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01 Basic App Princ Quiz > Ch 7-8 > Flashcards

Ch 7-8 Flashcards

1
Q

A fee simple estate is:

(here, 3 adjectives)

A
  • Inheritable
  • Transferable
  • Perpetual (indefinitely)
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2
Q

Examples of Partial Interest created by special situations:

A
  • Life estates
  • Leased fee estates
  • Leasehold estates (formerly Life Estate)
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3
Q

There are some specialized forms of ownership in which you may own something in fee simple along with shared rights of certain common properties. What are the most common types?

A
  • Condominiums
  • Cooperatives
  • PUDs
  • Timeshares
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4
Q

The seller of a property is called the x. The buyer is called the x.

A

granter
grantee

(The Granter is Bigger since he got more money now.)

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5
Q

A deed is
“A written, legal instrument that conveys an estate or interest in real property when xxx

A

it is executed and delivered.”

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6
Q

Is a Deed valid without a Notary Public?

A

Yes.

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7
Q

What are the requirements for a Deed to be legally valid:

(long list)

A
  • The deed must be in writing
  • The granter and grantee must be clearly identified
  • The granter must be legally capable (for example, not a minor or legally incapacitated)
  • The property must be adequately described
  • There must be a legally acceptable grantee clause
  • Consideration (amount)
  • Signed by the granter
  • Delivered to the grantee
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8
Q

Which contracts have to be written?

A

Most contracts that cannot be completed within one year

Real Estate

Commercial contracts for goods worth in excess of $500

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9
Q

Grant Deed facts to remember:

A

A deed containing some but not all of the usual covenants
Title may not be clear
Grantor may not be owner

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10
Q

Quitclaim Deed facts to remember:

A

Without warranty of title
Weakest form of title
Usually for tax sales

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11
Q

Bargain and Sale Deed facts to remember:

A

Seller does hold title
No guarantee that it is a clear title
Sheriffs Deed at Court-ordered Sale

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12
Q

Tax Deed facts to remember:

A

Tax Sale
Like a Bargain and Sale Deed
Non-Payment of Taxes

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13
Q

Warranty Deed facts to remember:

A

Title Free and Clear
Best Type

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14
Q

Deed of Trust facts to remember:

A

Similar to Mortgage
Trustee holds title
Trustee is able to sell without foreclosure

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15
Q

Reconveyance:

A

Title goes back to borrower when amount is paid off
For Deed of Trust only

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16
Q

Express Contracts facts to remember:

A

Oral or written
Like listing agreements, Mortgages, Leases

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17
Q

Implied Contract facts to remember:

A

By Actions
Sitting down in a restaurant

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18
Q

Bilateral Contract facts to remember:

A

2 Parties make a promise

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19
Q

Unilateral Contract

A

One Party makes a Promise to induce another to do something
Real Estate option to sell

20
Q

Executed Contract facts to remember:

A

Fully performed

21
Q

Executory Contract facts to remember:

A

Not been fully performed
Listing of unsold property
Mortgage with outstanding balance

22
Q

Valid Contract facts to remember:

A

Binding
Enforceable
Like a real estate purchase transaction that has cleared all the contingencies but has not yet closed escrow

23
Q

Void Contract facts to remember:

A

No legal force
Illegal elements
Racial discrimination
Crime

24
Q

Voidable Contract facts to remember:

A

Failure of the parties to meet legal requirements
Minor signs contract
Parties are not required to void the contract

25
Q

Unenforceable Contract

A

Appears valid but would not be enforceable in court
Like a written contract was required

26
Q

What are the 5 essential elements of a valid contract?

A
  1. Competent parties
  2. Mutual agreement
  3. Consideration
  4. Lawful objective
  5. In writing and signed
27
Q

The parol evidence rule states that written contracts

A

take precedence over oral agreements.

28
Q

Contracts can be discharged or terminated by?

A
  • Agreement of the parties
  • Performance of the contract
  • Impossibility of performance (not legal anymore)
  • Operation of law (bankruptcy)
29
Q

What is Novation?

A

New contract which terminates the original agreement

30
Q

What is Assignment?

A

Transferring an interest in property or some right such as contract benefits.

31
Q

Time is of the essence clause is defined as

A

… grounds for canceling the agreement.

32
Q

What is a Default

A

Breach of Contract
Failure to perform any term of contract without legal excuse
It does not relieve the obligations

33
Q

If a seller defaults, a buyer may

A
  1. Rescind the contract and recover the earnest money deposit
  2. File a suit calling for specific performance, to force the seller to sell the property
  3. Sue the seller for compensatory damages
34
Q

If a buyer defaults, a seller may

A
  1. Declare the contract forfeited . The right to forfeit is usually provided in the terms of the contract and the seller generally is entitled to retain the earnest money and any payments received from the buyer.
  2. Rescind the contract
  3. Sue for specific performance (this may require the seller to offer a valid deed to show readiness to perform)
  4. Sue for compensatory damages
35
Q

Real property appraisers will develop their appraisals under STANDARD x and report them under STANDARD x. Personal property appraisers will develop their appraisals under STANDARD x and report them under STANDARD x.

A

1
2
7
8

36
Q

What items of the URAR subject section can be found in the sales contract?

A
  • Property address
  • Borrower
  • Owner of public record
  • Legal description
  • Map reference
  • Assignment type
37
Q

A flat rental lease is

A

same rent each period
most common type of lease
usually for short term

38
Q

A gross lease is

A

landlord pays operating and fixed expenses
also called full-service lease

39
Q

A net lease is

A

tenant pays all expenses
also called net/net lease

40
Q

A graduated rental lease is

A

specified changes in rent like step up or step down or % adjustment

41
Q

An index lease is

A

long term
periodic adjustments based on economic index

42
Q

A revaluation lease is

A

periodic rent adjustments based on market rental rate

43
Q

An Escalator lease is

A

lessor can seek reimbursement for operating expenses
e.g. lessor pays for 1st year, lessee will pay any increases after that

44
Q

A Percentage lease is

A

rent is base on a % of volume of business, productivity
used for supermarkets
usually has a min. rent and an overage rent

45
Q

Overage rent

A

% of rent paid over and above the guaranteed min rent.
% based on sales.
landlord shared in the business fortune of the tenant

01 Basic App Princ Quiz (18 decks)

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