Climer Real Estate School Test – Flashcards
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43,560 sft
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How many ft in an acre?
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640 acres
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1^2 mi= ______ acres
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Based on the logic that you can identify a parcel by reference to two intersecting lines.
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What's the government survey system?
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Oldest method of land description. metes; distance in feet. bounds: direction
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*Metes and bounds*
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Range lines parallel to the principal meridian(PM) every 6 miles.
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Range
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The set of standards that must be followed when performing appraisal services.
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Uniform Standards of Professional Appraisal Practice (USPAP)
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The income remaining after subtracting all relevant operating expenses from the EGI.
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Net Operating Income (NOI)
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When vacancy and collection losses are deducted from annual PGI(Potential gross income) and any income from other sources (E.G; Laundry,vending machines,parking) is added
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Effective Gross Income (EGI)
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Total annual income a property would produce if it were fully rented and had no collection losses.
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Potential Gross Income
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Comp Better Subtract
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CBS
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Comp Inferior Add
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CIA
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The legal ability to convey title and possession of good's
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Transferability
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The value associated with a rapid sale.
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Liquidation Value
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Deny loans or insurance coverage by a lender or an insurer that present different terms or conditions for homes in certain neighborhoods
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Redlining
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Charged - Seller :(
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Debit
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Reimbursed - Buyer :)
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Credit
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A lease agreement that has a beginning date but not fixed termination date; week to week or month to month agreement. w-w: 7 day's notice m-m: 15 day's notice
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Tenancy at Will
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A claim on property for payment of some obligation or debt.
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Liens
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Complies with the provisions of contract law & contains four essential elements.
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Valid Contract
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An employment contract with a buyer.
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Buyer-Brokerage Agreement
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To divide various debits (charges) & credits between buyer & seller.
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Prorate
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An opinion of value based on supportable evidence and approved methods.
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Appraisal
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Compensatory damages (sue for anything you'd like)
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Breach remedies
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Anything in public records is a form of constructive notice
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Actual VS constructive notice
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Banks/insurance companies did "redlining"
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Fair housing violations
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As soon as you're in a contract but haven't closed
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Executory
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PGI - Vacancy (collection losses)= EGI
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Difference between Potential and Effective Gross Income
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If you've lived in Florida for 4 months within the past year, you're a Florida resident.
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What is a FREC Florida resident
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A joint venture.
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What business may not be a real estate brokerage?
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1 Pt increases the yield by 1/8
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How discount points increase yield on rates
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Homeowner's Insurance
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What can't be deducted from your taxes on your homes?
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You need the exact same Real Estate License
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Similarities between business brokerage and regular real estate
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raise discount rate ; lower discount rate
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How Fed tools affect mortgage rates
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CBS-CIA
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How to apply appraisal adjustments
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Can't "price-fix"
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Federal anti-trust violations
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Fixture used to be personal property
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Fixture VS personal property
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1 sq mi on each side . 640 acres
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Size of a section
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When for a federally related loan
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A licensee can't do an appraisal when?
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When you vary from the existing code
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Variance?
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index + the margin = ARM rates
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How are ARM rates created?
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640 acres divided by 4 divided by 2
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How to calculate Gov't survey system acreage
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Multiply by .002
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How to calculate intangible taxes
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Government buildings are immune from tax.
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Real estate tax property exemption types
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Any name besides the broker
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What is not required on an office sign
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Freddie Mac; Ginnie Mae; Fannie Mae
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Who is the secondary market?
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Registered under owner-developer
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Group license
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Joint tenancy: entireship
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What is Right of Survivorship?
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Reimburse consumers who have been cheated out of money by licensees.
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What is the Real Estate recovery fund for?
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liquidation value : going out of business. (10%)
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Different types of value
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The broker
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Who determines the brokerage relationship
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due on sale clause; prevents from assumptions
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Mortgage clauses
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residential sale. no written disclosure required in an other situation.
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Brokerage relationship disclosure requirements
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Appointed by Governor and confirmed by Senate.
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How are Real estate officials put into place?
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Tenants in common (can put your share in will)
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"Inheritability" in concurrent ownerships
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25 lots or more - developers have to prepare a property report.
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Developer requirements under ILSA
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General liens follow person. Specific liens follow the property.
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General liens VS specific liens
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Subdivision plat approval. Site plan approval. Sign control.
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Planning commissions cannot do..
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15 Days to notify the commission. 7 Days to get going. Do not stack
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Days requirements for conflicting demands
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Can be taken to court to get enforced.
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What does an enforceable contract mean?
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Property transfer. Market conditions. Knowledge on how to market R.E or business.
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Real estate areas of expertise
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Power of Attorney.
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Who is exempt from needing a real estate license?
