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Study sets matching "3 estate law"

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Study sets matching "3 estate law"

34 terms
REAL ESTATE LAW 3
MORTGAGE
NOTE
3-PARTY NOTICE OF SETTLEMENT
2-PARTY NOTICE OF SETTLEMENT
$30 1ST PAGE/ $10 EACH ADD'L PAGE... GETS RECORDED WITH CLERK OF…
DOESN'T GET RECORDED
$40... BUYER, SELLER, AND LENDER
$20... 1. BUYER, SELLER (NO LENDER)... 2. BUYER, LENDER (NO SELLER)…
MORTGAGE
$30 1ST PAGE/ $10 EACH ADD'L PAGE... GETS RECORDED WITH CLERK OF…
NOTE
DOESN'T GET RECORDED
31 terms
Real Estate Law - #3
_______________________: anything you…
buyer can pull out if he doesn't feel…
________________________ (104): "a tit…
EXAMPLE WHERE HELICOPTER CRASHES AND T…
E-SIGN ACT (FEDERAL LAW)
marketable title
MARKETABLE TITLE
close the contract
_______________________: anything you…
E-SIGN ACT (FEDERAL LAW)
buyer can pull out if he doesn't feel…
marketable title
29 terms
Real Estate Law Ch. 3
Land
Real estate
Easement
Surface water
The solid surface of the earth and the natural elements (wate…
Land and its improvements; mines, minerals, and quarries unde…
right-of-way
Water upon the surface of the earth in flowing streams and la…
Land
The solid surface of the earth and the natural elements (wate…
Real estate
Land and its improvements; mines, minerals, and quarries unde…
33 terms
Real Estate Law Chapter 3
Air rights
Limitations on Air rights
Conveyance of air rights
Overhanging structures
- in concept air rights extend to the outer reaches of the co…
-Regulated air space: above some minimum elevation estimated…
- Air rights can be conveyed, encumbered, etc. separately fro…
overhanging structures and other improvements are trespassing.
Air rights
- in concept air rights extend to the outer reaches of the co…
Limitations on Air rights
-Regulated air space: above some minimum elevation estimated…
28 terms
Real Estate Law: Chapter 3
ad coelum
nuisance
air rights
Transferable development rights
A person owns the space above her real estate to the extent t…
An unreasonable interference with the use and enjoyment of la…
The legal interest in the vertical dimension of property
A market-based system designed to preserve and control land u…
ad coelum
A person owns the space above her real estate to the extent t…
nuisance
An unreasonable interference with the use and enjoyment of la…
62 terms
Real estate law test 3
Marketable title
Merchantable title
Stand up title opinion
Title
One which is free from reasonable doubts or objections, and w…
Title that is without cloud or defect, Implied that seller wi…
will look at property records and examine titles, look for ev…
stand up title opinion; want the title clean and free form an…
Marketable title
One which is free from reasonable doubts or objections, and w…
Merchantable title
Title that is without cloud or defect, Implied that seller wi…
150 terms
Maryland Real Estate Practice & Law Vocabulary 3
administrative law
affiliate
associate broker
COMAR
Apply statutory laws to the details of particular situations
Licensed associate broker or licensed salesperson
People who have met the educational, experience, and testing…
Code of Maryland Regulations -- Regulations that govern the p…
administrative law
Apply statutory laws to the details of particular situations
affiliate
Licensed associate broker or licensed salesperson
24 terms
Real Estate Law exam 3
non freehold estates
tenancies
tenancy for years
periodic tenancy
limited in duration and are non inheritable.
occupying the land not owning it.
created by a lease that will run a specific period of time.... (…
no definite ending date. (fixed beginning date)... -agreed expre…
non freehold estates
limited in duration and are non inheritable.
tenancies
occupying the land not owning it.
18 terms
Real Estate Law Ch. 3
Land Interests
Extent of Air Space
Air Commerce Act of 1926
What air rights can be transferred?
The owner of the soil owns also to the sky and the depths.
The airspace of all property owners is used by others. Subjec…
Gave the U.S. Complete and exclusive national sovereignty in…
Air above property is divided into two areas, the column lot…
Land Interests
The owner of the soil owns also to the sky and the depths.
