Need To Learn Topics Flashcards
Real Estate commissioner
The license law (BPC 10051) says the governor appoints the Commissioner. There is no Real Estate Commission, per se. The Commissioner employs deputies, clerks, and others as needed to carry out the duties of the office. The legislature and licensees have no role in choosing the Commissioner.
How long will the comissioner extend a licence is they extend it?
90 days
Who have to have a real estate licence for someone to practice real estate in a general partnership
Anyone in th egerneal partnership that wants to practice needs a licence
What is the experience requirement for a broker’s license applicant?
Two years as a sales person in the last 5 years
What do you need if you want ot parctice in another state
You need to meet all requirements of that state
What is required of all renewal applicants after the first renewal
8- hour survey
How many hours must a broker complete of approved instruction in the four years prior to renewal?
45 hours
All applicants for renewal must take how many hours of education on consumer protection?
18
Once a licensee has their license revoked, how long do they have ot wait ot petition to get it reinstated?
1 year
Can a restricted license be renewd?
restricted licenses cannot be renewed Licenses may be issued with restrictions in term, responsible broker, and certain conditions to be met; the holder of such a license has no right to renew it. If the holder meets some condition of the restriction, the restriction may be lifted and an unrestricted license issued, or, if not, the restricted license may be suspended, but it cannot be “extended indefinitely” or renewed.
What is a “fixture?”
An item of perosnal property that has been converted into real property by affixing it to real property
What determined if an item is real property or personal property?
One’s original intention can override the test of movability in determining whether an item is a fixture or not. If someone attached an item to real property, yet intended to remove it after a period of time, the article may be deemed personal property. If a person intended an article to be a fixture, even though the item is easily removable, the article may be deemed a fixture. For example, an apartment renter installs an alarm system, fully intending to remove the system upon lease expiration. Here, the alarm system would be considered personal property.
Two people own a house, each having an undivided equal interest. Which of the following best describes what each party owns?
Fifty percent of the estate consisting of the indivisible whole of the real property. An undivided interest is an owner’s fractional interest in an entire (undivided) estate, but not in a physical portion of the real property itself. An owner who has an undivided equal interest with another cannot exercise exclusive rights over a portion of the real estate, which is an indivisible whole.
A real property interest that includes the right to possess is considered
an estate in land. Interests are principally distinguished by whether they include possession. If the interest-holder enjoys the right of possession, the party is considered to have an estate in land, or, familiarly an estate. Freehold and leasehold estates in land are further distinguished by whether the duration of the owner’s rights can be determined.
The right to control land usage by zoning and eminent domain is an example of
a public interest.
Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it?
An ordinary life estate. A life estate is limited in duration to the life of the owner or other named person. Upon the death of the owner (ordinary life estate) or other named individual (pur autre vie life estate), the estate passes to the original owner (a reversionary interest) or another named party (a remainder interest). Thus with the life estate, the owner enjoys full ownership rights during the estate period, and holders of the future interest own either a reversionary or a remainder interest.
Homestead estates
Homestead protection laws protect homeowners and other small property owners from being left homeless during times of economic strife. Specifically, homestead laws allow individuals to declare a portion of their property as “homestead” and therefore mostly off-limits to creditors
homestead interest cannot be conveyed by one spouse.
Legal Life estates
a legal life estate. Homestead, dower, and curtesy are legal life estates. A legal life estate is created by state law as opposed to being created by a property owner’s agreement. The focus of a legal life estate is defining and protecting the property rights of surviving family members upon the death of the husband or wife.
Seperate property
Separate property consists of: property owned by either spouse at the time of the marriage; property acquired by either spouse through inheritance or gift during the marriage; property acquired with separate- property funds; and income from separate property.
A spouse owns separate property free and clear of claims by the other spouse. He or she can transfer it without the other spouse’s signature.
Upon the death of the separate property owner, the property passes to heirs by will or laws of descent.
Community property
Community property consists of all other property earned or acquired by either party during the marriage.
Community property cannot be transferred or encumbered without the signatures of both spouses. Upon the death of either spouse, half of the deceased’s community property passes to the surviving spouse, and the other half passes to the decedent’s heirs.
Joint Tenancy
The four unities:
To create a joint tenancy, all owners must acquire the property at the same time, use the same deed, acquire equal interests, and share in equal rights of possession. These are referred to as the four unities.
