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RE Study > Deck 1 > Flashcards

Deck 1 Flashcards

1
Q

6 Categories of Property

A

Residential, Commercial, Mixed Use, Industrial, Agricultural, Special Use

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2
Q

Uniqueness

A

No 2 parcels alike; Unique geographic area

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3
Q

Factors Affecting Supply

A

Labor force, construction, material costs, gov’t controls, financial policies, local gov’t factors

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4
Q

Factors Affecting Demand

A

Population, demographics, employment, wage levels

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5
Q

Tax Benefits of Selling

A

Married file jointly, no tax on up to 500k

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6
Q

Leverage

A

Use borrowed money for investment

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7
Q

Brokerage

A

Brings people together in real estate transaction

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8
Q

Broker

A

Person licensed to buy, sale, exchange, or lease property

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9
Q

Salesperson

A

Conducts brokerage activities on behalf of broker

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10
Q

Supply & Demand Influenced By

A

Uniqueness and immobility

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11
Q

Physical Characteristics of Land

A

Immobility, uniqueness, indestructibility

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12
Q

Bundle of Legal Rights

A

Possession, control, enjoyment, exclusion, disposition

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13
Q

Appurtenance

A

Right or privilege associated w/ property although not a physical part of it

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14
Q

Riparian Rights

A

River or stream

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15
Q

Littoral Rights

A

Commercially navigable lakes, seas, or oceans

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16
Q

Prior Appropriation

A

The right to use any water is controlled by the state; Must have plans for beneficial use

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17
Q

Personal Property

A

“Chattels”; It’s movable

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18
Q

Annually Cultivated Plants

A

“Emblements”; considered personal property

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19
Q

Not Annually Cultivated Plants

A

Considered real estate; trees or bushes

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20
Q

Fixture

A

Personal property so attached that by law it becomes part of the property

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21
Q

Legal Tests of Fixtures

A

“MARIA”; Method of annexation (permanency), adaptability, relationship of the parties, intentions, agreement of the parties

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22
Q

Trade Fixtures

A

Property used in the course of business

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23
Q

Title

A

Right to ownership of real property; Evidence is provided by deed

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24
Q

Estate in Land

A

Defines degree, quantity, nature, extent of an owner’s interest in real property; must allow posession

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25
Q

Freehold Estate

A

Lasts for indefinite period; may also be a fee simple estate

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26
Q

Fee Simple Estate

A

Continues indefinitely and may be passed to heirs

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27
Q

Life Estate

A

Held only for the lifetime of a person and ends when they die

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28
Q

Fee Simple/Fee Absolute

A

Highest interest recognized by law; entitled to all rights

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29
Q

Fee Simple Defeasible

A

Subject to occurrence or non occurrence of a specific event

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30
Q

Fee Simple Determinable

A

May be inherited; specific language “so long as, while, during”

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31
Q

Fee Simple Subject to Condition

A

Owner gives on condition of ownership; “no alcohol use on land given”

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32
Q

Life Estate

A

Limited to the life of the holder or some other designated person; holder is called LIFE tenant

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33
Q

Pur Autrie Vie

A

For the life of another

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34
Q

Remainder Interest

A

Creator of estate may name a remainderman for whom the property goes to

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35
Q

Reversion Interest

A

No remainderman; Goes back to original owner

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36
Q

Legal Life Estate

A

Established by law; Dower- wife owns; Curtesy- husband owns

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37
Q

Encumbrance

A

Interest that does not rise to level of ownership

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38
Q

Easement

A

Right to use another’s land for particular purpose

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39
Q

Easement Appurtenant

A

Allowed to use a neighbor’s land; Dominant tenement- benefits from use; Servient tenement- owner of land

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40
Q

Easement in Gross

A

Right of way for utilities

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41
Q

Easement by Necessity

A

Owner landlocked and must have ingress and regress

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42
Q

Easement by Prescription

A

10-21yrs continuous use without permission

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43
Q

Terminating Easements

A

Need no longer exists, release of the right, abandonment, one party becomes owner of both, nonuse of prescriptive