Extent of Air Space
The airspace of all property owners is used by others. Subjec…
14 terms
Law Office: Real Estate Law Chap 3
Written document that transfers owners…
What type of deed refers to title, mos…
Type of deed only assuring current own…
Type of deed that the seller transfers…
deed
General warranty deed
limited (special) warranty deed
quitclaim deed
Written document that transfers owners…
deed
What type of deed refers to title, mos…
General warranty deed
37 terms
Real Estate Law Chapter 3
air, soil
common law
ad coelum
ad coelum
the owner of the surface of real estate has property rights i…
_______ has long recognized that property rights, including a…
the ancient dictum of Lord Coke, which gave the owner of the…
a person owns a space above her real estate to the extent tha…
air, soil
the owner of the surface of real estate has property rights i…
common law
_______ has long recognized that property rights, including a…
10 terms
Real Estate Law CH3
allodium
defeasible fee
dower
estate
a system in which land is owned without obligation to pay ren…
a fee simple estate that terminates on the occurrence of a sp…
life estate of a widow in one third of any real estate to whi…
the extent and character of a person's ownership interest in…
allodium
a system in which land is owned without obligation to pay ren…
defeasible fee
a fee simple estate that terminates on the occurrence of a sp…
45 terms
Real Estate Law --CH 3
Facts- owners of adjoining townhouses…
There is a sunken patio behind Fancher…
Virginia law allows self help. Should…
The issues raised by vegetation encroa…
Fancher v. Fagella 2007
Fancher v. Fagella 2007
Fancher v. Fagella Issue
Fancher v. Fagella 2007 Issues
Facts- owners of adjoining townhouses…
Fancher v. Fagella 2007
There is a sunken patio behind Fancher…
Fancher v. Fagella 2007
37 terms
Real Estate Law Chapter 3
air, soil
common law
ad coelum
ad coelum
the owner of the surface of real estate has property rights i…
_______ has long recognized that property rights, including a…
the ancient dictum of Lord Coke, which gave the owner of the…
a person owns a space above her real estate to the extent tha…
air, soil
the owner of the surface of real estate has property rights i…
common law
_______ has long recognized that property rights, including a…
17 terms
Real Estate Law CH3
ad coelum doctrine
correlative rights doctrine
land
littoral land
the traditional theory that whoever owns the soil owns to the…
a legal doctrine that prohibits depletion of a common pool of…
the solid surface of the earth and the natural elements (wate…
land that borders and ocean, sea, or lake
ad coelum doctrine
the traditional theory that whoever owns the soil owns to the…
correlative rights doctrine
a legal doctrine that prohibits depletion of a common pool of…
50 terms
Real Estate Law Test 3
Grantee
Grantor
Description
Government Survey
The party to whom the deed conveys the title.
A transferor of property.
As a general rule, the description in a deed must be clear en…
A standard rectangular system of describing land existing in…
Grantee
The party to whom the deed conveys the title.
Grantor
A transferor of property.
207 terms
Real Estate Law Exam 3
Mortgage Loans
Sources of Mortgage Loans
Savings Banks
Commercial Banks
Loan secured by real property
Savings banks, commercial banks, life insurance companies, cr…
Federally chartered institutions that generally invest in lon…
Considered a main source of short-term real estate financing…
Mortgage Loans
Loan secured by real property
Sources of Mortgage Loans
Savings banks, commercial banks, life insurance companies, cr…
49 terms
Real Estate Law Exam 3
Commercial Lease
3 requirements for a commercial lease
3 types of rental terms
gross rent
an agreement between a landlord and a business outlining term…
1. secured in writing ... 2. securities deposits involved ... 3. re…
1. gross rent ... 2. triple net lease ... 3. percentage rate
flat rent in a commercial lease
Commercial Lease
an agreement between a landlord and a business outlining term…
3 requirements for a commercial lease
1. secured in writing ... 2. securities deposits involved ... 3. re…
46 terms
Real Estate Law Chapter 3
US v Causby
Condominiums
Air rights can be...
Subdivision laws
a landowner owns as much of the air space as they can occupy…
air rights
conveyed, encumbered, etc.
...
US v Causby
a landowner owns as much of the air space as they can occupy…
Condominiums
air rights
37 terms
Real Estate Law Test 3
LIMITED in duration and NONINHERITABLE
created by a lease that will run for a…
NO definite ending date
how do you create a a Periodic Tenancy?
