Real Estate Fundamental lessons 5-9
The term "meeting of the minds" is associated with: Select your answer below: A.full performance of a contract B.offer and acceptance C.execution D.tender of an offer
"A meeting of the minds" means that the parties have reached an agreement: they've mutually consented to the terms of the contract through the process of offer and acceptance.
compensatory damages. remedy for breach of contract
A damages award is an amount of money the court orders the breaching party to pay the other party. intended to compensate the nonbreaching party for losses resulting from the breach.
Rezone
An amendment to a zoning ordinance; a property owner who feels his property has been zoned improperly may apply for a rezone.
tender
An unconditional offer to perform an obligation by a person who is ready, willing, and able to do so.
Privately owned land is controlled by zoning ordinances that establish land use districts. Which of the following is not a kind of zoning category? Select your answer below: A.Commercial B.Agricultural C.Residential D.Rental
Commercial, industrial, and residential are all standard types of zoning districts. Zoning ordinances often address whether single- or multi-family dwellings are allowed in a neighborhood, but wouldn't limit those dwellings to owners or renters.
novation., discharging contracts
With a novation, as with an assignment, one of the original parties withdraws and is replaced by a new party. the withdrawing party is released from any further liability.
what is general agency law?
body of law that applies to agency relationships in nearly any context
Real Estate Brokerage Relationships Act
governs real estate agency in Washington.
Loren has been looking for a home for several months. He finally found one he liked, just by driving around and looking at "For Sale by Owner" signs. He immediately made a full-price offer of $325,000. He made an earnest money deposit of $3,000. The seller quickly accepted the offer. The purchase and sale agreement is: Select your answer below: A.invalid, because Loren didn't use a real estate agent to close the deal B.invalid, because the home wasn't part of the local multiple listing service inventory C.valid, because Loren made an earnest money deposit as part of his offer D.valid, because Loren's consideration for the contract was the $325,000 purchase price
.valid, because Loren's consideration for the contract was the $325,000 purchase price
four elements of a valid contract?
1. parties must have legal capacity to enter into a contract 2. there must be mutual consent to the terms of the contract 3. must have a lawful objective 4. contract must be supported by consideration
Which of the following would be subject to real property taxes? Select your answer below: A.A house and the land it's on B.Cars and motorcycles C.Household furnishings D.Only the land, but not the improvements
A
A provision in a sales contract that states that a sum agreed to in advance will serve as full compensation in the event of a breach is a: Select your answer below: A.liquidated damages provision B.compensatory damages provision C.punitive damages provision D.default damages provision
A Most purchase and sale agreements call for forfeiture of the earnest money if the buyer breaches the contract. This is an example of a liquidated damages provision. Under this type of provision, the seller isn't allowed to sue the buyer for additional damages, even if the earnest money deposit isn't sufficient to cover the seller's actual losses.
Which of the following people might bring a suit for specific performance? Select your answer below: A.A buyer in a real estate transaction in which the seller backed out one day before closing B.A homeowner unhappy about a neighbor who painted her house purple in violation of the subdivision CC&Rs C.A real estate broker who didn't receive the commission she was promised D.A seller who was overcharged during escrow
A When specific performance is granted in a contract lawsuit, the court orders the breaching party to perform as agreed, rather than to pay damages to the other party. Courts generally grant specific performance only when the object of a sales contract is unique and monetary damages would not be sufficient to put the nonbreaching party in the position she would have been in if the contract had been performed. That�s the situation for a real estate buyer, as well as for purchasers of items such as jewelry or artwork.
National Environmental Policy Act (NEPA)
A 1969 U.S. federal act that mandates an environmental assessment of all projects involving federal money or federal permits.
A woman owns a large house in a subdivision that is zoned strictly residential. She would like to operate a preschool out of her house. She should seek to obtain a/an: A.HOA release B.conditional use permit C.nonconforming use D.variance
A conditional use permit will allow certain beneficial uses (like schools and churches) to operate in residential neighborhoods despite zoning laws.
