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Study sets matching "chapter 1 estate law"

54 terms
chapter 1: real estate law
accession
accretion
acre
air lot
acquiring title to additions or improvements to real property…
the increase or addition of land by the deposit of sand or so…
a measure of land equal to 43,560 square feet
a designated airspace over a piece of land. an air lot, like…
accession
acquiring title to additions or improvements to real property…
accretion
the increase or addition of land by the deposit of sand or so…
23 terms
Real Estate Law - Chapter 1
Real Property
Personal Property
Tangible Personal Property
Intangible Personal Property
Relates to land and objects that are more or less permanently…
May include living objects and inanimate objects (ex. animal…
Has a physical substance; can be held, tasted, seen or heard…
Represents property that has a set of rights that have no phy…
Real Property
Relates to land and objects that are more or less permanently…
Personal Property
May include living objects and inanimate objects (ex. animal…
27 terms
Chapter 1: Real Estate License Law
Administrative Discipline
Apartment Sharing Agent
Article 12-A
Article 78 Proceeding
The New York Department of State's Enforcement of license law…
An individual licensed by the New York Department of State wh…
Article of New York Real Property Law, which contains most of…
Refers to an article of the Civil Practice Law and Rules that…
Administrative Discipline
The New York Department of State's Enforcement of license law…
Apartment Sharing Agent
An individual licensed by the New York Department of State wh…
11 terms
Real Estate Law Chapter 1
easements
fixtures
personal property
real property
rights granted to use, yet not own, a specifically delineated…
otherwise personal property which when permanently affixed or…
the type of property which is movable, transferable in the ph…
type of property associated with land, realty, and the fixtur…
easements
rights granted to use, yet not own, a specifically delineated…
fixtures
otherwise personal property which when permanently affixed or…
10 terms
Real Estate Law and Real Estate Businesses Chapter 1
Common Law (pg 2)
Brokerage (pg. 2)
Subdivider (pg.3)
Land Developer (pg. 3)
Common law is based on traditions, customs, and usage and is…
A business that brings buyers and sellers together in the mar…
A person who takes raw land and does planning for its best us…
A person that improves land by adding buildings and then sell…
Common Law (pg 2)
Common law is based on traditions, customs, and usage and is…
Brokerage (pg. 2)
A business that brings buyers and sellers together in the mar…
57 terms
SCRE Chapter 1: Real Estate Law
Accession
Allodial System
Bundle of Legal Rights
Accretion
acquiring a title to additions or improvements to real proper…
A system of owned land ownership in which land is held free a…
The concept of land ownership that includes ownership of all…
The increase or addition of land by the deposit of sand or so…
Accession
acquiring a title to additions or improvements to real proper…
Allodial System
A system of owned land ownership in which land is held free a…
25 terms
Connecticut Real Estate Practice & Law Chapter 1- Real Estate Brokerage and Agency
Agency
Agency disclosure
Customer
Dual Agency
The legal relationship between a principal and his/her agent…
A written explanation, to be signed by a prospective buyer or…
In agency law, a party outside of the fiduciary relationship…
Representing both principal parties to a transaction.
Agency
The legal relationship between a principal and his/her agent…
Agency disclosure
A written explanation, to be signed by a prospective buyer or…
47 terms
Real Estate Law: Chapter 1
property
three elements that involve the contro…
interest in property
bundle of rights
Rights a person may own or be entitled to own, including pers…
• Exclusivity—the ability to exclude another person from owne…
The right that someone may have in specific property
The concept of ownership that embraces certain rights of owne…
property
Rights a person may own or be entitled to own, including pers…
three elements that involve the contro…
• Exclusivity—the ability to exclude another person from owne…
81 terms
Chapter 1: Real Estate Law
What are the sources of real estate law?
Define "Land":
What are the three types of lots that…
Define "Real Estate":
Federal, State, and Local governments
_____ refers to the earth's surface, the subsurface to the ce…
Surface, Air, and Subsurface
Land + Improvements (e.g., house, fence, etc.) or artificial…
What are the sources of real estate law?
