Note 6 - Real Estate Agent Study PDF

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Summary

Real Estate Agent Study...

Description

Estoppel - When someone says that another person is his/her agent and the third party believes it and relies on that representation

Estoppel certificate - A document where the borrower certifies the amount owed on a mortgage loan and the rate of interest

Ethics - System of moral principles that becomes standard

Eviction - Legal process to kick someone out of real estate

Evidence of title - Proof of ownership of property

Certificate of title Abstract of title with lawyers opinion Title insurance Torrens registration certificate

Exception - Excluded a part of the property that is being transferred/sold

Exchange - Transaction where you are exchanging the same thing

Ex: real estate for real estate

Exclusive agency listing - One real estate agent as principals exclusive agent for a certain period of time to sell his/her property

Owner can sell the property without paying a commission

Exclusive buyer representation agreement - Agreement where the buyer works with only one broker

Exclusive right to sell listing - Broker appoints agent as principals exclusive agent for a certain period of time to sell the property

Will have to give commission no matter who sells the property

Executed contract - Contract where all parties involved have fulfilled their parts

Execution - Signing and delivery of a contract

Can also be a legal order to enforce a judgement against the property of a debtor

Executor - Appointed person who carries of the directions of a will

Executory contract - Contract where something still has to be done by one or more of the parties

Express agency - Agency relationship based on an agreement between the parties

Express agreement - Oral\written contract where parties state the terms and express his/her interest

External depreciation - Reduction in value caused by outside factors

External obsolescence - Incurable depreciation such as environmental or economic factors

Fair housing act - Federal law - prohibits discrimination in housing based on

Race

Color Religion Sex Disability Familial status National origin

Fair housing amendments act of 1988 - Fair housing act + families with children & people with physical or mental disabilities

Familial status - One or more kids under the age of 18 living in the house, woman who are pregnant, anyone in process of assuming custody of a child

Fannie Mae - Government supervised enterprise who purchase secondary mortgage loans from banks

Farmer Mac - Federal Agricultural Mortgage Corporation

Creates a secondary market for agricultural mortgage & rural utilities loans

Federal deposit insurance corporation (FDIC) - Independent fed agency Examines and supervises banks,monsters deposited up to 250,000

Federal emergency management agency (FEMA) - Fed agency that assists US in preparing for the worst

Federal funds rate - Rate that the fed comes up with for banks to charge each other on short term loans

This rate determines the interest rate charged

Federal home loan mortgage corporation p. 269 (Freddie Mac) - ...

Federal national mortgage association p.269 (Fannie Mae) - ...

Federal reserve system (fed) - Country's central banking system

Establishes US monetary policy by regulating supple of money and interest rates

Fee for service - Person asks a real estate agent to perform specific tasks for an agreed upon fee (referral fee)

Fee hold estate - Estate in land

Ownership is for an indeterminate length of time

Opposite of lease hold estate

Fee simple - Highest interest in real estate

Holder has ALL rights to the property

Fee simple absolute - Max possible right of ownership over an estate

Continues forever

Fee simple defeasible p.53 - ...

Fee simple determinable - Fee simple estate (highest interest in real estate) but has a special limitation

So long as While During

Fee simple subject to a condition subsequent - Fee simple estate with the limitation that - if the property is no longer used for the original purpose it goes back to the grantor

Feudal system - System of ownership from precolonial England

King has all rights and grants to a sovereign as a life estate only

When sovereign dies it passes back to the king not his or her heirs

FHA Insured loan - Loan insured by federal housing administration (FHA) and made by an approved lender that obeys by FHA regulations

Fiduciary - Trust and confidence is placed in a person

Real estate sales people that are in contract has fiduciary responsibilities

Fiduciary relationship - Relationship of trust/confidence

Trustee and beneficiary Attorney and client Principal and agent

Financial institutions reform, recovery, and enforcement act (FIRREA) - Act that changed the savings and loan associations system

Did this because of the loan crisis of the 1980s...