Exam questions Flashcards
Air rights
80-500’ above property FAA
Profit a prendre
If you buy mineral rights separately, harvesting is an implied easement, rights to earth’s core.
Examples of personal property not included in real estate
Emblem ends and trade fixtures
Info about condos
Fee simple ownership; super-priority lien up to 6 months of condo fees runs with ownership (thus cert 6d)
Info about coops
Corporation owns in severalty; stockholders have proprietary leases on units; coop fees also cover mortgage
Tenancy at will
Can be verbal and without exp date
Periodic tenancy
Fixed intervals (month to month)
Eminent domain topics
Condemnation (takes all), severance (takes partial), inverse condemnation (neighbor experiences depreciation and makes claim)
Starting place with ZBA
Zoning law doesn’t allow owner quiet enjoyment of property
Property tax dates
November and may
Private limitations on property rights
Covenants and deed restrictions (making fee simple defeasible) run with land - if violated, grantor or heir may claim back
Best home in bad neighborhood
Regression/depreciation
Increased cap rate means
Decreased value
Economic obsolescence
Includes changes in zoning laws
Makes a contract unenforceable
Lack of competency/consent; statute of frauds (verbal); statute of limitations (expired)
Doctrine of privity
Recission (cancel); injunction (specific performance); damages, liquid damages, forfeiture (deposit)
Lessee can do with lease
Sublet, assign, novate
Commercial lease can be broke with
Foreclosure and eminent domain
Bargain and sale deed
Used by those who have right to sell but do not own (tax/estate); no warranty
Salesperson
Always sub agent to principal bc the broker is the agent; do not have listings - belong to brokerage
Do not call fee
$43,792
Sherman anti-trust fine
Up to $100,000 and 3 years
Fed fair housing protected classes
1866: race; 1968: color, religion, national origin, 1974: sex; 1988: disabilities and familial status
HUD discrimination fines
$16,000 fist, second 37,500; subsequent 65,000
Types of take over mortgages
Subject to (seller liable), assumption of (both parties liable), novation (buyer liable)
Mortgage payments
In arrears
Regulation Z/TILAPIA requirements on APR
Does not include appraisal, municipal tax, credit reports, atty fees, survey fees…anything charged by third party not lender
Black mold
S. Chartarum and s. Chlorohalonata