Federal, State, and Local governments
Define "Land":
_____ refers to the earth's surface, the subsurface to the ce…
55 terms
Real Estate Law Chapter 1
law
public law
private law
property
a body of rules of action or conduct prescribed by controllin…
concerns the government or relations with individuals; define…
deals with relationships between individuals (contracts, prop…
law of _______ regulates the ownership, employments, and disp…
law
a body of rules of action or conduct prescribed by controllin…
public law
concerns the government or relations with individuals; define…
42 terms
Real Estate Law Chapter 1
Supremacy Clause
Federalism
Reservations Clause
Enumerated Powers
Establishes that federal law is the supreme law of the land
Feds only have powers granted by the states/people
10th Amendment to the US Constitution that declares any power…
The powers given to the federal government
Supremacy Clause
Establishes that federal law is the supreme law of the land
Federalism
Feds only have powers granted by the states/people
55 terms
Real Estate Law Chapter 1
law
public law
private law
property
a body of rules of action or conduct prescribed by controllin…
concerns the government or relations with individuals; define…
deals with relationships between individuals (contracts, prop…
law of _______ regulates the ownership, employments, and disp…
law
a body of rules of action or conduct prescribed by controllin…
public law
concerns the government or relations with individuals; define…
19 terms
Chapter 1 Real Estate Law
Real Estate Commission
Real Property
Land
Real Estate
implements and enforces real estate laws
Land- "basis of all wealth" ... -earths surface, subsurface to t…
Surface lot- ... Air lot- ... Subsurface lot-
land plus improvements... artificial things permanently attached…
Real Estate Commission
implements and enforces real estate laws
Real Property
Land- "basis of all wealth" ... -earths surface, subsurface to t…
37 terms
Real Estate Law: Chapter 1
Law
Public Law
Private Law
Statutory Law
A body of rules of action or conduct prescribed by controllin…
A law that applies generally to the people of a nation or of…
The law governing relations between private individuals.
An act of a legislative body declaring, commanding, or prohib…
Law
A body of rules of action or conduct prescribed by controllin…
Public Law
A law that applies generally to the people of a nation or of…
Real Estate Law Chapter 1 Key Terms
law
public law
private law
statutory law
A body of rules of action or conduct prescribed by controllin…
A law that applies generally to the people of a nation or of…
The law governing relations between private individuals
An act of a legislative body declaring, commanding, or prohib…
law
A body of rules of action or conduct prescribed by controllin…
public law
A law that applies generally to the people of a nation or of…
57 terms
SCRE Chapter 1: Real Estate Law
Accession
Allodial System
Bundle of Legal Rights
Accretion
acquiring a title to additions or improvements to real proper…
A system of owned land ownership in which land is held free a…
The concept of land ownership that includes ownership of all…
The increase or addition of land by the deposit of sand or so…
Accession
acquiring a title to additions or improvements to real proper…
Allodial System
A system of owned land ownership in which land is held free a…
22 terms
Real Estate Law Exam 1 (Chapter 1)
Constitutional Law... Statutory Law... Admin…
4th Amendment
5th Amendment
Eminent Domain
6 Sources of Real Estate Law
protect against unreasonable searches and seizures
Only applies to federal government... - Due Process (trial and a…
when the government can take an individuals property for publ…
Constitutional Law... Statutory Law... Admin…
6 Sources of Real Estate Law
4th Amendment
protect against unreasonable searches and seizures
12 terms
Real Estate Law: Chapter 1 Sources of Law and the Judicial System
Law
Influences on our legal system
English influence
Stare decisis
The body of principles governing our conduct that can be enfo…
-English influence... -Roman influence... -Spanish influence
Most of the basics of our real estate law and legal vocabular…
Prinicple that previous decisions should be used to determine…
Law
The body of principles governing our conduct that can be enfo…
Influences on our legal system
-English influence... -Roman influence... -Spanish influence
28 terms
Chapter 1 : PA Real Estate Law
Corporcal
incorporeal
freehold
leasehold
actual possession of property
rights in a property, rather than possession of land
an ownership in real property, an estate
a possession of real estate such as leasing rather than owner…
Corporcal
actual possession of property
incorporeal
rights in a property, rather than possession of land
15 terms
Real Estate: Chapter 1 Real Property and the Law
Air Rights
Appurtenance
Bundle of Legal Rights
Chattel
The right to use the open space above a property, generally a…
A right, privelage, or improvement belonging to, and passing…
The concept of land ownership that includes ownership of all…
Items of personal property which include tangibles such as ch…
Air Rights
The right to use the open space above a property, generally a…
Appurtenance
A right, privelage, or improvement belonging to, and passing…
30 terms
Real Estate Law (Madison College) Chapter 1 & 2
Real property
Fixtures
Possession
Devise
Generally land and anything - such as buildings - permanently…
Personal property installed in or attached to land or a build…
Occupation of land evidenced by visible acts such as: ... an enc…
Transfer of real property by means of a last will and testament
Real property
Generally land and anything - such as buildings - permanently…
Fixtures
Personal property installed in or attached to land or a build…
33 terms
South Carolina Real Estate Principals 2016 Chapter 1 Real Estate Law 2016
SC Legislature
SC Executive
SC Judicial
US Federal Legislation
Statues, Licenses Law, Landlord Tenant Act.
