Wyatt Institute for Real Estate Flashcards

Wyatt Institute for Real Estate Flashcards FRESH CORNFamilial, Race, (Equal), Sex (Gender), Handicap, Color, (Opportunity), Religion or Nationality Real Estate Comission (REC) - Powers and duties Set general policy with regard to enforcing the License Law; Determine standards for qualifications & eligibility of applicants for licensing; Recommend changes in legislation and promulgate regulations; conduct disciplinary hearings & decide disciplinary actions; Establish fees through regulation; Make periodic inspections of offices of licensees to ensure compliance with the law; DOES NOT resolve comission disputes ATM T squareAssessed Value, Tax, Millage Rate Agentaka a proxy. one engaged to represent and be under the control of a principal 43,560Number of square feet in an acre Continuing Education Requirements8 hours of CE (continuing education) every 2 years. 2 hours must be in core courses on state and federal changes to the law Condemnationthe act of taking property under eminent domain LLR investigations can be initiated two ways: Director of LLR may initiate an investigation based on the belief the law has been broken; A person may file a written complaint to the LLR.Express AgencyWritten (in writing) Mandatory in SC Guaranteeing future profitsLicense Law Violation - SC 40-57-145 Subagenta subagent is an agent of an agent. There are two types of subagency: 1: in-house and 2: cooperative Agency DisclosureAgency Disclosure Brochure - given AND discussed with everyone at the FIRST PRACTICAL opportunity, at which there is SUBSTANTIVE contact.Net ListingUnethical. Not a type of listing.Area measurementWxD; also gives sqft SC License Law 40-57-135 (D)Listing and Buyer Representation agreements BlockbustingScaring property owners into selling by insinuating or suggesting a protected class person is purchasing or wants to purchase property in an area. Violation of the CRA of '68 Licensee representing another borker other than his BICLicense Law Violation - SC 40-57-145 ConversionThe unauthorized appropriation of trust funds by a BIC or PMIC Dual Agency(Created by SC Law) A real estate firm represents both a seller and a buyer in the same real estate transaction.Neither client gets full representation.

Co-minglingWhen a fiduciary (BIC or PMIC) mixes trust funds with his own funds.Failure to report criminal convictions in writing by certified mail within 10 days of notification License Law Violation - SC 40-57-145 Definition of REAL ESTATEland plus manmade improvement Exclusive Agency - SellerListing Broker does not get paid if the owner sells property Trust Funds (deposits) received by a PMIC must be deposited within 48 hours in the trust fund (excluding days the bank is closed).SC Department of Labor, Licensing and Regulation (LLR)Oversees all licensing Commissions (such as the REC) Annexationcauses personal property to become real property Designated Agency(Created by SC statute) a designated agent is one of the individual Associated licensees/Subagents in a brokerage who are designated by the BIC to represent only one client in a specific "in house" transaction that would otherwise be a dual agency. One of the agents CANNOT be the BIC, if so then it is a dual agency Inducing a party to break a contract of sale, lease, listing agreement or buyer agency agreement License Law Violation - SC 40-57-145 Fair Housing in Advertising ExemptionsThere are none Severancecauses real property to become personal property once again Not timely accounting for money in possession belonging to others License Law Violation - SC 40-57-145 ClientSC law term synonymous with "Principal" RedliningA decision not to make loans in a certain are based upon a protected class. Violation of the CRA of '68.Receiving compensation from more than one party without written consent from all parties License Law Violation - SC 40-57-145 Engaging in practice or takig action inconsistant with agency relationship of other agents License Law Violation - SC 40-57-145 EmblementsGrowing crops with a right to harvest Real estate transactions exempt from licensing Property owner handling his own real estate transactions where the interest in the real estate is equal to the owner's legal interest; attorney at law acting as legal representation of his client; Federal or state empolyees acting in their scope of official duties; registered foresters; court appointed receivers and trustees acting within the scope of their duties (Personal Representatives appointed by Probate Court) SteeringGuiding a person to or away from a particular area based upon a protected class. Violation of the CRA of '68 Failing to disclose material facts concerning a real estate transaction License Law Violation - SC 40-57-145 Ordinancesa set of rules or regulations concerning property

Civil Rights Act of 1968Prohibits discrimination in the sale, rental, financing, or providing brokerage services of housing based upon the protected classes FReSHCoRN

• types of Licenses issued by the SC REC Broker, Salesman Property Manager

Accepting deposit money without informing payor and having payor acknowledge in writing who will hold the money received by the licensee License Law Violation - SC 40-57-145 A licensee must disclose their interest in real estate transactions...

