Real estate exam
If a seller received a check from escrow in the amount of $37,187.10 and escrow had deducted a commission of 6% of the selling price and other expenses of $403.50, the gross selling price was
(1.00 - Comm.) × GSP = Net (Everything except commission) (1.00 - 0.06) × GSP = $37,187.10 + 403.50 0.94 ×GSP = $37,590.60 GSP = $37,590.60 ÷ 0.94 = $39,990
Mr. and Mrs. Jenkins own a home worth $533,000 on which there is a $519,000 loan. Mrs. Jenkins alone filed a Declaration of Homestead. If there were a judgment lien filed against them
*A) the home would not be sold because there is insufficient equity over and above the exemption and the secured lien to satisfy the creditor.* B) the homestead is invalid since only Mrs. Jenkins filed it. C) the home could be sold to satisfy the judgment. D) the exemption would be for $10,000 since Mrs. Jenkins filed it without her husband's signature. The property is held by the husband and wife. She may file a homestead exemption of $75,000. The property would not be sold because the $519,000 loan and the $75,000 exemption exceed the $533,000 market value of the property.
These paragraph headings, Introduction, Description of General Neighborhood, Market Value & Economic Factors, and Final Estimate of Value, would be present in which type of appraisal? A)Narrative (self-contained or summary) B)Form (summary) C)Letter (restricted) D)None of these
*A)Narrative (self-contained or summary)* B)Form (summary) C)Letter (restricted) D)None of these
The power of eminent domain can be exercised by A)all of these. B)cities. C)public education institutions. D)public utilities.
*A)all of these.* B)cities. C)public education institutions. D)public utilities. Among those able to exercise the power of eminent domain and take private property for a public use are government bodies (federal, state, and local), improvement districts, public utilities, public education institutions, and similar public and semipublic bodies.
A dual agency in the negotiation of a sale of real property is lawful if A)both buyer and seller agree. B)the escrow agent agrees. C)the broker of the seller agrees. D)both brokers agree
*A)both buyer and seller agree.* B)the escrow agent agrees. C)the broker of the seller agrees. D)both brokers agree. An agent can lawfully act for two principals in negotiation with each other provided that both principals have knowledge of and consent to the dual agency.
A licensee who is guilty of "conversion" is one who is
*A)misappropriating the funds of clients.* B)commingling. C)failing to make full disclosure. D)misrepresenting. Conversion is to change from one use to another as in the case of misappropriating funds entrusted to a licensee. Commingling is mixing funds of the agent with those of the client, and failure to make full disclosure can be referred to as negative fraud.
An investor purchases an investment property. An appraisal of the property showed a 12% return. The broker gives the buyer a financial report on the property but fails to take into consideration vacancies and management fees. The broker is guilty of A)misrepresentation. B)caveat emptor. C)false promises. D)fraud.
*A)misrepresentation.* B)caveat emptor. C)false promises. D)fraud. If the vacancies and management fees had been taken into account, the property would return less than 12%. Therefore, a false statement of fact, or misrepresentation, was made by the broker. (Misrepresentations may be either "fraudulent" or "negligent." Since the facts in the question are silent about any fraudulent intent, the act is presumed to be "negligent misrepresentation.")
In the planning and engineering of a tract for subdivision purposes, a "cul-de-sac" is frequently employed. This term is in reference to the installation of
*A)streets.* B)sewage disposal. C)drainage. D)recreation areas. Cul-de-sac refers to a dead-end street.
Land division is divided into?
*townships* that are measured and numbered in each direction from the point of intersection of the base and line and the meridian does not refer to a town or community but an area of a 6 mile square (36 square miles) townships run *north south in groups called TIERS*, and *east west in groups called RANGES*
1 league = how many miles?
3 miles
how many sections is a township comprised of? one standard section is equal to how many square miles? which contains how many acres?
36 sections 1 square mile = 640 acres
1 furlong = how many rods?
40 rods
1 acre = how many square feet?
43,560 square feet
1 rod = how many yards or feet?
5 1/2 yards or 16 1/2 feet
1 miles = how many feet? furlongs? rods? or yards?
5280 feet 8 furlongs 320 rods 1760 yards
100 feet = how many rods?
6.06 rods
how much equity does the homestead act apply to the home of the principal?