Regulations, Dept of LL&R, Real Estate Commision.
Common Law.
Acts, RESPA, Fair Housing Act.
SC Legislature
Statues, Licenses Law, Landlord Tenant Act.
SC Executive
Regulations, Dept of LL&R, Real Estate Commision.
8 terms
California Real Estate Law - Law 19 chapter 1
Substantive Law
Procedural Law
Plaintiff
Defendant
establishes and defines rights and duties
Sets out the methods of enforcing substantive rights
the person who files (starts) the civil lawsuit
the person who defends against the civil lawsuit
Substantive Law
establishes and defines rights and duties
Procedural Law
Sets out the methods of enforcing substantive rights
24 terms
Connecticut Real Estate Practice & Law Chapter 1 Real Estate Brokerage and Agency Quiz
A person engaging in real estate activ…
A licensed real estate sales person my…
A real estate brokers license allows a…
Under Connecticut licening law a limit…
Brokers license.
affiliated with a licensed real estate broker
appraise real estate
all owners of the LLC have either a broker or salesperson lic…
A person engaging in real estate activ…
Brokers license.
A licensed real estate sales person my…
affiliated with a licensed real estate broker
33 terms
Real Estate Law Exam 1 Chapter 1
Constitution
Separation of powers
Real Estate Law
Administrative Law
Supreme Law that rules over fed. codified law & state law. Fu…
Should know 3 branches of govt.
Typically state issue, great deal of state reg., may end up C…
Executive Branch, grown immensely since Great Depression. Pre…
Constitution
Supreme Law that rules over fed. codified law & state law. Fu…
Separation of powers
Should know 3 branches of govt.
13 terms
FLORIDA REAL ESTATE LICENSE LAW CHAPTERS CHAPTER 2 AND CHAPTER1
An individual does not intend to engag…
An individual who has fulfilled all of…
When purchasing a commercial property…
A nonresident who desires to become a…
Registered with the DBPR
active broker associate
caveat emptor
permit legal action to be initiated against the licensee in F…
An individual does not intend to engag…
Registered with the DBPR
An individual who has fulfilled all of…
active broker associate
13 terms
Real Estate Law 8th chapter 1 quiz
Most California real estate law origin…
Reliance on previous decisions is best…
Our system of statutes in California c…
the Equal Credit opportunity could bes…
English common law.
common law.
Civil law.
Civil law.
Most California real estate law origin…
English common law.
Reliance on previous decisions is best…
common law.
38 terms
Land Law Chapter 1: Estates and Interests in Land
Land
Bocardo SA v Star Energy Onshore Ltd.
Bernstein v Skyview and General Ltd.
Corporeal hereditaments
- S.205 LPA... - "Whether or not held from the surface"... - Land b…
- Star Energy drilling for oil... - 2,900 ft below surface dug u…
- Claimant sued for flights over his house... - Claim failed... - L…
- The land and what is attached to the land
Land
- S.205 LPA... - "Whether or not held from the surface"... - Land b…
Bocardo SA v Star Energy Onshore Ltd.
- Star Energy drilling for oil... - 2,900 ft below surface dug u…
28 terms
Real Estate Law- Ch 1- Real Property
Real Property
Personal Property
Tangible Personal Property
Intangible Personal Property
Land and those things that are more or less permanently attac…
Sometimes referred to as "chattels" or "goods." May include l…
Property that has a physical substance- something you can hol…
Property that represents a set of rights that have no existen…
Real Property
Land and those things that are more or less permanently attac…
Personal Property
Sometimes referred to as "chattels" or "goods." May include l…
17 terms
Law Office: Real Estate Ch 1
Type of law governed by the state?
