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Real Estate Law > RE Law Test 1 Ch 1-4 > Flashcards

RE Law Test 1 Ch 1-4 Flashcards

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1
Q

REBA 4 Ethical Standards

A

CARD

  1. Consideration - $ Amount on Deed must accurately reflect Sale Price
  2. Acknowledgement - Notorization- Must sign in front of a notory w/ ID.
  3. Representation - If Party is Rep’d by an atty - no direct contact (for Lenders Atty)
  4. Dual Roles - Atty cannot be both broker and atty in the same real estate transaction.
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2
Q

4 Ways to Acquire Title

A

CDAG

  1. Conveyance - normal sale
  2. Devise / Inherit - Willed
  3. Adverse Possession
  4. Gift
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3
Q

The 5 Elements of Adverse Possession

A

OCEAN -

  1. Open - Anyone is able to determine possession
  2. Continuous - Nonstop for 20 yrs
  3. Exclusive - Exclusive & Actual Use (not shared)
  4. Adverse - Hostile, Not in owners best interest
  5. Notorious - Not hiding
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4
Q

Who is the GrantOR and the GrantEE?

A

GRANTOR - The person conveying the title of real property to another - Owner
GRANTEE - The person to whom the title of real property is conveyed - takEr

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5
Q

Who is the MortgagOR and the MortgagEE?

A

MORTGAGOR - The bOrroweR

MORTGAGEE- The LeNDeR

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6
Q

What is Testate and Intestate?

A

Testate- There is a Will

Intestate- No Will

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7
Q

What are IOLTA accounts?

A

Accounts an Atty opens to manage client and third party funds.

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8
Q

What type of responsibilty does the Atty have to the client in regard to handling funds?

A

A Fiduciary Responsibility which requires them to act only in the interest and benefit of the client and never creating cause or appearance of impropriety.

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9
Q

Can a paralegal access and control the IOLTA account?

A

No- The Attorney will always have to assume responsibility of the IOLTA account and funds even if he delegates part of the administration.

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10
Q

What is the one narrow exception to IOLTA Accounts?

A

Conveyancy transactions if the Bank the loan orginates from is the bank the conveyancy account is in regular IOLTA rules do not apply. This does not apply to mortgage companies or interbank / multibank transactions.

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11
Q

Name 4 things Paralegals CAN do.

A
  1. Interviews- Client and Witness
  2. Legal Research
  3. Draft Legal Documents
  4. Assist w/ Depo’s , Hearings, Closings, & Trials
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12
Q

Name 6 things Paralegals CANNOT do.

A
  1. Advise on Legal matters / Give legal advice
  2. Represent a client in court.
  3. Make Strategy decisions
  4. Negotiate Settlements
  5. Accept new cases
  6. Set Fees
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13
Q

What is a Fixture?

A

A Fixture is something that was once personal property but became fixed and is now considered part of the real property - like a bathtub or dishwasher. Two kinds - Domestic & Trade

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14
Q

What are two kinds of Water Rights?

A
  1. Littoral- Access & Use rights but only to high water line
  2. Ripparian - If property is adjacent to a Navigable waterway it is deeme a public waterway and the state owns the land under the water and the owner’s only goes to the water’s edge. If Unnavigable the owner owns the land up to the center of the water.
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15
Q

What are two types of Estates?

A

Leasehold- Tenancy of Property
Freehold- Forever (Indetermined Amt of Time) Fee Simple Absolute or Life Estate (Based on when you die)- Conveyancy but w/ full control & possession during your lifetime. Life Estate Pur Autre Vie - (Based on the lifetime / death of another)

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16
Q

What are the 3 kinds of Waste in Life Estates?

A

PVA

  1. Permissive - Neglect and lack of upkeep of the property by life estate holder.
  2. Voluntary - Property is used in a way that decreases its value
  3. Ameliorative - Improvements made that increase original value
17
Q

What are the 4 Methods of Title Holding?

A

ITTJ

  1. Individual (must list marital status)
  2. Tenancy in Common - This is the default if not known. No Right of Survivorship - goes to heirs.
  3. Tenancy by the Entirety - For Married people only.
  4. Joint Tenants w/ Rights of Survivorship (JTWROS)
18
Q

What are the 4 Unities Req’s of Joint Tenancy?

A 
TTIP 
1. Time
               > must be rcvd at the same time
2. Title 
3. Interest - No conflicting 
4. Possession
19
Q

What is a Homestead?

A

The primary residence protected from creditors by penalty of perjury up to 125K automatically 500K if recorded. 500k for each spouse after age 62. A non-owner, or spouse not on the deed has same protection. Not protected from Mortgagee, IRS, Child Support, Prior Liens.

20
Q

What is the “new law” regarding homesteads?

A

That there must be disclosure (an Affadavit) to the buyer regarding the Homestead status verifying that no one else has homestead rights to property. All people on a homestead must sign to release the property for sale.

21
Q

Condominiums are governed by what?

A

Statutes overseen by Associations - Condominium owners own the interior of their unit and a divided interest in common spaces outside the unit.

22
Q

What is a 6D Certificate?

A

A document of disclosure from a Condo Assoc to show that Condo fees are paid and there is no possibility of a lien on the property.

23
Q

What is a PUD?

A

Planned Unit Development - (Think Port Royal) Subdivision of lots w/ common areas overseen by a HOA or POA usually with rules about the aesthetics of the community.

24
Q

What are Police Powers?

A

Powers given to the Fed Gov’t & States by the Constitutions, to create laws for the protection of public health, safety & welfare.

25
Q

What are the 7 Government Restrictions or Powers on Ownership?

A
  1. Zoning & Land Use - In the Public’s Best Interest”
  2. Variances - Must be filed to deviate from zoning or land use laws usually due to “creating undo hardship” - Must not adversely affect neighbors.
  3. Enviro Protection Laws - superfund - Gov’t subsidizes clean up. Creation of Wetlands or protection of wetlands.
  4. FHA - Laws in place to prevent discrimination
  5. Taxation - Pay taxes or they can take your property. “Tax - Taking” - Must get a Redemption if a tax lein is on the property.
  6. Eminent Domain - Take Private Property for Just Compensation for the best interest of the public for public use.
  7. Escheat - Someone dies intestate / no heirs the State / Gov’t gets their property.
26
Q

What are 2 types of Private Restrictions on Ownership?

A
  1. Restrictive Covenant - Rules by HOA’s , POA’s, Historical Neigborhood Charters, or Deed Restrictions.
  2. Easements - Enforceable right to Use private property for a particular purpose. (Usually Utility Companies) A Prescriptive Easement is when property is used by another person for a long period of time and ends up owning it by default (like Adverse Possession).

Real Estate Law (3 decks)

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