Building engineers

Appendix B

SUPPLEMENENTARY READING AND TASKS

1. Translate the text in a written form using a dictionary.

Education, Research and Recovery Account

The Commissioner administers the education, research and recovery account, which is comprised of twenty percent of all license fees collected. Part of the funds are used for education and research; the balance goes to the recovery account to reimburse the public for loss due to the fraudulent activities of a licensee. If an individual obtains a court judgment or arbitration award against a licensee, and cannot collect from the licensee personally, an application may be made to the Commissioner for reimbursement from the recovery account. Current limits are $20,000 maximum per transaction; $100,000 in total allocations for each licensee. If a grant is made from the recovery account, the licensee’s license is automatically suspended. To reinstate the license, the licensee must pay back the recovery account, with interest. The licensee would not necessarily have to pay the entire remaining judgment to the claimant to get the license reinstated, although the claimant could still pursue the court judgment or arbitration award [5].

2. Read, translate the text using a dictionary and do the exercise.

Trust Fund Accounts

A broker frequently receives funds which do not belong to that broker. Deposits which accompany offers are a common example. A broker must keep a careful accounting of these funds through the use of a trust journal and a trust ledger. While not actually required by law, virtually all brokers maintain a trust fund account (a separate account in an approved financial institution). One of the primary purposes of this accounts is to segregate the funds of others so that trust funds would not be involved in any litigation against that broker. Trust funds received by a broker must be placed either into escrow, into the hands of a principal, or into the trust fund account within three business days of their receipt by the broker.

There are a number of regulations which affect trust fund accounts:

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1.The broker may keep up to $200 of his or her own money in the account, primarily to allow the broker to maintain any minimum balance requirement. This minimum balance requirement. This minimum balance requirement would be a requirement of the bank, not of the Commissioner’s regulations.

2.Withdrawals from the account may be made by any employee of the broker who is authorized to do so.

3.Voided checks must be retained, not destroyed.

Brokers sometimes use trust funds as part of their property management services. Income from the property would be deposited in the trust fund account. With the approval of the principal, the broker could withdraw funds from the account to pay for the expenses of the property [5].

Why do brokers use trust fund accounting:

a)In order to commingle funds;

b)In order to designate their accounts with the Federal Deposits Insurance Corporation;

c)In order to separate trust fund money from the broker’s money;

d)In order to earn more interest.

One of the main purposes of a trust fund account is:

a)To assure delivery of cash;

b)So the bank will be responsible for an embezzlement;

c)So the money will not be “tied up” in case of court action against the broker;

d)Both “A” and “B” above.

When the broker balances his trust account with the bank statement, this is called:

a)Balancing the books;

b)Reconciliation;

c)Account balancing;

d)Beneficiary statement.

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3. Read, translate the text using a dictionary and do the exercise.

US Fedral laws

There are also federal laws which prohibit discrimination in real estate transactions. These include: 1) The Civil Rights Act of 1866; 2) Constitutional issues; 3) Title VII of the Civil Rights Act of 1968.

The Civil Rights Act of 1866

Among the first laws in the United States to be passed with the intent of providing equal opportunity for all citizens of all races was the Civil Rights Act of 1866. This law states in part:

“All citizens of the United States shall have the same right in every state and territory as is enjoyed by white citizens thereof, to inherit, purchase, lease, sell, hold and convey real and personal property.”

This act was passed shortly after the end of the Civil War and was designed to allow black citizens to own property in all areas of the United States.

Constitutional Issues

The United States Supreme Court has played an important role in affirming the validity of fair housing laws. One particularly important case was Jones vs. Mayer, which was a case in 1968 involving steering. Jones was a black person who sought to purchase a home. Mayer was a real estate broker who deliberately showed Jones homes only in black neighborhoods. Jones sued for damages. The U.S. Supreme Court ruled in favor of Jones on the basis of the 13th Amendment to the United States Constitution, which is the amendment which prohibits slavery.

The decision served to uphold the validity	of the Civil Rights Act
of 1866. Further, the court held that the 13th	Amendment can be used
to validate fair housing laws.

Another important constitutional issue relates to racial deed restrictions. In years past, sellers would sometimes include a provision in the deed that stated that the property could only be sold to members of the Caucasian race, or other similar conditions. These racial deed restrictions have been determined to be unconstitutional and can be ignored. They have no negative effect on the buyer’s title to the property, but the buyer would be free to ignore the racial deed restriction with impunity.

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Title VIII of the Civil Rights Act of 1968

This law, which is commonly referred to as the Federal fair Housing Act, was designed to prohibit discrimination in the sale, rental or financing of residential property throughout the United States.

