Real-estate Review Question Set 6 Flashcards

Real-estate Review Question Set 6 Flashcards what a farm area is.Refers to a selected geographic area or a group of people from which licensees solicit real estate business and devote special attention and study duties of a no brokerage relationship broker Deal honestly and fairlyDisclose all known facts that materially affect the value of residential real propertyAccount for all funds entrusted to a licensee Know about interest bearing escrow accounts. The broker must get written permission from all parties before placing the funds in this type of account. The written authorization must specify who is entitled to the interest earned. Broker may receive the interest earned, must be specifically agreed to by all parties.difference between testate and intestate. Testate: is to die with a will. (voluntary alienation)Intestate: is to die without leaving a will (Involuntary alienation) military requirements regarding renewing real estate license.U.s Armed Forces who have licenses in good standing are exempt from license renewal while on active duty and for six months thereafter requirements of FREC and who has a real estate license.The Florida Real Estate Commission (FREC) consists of seven members.Appointed by the governor, subject to confirmation by the Florida Senate. Four Active Brokers (licensed for at least five years), One Active Sales Associate or Broker (licensed for at least two years), Two Consumer Members (never been licensed) what is an Opinion of Title.The opinion will list any defects or clouds on the title, such as liens, easements, or other encumbrances, and it will include the attorney's opinion (it is an opinion only) the purpose of deed restrictions.Developers use restrictive covenants to ensure that no homes will be built that might decrease the value of neighboring properties.relationship between buyer and seller....difference between assemblage and plottage. Assemblage: The combining of two or more adjoining properties into on tract; the process of consolidating properties. This is usually done to increase the usability

and value of the resulting consolidation.Plottage: The

added value as a result of assembling (combining ) two or more properties into one large parcel.