national portion study
actual eviction
"Tenant Breaches contract, landlord can sue for damages"
types of involuntary alienation
- Foreclosure - Escheat to the state - Adverse possession - Eminent Domain
how long do you have for fair housing complaints
1 year
bundle of rights
1) Right of use 2) Right of enjoyment 3) Right of disposal
brokers can call for up to _____ if have past relationship
18 months
when was federal fair housing created
1968
Lead based paint must be disclosed for homes built prior to ______
1978
brokers can contact for up to _____ months if customer made first contact
3 months
township
36 sq miles, each 1 mile square is a section, 640 acres
tie-in arrangement
A contract where one transaction depends upon another.
general agency
A fiduciary relationship which authorizes the agent to conduct a broad range of activities for the principal in a particular business enterprise. May or may not include authority to enter into contracts. ex: property manager
joint tenancy
A form of co-ownership that includes the right of survivorship.
radon
A gas that arises from the earth where radioactive materials are present.(tasteless, odorless)
special agency
A principal gives an agent the power to perform specific acts, but not to bind the principal - also called limited agency ex: sell a home
universal agency
A principal gives an agent the power to transact matters of all types for him
constructive eviction
Actions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.
Express Agency
An agency relationship created by oral or written agreement between principal and the agent.
general warranty deed
Deed that offers the most protection in which grantor fully warrants good clear title to the premises.
who administers and enforces fair housing
HUD
Ownership in Severalty
Individual ownership.
constructive notice
Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.
Acutal Notice
Subsequent purchaser has personal knowledge of a prior interest.
Estate at Sufferance
Tenant remains on the property, without the landlord's permission, after the lease has expired
Fee Simple Absolute
The maximum possible estate or right of ownership of real property, continuing forever.
escheat
The state takes property upon an owners death if there is no will & no heirs exist.
exclusive right to sell
a listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.
alienation
act of transfering a title
property taxes are _____ meaning they use the assessed value
ad valorum
Reconveyance Deed
after the trust teed is paid , this is used to gain ownership
implied agency
an agency that occurs when a principal and an agent do not expressly create an agency, but it is inferred from the conduct of the parties
price fixing
an agreement among firms to charge one price for a service
encumbrance
any burden on a title that may impair value or owners right
voidable contract
appears valid but can be taken away for minor or if under durress, fraud, or misrepresentaiton
useable area
area used for ordinary daily living aka rentable area
exclusive agency
broker exclusive agent but owner can sell
what must be on all advertising
brokers firm and licensee
who are exempt from ada
buildings before act and priviate businesses with less than 14 employees
what confirms the buolding meets minimum standards
certificate of occupancy
what type of appraiser can do all property types
certified general appraiseer
amendment
changes or addition to content of contract
what act led to no discrimination
civil rights act of 1866
ADA prohibits discrimination in ______ , FHA prohibits discrimination in _______
commercial residential
estate at will
continues until terminated by either party
what is used to transfer title from private to private? Govt to private? Private to govt?
deed land patent dedication
estate for years
definite period of time
gift of real property is called a ____ while gift of personal property is called _____
devise bequest
blockbusting
encourage selling because classes are moving in and value will decline mexicans are moving in
protected classes FReSH CoRN
familial status race sex handicap color religion national origin
precentage lease
fixed rent plus % of gross sales
when are appraisals required
for all federal loan progams (FHA, VA, Conventional)
pur autre vie
for the life of another
tenancy in common
form of co-ownership in which the shares may be unequal and there is no right of survivorship
what type of agency relationship is a property manager
general agency
if agent dies what happens to listing agreement
goes to the brokerage firm
what system divides land into squares and rectangles/ townships?
government survey
agents owe HID
honesty, integrity, disclosure
bargain & sale deed
implied that the grantor holds the title
right of suvivorship
in joint tenancy if one partner dies his share goes to the remaining partners
Quit claim deed
least protection, no covenants
Lis Pendens
litigation pending - notice of pending legal action
what system uses compass directions and starts/ends at certain point?
metes and bounds
What does the statute of frauds require?
must be in writting
novation
new contract replacing original
Are contingincies included in sales contracts?
no
are appraisals required for cash transactions
no
is earnest money consideration
no
periodic estate
no specific expiration, month to month
is an easement revocable and how doe sit transfer?
no, transfers unless released by holder - must be in writting
implied contract
not in writing
fiduciary duties think OLDCAR
obiedience, loyalty, disclosure, confidentiality, accounting, reasonable care
requirements of a contract
offer, acceptance, consideration, capacity, legality
vicarious liability
one person responsible for acts of another
special (limited) warranty deed
only protects during period of ownership, no promises for previous owners
express contract
oral or written
Fee Simple Defeasible
ownership subject to conditions
gross lease
pay rent and utilities, landlord pays property expenses
net lease
pay rent plus all or some of property expenses
unilateral contract
promise for performance
bilateral contract
promise for promise
emblements
protect agricultural tenants - get to harvest
addendum
provision added or attached that does not change content of contract
what is advertising term for exaggeating benefits
puffing
what is used to clear any title problems
quiet title suit
redlining
refusing loans because of the nature of area
megans law
requires registration for sex offenders
where are recorded plats used?
residential areas, subdivisions
What year was asbestos banned and what does it cause
respitory disease, 1978
who is responsible for mandated disclosures
seller
what is necessary to discover encrochments?
spot survey (shows location, size, and shape of buildings in lot
steering
steer buyers to certain neighborhoods and discourage others
abstract of title
summary of all conveyances and encumbrances that have ever been placed on a property
torrens
system of land registration for titles
lesee is the ____ and the lessor is the _____
tenant/landlord
liveable area
total heated and cooled area
assignment
transfers rights or duties not liability
deed of trust
trustee holds property until the loan is paid
market price
what property does sell for
market value
what property should sell for
when must civil action be taken for fair housing
within 2 yhears
can you go to jail for antitrust violation?
yes