Real Estate PA 2

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Author:
cmills
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286846
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Real Estate PA 2
Updated:
2014-10-25 17:57:40
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real estate
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You're fuckin' warned! Don't ever go over my fuckin' head again! You motherfucker, you.
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  1. if homes in a development are built to the specifications of each individual purchaser, they **
    are referred to as custom homes**
  2. if a residential development has several model homes from which purchasers can choose, the homes **
    are referred to as tract homes. *
  3. the NAR code of ethics is enforced by local board of realtors
    in processing a complaint/petition, the professional standards/arbitration committee ( is the decision making committee
  4. to receive a cemetery brokers license in PA, an applicant must complete pre license
    of 60 hours
  5. to receive a rental listing referral agents license in PA, an applicant must successfully complete course totalling at
    least 60 hours
  6. to receive a campground membership salesperson license in PA, an applicant must complete courses totaling
    at least 15 hours
  7. to receive a timeshare salespersons license in PA, an applicant must successfully complete
    30 hours
  8. in regard to real estate activities covered by RELRA, a broker may pay compensation to a
    licensed employee or another broker
  9. for damages to be paid from the recovery fund an action must be brought within
    1 year of the termination proceedings
  10. most important federal law which regulates antitrust activity is called the
    sherman antitrust act
  11. when a party suffers ill effects as a result of antitrust activity, the court can award
    monetary damages up to 3 times the actual amount
  12. the three primary areas of state law that provide the basis for prosecuting antitrust activity are
    general business lawslaws dealing with fraud and misrepresentation
  13. primary statute from general business law in PA, which is used to prosecute antitrust activity is the
    UnFair TRade PRactices and consumer protection law
  14. under which law does the PA real estate commission have authority to take action against a licensee for antitrust activity the
    license law
  15. influencing buyers to buy in certain areas only when done on the basis of race is
    steering
  16. when is a multiple family dwelling with 4 or fewer units covered in the civil rights act of 1968
    ? when the owner does not live in a unit
  17. a building which has an elevator is covered under the provision of the 1988 amendments act if
    t has 4 or more units in the entire complex
  18. a mortgage banker is an individual or entity that
    originates mortgage loans
  19. a person who hires or appoints an agent is called a
    principal
  20. the type of agency in which an agent has legal authority to transact matters of all types is an
    universal agency
  21. the type of agency in which the agent has legal authority to act for the principal in a specific business or trade is called
    general agency
  22. a listing agreement between a real estate broker and a homeowner creates a
    special agency
  23. a listing agreement between a real estate broker and a homeowner creates a special agency
    a listing agreement between a real estate broker and a homeowner creates a special agency
  24. in creating a valid agency relationship the party or parties who must be of legal age
    THE Principal only
  25. in creating a valid agency relationship, the party of parties who must be legally competent include,
    the principal and agent \
  26. a listing agreement in which the listing agent receives a commision regardless of who sells the property is
    exclusive right to sell
  27. in PA exclusive right to sell listing must be
    written to be valid or enforceable
  28. an open listing agreement is an expressed contract
    ***an open listing agreement is a unilateral contract
  29. dual capacity must be disclosed in writing
    you are required to submit  to the seller all offers that are written
  30. ***on a co-op sales with sub agency involved the co-oping broker is called
    the selling agent or seller's sub agent?
  31. the selling agent in a subagency situation receives
    compensation from the listing broker
  32. on a co op sale in a single agency situation, the selling broker's client i
    t is the  buyer
  33. on a co op sale with sub agency involved the co oping broker
    is seller's sub agent
  34. co op sale with sub agency involved, the Co oping broker is called the
    SELLING AGENT
  35. on a co op sale with sub agency involved the co oping broker is called the
    selling agent
  36. on a co op sale with sub agency involved the co oping broker is the
    seller's sub agent
  37. on a co op sale with sub agency involved a salesperson for the selling broker is the
    selling brokers agent
  38. on co op sale in a single agency situation, the selling broker owes
    loyalty to the buyer
  39. on a co op sale with sub agency involved the listing broker is the
    sellers agent
  40. on a co op sale with a sub agency involved the co oping broker is the
    seller's sub agent
  41. a pre agreement disclosure must advise the consumer
    about the types of relationships availablethe duties of licensees under each type of relationshipabout the real estate recovery fundabout brokers policy regarding cooperation with other brokers
  42. when a campground membership or time share contract is cancelled, payment must be refunded
    within 10 days after receipt of the cancellation notice
  43. an individual who violated the sherman antitrust law is subject to penalties which include,
    fines up to 100,000 and up to 3 year in prison
  44. the three primary areas of state law that provide the basis for prosecuting antitrust activity
    • general business laws dealing with fraud and misrepresentation
    • license law
  45. ad valorem taxes are based on the value
    of real property
  46. ad valorem means
    according to valuation
  47. the amount of special assessment tax would be likely based
    on the front footage or a fractional basis of the homes involved
  48. special assessment taxes are usually paid over a period of years
  49. which of the following may be deducted by the owner of a personal residence when calculating income tax
    , local property taxes
  50. Deductible by an investor in calculating income tax...
    • Operational losses
    • expense of the operation