nonfreehold estate
Tenancy for Years
Periodic Tenancy
a). EXPRESSLY-both parties have agreed to do it... b). via CONDU…
LIMITED in duration and NONINHERITABLE
nonfreehold estate
created by a lease that will run for a…
Tenancy for Years
162 terms
Exam 3 Real Estate Law
easement
All easements possess five characteris…
license
profit a prendre
an incorporeal right (non-possessory right in land) an intere…
1) affirmative or negative 2) appurtenant or in gross 3) appa…
a privilege to enter the premises for a certain purpose, whic…
an interest in the land of another that confers rights of use…
easement
an incorporeal right (non-possessory right in land) an intere…
All easements possess five characteris…
1) affirmative or negative 2) appurtenant or in gross 3) appa…
74 terms
Real Estate Law Exam 3
Baselines
Grid
Guide meridians
Metes and bounds description
in the United States government survey, the major east-west g…
the 24-mile square created between each guide meridian and pa…
vertical lines placed every 24 miles on the United States gov…
method of land description that begins with a permanent objec…
Baselines
in the United States government survey, the major east-west g…
Grid
the 24-mile square created between each guide meridian and pa…
34 terms
3. Real Estate License Law and Commission Rules
DBPR... The Department of Business and Pr…
DPBR has three areas for enforcement:
1. The Division of Regulation
2. The Division of Professions
is a department in the EXECUTIVE branch of Florida State Gove…
1. The division of professions... 2. the division of regulations…
is the enforcement authority for the professional boards and…
is responsible for the licensing of over 396,000 professional…
DBPR... The Department of Business and Pr…
is a department in the EXECUTIVE branch of Florida State Gove…
DPBR has three areas for enforcement:
1. The division of professions... 2. the division of regulations…
51 terms
real estate law test 3
a non freehold estate is
types of tenancies with residential le…
tenancy that has no definite ending da…
creation of a periodic tenancy
limited in duration and non inheritable
tenancy for years... periodic tenancy... tenancy at will... tenancy at…
periodic tenancy
expressly... via conduct (like not signing a contract but accept…
a non freehold estate is
limited in duration and non inheritable
types of tenancies with residential le…
tenancy for years... periodic tenancy... tenancy at will... tenancy at…
65 terms
real estate laws (chapter 3)
c
a
b
d
When money is deposited in a client trust account:... A. the mai…
Which of the following would NOT be a cause for disciplinary…
If a broker terminates employment of a salesperson, he must... A…
When there is a first violation of the licensing act, the REC…
c
When money is deposited in a client trust account:... A. the mai…
a
Which of the following would NOT be a cause for disciplinary…
estate law
a security right to use a piece of land
paying instalment on a house
someting in value to pass on to children
four legal interests over land held by…
гарантированное право пользования землей
платить в рассрочку за дом
нечто ценное, что можно передать детям
4 законных вида имущественного права на землю чужого собствен…
a security right to use a piece of land
гарантированное право пользования землей
paying instalment on a house
платить в рассрочку за дом
47 terms
BRE - Ch. 3 (Fundamentals of Real Estate Law)
Adverse possession
Annexation
Chattels
Color of title
allows a person who uses another's property to gain ownership…
is the manner of attachment of personal property to real esta…
are items of personal property, including autos, clothing, an…
is what appear to be good title but is not.
Adverse possession
allows a person who uses another's property to gain ownership…
Annexation
is the manner of attachment of personal property to real esta…
23 terms
Real Estate Law Exam 3 (Ch. 11: Real Estate Communities)
Multi Unit Interest
Condominium
Fee Simple Interest... Undivided Joint In…
Master Deed... Individual Deeds
Housing structures that contain two or more different housing…
A form of multi unit housing in which the owner owns the area…
Condominium Ownership... - _____... - _____ (in all common areas in…
Creation of Ownership in a Condominium... - _____... - _____
Multi Unit Interest
Housing structures that contain two or more different housing…
Condominium
A form of multi unit housing in which the owner owns the area…
30 terms
Vocab Module 3: Real Estate Law
19 Land Use Goals of the LCDC
Goal 1: Citizen Involvement
Goal 2: Land Use Planning
Goal 3: Agricultural Lands
Goal 1: Citizen Involvement... Goal 2: Land Use Planning... Goal 3:…
The opportunity for citizens to be involved in all phases of…
...
...
19 Land Use Goals of the LCDC
Goal 1: Citizen Involvement... Goal 2: Land Use Planning... Goal 3:…
Goal 1: Citizen Involvement
The opportunity for citizens to be involved in all phases of…
31 terms
Real Estate Law Exam 1 (Chapter 3)
subsurface
surface
above surface
Above Surface... Air Rights
below land
land
above land
_____ (_____): land interest above the surface
subsurface
below land
surface
land
70 terms
Maryland Real Estate Practice and Law Vocabulary 3
What is the maximum amount a claimant…
Where must a salesperson license be ke…
Who issues Maryland real estate sales…
What is the maximum penalty that the M…
$25,000
They must be retained in their brokers office.