The Federal Fair Housing Act applies to transactions relating to:

1)single-family residences offered through a real estate broker;

2)single-family residences owned by individuals who own more than three such residences;

3)all family dwellings of five or more units;

4)dwellings owned or operated by the federal government;

5)dwellings financed through loans made or insured by the federal government;

6)dwellings provided by the development or the redevelopment of property purchased from a state receiving federal assistance for slum clearance.

One of the very few transactions which would be exempt from

the Federal Fair Housing Act would be the leasing of a single room in an owner-occupied single-family residence.

Any person who has been discriminated against in the sale or rental of a residential property has the right to file a complaint with the Department of Housing an Urban Development (HUD). The Department of Housing and Urban Development will investigate and report on corrective efforts and can also refer the matter to the appropriate state or local agency for enforcement. It will often also try to negotiate a settlement between the parties.

Persons who have been discriminated against also have the right to file a civil lawsuit. This lawsuit may be field in either state or federal court. The plaintiff may seek injunctive relief, such as a court order requiring the sale or rental of the property, or may seek monetary damages.

The U.S. Attorney General is not normally involved in the enforcement of the Federal Fair Housing Act. As discussed above, it is enforced primarily through administrative action through the Department of Housing and Urban Development and/or through private lawsuit. The Attorney General would become involved. However, if there was evidence of a conspiracy to violate the Act. For example, if a major property owner held properties all over the country and appeared to be

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engaging in discriminatory practices in all of them, the Attorney General could instigate legal action to stop the offensive practice.

This law also places a responsibility on real estate brokers and salespeople. If a seller refuses to accept an offer because of a buyer’s racial or other minority status, the broker must inform the buyer of his or her right to sue or complain to the Department of Housing and Urban Development and must inform the seller that the seller is in violation of federal law. The broker also has the right to sue the seller for the commissions provided for in the listing contract.

Which of the following state agencies is empowered to prevent acts of discrimination in housing accommodations in California because of the race, color, sex, national origin, or ancestry:

a)Real Estate Commission;

b)Labor Commission;

c)Department of Fair Employment and Housing;

d)Division of Housing.

The Federal Fair Housing Law provides for a United States policy of:

a)eliminating prejudice wherever it exists in the United States;

b)Providing fair housing for all persons throughout the United

States;

c)Building housing units designed primarily for minority groups throughout the United States;

d)Guaranteeing separate but equal housing units for all people in all of the states.

A real estate licensee has a practice that when he is approached by members of minority groups who want to be shown property, he avoids showing them property in integrated areas. This would be an example of:

a)Redlining;

b)Blockbusting;

c)Steering;

d)Proper conduct.

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4. Make a summary of the article “What is this job like?”

What is this job like?

Real estate agents help people buy and sell houses. They must be able to say approximately how much money a house is worth. They need to know what the neighborhoods in their towns are like. They must know the laws that have to do with buying or selling a house. They also can tell home buyers where to get a loan if they need money to buy a house. In return for selling a house, real estate agents get to keep a small part of the money that the seller got for it. Real estate agents work for real estate brokers. Real estate brokers manage real estate offices.

People who want to buy a house often ask a real estate agent to help them. They meet with the agent to tell him or her discuss the type of house they want. They must also discuss how much money they can afford to spend. The agent then takes them to see houses for sale.

Buying a house is a very important decision because houses cost a lot of money. This means that buyers often want to look at many houses before they decide to buy one.

Real estate agents also sell houses for people. They help the seller set the price for the house. To do this, they must know the condition of the house, as well as the neighborhood. They must also figure out what people would be willing to pay for the house so that it will sell easily.

Once a person agrees to buy a house, real estate agents still have work to do. They must fill out special forms that let everyone know that the house has a new owner. Both the buyer and the seller of the house must sign these forms for the sale of the house to be legal. Often, the agents must help the buyer to get a loan from the bank to pay for the house.

Real estate agents generally work in offices. Since much information about properties is available over the Internet, some agents choose to work from home. In either case, however, much of their time is spent outside the office showing houses to buyers. Good real estate agents also spend time away from the office finding out more about the houses in their town that might one day be up for sale.

Agents often work more than 40 hours a week. They often work evenings or weekends. This is because most buyers and sellers are free only at those times.

Good real estate agents must get along well with buyers and sellers. It helps if real estate agents are pleasant and dress neatly. They

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should be well organized and be able to remember people's names. They should deal honestly with people and have good manners. They must also be very eager to sell houses, which is sometimes a lot of hard work.

