThe borrower has the right to rescind (cancel) the loan contract up to midnight of the third business day following the signing of the loan documents.Void ContractsA void contract does not meet all of the required elements of a valid contract and, therefore, has no legal effect.

What is the Maximum amount of a VA Loan is:a.

$417,000b. $104,250c. $89,912d. not a legislated limit for qualified borrowers

• not a legislated limit for qualified borrowers

Covenant of Seisinis a promise that the Grantor owns the property and has the right to convey title.Conditions for Alienation by Adverse Possession (HOT CAN) Hostile possessionOpen PossessionTaxes PaidClaim of TitleAdverse PossessionNotorious State Transfer Taxes (SNI)Stamps on Deed $.70 per $100Note, Stamps on notes $.35 per $100Intangible on new mortgages $.002 per $1 of debt CBS vs CIACompBetterSubtractvs.CompInferiorAdd Unenforceable Contractsis a contract that cannot be proved or will not be recognized by a court. Such as not in writing, or because the property has been destroyed.Terms with Water RightsAccretionAlluvionErosionReliction Who are the Mortgagors or borrowers:HomebuyersInvestorsBusinessesSponsors/Developers Chapter 61J2Florida Real Estate Commission, Fl Administrative Code

(F.A.C.)

Government Restrictions (PET)Police PowerEminent DomainTaxation

• Types of Lease AgreementsGross leaseNet LeasePercentage LeaseVariable

LeaseGround Lease

• rules of thumb for proper preparation of instruments:Sellers closing StatementBuyer's Closing statementALL

entries from total purchase price down through prorated itemsALL ExpensesALL items are subject to negotiation between contracting parties.Ways an offer is Terminated (WILD CARD)Withdrawal by OfferInsanityLapse of TimeDeathCounterofferAcceptanceRejectionDestruction of Property Base Linean intersection of a East/West line.Involuntary AlienationDescentEscheat to State How to obtain your credit reportwww.annualcreditreport.com "free credit report" Deed in lieu of ForeclosureA friendly foreclosure in which the mortgagor gives title to the Mortgagee.Title Insuranceis a contract that protects the policyholder from losses arising from defects in the title.Types of FramingPlatformBalloonPost-and-beam Additional Survey Measures and Terminology Acres: 43,560 square feetBench MarkMile: 5,280 feet The primary purpose of a Legal Description is to describe a particular piece of property in a way that uniquely identifies that parcel from any other parcel.Who are the Primary Mortgage Market:Commercial BanksSavings AssociationsMutual Savings BanksLife Insurance CompaniesRural Housing