The Real Estate Commission.
25,000
What is the maximum amount a claimant…
$25,000
Where must a salesperson license be ke…
They must be retained in their brokers office.
77 terms
Real Estate Law of Agency
Agency
Agency by Estoppel
Agency by Ratification
Agency by Statute
A relationship between two parties wherein the principal hire…
The principal seeks to deny an agency relationship, but the c…
The agency is created by implication, or actions, and the pri…
The law has given rise to the agency, such as a Sheriff appoi…
Agency
A relationship between two parties wherein the principal hire…
Agency by Estoppel
The principal seeks to deny an agency relationship, but the c…
39 terms
Real Estate Law 3: Easements & Profit Licenses
Non-Possessory Interests
Three Types of Non-Possessory Interests
Easements
runs with the land
-an interest in land... -less than full ownership/possession of…
-easements... -profits... -licenses
-irrevocable right to use another's land for a specific purpo…
-buyers and sellers are obliged to follow the easement... -if I…
Non-Possessory Interests
-an interest in land... -less than full ownership/possession of…
Three Types of Non-Possessory Interests
-easements... -profits... -licenses
20 terms
Chapter 3 Real Estate law and commission rules
An injunction
No Maximum
The secretary is appointed by the gove…
The department of Business and profess…
The department of business and professional regulation has th…
What is the maximum number of years a member may serve on the…
Which statement is true regarding the secretary of the depart…
The division of real estate is an administrative part of whic…
An injunction
The department of business and professional regulation has th…
No Maximum
What is the maximum number of years a member may serve on the…
5 terms
Real Estate Law Exam 3 Chap 15
What is the Real Estate agents job wit…
What does Marketable title mean?
What is a good and indefeasible title?
What are the three most common methods…
To inform the purchaser to obtain an abstract of title to be…
One that is free from reasonable doubt as to matters of law a…
Good and indefeasible title means its good title and title th…
-Title Insurance... - Lawyers Title opinion... - Personal warranty…
What is the Real Estate agents job wit…
To inform the purchaser to obtain an abstract of title to be…
What does Marketable title mean?
One that is free from reasonable doubt as to matters of law a…
CA Real Estate Law Chapter 3
Ethics
Real Estate Salesperson is an independ…
RE salespersons are considered employe…
Brokers are...
- go far beyond the law and determine not if an action is leg…
1. The salesperson is licensed as a RE Agent... 2. Reimbursement…
- liability for torts (wrongful acts)... - broker is liable for…
- in charge of getting worker's comp coverage for salespeople…
Ethics
- go far beyond the law and determine not if an action is leg…
Real Estate Salesperson is an independ…
1. The salesperson is licensed as a RE Agent... 2. Reimbursement…
15 terms
ESTATE LAW
CLOSING STATEMENT
Successor
Applicable credit amount (unified cred…
Applicable Exclussions amount
An affidavit signed by the personal representative at the end…
An all inclusive UPC term meaning any person, other than a cr…
A credit against the federal unified transfer tax on gifts (p…
The maximum value of the property that can be transferred to…
CLOSING STATEMENT
An affidavit signed by the personal representative at the end…
Successor
An all inclusive UPC term meaning any person, other than a cr…
12 terms
Real Estate Finance Ch. 3- Finance Law
In the Texas Constitution, a principle…
The Texas Constitution defines rural h…
For a single individual-
For urban property-
1) purchase money mortgages which secure the payment of the l…
not more than 200 acres of land, in one or more parcels.
the limitation is 100 acres.
the limitation is 10 acres, regardless of marital status.
In the Texas Constitution, a principle…
1) purchase money mortgages which secure the payment of the l…
The Texas Constitution defines rural h…
not more than 200 acres of land, in one or more parcels.
18 terms
Estate Law
Probate
Debt
Assets
Beneficiaries
-meaning "to prove"... -we say:... -"probate an estate"... -"probate…
-Funeral expenses... -Last illness
-Property... -Money
a person who derives advantage from something, especially a t…
Probate
-meaning "to prove"... -we say:... -"probate an estate"... -"probate…
Debt
-Funeral expenses... -Last illness
54 terms
real estate chapter 3 law of contracts
contract
express contract
implied contract
executed contract
is a voluntary agreement or promise between legally competent…
A contract in which the terms of the agreement are fully and…
contract formed through the acts or conduct of the parties. i…
A contract in which all parties have fulfilled their promises…
contract
is a voluntary agreement or promise between legally competent…
express contract
A contract in which the terms of the agreement are fully and…
15 terms
NC Real Estate Law & Brokerage Practice3
excise tax definition
caveot emptor
broker-in-charge
maximum security deposit amounts
aka revenue stamps/deed stamps; a deed transfer tax paid by t…
"let the buyer beware" - sellers do not have to disclose any…
the full broker responsible for notifying the NC Real Estate…
week-to-week - 2 weeks rent... month-to-month - 1.5 months rent…
excise tax definition
aka revenue stamps/deed stamps; a deed transfer tax paid by t…
caveot emptor
"let the buyer beware" - sellers do not have to disclose any…
California Real Estate Law Ch 3
Intrest
Estate
Inheritable, transferable and perpetual
The length of someone life time
A person who has a property right or a claim against property…
Intrest in real property that will become possessory
A fee simple estate is?
