Practice and Disclosure Flashcards
____ Law requires that sex offenders living nearby be disclosed.
The correct answer is:
Megan’s
Explanation:
Megan’s Law is required in some states and interpreted differently in others. It may require an agent to disclose nearby sex offenders.
When agents intentionally misrepresent a piece or property in order to sell it, they are committing ____.
The correct answer is:
fraud
Explanation:
An agent committing fraud can be sued in court.
____ misrepresentation is when an agent doesn’t know something about a piece of property, but should have known it.
The correct answer is:
Negligent
Explanation:
Agents are required to disclose both their actual knowledge of a piece of property, as well as be accountable for the things they should know about the property and its surrounding area.
A note is ____.
The correct answer is:
the promise of real property as security for a loan
Explanation:
As opposed to personal property where a security agreement would be used, a note is given to the lien holder in a real property transaction to secure the loan.
What is severance?
The correct answer is:
when real property is converted into personal property
Explanation:
An example is when a fence on a property is removed and the wood shifts from real property (fence) to personal property (lumber).
A timeshare is ____.
The correct answer is:
the guaranteed right of occupancy and use of a specific property for a specific portion of each year
Explanation:
Often for vacation purposes, a timeshare allows the owner to use a dwelling for a defined duration during a specific year.
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A syndicate is ____.
The correct answer is:
a group of investors in making or operating a Real Estate investment
Explanation:
When more than one entity join together to manage or make a Real Estate investment, it is called a syndicate.
What is accession?
The correct answer is:
additions to land or property, either natural (accretion) or man-man (annexation)
Explanation:
This is when land is gained through some physical action.
Avulsion is ____.
The correct answer is:
the rapid loss of land by water
Explanation:
As opposed to erosion, which is the natural or gradual loss of land, avulsion, usually from a flood, is when water removes land rapidly.
When a court gives property rights and title to a creditor, it is called ____.
The correct answer is:
judicial foreclosure
Explanation:
This happens when a property owner fails to perform and the court transfers the property and title to the party for which they failed to perform.
What is adverse possession?
The correct answer is:
The method by which a person, other than the owner of record, acquires title to real property through hostile, continuous possession for a statutory period.
Explanation:
Often in situations where land has been abandoned, if an individual occupies that land for a period of time defined in state statutes, he or she can claim title to the property.