Escrow Instructions
A document that sets forth the duties of the escrow agent, as well as the requirements and obligations of the parties, when a transaction is closed through an escrow.
Interstate Land Sales Full Disclosure Act (ILSA)
A federal law that regulates the sale of certain real estate in interstate commerce.
land contract
A land contract is a financing agreement between a buyer and a seller. The buyer agrees to pay the purchase price in installments over time, rather than paying the seller the full price at one time.
While being shown a property in the Oak Leaf subdivision, the buyers asked the agent if there was the possibility of commercial development nearby. The agent pointed out that the adjacent property was zoned for residential uses only. The buyers should verify the agent's statement by: Select your answer below: A.asking a neighbor B.asking the agent's supervisor C.checking the master plan D.checking the plat map
A master plan is the same thing as a comprehensive plan or general plan. It describes a local planning commission's long-term plan for managing growth in the community. It would provide information about the current zoning and future planning for a particular area
Conditional Use Permit (CUP)
A permit given by a city or other zoning jurisdiction for a proposed use that would otherwise not be allowed in a particular zoning district. Gives the zoning jurisdiction a means of imposing special conditions on the proposed development, to ensure that it will not adversely affect the surrounding neighborhood or the public safety and welfare.
An increasingly common land use pattern allows for subdivisions with smaller lot sizes and little or no setback and sideyard requirements while keeping the same density ratios. These are known as: Select your answer below: A.horizontal property divisions B.downzoning C.planned unit developments D.spot zoning
A planned unit development is a subdivision where lot sizes are smaller and dwellings are grouped closer together, and there are significant amounts of open space
Open listings
A property owner may give open listings to as many brokerages as the owner wants to.also called a nonexclusive listinge. Unilateral contract, signed by seller, who promises to sell house & pay commission if firm finds buyer(act), firm makes no promises
A homeowner in a recently built subdivision plans to build an extra bedroom extending from the back of his house. Nobody in the subdivision has added on to their houses in a similar manner yet. What would the homeowner need to obtain before he could begin work on this project? Select your answer below: A.Building permit B.Certificate of occupancy C.Conforming use permit D.Variance
A property owner must obtain a building permit from the city or county before making significant alterations to an existing building.
A local ordinance states that no sign can extend more than two feet above the roofline. The Morgans want to put a sign on their roof, but the sign is six feet high. To install their sign legally, the Morgans must apply for a: Select your answer below: A.sign clearance B.nonconforming use permit C.variance D.residual
A variance would enable the Morgans to make a minor deviation from zoning requirements. It will be granted only if the Morgans face undue hardship because of the zoning law, and if the variance will not change the neighborhood's essential character.
Which of the following is true regarding an oral agreement for the sale of real property? It is: Select your answer below: A.unenforceable; it violates the statute of frauds B.void; it violates the statute of frauds C.voidable; it violates the statute of frauds D.valid; assuming both parties are above the age of majority
AAn oral agreement for the sale of real property fails to fulfill the requirements of the statute of frauds. Such a contract is unenforceable.
The entity that determines the maximum number of people who may legally live in a rental unit is the: Select your answer below: A.Department of Housing and Urban Development B.state government C.local health department and zoning authority D.property owner
Among the many things that local agencies such as a city's health department or zoning authority might determine is the maximum occupancy of each dwelling in a particular area.
