Broker License Flashcards by Beth Olsen

Principal Meridian

N/S

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Base Line

E/W

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Acre

43,560

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Mile

5280

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Dominant easement

right to use

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Servient easement

owns land being used

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Easement appurtenant

rights attached to land

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Easement in gross

assigned to individual or business

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Abandoned easement

owner must take action to abandon

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Easement merger

purchased property

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Easement out of necessity

purpose of in and out

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Accretion

land build up- water carries rock, sand soil

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Alluvion

new deposits of land

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Erosion

gradual loss of land

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Avulsion

sudden loss of land, change in water flow

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Reliction

water recedes, uncovers new land

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Ownership in Severalty

Single ownership, no joint interest, estate passes according to will or law

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Tenants in Common

-Co ownership
-inheritable, default arrangement if deed doesn’t specify,
-owners debt can attach
-termination by tenancy in severalty,
-each owner owns a partition

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Joint Tenancy

Unity, time, title interest
owners debt attaches
right of survivorship
precedence over devisees in a will
co owners inherit
converts to estate in severalty when one owner left

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Freehold estate

ownership can be inherited ad infinitum
specified by will or law

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ordinary life estate

lasts till death
remainder man inherits
or revision or originator

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Fee simple estate

no fixed duration
most rights conveyed
rights above, below
inheritable
probate process

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Fee simple defeasible

buyer must meet certain conditions
subject to certain events or conditions
no judicial process

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Fee simple subject to condition

specific condition
requires court process to revert

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Fee simple absolute

no restrictions

Estate for years

specific date mutual agreement

periodic estate

period to period renewal ends automatically

estate at will

no established ending termination by either party

estate at sufferance

tenant didn't leave

Seisin

ownership/possession

MARIA

methodof attachment adaptability relationship of parties intention in placing agreement of parties

Economic Principals of Value

Demand Utility Scarcity Transferability

Emblements

crops

Bundle of Rights

Possession- may possess Controls- use Exclusion- who is allowed on prop Enjoyment- any legal use Disposition- right to sell or convey

Land Characteristics

Metes and bounds Lot and Block Rect Govt Survey System

Metes and Bounds

Metes- boundary Bounds- physical features Point of beginning Monuments to mark boundaries

Lot and Block

divide into lots reference RGSS

RGSS

Townships and sections Principal meridian- N/S Base Line- E/W Township 6 sq miles 640 acres= section

Physical Characteristics

Immobility Indestructability- land doesn't deteriorate Uniqueness- can't be replicated

Fed Fair Housing complaint

can file up to a year after incident complaint will be reviewed

FHEO part of HUD

enforces federal fair housing laws

Protected classes

race, color, religion, sex, disability, familial status, national origin

Civil Rights Act 1866

Race or color protected

Title VIII

Fair Housing Act Race, color, national origin and religion protected

Equal Credit Opportunity Act

Civil Rights Division protects: race, color, religion, nat origin, sex, marital status, age Respond in 30 days

Housing and Community Development Act 1974

sex

Fair Housing 1988

familial and disability

Housing for Older Persons 1995

age

Federal Fair Housing Violations

Redlining Blockbusting Steering

FTC

Protects consumers against false and misleading unfair ads

Present Warranties for Deeds

Covenant of seisin- holds title and possession of property Right to convey- title and possession No encumbrances

Future Warranties for Deeds

Quiet enjoyment- unrestricted Further assurances- correct title defects Warranty- protect and defend title

Special Warranty

protection only while grants lives there

Deed characteristics

writing legal name identify grantee conveyance consideration legal description limitations habendum- rights and privileges acknowledgement- notary, voluntarily signed

Bargain and Sale

tax foreclosure sale

Quitclaim

no warranties, clears simple cloud

Title

lenders policy offering protection of mortgage balances

Subrogation

pursuing a party causing loss on property

Title chain sequence

started with current

Marketable title

clear defects, best

Insurable Title

known defects, but efforts to clear have been made

Prorations

taxes fuel water sewer

RESPA

LE within 3 days of loan application/ closing costs- 3 days before closing

RESPA change of 1/8% or more

new 3 day wait period

Indemnification Clause

one party will compensate other if any losses occur

General Deed

no encumbrances, liens, indemnification clause

special warranty deed

only guarantees occurrences during owner's occupancy

datum and benchmarks

vertical measurement