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Legal
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Elements of a valid contract
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snake pattern right-left
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How to locate township sections
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plea deal (DRE attorney): Stipulation
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What is a stipulation agreement?
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From Single Agent transition back to the transaction broker.
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When the consumer must sign the brokerage relationship disclosure?
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credit to the buyer ONLY
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How items are entered on the closing disclosure
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your license is suspended until you pay back the full amount + interest
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Requirements of claims paid against the R.E recovery fund
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Gross lease
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Types of leases
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If a general partner is going to do R.E, they have to have a brokerage partnership
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Requirements of RE brokerage partnerships
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Remainer estate
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Freehold estate names
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subtract the land. residential: 27 years. non res: 39 years
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How the IRS holds depreciation
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Real property into your will, it's called a device.
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Voluntary alienations
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Age
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Equal credit opportunity act protected classes
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If they post a charity bond they can do whatever they want
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What landlords can and cannot do with tenants deposit
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Notify that you've moved within 60 days or fined.
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FREC?DBPR Requirements for moving out of state
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Unlicensed practice of R.E 3rd degree felony
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Real Estate license law violations
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county property appraiser
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Property assessed value protest procedures
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do not have a "due on sale" clause
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VA loan attributes
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degree in R.E, Attorneys under FLA Bar
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Real Estate Course exemptions
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tenants possess lease hold estate
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Leasehold estates
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period of time where you can cancel ; voidable. allowed to legally cancel the contract.
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Void and voidable contracts
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owners & lenders. lender's policy is transferable.
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Difference in the two types of Title insurance policies
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need previous years end financial statement
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Condo Docs
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anything with a federally related loan
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What are federally related transactions?
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Buyer credit :) . Seller Debit :(
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How prorations are entered
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Sales associate. Brokers associate. Broker
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R.E Licensess Designations
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# stays the same, letters flip-flop
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How to derive the opposite direction in metes & bounds
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General liens cannot force you to sell your homestead property.
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Homestead liens protections
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Can't do anything requiring a license.
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What unlicensed assistants can and can't do
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Premises section (information section on the deed)
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Clauses in a deed
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Able to deduct points on the year that you closed
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Allowable IRS deductions on principal residences
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If spouse is in the military and you move out of state, the state of Florida will give you another R. E license.
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Military exemptions
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Consumer preference.
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Situs
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Trigger term: anything with a #. anything without a # is not a trigger term.
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How the Truth in Lending Act covers ads
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$10,000 fine per violation
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FLA'S telemarketing laws
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unilateral: two or more people are involved and only one person has to do something
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Unilateral and Bilateral contracts
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race,sex,religion,handicap,family,color,national origin
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Fair Housing Act protected classes
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assignment of mortgage.
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Loan instruments and what they do
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Stupid design, Loses value. nobody wants to buy.
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Functional obsolescence
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Do something in 30 days (i.E; object)
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How to handle citations
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Cash flow is going to be + or -
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Cash flow on rental properties
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5 years
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Record keeping requirments
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Interest bearing or non interest bearing escrow account.
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What property managers are required to do with deposits
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When one loan is in a lower lien priority than the other. (get paid last)
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Subordination
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State code enforced locally. Building permit.
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FLA building code
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It protects them. If sued and makes claim against recovery fund, they don't have to pay back (EDO)
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Why brokers might request an Escrow Disbursement Order (EDO)
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info only given to the tenant or buyer in housing built before 1978.
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What is the Lead Based Paint disclosure
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Sales associate; 1 business day. Broker; 3 business days
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When escrow deposits must be delivered and deposited
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Oral contract
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Parol Contracts
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Housing prices
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Real Estate market demand factors
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The money (note)
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Differences between a Note and a Mortgage
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How many sq feet
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How to calculate lots in the "lot" program
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How many sq feet of living area +
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wrong
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How much each day is worth
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How to calculate rent prorations
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A= i * P * (1 + i)^n / (1 + i) ^ n -1 A:monthly payment. P: loan's initial amount. i:monthly interest rate. n: # of payments
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How to calculate amortizations portions of payments: 'P' & 'I'
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commision % / 100 * property value
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How to calculate your sale's commission
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divide by the old. multiply by the new
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Variable lease index rate
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extra $500
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How to calculate homestead taxes with extra exemptions
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divide by 2
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How to calculate road paving special assessments
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Know how much each day is worth. How many days the seller owes the buyer
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How to calculate assumed mtg interest prorations
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multiply across, add day. 3 values . 3 weights
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How to calculate reconciled values using weights
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the Big Bang Theory
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Andy's favorite show
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need google account, email (LEAVE CLIMER REVIEW)
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How to give a google review
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Only study what's on the study guide
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How to prepare for your class exam?
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July 20th
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Free Monthly Coaching Workshop; Next date