Most real estate agents do not get a regular paycheck. Instead, they get part of the money that the home buyer pays to the home seller when a house is sold. This means that agents who sell more houses earn more money. It also means that agents who sell more expensive houses earn more.

The number of jobs for real estate agents is expected to grow faster than the average for all occupations through the year 2018. But as more information about real estate is available on the Internet, fewer agents will be needed to conduct business.

It should be rather easy to find a job as a real estate agent. This is because many agents find that they cannot sell enough houses to be successful, so they quit their jobs. Only people who enjoy selling, and are good at it, should try to become real estate agents.

5.Render the article “How to Become a Famous Real Estate Agent”.

How to Become a Famous Real Estate Agent

By Ki Gray

So, you have taken the classes and you have now become a real estate agent. Or, you already are a real estate agent. Now that you are, or already are, a real estate agent, how do you become a famous real estate agent?

Before getting into the specifics of becoming famous, you need to sit back, kick up your feet and decide on your niche. Your niche will be the springboard from which you launch your campaign to become famous. Is the luxury market your thing, or maybe being a buyer's agent is more your cup-of-tea. You need to decide where your strengths lie and then you'll be able to better focus your energy and hone your expertise.

Once you have defined your niche, you are ready to proceed with the thing that will make you famous in your niche. It has been said of late that 80 percent of house hunting begins on the Internet. If you are to become a famous real estate agent, you must become Internet savvy. Most major brokers nowadays provide a website for their agents. It would be a good idea if you sought out training to make your website stand out from the rest.

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In addition, obtain an inexpensive web domain from one of the online providers like GoDaddy. You can name it some creative name that will make people find you and help them remember it when they need to get in contact with you.

Branding is the key to standing out from the rest. You must have a brand that makes people remember you. You'll want to link your branded domain name to your website with your broker to direct people to your listings and information. Also, find ways to use your brand to make it something that sticks in people heads. Association is a common method human beings use to retain memory. Associate your expertise or name with something related to real estate that people will remember. You want your brand to stand out from the rest.

Along with providing a web address for each agent, some brokers even provide training for their agents to learn how to set up their websites to make them individual and stand out. You'll want to either attend training or hire someone to develop your website for you.

Either way, you'll want to get your website up and running with splashy graphics and links that lead people to useful information. Make sure youinsert a quality picture of yourself. Sales have been lost due to an amateur picture.

YouTube is a website where you can post videos you've created of useful real estate information. Along with posting it on your blog, some information you might want to consider teaching about on video is the rebate first-time homeowners can receive due to the approval of the federal stimulus package. Information like that is considered very valuable and would be visited many times over if you provided a professional presentation of it.

You'll need a blog on your website that provides useful information for potential homeowners, along with enabling readers to comment on your website. Comments are sometimes quite useful in finding out what your audience is really interested in. Provide links to helpful and needful information and provide stellar aesthetics to create interest in your website. Along with the blog, make sure you actually create blog posts on a regular basis that are of great importance to your audience. This will create interest and keep them coming back for more. Establish a RSS feed to enable readers to subscribe easily to your blog. If you do not know what that is, the webmaster you hire can create it for you.

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You'll also want to consider signing up for several social networks, like Active Rain, Twitter, Facebook, MySpace, Digg, LinkedIn and others. Make sure you include your website link on your profile of all social networking sites of which you become a member, along with your branded name.

While creating a stunning website, you'll want to discover and decide how you will distribute your listings via the web. You want your clients to be wowed at your ability to expose their listings.

The last thing you'll want to take care of is a means to determine your return on investment (ROI). You need a good method to track your marketing and advertising expenditures, so that you will know what your ROI is. Make sure you include a counter on your website that tracks unique visits to your site, along with some way to analyze the traffic your site receives in order to improve results.

Now that you've found your niche, become Internet savvy, have your website up and running and are experiencing some notoriety, make sure to keep track of how your clients found you. Ask them. Also, ask them if they have seen your website.

As you continue to promote yourself aggressively with electronic media, you will eventually become what you've always dreamed of – a famous real estate agent!

Ki works, and lives, in Austin, Texas. He maintains a website to search Austin Texas real estate. The site offers free and exhaustive information on homes in the Austin MLS to future owners. The site also has a blog covering Austin real estate.

6.Learn Real Estate Glossary. Translate from English into Russian. Find more information to explain each of the word.

Make your own sentences.

Definitions (A)

acceleration clause

A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

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adjustable-rate mortgage (ARM)

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

adjustment date

The date the interest rate changes on an adjustable-rate mortgage (ARM).

amortization

The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.

amortization schedule

A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.

annual percentage rate (APR)

This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan.

application

The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more.

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