75k
The maximum amount of commission and loan costs that may be charged for a second trust deed of $4,000 for a four-year term is
990 First Trust Deeds Commission Maximums: 5 percent on loans of less than three years. 10 percent on loans of three years or more Second or Other Junior Trust Deeds Commission Maximums: 5 percent on loans of less than two years. 10 percent on loans of two years, but less than three years. 15 percent on loans of three years or more. Loan Amount: $0 - $7,800 Maximum Commission: $390 Loan Amount: $7,800 - $14,000 Maximum Commission: 5% of loan Loan Amount: $14,000 - $29,999 Maximum Commission: $700 The Costs Can Never Be More Than The Actual Costs.
Real property taxes on a condominium are billed to whom?
A) are a lien on the individual unit owner, but not on the individual unit. B) are billed to the entire project and prorated by the project manager. *C) are billed to the individual unit owners.* D) do not include the value of common areas in assessment.
How many square miles are there in one township? A)1 B)36 C)6 D)24
A)1 *B)36* C)6 D)24 A township, which is six miles square, contains 36 square miles.
If an apartment owner is converting the building to a condominium project, each tenant must receive advance notice of intention to convert. What is the notice time requirement for this phase of conversion? A)120 days B)30 days C)180 days D)90 days
A)120 days B)30 days C)180 days *D)90 days* Each of the tenants will be given 180 days written notice of intention to convert prior to termination of tenancy.
Which agreement would NOT be required to be in writing under the statute of frauds? A)An agreement that would not be completed within one year B)An agreement to rent for more than one year C)An agreement between a principal and agent to buy or sell real property D)A partnership agreement to buy or sell property
A)An agreement that would not be completed within one year B)An agreement to rent for more than one year C)An agreement between a principal and agent to buy or sell real property *D)A partnership agreement to buy or sell property*
The objective of the Subdivided Lands Law is to protect purchasers of property in new subdivisions from fraud, misrepresentation, or deceit in the marketing of subdivided lots, parcels, units, and undivided interests in the State of California. An owner of land wants to subdivide his property. What is the minimum number of parcels he would have to create in his new subdivision in order to fall under the Subdivided Lands Law?
A)Four B)Three *C)Five* D)Two 5 or more!!
Which approach to a value estimate tends to set the upper limit of value? A)Income B)Comparative sales C)Market comparison D)Replacement cost
A)Income B)Comparative sales C)Market comparison *D)Replacement cost* The cost to replace a like property usually sets the upper limit of value.
If there is a transition from a buyer's market to a seller's market, what would be the result? A)It would have no effect on the price. B)It would cause a decrease in land development and construction of new homes. C)Sales prices would increase because of an increase in demand and a lag in supply. D)Sales prices would decrease because of a decrease in demand and an increase in supply.
A)It would have no effect on the price. B)It would cause a decrease in land development and construction of new homes. *C)Sales prices would increase because of an increase in demand and a lag in supply.* D)Sales prices would decrease because of a decrease in demand and an increase in supply. A seller's market is characterized by an increase in demand and a decrease in supply. In these circumstances, sales prices tend to increase.
Which instrument requires a list of inventory of buildings on real property to be sold, conveyed, or insured? A)Land contract B)Grant deed C)none D)ALTA
A)Land contract B)Grant deed *C)None of these* D)ALTA Neither a land contract, grant deed, nor ALTA policy of title insurance requires a listing of the buildings or improvements. A legal description is all that is required.
What is included in an FHA loan?
A)Mortgage life insurance B)Prepayment penalty *C)Schedule of payments* D)Secondary financing The borrower would need to know the schedule of payments for the loan. FHA loans do not have prepayment penalties. Secondary financing is not normally permitted at the origination of the first loan. Mortgage life insurance is not a requirement of an FHA-insured loan (although *mutual mortgage insurance is a requirement* to protect the lender against default of the borrower).
A bank will usually make a conventional loan and charge a higher interest rate than the interest rate charged on an FHA loan on the same property. What would be the determining factor in choosing to make an FHA loan instead of a conventional loan? A)Number of properties sold by the seller B)Needs of the borrower for lower interest C)Degree of risk D)Higher return
A)Number of properties sold by the seller B)Needs of the borrower for lower interest *C)Degree of risk* D)Higher return One of the features of an FHA loan is the mortgage insurance. This protects the lender against possible loss and reduces the risk to the lender.
