Broker final review
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What is a CMA?
Competitive market analysis
What are the elements of value?
What is not included in a CMA
What is substitution?
Lowest priced property has the best demand
What are the two principals of conformity?
- Regression-value of over improved declines
- Progression- value of under improved increases
What is the difference between lien and title theory?
- TiTle- mortgage
- Lien- judgment
What are some examples of seller financing?
Contract for deed, land contract or installment contract.
What does FHA stand for and what is not an institution were u can receive FHA funds?
Federal housing administration, credit unions
What is FNMA?
Federal national mortgage acc
What is FHLMC?
Federal home loan mortgage corporation
What is truth in lending and RESPA in regards to a loan?
- Til- true cost of credit
- RESPA- disclose all closing cost within 3 days
What are the four parts of a contract?
- M mutual accent
- C consideration
- C competence
- L legal purpose
What are the economic characteristic of land?
- s scarcity
- I improvements
- P permanice of investment
- L location
What metes and bounds?
Uses compass has a POB oldest system in use
What is section 16 in government survey?
What is a fee simple estate?
Ownership as long as the deed condition is met
What is our Autry vie?
Lsetae state on the life of another
What two things does an appurtenant easment have?
Dominant and serviant
What is joint tenants?
Survivorship overrides will passes without probate
What are the four unities of title?
- P possession
- I interest
- T title
- T time
Who governs the specifics for recording deeds?
Standard title insurance protects what?
Defects found after closing
How long do you have to identify and close in like and kind property?
What method would u use for property bought before 1987?
Accelerated cost recovery method
What are fiduciary duties?
- OLD CAR
- O oBoediance
- L loyalty
- D diclosure
- C confindentiality
- A accounting
- R reasonable care
What is special agency?
Perform act without the ability to bind Principal
What is an example of general agency?
What are the lead biased paint disclosure?
What is the brokers dutie in regards to the disclosure statement?
Buyer must receive prior to making an offer
When was the civil rights act?
What does federal fair housing act cover ?
- National origin
- Familial status
ECOA Prohibits discrimination for what?
- a age
- R receipt of public assistance
- M marital status
Under federal law what classes are not protected?
- m marital status
- A age
- S sexual orientation
- O occupation
A CMA is most comparable to what?
Market data approach
What type of agency is the broker not guaranted a commission?
Who inforces the code of ethics?
National acc of realtors
Whear aretap appeals maid and two whom?
District court and 30 days
When a property management agreement expires how long to present final accounting?
What type of agency is a property management agreement?
Exclusive agency relationship
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