An involuntary alienation of property occurs when: Select your answer below: A.a quitclaim deed is signed B.property is taken under the power of eminent domain C.property is received through an inheritance D.property is received through a gift
B
One of the following terms is synonymous with general real estate taxes. Which one is it? Select your answer below: A.Ab initio taxes B.Ad valorem taxes C.Caveat emptor taxes D.Quid pro quo taxes
B
Stanley thinks his diner should be exempt from new zoning regulations as a nonconforming use. He would want to argue all of the following to zoning authorities, except that: Select your answer below: A.conforming to the zoning ordinance would create an undue hardship B.he would earn more by using the property for purposes that do not conform with the zoning ordinance C.the diner doesn't harm the public health, safety, and welfare D.the diner existed before the zoning regulation was passed
B
The purchaser signs an offer and gives it to the real estate agent to pass on to the seller, along with an earnest money deposit. At this point: Select your answer below: A.the earnest money will be held by the agent until the buyer defaults after closing B.the offer can be withdrawn any time before it is accepted C.in the eyes of the law, the parties have formed a valid contract D.specific performance would be the remedy if the seller refused the offer
BAn offeror can revoke an offer at any time until he is notified that the offer has been accepted. Many contracts also include a deadline for acceptance.
Which of the following best describes the difference between building codes and zoning regulations? Select your answer below: A.Building codes control the use of real property; zoning regulations affect improvements on the property B.Building codes affect improvements on the property; zoning regulations control the use of real property C.Building codes are enforced by municipalities; zoning regulations are enforced by the state D.Building codes are enforced by the state; zoning regulations are enforced by municipalities
Building codes protect the public from unsafe or unworkmanlike conditions, through the building permit system. Zoning regulations, by contrast, regulate the use of properties, dividing communities into zones for specific types of uses. Both are enforced at the city or county level.
An agent obtained permission to show a FSBO property (for sale by owner). The prospective buyer loved the property and made an offer, which the agent presented to the owner. When the transaction closed, the FSBO owner paid a brokerage commission. Did the agent and the seller have an agency relationship in this case? Select your answer below: A.No, because the agent clearly represented the buyer, and a dual agency relationship is impossible in a FSBO situation B.No, because an agent can never represent the owner of a FSBO C.Yes, but only if they entered into a listing contract D.Yes, because the agency relationship was created when the seller paid the brokerage commission
C The payment of a commission does not determine whether an agency relationship exists. An agency relationship with a seller is created by written contract. A licensee can represent a FSBO owner, but only if the owner is willing to sign a listing agreement. (That's true even if the licensee is already representing the buyer.)
Cluster zoning, which allows smaller lot sizes and reduced frontages, is suitable if a development: Select your answer below: A.includes both commercial and residential uses B.still has a density ratio consistent with the general plan C.abuts a wetland or other sensitive site D.abuts state- or city-owned land
Cluster zoning is an approach to zoning that allows developments in suburban or rural areas to have smaller lot sizes and higher density, but also more shared green space. However, a development cannot exceed the limits on density established in the general plan (the community's comprehensive plan).
lease, contracts
Contract between landlord and tenant Transfers leasehold estate
Mark is selling his property, which has an unfinished basement. He gets a full-price offer from Susan, but the offer requires Mark to finish the basement prior to closing. Do Mark and Susan have a binding contract? Select your answer below: A.Yes, because both parties have made offers to each other B.Yes, because Susan made a full-price offer C.No, because a valid offer must be written and recorded D.No, because Mark has not accepted Susan's offer
For a valid contract to exist, there must be offer and acceptance. An advertisement (like a listing) is not considered an offer, only an invitation to negotiate. The buyer's offer is just that: an offer, without an acceptance.
Which of the following is true about a building designated a historical landmark? Select your answer below: A.All lead paint must be removed immediately B.It may not be willfully destroyed without a permit C.It may only be sold to family members D.It must comply with all local ordinances
Historical preservation ordinances may protect existing buildings of historical value, and prohibit their destruction or modification without approval from an appropriate local authority.
Which of the following would a landlord need to disclose to prospective tenants? Select your answer below: A.Busy freeway is nearby B.One of the other tenants is a chronic alcoholic C.Presence of asbestos D.Similar units are available for lower rent in a nearby, more diverse neighborhood
Landlords must disclose the presence of asbestos and other environmental hazards on the property.