1: Must reveal real estate license status in personal

transactions in UNDERLINED CAPITAL LETTERS on the

first page of the contract;2: May not buy property listed with

him or his/her company OR property for which he has been approached by the seller or prospective buyer to act as agent for himself/ business in which the agent has an interest or a close relative Special Assessmenta property tax on property directly benefiting from the betterment Sold Real property is transferred with a Deed Taxation of Real EstateGovernment right in land Eminent Domainthe right to take property for the public good Intent of the parties, Relationship of the anexor to the property, Method of Attachment and Adaptation to the property test to determine if something is a "fixture" IRMA General Agenthired for continuous service - broad authority LeaseholdPersonal property of a tenant. It has value Criminal convictionsLicense Law Violation - SC 40-57-145 Definition of IMPROVEMENTSManmade additions/changes to land; either horizontal or vertical Implied Agencycreated by the acts of the parties.Sherman and Clayton ActsAntitrust Laws - their primary purpose is to promote competition.Sold personal property is transferred with a Bill of Sale Four ECONOMIC characteristics of property SLIP, Scarcity, Location, Improvements and Permanence Continuation of the misrepresentation and/or making false promises through associated licensees or advertising License Law Violation - SC 40-57-145 A BIC must inform the LLR in writing when a licensee...the licensee's forwarding address when leaves the brokerage firm PETEGovernment's rights in land, Police Power, Eminent Domain, Taxation and Escheat Perimeter measurementWidth + width + depth + depth OR (W+D)2 Exclusive Agency - Buyer(Rarely Used) Buyer's brokerage does not get paid if buyer buys a propertry not listed and not other licensee is involved.Representing more than one party in a real estate transaction without written consent.License Law Violation - SC 40-57-145

Activities requiring a Real Estate License Acting as a broker, salesman or property manager for compensation; negotiations involving real estate; auctioning real estate; soliciting to do any activity on this list; advisory services as a real estate consultant or counselor; offering to act as an agent representing a principal in a real estate estate transaction; advertising to the public that the person does anything listed above Exclusive Right to BuyListing Broker gets paid if property is bought Violating any provision of the license law or regulationLicense Law Violation - SC 40-57-145 Definition of APPURTENANCESItems that pass on with ownership including; articles, interests, benefits, improvements either tangible or intangible Special Agentone hired for a specific service (i.e. to sell or help purchase a house). Limited authority - does not have continuous service Open Listing(Rarely Used) Could be many listing brokerages; only the company that sells it gets paid Issuing a check in connection with real estate business which is returned and marked NSF or account closed License Law Violation - SC 40-57-145 IRMAtest for determining if something is a "fixture"; Intent of the parties, Relationship of the annexor to the property, Method of Attachment, Adaptation to property Practice of real estate that demonstrates bad faith, dishonesty or incompetence, etc License Law Violation - SC 40-57-145 Three PHYSICAL characteristics of property Immobility, Indestructabilty and Non-homogeneity (uniqueness) CUPiDOwners bundle of rights or "intersts in owning property - Control of the property, Use and enjoyment of the property, Possession of the property and Disposition of the property Open Agency - BuyerBuyer's brokerage only gets paid if directly involved in the purchase.OLDCARAgent's fiduciary duties to Principal; Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care and diligence Expiration/lapsed licenseThe permanent salesman license expires every two years on 30 June and lapses 6 months later if not renewed PrincipalOne who contracts with another for representation, advice and counsel in legal or business dealings with third parties; also known in SC law as a Client Bundle of Rights - ownershipCUPiD Interfering with a buyer's choice of attorney, insurance agent, title insurance aganet or any other service provider License Law Violation - SC 40-57-145 SC License Law 40-57-137 (A)SC fiduciary duties - OLDCAR Paying a commission or compensation to an unlicensed individual for activities requiring al icense under this