What is included as part of the finance charge in a Truth-in-Lending Disclosure Statement? A)Recording and document fees B)Assumption fee C)Appraisal fee D)Title insurance fees
A)Recording and document fees *B)Assumption fee* C)Appraisal fee D)Title insurance fees An assumption fee is one of many fees that must be included in the finance charge to determine the annual percentage rate as part of a Truth-in-Lending Disclosure Statement. Among other fees not required are appraisal fees, recording and document fees, and title insurance fees.
In appraising a property using the market data approach, how would an appraiser treat a feature value found in the comparable property but not found in the subject property?
A)Subtract the value of the amenity from the sales price of the comparable property B)Disregard the feature value as no two properties are exactly alike C)Add the value of the amenity to the subject property *D)Treat the amenity as not included in the valuation*
A mortgage loan is identified as A)a promissory note. B)any recorded instrument related to financial transfer. C)an unsecured note. D)a loan collateralized by real property.
A)a promissory note. B)any recorded instrument related to financial transfer. C)an unsecured note. *D)a loan collateralized by real property.*
Under authority of a signed exclusive-agency listing, Broker Davis diligently advertised for sale the $165,000 home of owner Johnson. Prior to the expiration date of the listing, the home was sold by Johnson to a friend. Davis was refused payment of any commission whatsoever. Davis is legally entitled to receive from Johnson A)all expenses incurred in advertising the home. B)no commission. C)one-half commission. D)full commission.
A)all expenses incurred in advertising the home. *B)no commission.* C)one-half commission. D)full commission. The broker is entitled to no commission. An exclusive-agency listing is one that employs a broker as the sole agent for the seller of real property under the terms of which the broker is entitled to a commission if the property is sold through any other broker, but not if a sale is negotiated by the owner without the services of an agent.
An increase in value, resulting from improved usability where one or more contiguous lots are joined together under single ownership, would be a definition most appropriately applied to A)appurtenance. B)assemblage C)severalty ownership. D)plottage
A)appurtenance. B)assemblage C)severalty ownership. *D)plottage* Plottage increment is the increase in value after combining lots. Assemblage is the act of combining one or more contiguous lots under single ownership.
When a trust deed is properly prepared and executed, the power of sale of the secured property is given by A)beneficiary to seller. B)buyer to trustor. C)trustor to trustee. D)trustee to lender.
A)beneficiary to seller. B)buyer to trustor. *C)trustor to trustee.* D)trustee to lender. The owner of the property (trustor) conveys the bare legal title to the trustee with the provision that in the event of default the trustee can sell the property.
A city has sold an assessment bond for the improvement of streets in a certain area. Properties within that area are assessed A)by the number of lots in the subdivision. B)by the size of the lot. C)by the area. D)in proportion to services or benefits that the land would receive.
A)by the number of lots in the subdivision. B)by the size of the lot. C)by the area. *D)in proportion to services or benefits that the land would receive.*
A buyer of a piece of property fails to examine public records on the property. The buyer is considered to have A)conditional notice. B)constructive notice C)assumed notice. D)actual notice.
A)conditional notice. *B)constructive notice.* C)assumed notice. D)actual notice. Recording gives constructive notice "to the world," and anyone dealing with the property has constructive notice even though the public records have not been inspected.
To achieve planning goals, local, state, and federal governments have the authority to regulate the use of or to purchase private property. In its broadest definition the source of this authority is known as
A)eminent domain. (takes land doesn't purchase for public use w/ compensation) B)master planning. *C)police power.* D)zoning.
Smith built a $250,000 house in a neighborhood in which houses are valued between $75,000 and $85,000. Any resulting loss of value would be an example of
A)functional obsolescence. *B)economic and functional obsolescence.* C)physical obsolescence. D)physical depreciation. Economic obsolescence is a loss in value due to factors away from or outside of the subject property. Additionally, the appraiser must look at the fact the property in question over functions for the area. It is rare to have only one factor affect the property value. This is a good example of two types of obsolescence impacting the property.
The economic life of improved property is _______ in relation to the physical life of the property.
A)greater B)the same C)dependent on the type of improvement *D)lesser*
Question ID: 467492 When an existing contract is replaced by an entirely new contract, this is an act of
A)hypothecation. *B)novation.* C)rescission. D)subrogation. The word novation comes from the Latin words meaning to make new.
