Module IV quiz

a landlord may not interfere with a tenant's access to a dwelling

-unless property has been abandoned -tenant has failed to pay rent -failed to offer to pay rent -surrendered possession

how much is a down payment

20%

Warehouse may sell property ________ after landlord's notice of removal

90 days

your obligation to perform does not depend on the other party's performance

: )

monthly payment

-principal -interest -escrow

rights of ferpa

-access educational records -to request amendment of record -to control disclosure of "personally identifiable info" -to file a complaint with US DOE

types of loans for homes

-conventional loan -federal housing administration loan -veterans administration loan

4 reasons why a contract must be in writing

-home -marriage - >$500 -can't finish within a year

FHA have different loans, what are the difference?

-lower int rate -lower down payment

Applies to all schools that receive any funds from the US Dept of Education -Transfers the rights previously held by parents to students when they turn 18

Family Education Rights and Privacy Act (FERPA)

HIPAA

Health information portability and accountability Act

a landlord shall enter only at _________ times

reasonable

-inspection -necessary or agreed repairs -provision of services -exhibition of unit to prospective tenant, purchase, contractor, etc

a tenant may not unreasonably deny landlord access to dwelling

tenants property may be removed by landlord only when

abandoned by tenant -upon court order following possession

property may not be taken by landlord in compensation for debt unless

agreed to

Caveat Emptor!

buyer beware

-works with those looking to buy -screens available properties on the market to match buyers wish list -advises on appropriate offers and through negotiation process -attends closing

buyer's agent

Lease is a

contract

failure to comply with law, landlord is liable for

deposit PLUS attorney fees and costs

equity is?

difference between what you owe and value of your house

what rates can a loan have

fixed rate or variab;e rate

redlining green rating yellow lined red lined

green= best, usually white neighborhoods yellow= mixed red= higher rating

promises are _____ of each other in a contract

independent

-accrued rent and damages for default and abandonment

landlord

-describes obligations of seller and seller's agent -sets the commission

listing agreement

I say, "I am going to sell my car for $10,000." You say, "I will buy it. Here's a check for $10,000." Do we have a contract?

maybe

A fire breaks out in the College of Business building. The dean immediately calls the fire department and says that Hodge Hall is on fire, and if they come and put it out, the Kelley School will donate a brand new fire truck to the fire department. The fire department gets there in three minutes, and puts out the fire with little damage to the building. Is there a contract between the Kelley School and the fire department?

no

I invite you to my house for dinner and you accept my invitation. You show up at the appointed time, carrying a bottle of my favorite wine, which cost you $32.99. I'm not at home, having decided instead to go to Las Vegas. Did we have a contract?

no

I say to Mike, "I will pay you $1000 to paint my house." Mike says, "I will paint your house for $2000." Do we have a contract?

no

I say, "I want to sell my car." You say, "I want to buy it." Do we have a contract?

no

death ends an ______ but doesnt end a ________

offer contract

to avoid PMI what do you have to do?

put down 20%

-helps determine the price by looking at "comps" -lists the property -shows the property -Assist the seller with negotiating the sale price after receipt of an offer -Assists the seller with the inspection process -Attends the closing

seller's agent

-implied covenant of quiet employment -constructive eviction -retaliatory eviction -implied warranty of habitability

tenant

An offer is considered accepted at the time?

the acceptance is mailed, not when it is received

rights and obligations when youre 18

to vote to privacy to contract

a landlord may ONLY enter a dwelling _________ in an emergency

without notice

a landlord may ONLY enter a dwelling ____________ upon court order or abandonment

without notice

I own an office equipment company and have had a very bad day. I say to you, my top sales person, "I offer you this business for $25." You say, "I accept your offer." Do we have a contract?

yes

I say to you, "If you paint my house on Saturday, I will pay you $1,000." You don't respond, but on Saturday you come by and paint my house. Do we have a contract?

yes

I'm the sheriff of an old western town. The town's bank has just been robbed by Jesse James. I post a notice saying "Wanted Dead or Alive - Jesse James. $5,000 Reward." The next day, you see the reward poster, find and shoot Jesse James, and bring his body to my office. Was there a contract?

yes

Same facts, except I was killed on Sunday and your acceptance letter reaches my house on Monday. Is there a contract?

yes

required to notify the seller

-material defects in structure and major systems -lead-based paint and hazards

exempt property

-medical supplies -business supplies -clothing -blankets -schooling/child care supplies

offer to buy

-must be in writing (statute of frauds)

security deposits

-must be returned within 45 days of surrender -deduct unpaid rent -deduct damages -deduct unpaid utility fees

3 components to valid contract

-offer -acceptance -consideration

Personally identifiable info does not inckude

-personal knowledge -observation -heard from others

what is escrow

-property taxes -home owner's insurance -other required insurance

I send you a letter offering to sell you my car for $10,000. Before the letter arrives, you send me a letter offering to buy my car for $10,000. My letter reaches you, and your letter reaches me, on the same day. Do we have a contract?

no

I send you a letter on Tuesday offering to sell you my car for $10,000, giving you until Saturday to accept or reject my offer. The letter reaches you on Wednesday. On Friday, I am killed in an auto accident. On Saturday, not knowing that I have died, you deposit in a mailbox a letter that indicates acceptance of my offer. Is there a contract?

no

I send you an unsolicited email offering to sell you my car for $10,000 and stating that if I do not hear from you by Thursday, I am assuming that you have accepted my offer. You read the email and delete it. I don't hear from you by Thursday. Do we have a contract?

no

Joseph Smith says to his son James, "In consideration of the fact that you received an A in your business law course, I promise to pay you $1,000 in two weeks." Is there a contract?

no

Suppose you come to my office with the dead body of Jesse James. I congratulate you for capturing such a public menace. On the way out of my office, you see the reward poster for the first time, and come back asking for the $5,000. Was there a contract?

no

You say to me, "I promise to paint your house on Saturday for $1000." Do we have a contract?

no

a landlord shall provide _______ notice of entry

reasonable

Failure to provide notice within 45 days, landlord must

reimburse FULL deposit