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44
Q

License

A

Privilege to enter land for a specific purpose

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45
Q

Lis Pendens

A

Litigation pending

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46
Q

4 Gov’t Power

A

“PETE”; Police power, eminent domain, taking, escheat

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47
Q

Severalty

A

Owned by one party

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48
Q

Forms of Ownership

A

Tenancy in common, joint tenancy, tenancy by entirety, community property

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49
Q

Tenancy in Common

A

Undivided interest in property; Owners can sell their portion without consent of others

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50
Q

Joint Tenancy

A

Ex husband and wife; surviving party becomes owner

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51
Q

Creating Joint Tenancy (PITT)

A

Possession, interest, time, title

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52
Q

Tenancy by Entirety

A

Surviving spouse inherits ownership

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53
Q

Trust

A

One person transfers ownership to someone else to hold or manage for a 3rd party

54
Q

Fiduciary

A

Acts in confidence and has legal relationship with beneficiary

55
Q

Living Trust

A

Trust that lasts during lifetime

56
Q

Testamentary Trust

A

Trust enacted by will after death

57
Q

Metes & Bounds

A

Land description that starts and ends at a point of beginning

58
Q

Acres in a Section

A

640 (1sq/mi)

59
Q

Square Feet in an Acre

A

43,560sq/ft

60
Q

Title

A

Right to or ownership of land

61
Q

Deed

A

Document which an owner conveys right, title, or interest owned to someone else; must be in writing

62
Q

Deed Requirements

A

Grantor legally competent, consideration, legal description, exceptions, delivery, grantee named, notarized, habendum clause

63
Q

Title Passes When…

A

Deed is delivered and accepted

64
Q

Types of Deeds

A

General warranty, bargain and sale, special warranty, quitclaim

65
Q

General Warranty Deed

A

Greatest protection; has 5 covenants

66
Q

5 Deed Covenants

A

Seisin (grantor fully owns), further assurances (make title good), against encumbrances (free from liens), quiet enjoyment (title will be good), warranty forever (promise to compensate if title fails)

67
Q

Special Warranty Deed

A

Grantor received the title; property was unencumbered; “remise, release, alienate, and convey”

68
Q

Bargain & Sale Deed

A

Implies grantor holds title

69
Q

Quitclaim Deed

A

Least protection; no covenants or warranties

70
Q

Deed of Trust

A

Conveyance from trustor to trustee

71
Q

Adverse Possession “ONCHA”

A

Open, notorious, continuous, hostile, adverse

72
Q

Intestate

A

Without a valid will

73
Q

Probate

A

Judicial process; held in the county which decedent last resided

74
Q

Constructive Notice

A

Legal presumption that info was obtained; “it’s in the book”

75
Q

Actual Notice

A

Info available; “I read the book and saw it”

76
Q

Recording

A

Act of placing documents on public record

77
Q

Priority

A

Order in which documents or liens were recorded

78
Q

Chain of Title

A

Record of property’s ownership beginning w/ earliest owner

79
Q

Action to Quiet Title

A

Fix a broken chain link in title

80
Q

Abstract of Title

A

Summary report of what title search found

81
Q

Marketable Title

A

Title w/ no serious defects, won’t expose purchaser to litigation, convinces purchaser they could sell later

82
Q

Proof of Ownership

A

Certificate of title, title insurance, torrens certificate

83
Q

Certificate of Title

A

Certifies condition of the title based on exam of public records

84
Q

Title Insurance

A

Protects from losses arising from defects in the title

85
Q

Standard Title Insurance

A

Covers defects in public records, forged documents, incompetent grantors, incorrect statements, improperly delivered deeds

86
Q

Extended Title Insurance (Standard +)

A

Protects against property inspection, exam of survey, unrecorded leans

87
Q

Title Insurance Does Not Cover

A

Defects and liens, changes by zoning

88
Q

Managing Broker

A

Responsible for supervision of everyone operating under them

89
Q

Commissions Payable When?

