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