Sylvia and Bob buy a house on two acres and want to keep cows on the property. Which determines if they can do so? Select your answer below: A.Their neighbors B.Zoning ordinances C.State laws D.Federal laws
Local zoning ordinances allow only certain types of uses within each zone, and would most likely address whether farm animals are allowed on residential properties.
Some investors have requested permission to build a factory in Littletown. When deciding where the factory may be built, Littletown's zoning board will most likely consider: Select your answer below: A.how many employees the factory will need B.how far employees will have to drive C.the impact of the factory's air, noise, and water pollution D.the amount of taxes the factory will generate
Of the choices given, a zoning board is most likely to consider the factory's impact on nearby neighborhoods with regard to air, noise, and water pollution
Variances in zoning
Principal means of achieving minor flexibility in zoning. Proponent must show: 1) Undue hardship 2) Variance won't decrease neighboring property values. Variances are granted or denied by an administrative action typically made by a zoning board.
Breach of Contract Remedies4
Rescission, compensatory damages liquidated damages specific performance
A new subdivision is built in a rural area, outside urban growth boundaries. It is set up so that houses are situated on small lots, with most of the subdivision's land taken up by green space that is held by all owners in common. This is an example of: Select your answer below: A.condominiums B.rural cluster development C.spot zoning D.townhouses
Rural cluster development is a zoning practice that allows subdivisions in rural zoning districts to be made up of small lots and reserved green space, in order to conserve rural open space.
Shoreline Management Act
The SMA requires a permit for any "substantial development" on a shoreline (within 200 feet of the high water mark). Single-family residences and projects costing less than $5,000 are exempted. Permits issued by local governments must be consistent with Department of Ecology regulations.
A legal action brought in court to compel a party to fulfill the terms of a contract because the land is unique and money damages would not adequately compensate the party victimized by a breach is called a/an: Select your answer below: A.partition action B.suit for specific performance C.quiet title action D.injunction
The legal premise that no two properties are alike justifies a suit for specific performance (asking the court to order the seller to deliver the deed to the buyer), rather than simply pay money damages. Injunctions are also court orders, but are generally prohibitory, requiring an action be stopped, making B the better answer here.
Option to Purchase Real Estate
The right to purchase a specific piece of property for a specific price, on stated terms, and conditions for a specified period of time. It's like a "reservation" to purchase. The Optionee reserves the right to buy, the option is for a specific period, starts as a unilateral contract but will go bilateral. Includes two forms of consideration: (1) option $$ to hold the property and (2) purchase price if the optionee decides to buy.
The state plans to expand local train service, and will need to build several new stations. Nearby homeowners refuse to sell. The process the state would use to take property for public use while paying the homeowners just compensation is called: Select your answer below: A.adverse possession B.condemnation C.eminent domain D.alienation
The state can use the condemnation process to take the property, under its power of eminent domain. b
A homeowner with a mortgage sells his home to a purchaser who agrees to assume the mortgage. The purchaser applies for and obtains the lender's approval, and the seller is released from liability for the mortgage. This is an example of: Select your answer below: A.assignment B.subrogation C.subordination D.novation
This assumption is actually a novation, because the lender released the seller from liability. The purchaser has entered into a new loan agreement with the lender that replaces the original agreement between the seller and the lender.
implication , agency relationship
This can occur when one person is behaving in a way that implies that he's acting as another person's agent. If the other person believes that the first person is acting as her agent, and the first person fails to correct that impression, he may be held to owe agency duties to her.
If the state takes private property under the power of eminent domain, which of the following must apply? Select your answer below: A.The taking must be for a public purpose B.The taking must be made by prescription C.The taking must be made by statutory dedication D.The state must give constructive notice
Under the power of eminent domain, government agencies can take private property for a public use, upon payment of just compensation to the owner
specific performance.
When a court orders the breaching party to carry out the contract
Listing Agreement
When a seller lists property with a real estate firm, the parties enter into a contract called a listing agreement. A listing agreement is an employment contract between a seller and a firm.
breach of contract
When one of the parties to a contract doesn't perform as agreed, without discharging the contract and without legal excuse, If one party breaches a contract, the other party has the right to sue.