Comes with the right of survivorship. When one person dies, their interest transfer equally to the other owners. Only natural people can own
Can only be owned by real persons
Joint tenants own equal shares in the property and received their interest at the same time, with the same deed.
If an owner sells/transfers their interest in the Joint tenancy, it can only be owned as a tenant in common because they did not acquire it at the same time.
There is no probate when a person dies bc it automatically transfers to the other person
Ownership of the undivided whole
there is a single title to the property.
Tenants in common
The tenancy in common, also known as the estate in common, is the most common form of co-ownership when the owners are not married (though tenants in common can be married). The defining characteristics are: two or more owners; identical rights; interests individually owned; electable ownership shares; no survivorship; and no unity of time. With “identical rights”, co-tenants share an indivisible interest in the estate, i.e., all have equal rights to possess and use the property subject to the rights of the other co-tenants.
Tenants in common do not necessarily own equal shares of the property and may have come to own their shares at different times.
If a person dies, their ownership can pass on to their heirs through probate
Can be owned by real people or a corporation.
One unity, equal right of possession
You can decide what shares of the property each person gets
It will protect your interest in the property and the amount you invested
Co-tenants may sell, encumber, or transfer their interests without obstruction or consent from the other owners. A co- tenant may not, however, encumber the entire property.
there are as many titles to the property as there are co-owners.
An estate at will
The estate at will, also called a tenancy at will, has no definite expiration date and hence no “renewal” cycle. The landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met. For example, a son leases a house to his father and mother “forever,” or until they want to move. The estate at will is terminated by proper notice, or by the death of either party.
Estate from period to period
In an estate from period-to-period, also called a periodic tenancy, the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent. At the end of a tenancy period, if the landlord accepts another regular payment of rent, the leasehold is considered to be renewed for another period.
fTenant by Entireties
Tenancy by the entireties is a form of ownership reserved exclusively for husband and wife. It features survivorship, equal interests, and limited exposure to foreclosure. In some states it now applies to same-sex couples.
By contrast to a condominium, the owner of a cooperative owns
In a cooperative, or co-op, one owns shares in a non-profit corporation or cooperative association, which in turn acquires and owns an apartment building as its principal asset. Along with this stock, the shareholder acquires a proprietary lease to occupy one of the apartment units.
Time Share Freehold
In a freehold time-share, or interval ownership estate, tenants in common own undivided interests in the property. Expense prorations and rules governing interval usage are established by separate agreement when the estate is acquired.
Tax Lien Priority
The category of superior, or senior, liens ranks above the category of inferior, or junior, liens, meaning that superior liens receive first payment from the proceeds of a foreclosure. The superior category includes liens for real estate tax, special assessments, and inheritance tax. Other liens, including income tax liens, mortgage liens and judgment liens, are inferior.
How can a lienholder change lien priority?
A lienor can change the priority of a junior lien by voluntarily agreeing to subordinate, or lower, the lien’s position in the hierarchy. This change is often necessary when working with a mortgage lender who will not originate a mortgage loan unless it is senior to all other junior liens on the property. The lender may require the borrower to obtain agreements from other lien holders to subordinate their liens to the new mortgage.
Foreclosure
A proceeding to enforce a lien by forcing the sale or transfer of a secured property. All liens can be enforced by the sale or other transfer of title of the secured property, whether by court action, operation of law, or through powers granted in the original loan agreement. The enforcement proceedings are referred to as foreclosure. Note that lienors already possess equitable title, so they do not need to undertake a legal proceeding to establish this.
Strict Foreclosure
Strict foreclosure is a court proceeding that gives the lender title directly, by court order, instead of giving cash proceeds from a public sale. On default, the lender gives the borrower official notice. After a prescribed period, the lender files suit in court, whereupon the court establishes a period within which the defaulting party must repay the amounts owed. If the defaulter does not repay the funds, the court orders transfer of full, legal title to the lender.
License to use
A license is a personal right that a property owner grants to another to use the property for a specific purpose (to reach the kindergarten school bus). Unlike a personal easement in gross, which terminates only on the death of the grantee (Betty Luanne, in this instance), a license is revocable at any moment, is not transferable and does not attach to the land. It ceases on the death of either party, or on the sale of the property.
Actual Notice
The term “notice” is synonymous with “knowledge.” A person who has received actual notice has actual knowledge of something. Receiving actual notice means learning of something through direct experience or communication. Thus, a document in itself cannot be actual notice. It is the seeing of the document that makes it actual notice.
