MLS CAMPUS Flashcards

MLS CAMPUS Flashcards Chain of Titlethe " linking " of one owner to another as the property has been conveyed from one person to the next Real Estate Recovery Fund doesnt allow these people to make claims -If the judgment is against a real estate brokerage corporation , partnership , limited liability company , or limited liability partnership-If The person is the spouse of the judgment debtor-If The person's claim is based upon a real estate transaction in which the broker or sales associate did not hold a valid , current , and active license at the time of the real estate transaction.Community association manager responsibilities coordinating with homeowner associations Over - improvementA large home built in an area of small cottages home equity line of credit of Joe's home is appraised at $ 200,000 The first mortgage against his home has an outstanding balance of $ 100,000 . Joe arranged to obtain an 80 % home equity line of credit. What is amount of his line of credit.

$60,000

Quitclaim deedA type of deed that contains the words " remise and release " or similar words RegressionThe value of a high - quality home will be lessened by proximity to smaller , lower - quality homes by the principle of?Adverse PossessionWhen a real property owner fails to occupy a property , and the land is occupied by someone else for seven years , the basis for a title claim may be created by use of the legal principle of?Appreciation applies tothe original purchase price and any improvements made to a property John buys an investment property for $ 500,000 with $ 120.000 of his own cash and the rest financed with a mortgage loan . After several years , he sells the property for $ 600,000 . He made a profit of $ 100,000 . What percentage of profit did John make , using leverage ?83 % Julie owns a commercial property that generates a gross operating income of $ 75,000 , and a net operating income of $ 67,500 . She purchased the property for $ 650,000 and her annual mortgage payments equal $ 35,000 . What is the pre - tax cash flow on Julie's investment ?

$32,500

Single agentrepresents , as a fiduciary , either the buyer or the seller but not both in the same transaction.Percentage LeaseRandy owns a shoe store in a shopping mall . His lease calls for a base rent amount plus 1 % of the gross receipts

of his store. What type of lease does Randy have ?

Reverse mortgage minimum age qualify requirement 62 Church owns a retirement facility and requires that tenants be members of the church Is acceptable provided there is no discrimination based on race , color , sex , national origin , familial status , or handicap.An investor has 3 rental apartments . His effective gross income equals $ 76,000 per year , and he pays $ 12,250 in management fees and other expenses . The investor also has monthly mortgage payments of $ 2.250 . What is the investor's before - tax cash flow ?

$ 36,750

Commission is also empowered to-revoking-suspending-place a licensee on probation Broker or a real estate school changes business address , the brokerage firm or school permit holder must file with the commission a notice of the change of address , along with the names of any sales associates or instructors who are no longer employed by the brokerage or school Environmental Impact StatementWhat does the National Environmental Policy Act require federal agencies prepare for any development project that the federal agencies could prohibit or regulate ?Sales associate or broker associate changes employers Real Estate Commission must be notified within how many days?10 Goodwillis considered an intangible asset of a business 88,000If a loan has an LTV of 80 % , an appraised value of $ 120.000 , and the sales price of $ 110.000 , what is the amount of the loan ?Passive loss is tax - deductibleonly to the extent of passive income anticipationprinciple of value best affirms that value is the present worth of expected future benefits ?Certificate of EligibilityIf a veteran is eligible for a VA loan , he or she would receive a document from the VA called ?Federal income tax rates are generallyprogressive Andrew is purchasing a home with a purchase price of $ 300,000 and an appraised value of $ 290,000 . If the lender is willing to loan 80 % to the lesser for the purchase . how much will be Andrew's down payment ?

$ 68,000

Final order issued by the FREC suspending license of a sales associate . If the sales associate wishes to appeal this final order , the sales associate must file a notice of appeal within how many days?30 Exclusive listing agreement , as a contract of agency between a seller as principal and broker as agent must contain?A specified date of termination NOT required to hold a Florida real estate licenseProof of U.S. citizenship General agencyThe seller of a property instructs an agent to market and sell his property . The agent is working in the form of a SubstitutionThe fact that the value of a property tends to equal the cost of an equally desirable substitute is an example of the

principle substitution.