Purchase and Sale Agreement
a binding contract between a buyer and a seller of real property, setting forth the terms of the sale
Comprehensive Environmental Response, Compensation, and Liability Act
a federal law that concerns liability for environmental cleanup costs. The federal Environmental Protection Agency enforces the law
Liquidated damages, remedies for breach of contract
a remedy that the parties agree to in advance, by including a special provision in their contract, provision states that in the event of a breach by one party, the other party will be entitled to a specified sum of money, known as liquidated damages.
environmental hazards that home buyers need to look out for especially in older buildings? 9
asbestos, urea fomaldehyde,radon, mold, lead based paint, underground storage tanks, water contamination, illegal drug manufacturing, geological hazards.
what scope of authority does a universal agent have?
authorized to perform any acts that the law allows one person to delegate to another, greatest degree of authority. ex when someone is deemed incompetent, they usually appoint a legal guardian/universal agent
Marci, a home owner, hired Charles to do ongoing general maintenance on her property. They entered into a one-year contract. Six months later, Charles got married and his wife wanted to move to another state. Charles knew someone else--Marian--who provided excellent home maintenance services. Everyone agreed that Marian would take over for Charles. Marci and Marian entered into a new contract, and Marci's contract with Charles was canceled. This arrangement is a/an: Select your answer below: A.assignment B.novation C.breach D.tender of performance
b
Sonya buys a parcel of land and pays taxes on it for five years. After she builds a home on it, the taxes she'll pay are: Select your answer below: A.special assessments B.ad valorem taxes C.estate taxes D.excise taxes
b
When the parties to a contract put themselves back into the same positions they were in before they entered into the contract, the contract has been: Select your answer below: A.canceled B.rescinded C.revoked D.performed
b
Sally made an offer and gave the seller three days to accept. The next day, she found another property she liked better. Sally called the agent and revoked her offer. Sally must: Select your answer below: A.make sure the seller has been notified of the revocation before making an offer on the second property B.do nothing; she notified the agent of her decision to rescind the offer C.give the seller three days to accept or reject, as stated in her original offer D.None of the above
b An offer may be revoked at any time before it has been accepted.
XYZ Realty has the exclusive right to represent a new subdivision. An agent working for the subdivision office, and named on the listing agreement, shows a property to the Meyers, who are not working with their own agent. When the Meyers decide to buy, they have XYZ's agent provide basic help in filling out an offer form. Which of the following is true? Select your answer below: A.The agent owes the buyers the duty of loyalty B.The buyers are not represented by an agent C.The buyers are represented by this agent D.This has created a dual agency
b Generally, providing any brokerage services creates an agency relationship with a buyer. However, there's an important exception to this rule: if the agent is already representing another party under a written agreement (usually, a listing agreement), then providing minimal services does not create an agency. In this question, the buyers would be proceeding without representation. Most listing agents would strongly encourage the buyers to find representation rather than merely helping them with their offer
requirement for express agency agreement?
both parties must consent to the agency, both must be legally competent, and the purpose of the agency must also be lawful. consideration(payment) not required
Buyer Representation Agreement
buyer representation agreement is a written employment contract between a prospective property buyer and a real estate firm. The buyer hires the firm to locate a suitable property for the buyer to purchase.
