Broker final review

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latter
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168190
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Broker final review
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2012-08-30 17:39:22
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  1. What is a CMA?
    Competitive market analysis
  2. What are the elements of value?
    • DUST
    • .demand
    • .utility
    • .scarcity
    • .tranferability
  3. What is not included in a CMA
    HABU
  4. What is substitution?
    Lowest priced property has the best demand
  5. What are the two principals of conformity?
    • Regression-value of over improved declines
    • Progression- value of under improved increases
  6. What is the difference between lien and title theory?
    • TiTle- mortgage
    • Lien- judgment 
  7. What are some examples of seller financing?
    Contract for deed, land contract or installment contract.
  8. What does FHA stand for and what is not an institution were u can receive FHA funds? 
    Federal housing administration, credit unions
  9. What is FNMA?
    Federal national mortgage acc
  10. What is FHLMC?
    Federal home loan mortgage corporation
  11. 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 
  12. What are the four parts of a contract?
    • MCCL
    • M mutual accent
    • C consideration
    • C competence
    • L legal purpose
  13. What are the economic characteristic of land?
    • SIPL
    • s scarcity
    • I improvements
    • P permanice of investment
    • L location
  14. What metes and bounds?
    Uses compass has a POB oldest system in use
  15. What is section 16 in government survey? 
    School taxes
  16. What is a fee simple estate?
    Ownership as long as the deed condition is met
  17. What is our Autry vie?
    Lsetae state on the life of another
  18. What two things does an appurtenant easment have?
    Dominant and serviant 
  19. What is joint tenants?
    Survivorship overrides will passes without probate
  20. What are the four unities of title?
    • PITT
    • P possession 
    • I interest 
    • T title
    • T time
  21. Who governs the specifics for recording deeds?
    State law
  22. Standard title insurance protects what?
    Defects found after closing
  23. How long do you have to identify and close in like and kind property?
    45 180
  24. What method would u use for property bought before 1987?
    Accelerated cost recovery method
  25. What are fiduciary duties?
    • OLD CAR
    • O oBoediance
    • L loyalty
    • D diclosure

    • C confindentiality
    • A accounting 
    • R reasonable care
  26. What is special agency?
    Perform act without the ability to bind Principal
  27. What is an example of general agency?
    Property manager
  28. What are the lead biased paint disclosure?
    1978 pamphlet
  29. What is the brokers dutie in regards to the disclosure statement?
    Buyer must receive prior to making an offer
  30. When was the civil rights act?
    1866
  31. What does federal fair housing act cover ?
    • Race
    • Religion
    • Color
    • National origin
    • Sex 
    • Familial status
  32. ECOA Prohibits discrimination for what?
    • ARM
    • a age
    • R receipt of public assistance
    • M marital status
  33. Under federal law what classes are not protected?
    • MASO
    • m marital status
    • A age
    • S sexual orientation 
    • O occupation
  34. A CMA is most comparable to what?
    Market data approach 
  35. What type of agency is the broker not guaranted a commission?
    Exclusive agency
  36. Who inforces the code of ethics?
    National acc of realtors 
  37. Whear aretap appeals maid and two whom?
    District court and 30 days
  38. When a property management agreement expires how long to present final accounting?
    60 days
  39. What type of agency is a property management agreement? 
    Exclusive agency relationship

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