Two parties entered into a contract, but one of the parties had previously been adjudged incompetent. The other party to the contract was not aware of this fact. What is the status of this contract? A)illegal B)Void C)Voidable D)Enforceable if the seller could prove there was no coercion involved
A)illegal *B)Void* C)Voidable D)Enforceable if the seller could prove there was no coercion involved The party who had been adjudged incompetent thus lacked the capacity to contract (one of the four essential elements of any contract). This apparent contract would be void, and all void contracts are unenforceable.
A contract signed under duress would be
A)illegal. *B)voidable.* C)void. D)unenforceable When the mutual consent to a contract is induced by fraud, duress, menace, or undue influence, the contract is voidable at the option of the wronged party.
A voidable contract is
A)illegal. B)enforceable. C)valid until some action is taken to void it. D)unenforceable. Voidable indicates the contract is binding on both parties until some action is taken by the wronged party to unilaterally rescind the contract.
A listing agreement in which the owner promises to pay a commission under all circumstances of sale, except if he or she sells the property himself, is known as
A)none of these. *B)an exclusive-agency listing.* C)a net listing. D)an exclusive-right-to-sell listing. If the owner reserves the right to sell the property, an exclusive-agency listing has been signed. This means that if any other person sells the property the listing broker is entitled to a commission.
Alex led Carly to believe that he had the authority to act for Brian. Brian went along with Alex. The agency created was by
A)ostensible. B)estoppel. *C)ratification.* D)expressed contract. Ratification is the approval of an act performed on behalf of a person without previous authorization. When Brian went along with Alex, he ratified Alex's authority to act on Brian's behalf.
A grants an estate to B for the life of X. B dies. The estate
A)passes to the heirs or devisees of B. *B)vests in X in trust until A dies* C)ceases to exist. D)reverts to the original owner. Since the life estate is based upon the life of X, it is not terminated by the death of B. B's interest would descend to his heirs, who would retain the life estate until the death of X.
Before the purchaser is advised of the seller's acceptance of an offer, the purchaser can withdraw his offer A)provided the offer is breached by the seller. B)for any reason. C)provided the offer is not irrevocable. D)provided the offeree has breached the offer.
A)provided the offer is breached by the seller. B)for any reason. *C)provided the offer is not irrevocable.* D)provided the offeree has breached the offer. An offer may be withdrawn (revoked) by the offeror anytime prior to communication of the acceptance by the offeree regardless of the offeror's reason.
The lenders that invest a major portion of their assets in long-term real estate loans, do not like to service their own loans, and like large loans on newer high-priced homes as well as large loans on commercial property would be
A)savings and loan associations. B)insurance companies. *C)mutual mortgage companies.* D)commercial banks.
Rescind most nearly means
A)terminate. B)reject. C)rewrite. *D)annul.* Rescind means to annul the contract and restore the parties to the same position they held before they entered into the contract.
When a buyer revokes an offer prior to the acceptance by the seller A)the broker is entitled to one half of the earnest money deposit. B)the broker may sue the buyer for specific performance. C)the broker must refund to the buyer any earnest money deposit. D)the seller may sue the buyer for specific performance.
A)the broker is entitled to one half of the earnest money deposit. B)the broker may sue the buyer for specific performance. *C)the broker must refund to the buyer any earnest money deposit.* D)the seller may sue the buyer for specific performance. The buyer can revoke an offer any time before the seller has communicated acceptance. Funds received by the broker prior to acceptance of the offer belong to the offeror and must be refunded if demanded.
In real estate financing, lenders will sometimes refer to "nominal rate" when granting a loan. This means A)the maximum rate of interest allowed by law is obtainable on financing a property. B)points will be required, as the rate required by the lender would exceed the legal rate of interest. C)the rate of interest specified in the promissory note. D)that the rate of interest in the final granting of the loan will be greater than the commitment.
A)the maximum rate of interest allowed by law is obtainable on financing a property. B)points will be required, as the rate required by the lender would exceed the legal rate of interest. *C)the rate of interest specified in the promissory note.* D)that the rate of interest in the final granting of the loan will be greater than the commitment. The word nominal stems from the word "name" and is the rate named in the note.
On or before June 30 each year, property for which owners are delinquent in their taxes is declared in default. This date is important because
A)the occupant of the property must vacate the premises within 90 days. B)interest on the delinquent taxes will begin from December 10. *C)the power of sale on or before June 30 starts the five-year period of redemption.* D)all of these are true. Annually, the tax collector publishes a notice of sale of real property for which taxes are delinquent. This is not a sale but a declaration of default denoting the beginning of a five-year redemption period. This declaration of default must be made on or before June 30, usually the last business day of the month.
