real estate stuff
Communicate all offers and counter-offers to the sellers
A licensee has several tasks to perform for seller clients, one of which is to ______.
Ensure the buyer understands the importance of due diligence to include a professional inspection of the property.
A licensee must perform which of the following tasks for a buyer client?
A home built with transport in mind, with an attached chassis, tongue, axles, and wheels (personal property, unless legally annexed to the land)
A manufactured home
Name several "sticks" (rights) in the bundle of rights.
Air, water, mineral, profit, mortgage, fixtures, crops, possession and enjoyment, exclusion, and disposition
Real estate includes land plus what?
All things permanently attached to it naturally or artificially
When personal property is attached to real property, making it a fixture
Annexation
Another word for personal property
Chattel
What are the central elements of an antitrust violation?
Contract, combination, or conspiracy between or among competitors to unreasonably restrain trade
Cultivated crops (considered personal property even though they're attached to the soil)
Emblements
Anything permanently attached to the land or to permanent structures on the land) are part of real property, and are included with a sale of real property unless the parties negotiate differently
Fixture
Buyer agency
Hanna represents the buyer, and Hank, an agent from a different firm, represents the seller in the same transaction. What type of agency relationship does Hanna have with her client?
What are the physical characteristics of land?
Immobility, indestructibility, and uniqueness (non-homogeneity)
Artificial attachments to land that include such things as fencing, buildings, and walkways
Improvements
The seller is the licensee's customer.
In a buyer agency relationship, what relationship does the seller have to the licensee?
The buyer
In a buyer agency relationship, who does the licensee represent?
Only when clients are represented in traditional agency relationships.
Is the broker ever a dual agent in Tennessee?
She can't do this at her firm.
Madeline works for a single-agency firm. If she wants to represent both the buyer and seller in a transaction, what must she do?
What are the five legal tests courts used to determine whether something is real property or personal property?
Method of annexation, relationship of the parties, intentions of the annexing party, agreement of the parties, and adaptability
A manufactured home built prior to 1976
Mobile home
Licensees are limited to legally outlined duties.
No, because you can't share one client's confidential information with another client Dual agents must still keep their clients' information confidential, even from the other client.
Seller agency
Orla represents the seller, and Pardeep, an agent from a different firm, represents the buyer in the same transaction. What type of agency relationship does Orla have with her client?
One in which guilt is established on the face of the circumstances (no evidence is required and no justification is allowed)
Per se violation
Everything that's not real property
Personal property
What are the four antitrust violations common to real estate?
Price fixing, market allocation, tie-in arrangements, group boycotting
The seller (Brent)
Randy, a licensee, is in a seller agency relationship with Brent, a seller. The buyer is Tim. Who's Randy's client?
What does real property include?
Real estate, plus the interests, benefits, and rights included with real estate ownership
What ownership rights come with ownership of real property?
Rights of enjoyment, disposition, possession, control, and exclusion, along with other rights
What are the economic characteristics of land?
Scarcity, improvements, permanence of investment, and situs (location)
When an item that was real property becomes personal property through detaching it from the land
Severance
Seek a sale at the best price at terms acceptable to the seller.
What responsibility does the seller's agent have to the seller?
Your client
When acting as a single agent, to whom do you owe your undivided loyalty?
Undivided loyalty
Which fiduciary duty is impossible with dual agency?
Ensure the collection of the earnest money deposit from the buyer.
Which of the following tasks must licensees perform for seller clients?
Ensure that the buyer receives copies of all signed paperwork.
Which one of the following tasks must a licensee perform for her buyer client?
Inform sellers of their responsibility to make all required property condition disclosures.
Which one of the following tasks must a licensee perform for seller clients?
Buyer agency
You represent the buyer in one transaction and the seller in a different transaction. What type of agency relationship do you have with the buyer?
No, because you can't share one client's confidential information with another client
You're representing Abe and Ben in a dual agency situation. Abe tells you something that would give Ben a distinct advantage if he knew. Do you tell Ben?