T/F... If you buy a house in Maryland, ev…
What are the 2 classifications of prop…
Goods or personal items we own; can be…
real property law
true
personal property and real property
personal property
Type of law governed by the state?
real property law
T/F... If you buy a house in Maryland, ev…
true
24 terms
California Real Estate Law (Chapter 1, Part A)
Describe or explain the concept of "la…
What is the difference between substan…
Which governmental bodies are the main…
Describe the differences between Contr…
The law is a system of rights and duties established and enfo…
Substantive law defines rights and duties, while procedural l…
Federal and state constitutions, legislatures, courts, and ad…
Contracts, torts, and property are the fundamental concepts o…
Describe or explain the concept of "la…
The law is a system of rights and duties established and enfo…
What is the difference between substan…
Substantive law defines rights and duties, while procedural l…
15 terms
Principles of Real Estate Chapter 1, Intro to the Real Estate Business
REALTOR
home inspection
manufactured home
associate licensee
active member of state and local REALTOR associations affilia…
a thorough visual survey of a property's structure, systems,…
a permanent installation built to federal specifications, pro…
a licensed real estate salesperson who is employed by or asso…
REALTOR
active member of state and local REALTOR associations affilia…
home inspection
a thorough visual survey of a property's structure, systems,…
Real Estate Fundamentals Chapter 1 Real Property and the Law
Accession
Air Rights
Annexation
Appurtenance
acquiring title to additions or improvements to real property…
rights to use the space above the earth, may be sold or lease…
personal property becomes real property. ... cement, stone, and…
a right privilege or improvement belonging too and passing wi…
Accession
acquiring title to additions or improvements to real property…
Air Rights
rights to use the space above the earth, may be sold or lease…
19 terms
REAL ESTATE SCHOOL FOR SUCCESS - Chapter 1 - Laws of Agency
Agency
Fiduciary Relationship
Fiduciary
Principal
A consensual fiduciary relationship authorizing a broker to a…
A relationship in which one party places special trust confid…
An agent of a principal that stands in a special relation of…
A person(client) who empowers another (agent) to act as his o…
Agency
A consensual fiduciary relationship authorizing a broker to a…
Fiduciary Relationship
A relationship in which one party places special trust confid…
25 terms
Chapter 1A : Real estate license law
New York Department of state (DOS)
License categories
Real estate broker
Real estate associate broker
The New York State department of state's division of licensin…
The 3 real estate license categories in New York are:... •Broker…
Any person, firm , limites liability company or corporation w…
Licensed broker who chooses to work under the name and superv…
New York Department of state (DOS)
The New York State department of state's division of licensin…
License categories
The 3 real estate license categories in New York are:... •Broker…
54 terms
Chapter 1: Laws of Agency, Real Estate School for Success
Agency
Principal
Client
Subagent
a consensual fiduciary relationship authorizing a broker to a…
A person (Client) who empowers another (Agent) to act as his…
Under the laws of agency, it is those which have entered into…
agent who is appointed by another agent
Agency
a consensual fiduciary relationship authorizing a broker to a…
Principal
A person (Client) who empowers another (Agent) to act as his…
49 terms
MD Real Estate Practice & Law - Chpt 1
Administrative Law
Affiliates
Associate Brokers
Irrevocable Consent
Regulations adopted and enforced by the DLLR to implement the…
-licensed associate broker... or... -licensed salesperson
- Meet the educational, experience, and testing rqmts for bec…
Salesperson, associate broker, and broker applicants who are…
Administrative Law
Regulations adopted and enforced by the DLLR to implement the…
Affiliates
-licensed associate broker... or... -licensed salesperson
23 terms
Real Estate Chapter 1-2
Broker
Broker-salesperson
Bureau of Subdivided Land Sales Control
Guaranty Fund
individual licensed to charge the public and assist others in…
fully qualified broker who remains under another broker's sup…
state agency that approves and registers some out-of-state pr…
reimburses people defrauded or badly served by licensees in r…
Broker
individual licensed to charge the public and assist others in…
Broker-salesperson
fully qualified broker who remains under another broker's sup…
31 terms
Real Estate Chapter 1
5 Uses of Real Property... RACISM
Texas Real Estate Commission TREC
Broker Lawyer Committee... Baker's Dozen
Land
1. residential ... 2. agriculture ... 3. commercial... 4. industrial... 5…
1949. You have to PLAY BALL with them (9 members). They are t…
Part of TREC. Crete forms and handle problems with forms. 13…
God made
5 Uses of Real Property... RACISM
1. residential ... 2. agriculture ... 3. commercial... 4. industrial... 5…
Texas Real Estate Commission TREC
1949. You have to PLAY BALL with them (9 members). They are t…
23 terms
NC Real Estate Chapter 1 - Basic Real Estate Concepts '16
Broker
Provisional Broker
Land
Personal Property/Personalty
The intermediary that buys, sells, leases property on behalf…
Performs real estate activities under the supervision of a Br…
The earth's surface extending downward to the center of the e…
Also referred to as CHATTEL, is any personal property that is…
Broker
The intermediary that buys, sells, leases property on behalf…
Provisional Broker
Performs real estate activities under the supervision of a Br…
34 terms
Modern Real Estate Practice Chapter 1 Introduction to the Real Estate Business
Appraisal, property management, financ…
Broker
Sales Person
Sales Associate
Separate businesses within the Real Estate Field.