Jones is using Smith's swimming pool and suffers an injury. If Jones instituted court action and obtained a judgment against Smith for $2,500, it would be a(n) A)voluntary lien. B)specific lien. C)abstract lien. D)general lien.
A)voluntary lien. B)specific lien. C)abstract lien. *D)general lien.*
MARIA: Adaptability
Adaptability of the thing for the land's ordinary use = the better adapted, the more likely it is to be a fixture ex. anything custom fitted , such as a swimming pool cover
Certain contracts to be held enforceable in court under the statute of frauds must be in writing. Which of these would be required to be in writing?
Any agreement not to be performed within one year The statute of frauds requires that certain contracts be in writing to be enforceable in court; contracts that cannot be performed within one year as well as most contracts dealing with real property are included in this statute. Since the other three choices concern themselves with business opportunities, which are personal property, these transactions fall outside the writing requirements of the statute.
When is the best time for a seller to obtain a termite report?
Before putting the house on the market
how is personal property transferred? which document?? how is real estate transferred?
Bill of sale with the DEED
Escrow companies are subject to the Corporations Commissioner's Regulations. Who would NOT be exempt?
Broker escrowing property of other brokers A real estate broker who is not a party to the transaction would not be exempt from the Regulations of the Corporations Commissioner. A broker who is an agent for one of the parties to the transaction may handle the escrow without being licensed by the Corporations Commissioner whether the broker charges a fee or not. (Other exemptions include attorneys, banks, savings and loans, title companies, and related entities.)
An appraiser using the replacement cost approach on an older residential property would use all of these EXCEPT
C)capitalization of income Capitalization of net income is unrelated to the cost approach to appraisal.
When is the second installment of property taxed due and when are they delinquent??
February 1 and April 10
what is the acronym to determine if a thing is considered a fixture?
M: method A: adaptability R: Relationship I: intent A: Agreement
MARIA: Intent in placing the item on the land
MOST IMPORTANT CONSIDERATION. intent may be for health and safety rather than to improve the property ex. Installing handicap ramp or fire extinguisher
how is land described for legal purposes??
Metes and bounds rectangular survey/governmental survey recorded map informal reference
A broker who is selling property on which he holds an option must inform the buyer that he is a(n)
Principal
What are the "Bundle Of Rights" associated with? (what type of property?)
Real Property rights include: Posession, Use, Enjoyment, Exclusion, and Disposition
What is the most important influence affecting the interest rates on trust deed loans?
Supply and demand of funds
which acronym is best suited for Joint Tenancy?? what do they mean?
T: Unity of TIME (each person involved takes title at the same time) T: unity of TITLE ( each person receives title through the same deed) I: unity of INTEREST (each owns an equal share) P: unity of POSSESSION (each has the right to use all of the property)
The maximum amount of commission and loan costs that may be charged for a second trust deed of $4,000 for a four-year term is A)$550. B)$850. C)$725. D)$990.
Under Article 7, the maximum commission and fee is: $4,000 2nd T.D. × 0.15 (15% of the principal of a loan of three years or more) 600 Maximum commission + 390 (5% or $390—whichever is greater) $ 990 Maximum commission and fees
Purchase Money Mortgage
a mortgage issued to the borrower by the seller of a home as part of the purchase transaction.
community property
acquired by spouse during marriage or by registered domestic partner if one spouse owned a different property before marriage, that will still be separate property. property acquired during marriage may be either the separate property of on spouse or community property belonging to both, depends on the parties' actions and legal choices.
Fee simple estate carries how many of the "bundle of rights"?
all of them. The owner has the right to use the land right now and for an indefinite period of time in the future
rectangular survey/government survey
applies to over 30 states (mainly western states) bases descriptions of land on its *distance from a base line that runs EAST - WEST* and a *meridian that runs NORTH - SOUTH* from a reference point.
Mr. Jones made application to Federal Pacific Bank for a loan November 1. The loan was approved on November 5. Mr. Jones waived his right to a Uniform Settlement Statement under RESPA in writing and escrow closed on November 15. The lender must supply the Uniform Settlement Statement
as soon as practical after the close of escrow. The borrower may waive the right to delivery of the completed Uniform Settlement Statement no later than at settlement (closing). In such case, the completed Uniform Settlement Statement shall be mailed or delivered to the borrower and seller as soon as practicable after settlement.
