-18 years of age
-high school education/GED
-good moral character (no felonies)
-U.S. Resident
-Full-time salesperson for 3 years
-150 hour course - ✔✔Broker License Requirements
-18 years of age
-high school education/GED
-good moral character (no felonies)
-U.S. Resident (DOES NOT have to be a citizen and DOES NOT have to live in NJ)
-75 hour course - ✔✔Salespersons License Requirements
-broker is given the right to list and sell the property
-broker is assured to receive commission even if the seller procures the buyer
-most common - ✔✔Exclusive Right to Sell Listing
%
-buyer does not sign a promissory note
-in case of default, seller becomes 100% liable - ✔✔"Subject to" the Mortgage
-buyer pays the seller the equity in the property then takes over their loan payments
-buyer signs promissory note making them primarily liable
-seller remains secondarily liable unless a novation is signed - ✔✔"Assumption" of the
Mortgage
-federal regulation that requires creditors to provide full disclosure on the terms of a
loan and the true cost of borrowing money
-allows you to advertise specific terms and numbers, but you MUST provide full
disclosure on qualifications for the loan
-general terms and numbers do not require full disclosure
-APR is the only turns that may be advertised without any disclosure (APR: true cost of
borrowing money) - ✔✔Regulation Z
,STUVIA
-for veterans
-guarantee loans of veterans on real property, not insure loans
-0% down
-can be assumed by anyone
-Certificate of Reasonable Value (CRV): appraisal for VA Loans
-contingent on being financially qualified - ✔✔VA Loans
-gives one broker only the right to sell the property
-any broker can show the property
-seller reserves the right to procure their own buyer, sell on their own, and not pay
commission - ✔✔Exclusive Agency Listing
-insured loans
-financed by qualified lending institutions (banks)
-must be owner occupied for a minimum of 6 months
-requires a down payment - as low as 3.5%
%
-mortgage insurance premium of 1.5% on
*FHA insures loans, they DO NOT lend money - ✔✔FHA Loans
-no right of survivorship
-can devise their interest to heirs
-may or may not have equal ownership
-can have a corporation
-unity of possession: right to use/occupy property - ✔✔Tenancy in Common
-one point is 1% of the loan amount
-lender's yield increases by 1/8% for each point charged
-example: of loan is $100,000, but lender charges 2 points, he will only receive $98,000
but will still owe $100,000 - ✔✔Points
-required to be in NJ depository institutions approved by the REC
-separate from personal funds
, STUVIA
-REC is required to know where all deposits are being made and they have the right to
investigate these accounts
-deposits must be prompt - within 5 business days of receiving funds - ✔✔Rules of
Trust/Escrow Accounts
-right of survivorship: when one tenant dies, their ownership passes to the surviving
tenants
-cannot devise their interest (will it)
-equal ownership is required
-no corporations due to perpetual existence
-unity of time, title, interest, possession - ✔✔Joint Tenancy
1. Notice to Quit - nicely ask tenant to leave
2. Judgement of Possession - bring them to court in which they are ordered to evict
3. Warrant for Removal - court physically removes them - ✔✔Actual Eviction Process
%
1. Notify the landlord of the issue
2. Give the landlord a reasonable amount of time to fix the issue
3. If landlord does not fix issue in a timely manner, tenant can either vacate while the
problem still exists OR can "repair and deduct" (fix the problem themselves and charge
the landlord) - ✔✔Constructive Eviction Process
1. Offer and Acceptance
2. Consideration
3. Competent Parties
4. Reality of Consent
5. Legal Purpose
Note: Contract does not have to be in writing - however, verbal/oral agreements are
valid, but not enforceable due to the Statute of Frauds - ✔✔5 Essential Elements of a
Contract
1. Rescission of Contract: revert to the status quo - as if parties never met
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