Intro to Real Estate
Refers to the fact that property cannot be relocated elsewhere.
What is immobility
Prohibits pricefixing and tie-in agreements
What are the antitrust laws?
An agent authorized to represent the principal in a broad range of matters
What is a general agent?
One authorized listing broker is the seller's sole representative and receives compensation.
What is an exclusive right to sell listing?
Mortgagor retains both legal and equitable title to a property that serves assecuirty for the debt.
What is a Lien Theory State?
The splitting of a single property into smaller pracels.
What is subdividing?
Four components are Avoid, Control, Transfer, and Retain.
What are risk management?
The establishment of an agency relationship as a result of the actions of the parties
What is implied agency?
Permits cooperation with other brokers.
What is MLS -Multiple Listing Clause?
A Law that limits the interest rate that is allowed to be charged?
What is a Usury Law?
The business of bringing people together in a real estate transaction
What is a real estate brokerage?
Competing brokers agree to set sales commissions, fees, or management rates.
What is price fixing?
An agency relationship in which the agent represents two principals without their knowledge or permission.
What is undisclosed dual agency?
Requires the homeowner maintain insurance equal to a specified % of the replacement cost of the home.
A Provision in a financing instrument that requires the lender to execute a satisfaction of mortgage when not note is paid in full.
What is a Defeasance Clause?
Using established methods to develop a professional opinion of a property's value
What is an appraisal?
Removes barriers in electronic commerce and sets forth basic rules for entering an enforceable contract using electronic means
What is UETA Uniform Electronic Transacation Act
A property that has been branded as undesirable because of past events at or near the property
What is a stigmatized property?
A Law that requires lenders to find ways to help meet the housing needs of those of low and moderate income.
What is The Community Reinvestment Act?
Established in 1938 as a gov't agency until 1968 and buys from lenders pools of mortgages that can be used as collateral for mortgage-backed securities.
What is Fannie Mae?
Refers to Population, demographics, employment and wage levels.
What are factors of Demand?
Statues enacted by state legislatures to protect the public and ensure standard of competene in the real estate industry
What is real estate license laws?
Occurs when a real estate professional should have known that a statement about a material fact was false.
Neglient Misrepresentation
A Buyer bought a model home and all its furnishings and appliances.
What is a package loan?
Requires state to license mortgage loand orginators according to national standards and to participate in Nationwide Mortgage Licnesing System and Registry (NMLS).
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE ACT)