An owner believes that his property has been overassessed. He can appeal the assessment to the
assessor's appeals board
how can personal property become real estate/property? how can real estate become personal property?
by attachment by severance
The date of priority of a mechanic's lien on any construction project is the date of
commencement of construction. The effective date of any mechanic's lien relates back to the date construction began on the project. This could include the delivery of construction materials to the site.
A, an unlicensed person, offers B $1,000 an acre for 10 acres. B accepts the offer not knowing that A already has an offer of $2,000 an acre for the same parcel. The deal goes through as stated. B can
do nothing, the transaction stands
A husband and wife hold title to some real property as community property. They wish to change their title to a mode that will provide the right of survivorship. To achieve this objective they could deed the property to themselves to hold in
either community property with right of survivorship or joint tenancy.
Leasehold Estate includes
estate for years estate from period to period estate at will estate at sufferance
Freehold estates usually include...
fee simple = fee simple absolute and fee simple subject to power of termination life estate = reversion and estate in remainder estate in fee
describe fixture and appurtenant
fixture: anything including improvements, that is attached ("affixed") to land. Fixtures can be attached by its roots (trees/shrubs) or imbedded in the land (walls) appurtenant: is anything used w/ land for the benefit of its owners, such as roadways or waterways.
MARIA: Relationship of parties
if a residential tenant attaches something to the premises, there will be presumption that it is personal property and removable by tenant. the court favors tenant over landlord and buyer over seller
MARIA: Agreement of the parties
if the parties are knowledgable, they can avoid ambiguities by specifying in writing whether various items are fixtures or personal property and how those items will be affected by the transaction
A money judgment of the court when recorded is always a(n)
involuntary lien. Judgment liens are recorded against the wishes of the judgment debtor and therefore are considered involuntary.
Which is NOT a specific lien?
judgement lien A judgment lien is a general lien on all property of the debtor not otherwise exempt by law. A property tax lien, a mechanic's lien, and a blanket mortgage are all specific liens.
Metes and Bounds
linear measurements, directions, and degrees metes = distances (measured in inches, feet, yards or rods) bounds = natural or artificial boundaries, such as, rivers and roads. when an "angle of measurement" is given, it is based off the deviation from either North or South because markers can be burned down or destroyed over time, this method is not very accurate. only a professional surveyor can accurately describe this type of measurement which severely limits its usefulness. Not used in CA but common in Hawaii.
An agreement with a lender that prohibits early payoff of a loan is known as a(n)
lock in clause
MARIA: Method defined
method by which the thing is affixed. The greater the degree of permanence the more likely it is a fixture ex: wood gazebo on concrete foundation is permanent vs screened enclosure fastened to ground with tent stakes is not
Under what circumstances may a broker fill out the seller's Real Estate Transfer Disclosure Statement?
never The Seller's Real Estate Transfer Disclosure Statement must be completed by the seller
How much can a lender legally charge a borrower for the preparation of the Closing Disclosure form?
nothing Under TILA-RESPA rules, the lender is not permitted to charge for the preparation of either the Closing Disclosure form or the Loan Estimate form.
When an existing contract is replaced by an entirely new contract, this is an act of
novation
conditional sales contract
person agrees to take possession of an item but title is not his until he pays the seller in full
An increase in value, resulting from improved usability where one or more contiguous lots are joined together under single ownership, would be a definition most appropriately applied to
plottage Plottage increment is the increase in value after combining lots. Assemblage is the act of combining one or more contiguous lots under single ownership.
The main purpose of a deed is to
provide evidence of a change of title or transfer of an interest in real property
what benefit does a joint tenancy provide to the parties involved?
right of survivorship when co tenant dies, the survivors receive the deceased's shares. if no survivor, the other tenant receives the shares.
an appurtenance is said to "run with the ____" because it does what when land is bought by someone else?
run with the land it transfers with the land that it is attached to
What is "real property" defined as?
synonymous with the term "real estate" includes all elements of: Land, Fixtures, anything incidental/appurtenant to land, anything immovable by law
Franklin offered to perform all of the obligations in a purchase contract. This act is considered a
tender
Middleton is a 15-year-old emancipated minor who hired a broker to sell her property. Middleton gave this broker her emancipation documents. After the broker procured a buyer, to whom should the broker deliver these documents?
the escrow company
a recorded notice of lis pendens
would make it difficult to convey title.