An elderly woman gives a power of attorney to her son to manage all of her affairs. What sort of agent is he? Select your answer below: A.Ostensible agent B.Special agent C.Universal agent D.Unlimited agent
c
In spite of Delia's objections, the city took a portion of her lot as part of a street widening project. Which of the following is true about eminent domain? Select your answer below: A.The city can take only vacant land by eminent domain B.The city can take private property only for recreational purposes C.Delia's property was taken through the process of condemnation D.Delia won't be compensated for her lost property
c
An apartment building is right where a new city park is going to be built. The city condemns it. Can the city terminate the leases of the building's tenants? Select your answer below: A.No, because this is a violation of the federal Fair Housing Act B.No; if the government forces a landlord to breach a contract with a tenant, it is violating the Landlord-Tenant Act C.Yes, if notice is provided to the tenants and they receive relocation assistance D.Yes, if the tenants receive just compensation from the city
c According to the Uniform Relocation Act, tenants whose leases terminate because of the condemnation of their residence are entitled to at least 90 days' notice and assistance with relocation, including payment of moving expenses. (A residential tenant is not likely to have a compensable interest in the property. The tenant does not have an ownership interest, and from an appraisal perspective a residential leasehold interest is unlikely to have any financial value.)
A potential buyer gives a seller an offer that doesn't meet the seller's demands in the listing. What has the buyer given? Select your answer below: A.Contract of sale B.Counteroffer C.Offer to purchase D.Option
c An offer simply must express a willingness to contract, and be certain in its terms. It does not need to match the seller's listing. (Note that the listing is not an offer, it's an ad; it can't simply be accepted to form a binding contract. So the buyer's offer is the first offer in a typical transaction, not a counteroffer.)
A contract to purchase property must include which essential element? Select your answer below: A.Equal bargaining power between the parties B.A seal by a notary public C.Mutual agreement D.A three-day right to rescind
c An unambiguous offer and an unqualified acceptance are essential to a valid contract of any kind. This is called mutual agreement (also known as mutual consent).
The Taylors sign an exclusive right to sell listing that expires in six months. A short time later they change their minds and decide not to sell. Can they terminate the listing? Select your answer below: A.No, they must wait for the listing to expire in six months B.No, an exclusive right to sell listing is binding on both parties C.Yes, if the parties mutually consent D.Yes, either side may freely rescind a listing agreement without penalty
c Both parties to a contract can mutually agree to rescind a contract before it is scheduled to expire
The law of agency can best be summed up as: Select your answer below: A.the state's licensing laws B.business regulations C.rules that apply when one person is acting for another D.real estate laws
c The law of agency can best be summed up as the rules of law that apply to any relationship, such as real estate agent/client or lawyer/client, that exists when one person acts for another.
buyer agency relationships
created a little differently than the other agencies, a licensee who provides real estate brokerage services to a buter generally automatically becomes the buyers agent.
The police powers of the government include: Select your answer below: A.defeasance B.foreclosure C.lis pendens D.building codes and zoning regulations
d
An executor listed her aunt's property. While showing the property to the agent, the executor said that her aunt always had tenants in the upstairs apartment. Without checking with zoning, the agent listed and sold the property as multifamily. If the property is not zoned multifamily, does the buyer have the right to rescind the contract? Select your answer below: A.No, because the executor should have checked to determine the zoning of the property B.No, because the title company should have checked to determine the zoning of the property C.Yes, because the agent misrepresented the property and any contract entered into under misrepresentation is void D.Yes, because the agent misrepresented the property and any contract entered into under misrepresentation is voidable
d The agent's misstatement is an example of constructive fraud: when a person who occupies a position of confidence and trust makes a false statement with no intent to deceive. Fraud is one of the negative forces that make a contract voidable by the injured party.
Agent Bob receives a deposit with a written offer that includes a five-day acceptance clause. On the second day, Buyer Martha notifies Agent Bob that she is withdrawing her offer and wants her deposit returned. Seller Lou hasn't accepted the offer yet. In this situation: Select your answer below: A.Bob notifies Lou that Martha is withdrawing her offer, and Bob and Lou each keep half of the deposit B.Bob keeps the entire deposit as his commission C.Martha can't withdraw her offer; it must remain open for the full five days D.Martha has the right to revoke her offer and get her money back at any time before Lou accepts the offer
d Martha has the right to revoke her offer and get her money back at any time before Lou accepts the offer
what is a zoning ordinance?
divides a community into land use zones, allowing only certain types of uses in each zone. This ensures that only compatible uses are located next to one another.
