RECP Exam 3 Review Flashcards

RECP Exam 3 Review Flashcards environmental site assessment3 phases1. Historical chain of title review of property.Visual inspection. No testing is done2. Chemical analysis of hazardous substances. Collection of soil, water, vapor samples3. Remediation of property. Costs, strategy, disposal.minor concernany item identified as a minor concern either does not significantly affect habitability and/or can be considered a possible inexpensive repair or replacement by professionals in appropriate trades. these items are generally understood to be the soon-to-be-owner's responsibilty code compliance inspectionsare not included in a code of compliance inspection and does not address environmental hazards easementThe right to use the land of another for a particular purpose.acceptablethe item is performing its intended function as of the time of the inspection in response to normal use Home Inspection Reportstructureexteriorroofingplumbingelectricalheatingair conditioningwalls, ceilings, floorssteps, stairways, railingscountertops, cabinetscountertops, cabinetgarage doors, garage door systemsventilation/insulationfireplaces in-house agencyAgency wholly owned by an advertiser and set up and staffed to do all the work of an independent full-service agency.in house agency relationshipan agency relationship involving two or more clients who are represented by different licenses within the same real estate firm Agency Relationshipa relationship in which a licensee represents a client in a real estate transaction what types of properties are typically the most environmentally regulated industrial Out of State Commercial Brokerperson affiliated with an out-of-state commercial broker who is not licensed as a broker in Indiana wood destroying insects are notincluded in an inspection report Members of the Real Estate Commissionmembers at large meaning one real estate member at large who has been a broker for not less than 5 years and then 2 citizen members who are residents of Indiana and have never been associated with the real estate business other than as a consumer and then 9 district members that have real estate licenses (that are from each district and have had a license for 5+ years)

a licensee representing a seller MAY- show and list alternative properties- provide a buyer services that do not violate the agent's relationship with the seller in indiana, a home warranty is notan insurance policy. it's a service contract American Society of Home Inspectors, Inc. (ASHI) - founded in 1976 a not-for-profit professional association for home inspectors the Indiana real estate commission can inspect the records of a broker company at any time commissionthe indiana real estate commission or IREC fluorescent lightinga gas-filled glass tube with a phosphor coating on the inside. gas inside the tube is ionized by electricity which causes the phosphor coating to glow. normally with two pins that extend from each end blown insulationfiber insulation in loose form and used to insulate attics and existing walls where framing members are not exposed facing brickThe brick used and exposed on the outside of a wall.Usually these have a finished texture.what is not part of the inspection due to the fact that it is contained within the air handler and/or boiler and are not visible to the inspector heat exchangers what is the essence of an agency relationship trust, confidence, and mutual good faith Indiana Real Estate Commission (IREC)Safeguard the public interest by encouraging and requiring a high standard of knowledge and ethical practice on the part of the licensees.action required by the commission may be conducted without a meeting if, prior to that action a written consent to the action is signed by all of the members casingWood trim molding installed around a door or window opening.three claims have been filed against a licensee at the same time under the real estate recovery fund. one person is seeking 15,000 and the other two are seeking 20,000 each.in this case, how will the funds be distributed 50,000 will be distributed on a ratio basis of their claims home inspection/property inspectiona limited visual analysis for the purpose of providing a professional opinion of the condition of a residential dwelling and the dwelling's carport or garages, any reasonably accessible installed components; and operation of the dwelling's systems, including an controls normally operated by the owner of the dwelling eavesthe horizontal exterior roof overhang flueLarge pipe through which fumes escape from a gas water heater, furnace, or fireplace. Normally these flue pipes are double walled, galvanized sheet metal pipe and sometimes referred to as a "B Vent". Fireplace flue pipes are normally triple walled. In addition, nothing combustible shall be within one inch from the flue pipe.

branch manageran individual broker who manages a branch office for a limited agent to represent both parties, written consent of all parties to a real estate transaction is required defecta condition that would have a significant adverse effect on the value of the property, that would significantly impair the health or safety of future occupants of the property, or that if not repaired, removed, or if replaced would significantly shorten or adversely affect the expected normal life of the premises compare and contrast home warrantiescoverage will vary from company to companywarranty company will have a very specific claims process that must be followed major concernsany item identified as a major concern is either significantly affecting habitability and/or can be considered a possible expensive repair or replacement and should be evaluated by professionals in the appropriate trades. these items should be discussed and addressed prior to occupancy Maintenance (MT)any item identified as maintenance is to be considered normal or routine in maintaining a structure. these are generally understood to be the soon-to-be-owner's responsibility action may betaken without a meeting whether it's written or oral who is responsible for advertising in the company managing broker Inspectors will recommend all heating systems fueled by combustible gas and/or solid fuel be inspected and serviced by a licensed contractor in this field prior to closing and prior to usage season.written office policymanaging broker shall develop and enforce a broker company written office policy brokera person who for consideration, sells, buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate or negotiates or offers to perform any of those acts; and is acting in association with and under the auspices of a managing broker scope of inspection and reportHeating systemsCooling systemsElectrical systemsPlumbing systemsStructural componentsFoundationRoof coveringsExterior and Interior coveringsAny other site aspects that affect the dwelling

defective (DF)the item is either: significantly impeding habitability; unsafe

or hazardous; does not function in response to normal use not presentthe item does not exist in the structure being inspected does an inspection report address any security systems or remote monitored smoke/fire systems NO costs of home warrantyaffordable protectioncost ranges from $300-$500 for one year contract to figure out when a home warranty starts look at the individual policy

broker companya licensee that is a business. could be a sole proprietorship, a partnership, a limited liability company or a corporation flashingSheet metal or other material used in roof and wall construction to protect a building from water seepage.customera person who is provided services in the ordinary course of business by a licensee but who is not a client caulkingstopping up cracks or seams with a sealant the branch manager may alsobe the managing broker double hung windowa window having two vertically hung sashes, each in separate tracks home inspectiona home is an objective visual examination of the physical structure and systems of a house, from the roof to the foundation commercial real estateA parcel of real estate other than real estate containing one to four residential units coverage of a home warranty1.covers repair or replacementmechanical failures of major systems and appliances2. some components of garage door3. mechanisms may not be covered Out of State Commercial Brokerlicensed to do business as a broker in a jurisdiction other than Indiana who is responsible for the earnest money any broker with whom the money was deposited since when do home inspectors in Indiana have to have a license 2004 Footer, footingContinuous 8" or 10" thick concrete pad installed before and supports the foundation wall or monopost.how long does an appraisal management company have to keep the records for not less than 6 years a licensee has an agency relationship with the individual with whom the lic how long shall the listing and selling broker maintain copies of the detailed closing statement at least 5 years clienta person who has entered into an agency relationship with a licensee licenseea person who holds a license if an appraiser sets a value of a property off of a pre-determined value, what happens they are subject to license suspension for incompetent practice powers of the REC- administer and enforce- right to establish standards for competent practice and rules and regulations- issue, deny, suspend, and revoke licenses- investigate complaints concerning licensees or persons the commission has reason to believe should be licensed-bring action in circuit court- can inspect licenses at any time without warning-enforce the laws licensea broker license issued that is not expired, suspended, or revoked