    depreciation
  51. an owner of residential property for personal use may deduct which of the following mortgage items,
    interest only
  52. an owner of a residence for personal use may deduct
    the cost mortgage interest property taxes and uninsured casualty losses
  53. a casualty loss may be deducted by a property owner
    if it is not covered by insurance
  54. which of the following is an expense of the operation that can be deducted on a business or investment property utilities
  55. depreciation allows
    an owner of a business or investment property to deduct the cost of acquiring the property over the life of the property
  56. depreciation is based on improvements to land only
    in regard to depreciation fruit trees are improvements and can be depreciated
  57. with the straight line method of calculating depreciation,
    the amount of depreciation deduction is the same each year
  58. with the accelerated method of calculating depreciation
    , the amount of depreciation decreased each year
  59. when real property is sold the capital gain which is subject to taxation is the
    difference between the amount realized and the adjusted basis of the property
  60. the amount realized for determining capital gains tax on real property
    is the selling price less the cost of sale
  61. adjusted basis
    purchase price of real property plus the cost of acquisition plus the cost of capital improvements is called the
  62. to qualify for the 250,000 exclusion of gain benefit
    a homeowner must have owned and lived in the house for 2 of the previous 5 years

    to qualify for the 250,000 exclusion of gain benefit, a homeowner must meet the ownership and use tests
  63. which of the following properties is not eligible for a tax deferred exchange
    residential property
  64. depreciation is based on a value of which is
    is equal to the original cost of a property less value of the land
  65. ***review federal and property tax!!!
  66. general agency
    agency the type of agency in which the agent has legal authority to act for the principal in a specific business or trade is
  67. listing agreement between broker and homeowner is special agency
    special agency
  68. single agency refers
    to a agent who represents one party only
  69. in a co op sale with subagency involved a salesperson working for the co oping broker
    must represent the sellers interest
  70. in a co op sale with a sub agency involved the buyer is the co openings brokers
    customer
  71. when a licensee acts as an agent on behalf of two principals in the same transaction it is called
    dual agency
  72. brokers and salespersons can act in dual capacity
    single agency refers to an agent who represents one party only
  73. in a co op sale with subagency involved a salesperson working for the co oping broker
    must represent the sellers interest
  74. in a co op sale with sub agency involved, the co opening broker is called the
    selling agent****
  75. on a co op sale with sub agency involved the co oping broker is the
    seller's sub agent?****
  76. under designated agency the broker
    is a dual agent
  77. combining two or more adjacent properties into one parcel is called
    assemblage
  78. plottage is the
    increase in value when two or more adjacent properties are combined into one parcel is plottage
  79. another name for the sales comparison approach is
    the market data approach
  80. in pricing a property using the sales comparison approach adjustments are made to the price of the
    comparable property
  81. in the cost approach the estimated replacement cost is reduced
    by the depreciation
  82. cost approach the price of the
    land is added to the replacement cost
  83. method for determining the replacement cost for a building based on the
    size of the building is the square foot method
  84. method for determining the replacement cost for a building which is based on
    determining the total cost for all major segments is the Unit in place method
  85. method for determining the replacement cost for a building which is based on determining the cost of all labor and materials by item
    is the quantity survey (most accurate and most difficult)
  86. the distinction between curable and incurable depreciation applies
    to functional obsolescence and physical deterioration
  87. type of depreciation which is economically feasible to correct is
    called curable
  88. economic obsolescence arises from forces
    outside the property
  89. in the income approach using capitalization the price for a property is determined by dividing the capitalization rate
    into the annual net income
  90. when the adjusted basis is calculated for a business or investment property
    the accumulated depreciation is subtracted from the basis
  91. 90% and 95% loans require monthly escrow payments for taxes and insurance
    ***80% loans give the borrower an option to use monthly escrow payments for taxes and insurance
  92. a appraisal for a conventional loan is usually only made
    after the loan application is made
  93. ***the certificate of reasonable value must be
    greater than or equal to the loan amount
  94. a section 245 loan is a type of
    graduated payment loan
  95. ***a type of loan in which the monthly payment always changed on a preset schedule in called a
    graduated payment mortgage
  96. a mortgage in which the seller prepays interest on the buyer behalf is a
    called a buydown loan
  97. when a seller takes back a mortgage when financing all or part of the buyers purchase, the loan used
    is a purchase money
  98. after a land contract is signed and closed the legal title is held by
    seller
  99. purchase money, takes back a mortgage
    the disclosure statement required by regulation z must be made prior to loan documents
  100. the truth in lending act the consumer credit protection act implemented by regulation z deals with disclosure of credit cost
    rescinding some contracts and regulations  advertising about credit
  101. the credits to the seller in the seller's net sheet are added
    to the sellers equity after all expenses are paid
  102. when the seller has paid the property taxes prior to closing the sellers prorated portion of the taxes is entered as
    \a refund in the credit section
  103. stimated net to seller worksheet
    sellers present loan expenses, the prorated accrued interest payments the seller makes at closing is entered in
  104. the transfer tax must be paid when
    the deed is recorded or 30 days after acceptance of document
  105. when a buyer obtains a new loan at closing, a prepayment on the hazard insurance policy
    must be made equal to the first years premium
  106. how to calculate buyer escrow?
    Amount divided by 12 = product

    product x 3
  107. which underwriting guidelines are required to make a conventional loan?
    none

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