A person or company licensed to buy, sell, exchange, or lease…
Is employed by or associated with the broker to perform broke…
A person who performs real estate activities while employed b…
Appraisal, property management, financ…
Separate businesses within the Real Estate Field.
Broker
A person or company licensed to buy, sell, exchange, or lease…
152 terms
Real Estate Chapter 1-15
Broker
Independent Contractor
Multiple Listing Service (MLS)
Real Estate Licensee
Any person, partnership, association who, for a fee, sells, l…
A self-employed salesperson paid on jobs completed rather tha…
A listing service whereby local members of the Board of REALT…
A person licensed to practice real estate.
Broker
Any person, partnership, association who, for a fee, sells, l…
Independent Contractor
A self-employed salesperson paid on jobs completed rather tha…
152 terms
Real Estate Chapter 1-15
Broker
Independent Contractor
Multiple Listing Service (MLS)
Real Estate Licensee
Any person, partnership, association who, for a fee, sells, l…
A self-employed salesperson paid on jobs completed rather tha…
A listing service whereby local members of the Board of REALT…
A person licensed to practice real estate.
Broker
Any person, partnership, association who, for a fee, sells, l…
Independent Contractor
A self-employed salesperson paid on jobs completed rather tha…
17 terms
Chapter 1-The Basics of Real Estate
broker
business cycles
chattel, personalty, or personal prope…
demand
one who acts as an intermediary on behalf of others for a com…
The upward and downward fluctuations in business activities g…
items of personal property that do not fit into the definitio…
The amount of goods people are willing to buy at a given price.
broker
one who acts as an intermediary on behalf of others for a com…
business cycles
The upward and downward fluctuations in business activities g…
24 terms
Real Estate Chapter 1
What is the Law?
'Lockean' philosophy of law
Priority of laws
Supremacy Clause
- Involves issues (policies/ideas), rights and processes... - Co…
- everyone is under natural law with a god-given right to lif…
-Priority: First Federal law, then state law... - No single sour…
- Establishes federal law as "the supreme law of the land"... -…
What is the Law?
- Involves issues (policies/ideas), rights and processes... - Co…
'Lockean' philosophy of law
- everyone is under natural law with a god-given right to lif…
15 terms
Law Chapter 1
Morality
Ethics
Justice
Law
involves the values that govern a group's ideas about right a…
rules used to determine the difference between right and wrong
treating people fairly and equally
system of rules of conduct established by a country's governm…
Morality
involves the values that govern a group's ideas about right a…
Ethics
rules used to determine the difference between right and wrong
Realty of Real Estate - Chapter 1
Easement
Fixture
Real property
License
A right that goes with ownership of real property; usually tr…
An item of personal property that may or may not be attached…
A right and privilege associated with land, realty, and the f…
A revocable right to use real property for a specific purpose…
Easement
A right that goes with ownership of real property; usually tr…
Fixture
An item of personal property that may or may not be attached…
34 terms
Maryland Real Estate: Practice & Law - Ch.1 Q&A
Licenses salespersons may represent
License certificates issues for salesp…
Brokers need NOT notify the Commission…
As a licensed salesperson, you receive…
only brokers under whom they are licensed
displayed by their brokers in their brokerage office
changes occur in commission sharing
this is a violation of the license law
Licenses salespersons may represent
only brokers under whom they are licensed
License certificates issues for salesp…
displayed by their brokers in their brokerage office
33 terms
Real Estate Law Vocab: Ch 1-2
Adverse possession
Appropriation
Color of title
Conveyance
"Method of acquiring ownership to real property by possession…
"In regard to water law, doctrine stating that water belongs…
"A form of adverse possession where the original possession o…
"The transfer of title of some or all of the ownership rights…
Adverse possession
"Method of acquiring ownership to real property by possession…
Appropriation
"In regard to water law, doctrine stating that water belongs…
40 terms
MRAZ_Vocabulary Ch.1&2 - Real Estate Law
adverse possession
appropriation
color of title
conveyance
Method of acquiring ownership to real property by possession…
In regard to water law, doctrine stating that water belongs t…
A form of adverse possession where the original possession of…
The transfer of title of some or all of the ownership rights…
adverse possession
Method of acquiring ownership to real property by possession…
appropriation
In regard to water law, doctrine stating that water belongs t…
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