A

Sale is consummated by delivery and acceptance of seller’s deed

90
Q

Antitrust Laws Protect Against…

A

Price fixing, group boycott, allocation of customers, tie-in agreements

91
Q

Treble Damages

A

3x actual damages

92
Q

Do Not Call Registry Lasts For…

A

18 months

93
Q

Agency

A

Common law, statutory law, admin law

94
Q

Agent

A

Person authorized to act on behalf of the principal

95
Q

Agency

A

Fiduciary relationship between principal and agent

96
Q

Nonagent

A

Works with buyer or seller without representing either party’s interest

97
Q

Express Agency

A

Oral or written contract

98
Q

Listing Agreement

A

Agency agreement between broker and seller

99
Q

Implied Agency

A

Parties act as though they have mutually consented to an agency

100
Q

Fiduciary Responsibilities (COLD-AC)

A

Care, obedience, loyalty, disclosure, accounting, confidentiality

101
Q

Universal Agent

A

Someone empowered to do anything the principal could do personally

102
Q

General Agent

A

Represents the principal in certain business matters

103
Q

Special Agent

A

Represents principal in one specific act

104
Q

Single Agency

A

Agent represents one party

105
Q

Dual Agency

A

Agent represents 2 parties

106
Q

Nonagent

A

Not an agent of either party; helps buyer and seller with paperwork

107
Q

Listing Agreement

A

Employment contract between a broker and seller

108
Q

Types of Agreements

A

Exclusive right to sell, exclusive agency listing, open listing

109
Q

Exclusive Right to Sell

A

One authorized listing broker receives a commission; seller pays listing broker regardless who sells property

110
Q

Exclusive Agency Listing

A

One broker authorized to act as exclusive agent of principal but seller retains right to sell w/o obligation to pay broker; broker only paid if procuring cause

111
Q

Open Listing

A

Seller retains right to employ any brokers as agents; listing brokers market simultaneously; seller only pays broker who produces ready willing and able buyer

112
Q

MLS Clause

A

Brokers make listing available through other brokers

113
Q

All Exclusive Listings Should…

A

Specify a definite period which broker is employed

114
Q

Asking Price

A

Proposed sale price

115
Q

Evidence of Ownership

A

Warranty deed, title insurance policy, abstract of title w/ attorney opinion

116
Q

Executed Contract

A

Contract that has been performed

117
Q

Executory Contract

A

One party still has an act to perform; sales contract is an example from signing until closing

118
Q

OCCLL

A

Offer; consideration; consent; legal purpose; legally competent parties

119
Q

Valid Contract

A

Contract that meets all essential elements

120
Q

Void Contract

A

Contract that lacks some or all elements and has no legal force

121
Q

Voidable Contract

A

Has all elements at face value but may be rescinded based on a legal principal (ie contract w/ minor)

122
Q

Unenforceable Contract

A

Has all elements but cannot be forced in court (ie oral agreement)

123
Q

Assignment

A

Transfer of rights or duties under contract

124
Q

Novation

A

Substitution of a new contract for an existing one

125
Q

Suit for Specific Performance

A

Buyer asks court to force seller to go through with sale and transfer

126
Q

Recission

A

Returns the parties to their original positions

127
Q

Offer is accepted when…

A

Buyer has been notified of seller’s acceptance

128
Q

Earnest Money

A

Money from purchaser; evidence of buyer’s intent

129
Q

Equitable Title

A

After the sales contract is executed but before closing the buyer acquires this interest

130
Q

Amendments to Contracts

A

A change to a contract that must be initialed or signed by all

131
Q

Addendum to Contracts

A

A Provision to a contract and must be signed by all

RE Study (3 decks)

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