Constructive Notice
It is knowledge one could have or should have obtained (I,e info at the recorders office)
Genereal warranty deed
A general warranty deed offers the most protection for the grantee because it ensures that they have a clear right to the property. With this type of deed, the grantor ensures that there are no liens or easements against the property and that if there are, the grantee will be compensated accordingly
Lawsuit to “Quite Title”
Where there is a possibility that prior errors in deeds or other recorded documents might cloud (encumber) the title, the relevant parties execute a quitclaim deed to convey “any and all” interest to the grantee. If a party responsible for encumbering title refuses to quitclaim the interest, the owner may file a quiet title suit. This requires the lienor to prove the validity of an interest. If the defendant is unable to do so, the court removes the cloud by decree.
Documentary stamp tax
A transfer tax based on the price of the property being conveyed.
WEasement by necessity
An easement by necessity is an easement appurtenant granted by a court of law to a property owner because of a circumstance of necessity, most commonly the need for access to a property. Since property cannot be legally landlocked, or without legal access to a public thoroughfare, a court will grant an owner of a landlocked property an easement by necessity over an adjoining property that has access to a thoroughfare.
Quitclaim Deed
A quitclaim deed transfers real and potential interests in a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee. Where there is a possibility that prior errors in deeds or other recorded documents might cloud (encumber) the title, the relevant parties execute a quitclaim deed to convey “any and all” interest to the grantee.
A valid lease
A valid lease creates obligations that survive the death of the landlord or tenant, with certain exceptions. A tenant’s estate remains liable for payment of rent if the tenant dies; the landlord’s estate remains bound to provide occupancy despite the landlord’s death.
Easement by perssceription
If someone uses another’s property as an easement without permission for a statutory period of time and under certain conditions, a court order may give the user the easement right by prescription, regardless of the owner’s desires. For a prescriptive easement order to be granted, the following circumstances must be true: the use has been occurring without permission or license; the owner knows or is presumed to have known of the use; and the use has been generally uninterrupted over the statutory prescriptive period.
Tenancy from period to period
URLTA sets standards for improving oral, vague, or unbalanced lease agreements. In the case of an unclear lease expiration date, the lease is generally deemed to be a periodic tenancy.
Leased fee estate
The ownership interest that the landlord or lessor maintains in a property under a lease with the rights of use and occupancy being conveyed or granted to a tenant or lessee. The ownership interest in a leased property.
Deficiency judgement
Whenever there are insufficient funds to retire a defaulted and foreclosed mortgage loan, a deficiency judgment may be ordered – if allowed by law – to make up the difference. To comply with the judgment, the borrower must raise additional funds from other sources to make up the difference between the outstanding loan balance and the proceeds from the foreclosure sale.
Lien-theory state
A lienor generally has an equitable interest in the property, but not legal ownership.
Title theory state
The exception is a mortgage lien on a property in a title-theory state. In these states, the mortgage transaction conveys legal title to the lender, who holds it until the mortgage obligations are satisfied. During the mortgage loan period, the borrower has equitable title to the property.
Superfund Act (CERCLA)
parties responsible for improper disposal of hazardous waste could be charged for the cleanup costs. Under CERCLA and the Superfund Amendment of 1986, current landowners as well as previous owners of a property may be held liable for environmental violations, even if “innocent” of a violation. Sellers often carry the greatest exposure, and real estate licensees may be held liable for improper disclosure.
Police Power
At the local level, county and city governments control land use through the authority known as police power. The most common expressions of police power are county and municipal zoning.
Residential zoning
Residential zoning regulates density, by limiting the number and size of dwelling units and lots in an area.
Plat of subdivision
Part of The approval process for development of multiple properties in an area includes submission
Metes and bounds
A metes and bounds description identifies the boundaries of a parcel of real estate using reference points, distances, and angles. The description always identifies an enclosed area by starting at an origination point, called point of beginning, or POB, and returning to the POB at the end of the description.
Describes using Nothwesterly along Erie road to the POB (point of beginning)
Township
A township is the area enclosed by the intersection of two consecutive meridians and two consecutive parallels. Since the parallels and meridians are six miles apart, a township is a square with six miles on each side. Its area is therefore 36 square miles. Remember to differentiate square miles from miles square: 4 square miles is a measure of area (2 miles x 2 miles); 4 miles square is a representation of the sides of a square (4 miles by 4 miles).
There are 36 sections in a township
