Case Law
Mortgages & Deeds
Just because...
License Law
Terms
100
This law requires that contracts conveying an interest in real property and are not to be performed within one year of the date created must be in writing including lease agreements for a term longer than one year and listing agreements for a term longer than one year.
What is Statute of Frauds?
100
The clause in the deed that promises that the grantor owns the property being conveyed is...
What is Seisin?
100
Two parties are disputing a contract. They agree that a third party will review the matter and make a determination that is binding on both parties. What is this type of settlement called?
What is Arbitration?
100
The time frame a sales associate has to notify the DBPR of his/her address change is...
What is ten days?
100
The legal procedure used to determine a fair price in eminent domain actions.
What is Condemnation?
200
In a non residential transaction, a buyer and seller may each be represented by different agents within the same brokerage, provided they each have assets of $1 million or more. This type of agency relationship is called?
What is Designated Sales Associate?
200
A mortgage company exercises this clause to advance the due date of an unpaid balance if the borrower defaults.
What is Acceleration?
200
This law limits how much a the assessed value of a homesteaded property can increase in a given year.
What is The Save our Homes Amendment?
200
Which type of business entity may not register as a real estate broker?
What is Corporation Sole?
200
The recorded instrument that creates a condominium.
What is Declaration?
300
When an insurance company refuses to provide coverage within a particular neighborhood because of racial and ethnic characteristics of the neighborhood, this is called...
What is Redlining?
300
The lenders estimated overhead costs plus profit on an adjustable rate mortgage equals the lenders...
What is Margin?
300
When a tenant agrees to pay insurance, maintenance expenses, and property taxes on a leased commercial property, they have agreed to what type of lease?
What is a Net Lease?
300
This fiduciary duty is only required in single agent relationships. A. Dealing honestly and Fairly. B. Presenting all offers and counteroffers. C. Showing all properties, including for sale by owners, to the buyer. D. Full disclosure.
What is Full Disclosure?
300
The legal instrument that gives authorization to a person to act for and on behalf of another person.
What is Power of Attorney?
400
The law that prohibits racial discrimination in the sale or lease of all real property without exception.
What is Civil Rights Act of 1866?
400
The instrument that is used to transfer ownership of a mortgage from one company or individual to another.
What is Assignment?
400
How long is the useful life for a nonresidential income-producing property under the IRS code?
What is 39 years?
400
After requesting an escrow disbursement order from the FREC, the dispute over funds is settled. The Broker must notify the FREC to inform them that the matter has been settled within how many days of the settlement?
What is ten days?
400
Real property conveyed by the instruction of a will.
What is devise?
500
When an insurance company refuses to provide coverage within a particular neighborhood because of racial and ethnic characteristics of the neighborhood, this violates what law?
What is The Fair Housing Act?
500
This party has title to real property that secures a loan in lien theory states.
What is Mortgagor?
500
This term means "Buyer Beware"
What is Caveat Emptor?
500
A Transaction Broker does not have which duty? A. Disclose all known facts that materially affect the value of residential property and are not readily observable. B. Obedience. C. Dealing honestly and fairly. D. Present all offers and counter offers in a timely manner.
What is Obedience?
500
The recipient of real property by a will.
What is Devisee?
M
e
n
u