what is an executory or executed contract?
executory: one that is in the process of being performed executed: has been fully performed
what is an express contract? implied?
express is one that is put into words whether written down or merely spoken, is one that is not expressed in words, but which is implied by the actions of the parties.
who governs comprehensive planning for land use in wash? what are their 5 goals?
governed by the growth management act, 1. concentrate new development in existing urban growth areas 2.to ensure adequate public facilities and other infrastructure, including transportation alternatives. 3.to protect environmentally critical areas from development and to protect open space. 4.to encourage availability of affordable housing. 5.to encourage economic growth consistent with the act's other goals.
agency by ratification
if the principal gives approval after the fact to acts that werent authorized at the time they were performed.
rescission, Breach of Contract Remedies
involves undoing any steps taken to carry out the contract, to put the parties back in their original positions., Sometimes rescission is the result of an agreement between the parties. In other cases, court-ordered rescission is a remedy for breach of contract.
what are examples of express agency agreements?
listing agreement or a buyer agency agreement
Agency by Estoppel
means that a defendant will be liable to a plaintiff because the defendant's negligence caused the plaintiff to reasonably rely on there being an agency relationship between the defendant and someone who purported to act on behalf of the defendant.
Anticipatory Repudiation/Breach
occurs when the promisor indicates before the time for his performance that he is unwilling or unable to carry out the contract; constitutes a material breach of contract that discharges the promisee from all further obligation under the contract, can sue without tender
assignment ,discharging contracts
one of the parties to a contract may want to withdraw and have someone else take his place. One of the original parties, the assignor, assigns his interest in the contract to a new party, the assignee For instance, after Chad assigned his lease to Janice, Janice defaulted on the rental payments. Chad is still liable to the landlord, Larry.
State Environmental Policy Act (SEPA)
requires the preparation and review of environmental impact statements. SEPA applies to all actions of state and local agencies that may have a significant effect on the environment.
what are the four ways an contract can be discharged without completing it?
rescission, cancellation, assignment, novation
difference between buyer agency and sellers agency?
sellers begins with writing listing agreement, buyer begins with performance of brokerage services
Cancellation,discharging contracts
similar to rescission, but there's an important difference. In canceling a contract, the parties agree to terminate it without undoing whatever steps they've already taken. If money has changed hands, the party who received it is allowed to keep it.
consideration (contract)
something of value that one party to a contract gives to the other. It can be anything of value: money, property, services, or a promise to provide something of value in the future.
duty of loyalty, agency law
the agent is legally obligated to act in the principals interests
rescission, discharging contracts
the parties to a contract agree to terminate it, and undo any steps they've already taken to carry it out.
Land Development Act
the seller of the vacant lots must prepare a public offering statement. This document provides detailed information about the subdivision, including the presence of any utilities, liens, warranties, and so on. developer should give a copy of the public offering statement to a prospective buyer at least two days before the buyer signs a purchase contract.
what is a bilateral contract? unilateral?
unilateral if only one of the parties is legally obligated to perform, bilateral is both parties are legally obligated to perform.
what are the three classifications for an agent?
universal agent, general agent, special agenr
Upzoning and downzoning
up - more dense use down - less dense use
what is non conforming use? zoning
when a property is not following the zoning laws, ie Carl owns a small diner in a growing town. When he opened the restaurant 11 years ago, there was no zoning at all. But the town council just passed a zoning ordinance that makes this area a residential zone.
can you operate under nonconforming use? what cant you do with a non conforming use? zoning
yes, usually allowed after new zoning goes into effect, dont want to discourage land development, usually impose reasonable time limit to move your shit cannot expand, resume after abandonment, or rebuild if destroyed, can sell and resume the nonconforming use under new owner
what are the six types of public restrictions that affect property ownership?
zoning ordinances, building codes, subdivision regulations, environmental laws, eminent domain, taxation
four types of land use controls laws? zoning
zoning, building codes, subdivision regulations, environmental laws