Chapter 4 Flashcards
How many years is adverse possession?
10 years
What is adverse possession?
When Real Estate is abandoned and someone else (squatter) takes ownership; 10 years
What part of bundle of rights do tenants have?
Possession, Quiet Enjoyment, and Exclusion
What is the minimum electric service for a house?
100 amps & 110 bolts
What is disclosure? What is stigma?
Disclosure= tell stigma= something negative
When you work for the owner:
If someone dies or there was a crime unrelated to RE, do you tell?
no (income tax fraud)
When you work for the seller:
If someone dies or there was a crime related to RE, do you tell?
Yes (meth lab)
What is a material defect?
Something important that is broken/ wrong
Do you disclose a fixed material defect?
No
What 3 major things are not disclosed (unless they affect the RE)?
- Death
- Felony
- AIDS
What if buyer asks you about 1 of the major things you don’t have to disclose, what do you say when you rep the seller?
a) say “it’s none of my business. If you don’t like it, let’s look at something else.”
b) say “if you want, write a request to the LL; i’d be more than happy to delivery that to them.”
If the buyer asks you about one of the major things you do not disclose, why do you stay silent when representing the seller?
you MUST protect the seller
If you are rep the seller and the previous tenant was a convicted felon who had died in the apartment of AIDS, do you disclose?
no- unless it was affected/effected the RE
Can you disclose if owner gives you permission?
Yes
If you rep the owner you try to keep things ____
If you rep the buyer you try to ___ ____
confidential
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