The Duration of a life estate is?
Intrest
A person who has a property right or a claim against property…
Estate
Intrest in real property that will become possessory
41 terms
Real Estate Law | Ch 3 | Extent of Real Estate Interests
The extent of physical space
Legal Description
In what 3D space do my intangible righ…
What physical space do I own/possess w…
THE QUESTION:... When I own a tangible property interest or esta…
the description of horizontal aka (surface) land, usually by…
...
...
The extent of physical space
THE QUESTION:... When I own a tangible property interest or esta…
Legal Description
the description of horizontal aka (surface) land, usually by…
13 terms
PA Real Estate Law Unit 3
Attorney-in-fact
Power of Attorney
Comparative Market Analysis
Commingling
a competent person acting for another under the power of atto…
a legal document which is signed and notarized for the expres…
a written analysis, opinion or conclusion by contracted buyer…
placing other people's money into a personal or operating acc…
Attorney-in-fact
a competent person acting for another under the power of atto…
Power of Attorney
a legal document which is signed and notarized for the expres…
18 terms
Florida Real Estate Law - Section 3
Principal
Agent
Fiduciary
Caveat Emptor
a person who delegates authority to another
a person entrusted with another's business; a broker to a pri…
acts in a position of trust and confidence for another
aka "let the buyer beware"
Principal
a person who delegates authority to another
Agent
a person entrusted with another's business; a broker to a pri…
74 terms
Real Estate and Property Law Exam 3
it's value or it lessens enjoyment and…
False
False
True
Person cannot recover for use of air space unless it diminish…
T/F: In Causby, the first case in chapter 3, the court found…
T/F: Generally there is a right to a view.
T/F: To recover for an invasion to airspace, the owner of the…
it's value or it lessens enjoyment and…
Person cannot recover for use of air space unless it diminish…
False
T/F: In Causby, the first case in chapter 3, the court found…
10 terms
3. Real Estate License Law and Commission Rules
DBPR can do under Chapter 455
The chief admin, secretary of DBPR
FREC has 7 members
FREC members are
-issue subpoenas... -investigate complaints... -issue cease and des…
-appointed by governor... -confirmed by state senate
-4 brokers... -1 sales ass or broker... -2 consumer members
appointed by the governor and approved by the state senate
DBPR can do under Chapter 455
-issue subpoenas... -investigate complaints... -issue cease and des…
The chief admin, secretary of DBPR
-appointed by governor... -confirmed by state senate
27 terms
IV. Real Estate Law
Real estate law
Illegal acts
Misrepresentation
Commission to buyer
Commissioner promulgates rules and regulations
District attorney prosecutes
No expenses on income property
Must inform seller
Real estate law
Commissioner promulgates rules and regulations
Illegal acts
District attorney prosecutes
52 terms
Section 3: The Language of Real Estate Law and Contracts
listing contract
net listing
open listing
exclusive agency
A written employment agreement between property owner and rea…
An employment contract the broker receives as commission. All…
A listing given to a number of brokers who work simultaneousl…
A written listing agreement giving one sole agent the right t…
listing contract
A written employment agreement between property owner and rea…
net listing
An employment contract the broker receives as commission. All…
26 terms
Massachusetts Real Estate License Law CH 3
The Board of Registration of Real Esta…
The Board of Registration of Real Esta…
Members of the board
Board meetings
The Massachusetts Legislature enacted the law creating " a bo…
The board's purpose is to promulgate(announce) and administer…
The governor appoints 5 Mass citizens to the Board-3 members…
The Board holds at least 4 regular meetings yearly. Board mee…
The Board of Registration of Real Esta…
The Massachusetts Legislature enacted the law creating " a bo…
The Board of Registration of Real Esta…
The board's purpose is to promulgate(announce) and administer…
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