Flashcards in Real Estate Sales Licensing - Notes & Facts for Brief Study Deck (171)
When is the seller responsible to give HOA documents to the buyer?
Less than 50 units
When is the HOA responsible to giver the buyer documents regarding HOA?
50 units or more
What are Arizona "Superfund" sites?
Water Quality Assurance Revolving Fund
A revocable permission to use property for weekends only would be a
When does the seller receive the buyers earnest money?
What is similar to medical malpractice insurance?
Errors and Omissions insurance
Fair dealing is the same as what
How long is a broker required to keep rejected offers
When a property owner is requesting a variance, they must show what?
They are required to show a hardship
What is required when 5 or fewer parcels other than subdivided land are located in an unincorporated area of a county?
Land Disclosure Affidavit
What is RESPA
Real Estate Settlement Procedures Act
(The purpose of RESPA is to help consumers become better shoppers for settlement services and to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services)
What types of RE does RESPA cover?
Residential real estate, 1-4 plex
What types of loans would RESPA not cover?
Seller Carryback and Loan Assumptions
A limited partnership is closest to a .... what?
How is a master planned community defined?
Two or more platted subdivisions with CC & R's
What does CC & R stand for?
Covenants, Conditions and Restrictions
What is an assignment? Who is involved?
The transfer of the right, title and interest in the property of one person (the assignor) to another (the assignee).
Regulation Z shows all costs of borrowing the money except for....
Document Preparation Fees
What is an interest only payment loan called?
What type of lien is a mortgage
A voluntary lien
If RE companies agreed not to do business in each other's areas what would this violate?
The Sherman Anti-Trust Act
What is the rate the Federal Reserve charges when loaning money to banks?
What is the fee called that a lender charged to cover their overhead?
Hold Legal Title "Bare & Naked"