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Study sets matching "estate law chapter 5"

30 terms
Real Estate Law: Chapter 5
Freehold Estate
Nonfreehold or Leasehold estate
Fee simple absolute
Fee Simple defeasible
An indefinite estate for life or in fee.
An ownership interest in land generally of a fixed or determi…
An estate limited abosolutely to its owners and their heirs t…
A fee estate that may end upon the happening of a specified e…
Freehold Estate
An indefinite estate for life or in fee.
Nonfreehold or Leasehold estate
An ownership interest in land generally of a fixed or determi…
55 terms
Real Estate Law Chapter 5
estate
freehold estate
nonfreehold, leasehold estates
fee simple absolute
a large, grand residential property; has many meanings
an indefinite estate for life or in fee
an ownership interest in land generally of a fixed or determi…
an estate limited absolutely to its owners and their heirs th…
estate
a large, grand residential property; has many meanings
freehold estate
an indefinite estate for life or in fee
21 terms
Chapter 5 Florida Real Estate License Law
REAL ESTATE BROKERAGE
REAL ESTATE BROKER
Real estate brokers may deal in busine…
REAL ESTATE SALESPERSON
:a sole-proprietorship, corporation, or partnership business…
:one licensed to operate a real estate business independently…
Example:... A building that houses a shoe store is real state (t…
:performs brokerage functions for licensed broker... - licenses…
REAL ESTATE BROKERAGE
:a sole-proprietorship, corporation, or partnership business…
REAL ESTATE BROKER
:one licensed to operate a real estate business independently…
CA Real Estate Law Chapter 5
Express Contract
Implied Contract
Quasi Contract
Bilateral Contract
- is an agreement stated in words... - the terms of the agreemen…
- an agreement that while not specifically stated is understo…
- no real contractual intent exists... - the law implies the exi…
- an agreement in which a mutual exchange of promises occurs…
Express Contract
- is an agreement stated in words... - the terms of the agreemen…
Implied Contract
- an agreement that while not specifically stated is understo…
22 terms
Business Law Chapter 5 Wills/Estate Planning
Will
Testator or Testatrix
Bequest/Legacy
Devise
A document that is signed during your lifetime that provides…
Testate means to die with a will.... Testator- Male with a will…
A gift of personal property made by a will
A gift of real property made by a will
Will
A document that is signed during your lifetime that provides…
Testator or Testatrix
Testate means to die with a will.... Testator- Male with a will…
39 terms
Chapter 5: Types of Ownership- Real Estate Law
estate
freehold estate
nonfreehold or lease estate
fee simple absolute
large grand residential property
an indefinite estate for life or in fee
An ownership interest in land generally of a fixed or determi…
an estate limited absolutely to its owners and their heirs th…
estate
large grand residential property
freehold estate
an indefinite estate for life or in fee
8 terms
California Real Estate Law Chapter 5 (Law of Contracts)
Void
Voidable
executory, express, bilateral contract
Voidable
A ____ contract is one that never had any legal existence or…
A _____ contract is a valid contract unless or until _____. W…
A written contract whereby the seller agrees to convey at an…
When a person, while not of sound mind but not declared insan…
Void
A ____ contract is one that never had any legal existence or…
Voidable
A _____ contract is a valid contract unless or until _____. W…
20 terms
Real Estate Chapter 5
common elements
community property
condominium
co-ownership
Parts of a property that are necessary or convenient to the e…
System of ownership; each spouse has an equal interest in pro…
An individually owned housing unit in a building with several…
Title ownership held by two or more persons. Can transfer the…
common elements
Parts of a property that are necessary or convenient to the e…
community property
System of ownership; each spouse has an equal interest in pro…
50 terms
Real Estate Chapter 5
public land use controls
An __________ is an action of the cour…
__________ provide the legal basis for…
A __________ refers to the distance fr…
zoning... building codes... subdivision ordinances... environmental pr…
injunction
ENABLING ACTS
setback
public land use controls
zoning... building codes... subdivision ordinances... environmental pr…
An __________ is an action of the cour…
injunction
8 terms
Chapter 5: "Knowing the Fair Housing Laws for Selling Real Estate
The 1866 Civil Rights Act
The 1968 Fair Housing Act
HUD issued guidelines that must be fol…
Blockbusting
In 1866, right after the end of the Civil War, the United Sta…
"The Fair Housing Act of 1968 is more technically known as Ti…
Advertising that uses certain words, phrases, pictures, or ot…
Blockbusting generally is defined as encouraging people to se…
The 1866 Civil Rights Act
In 1866, right after the end of the Civil War, the United Sta…
The 1968 Fair Housing Act
"The Fair Housing Act of 1968 is more technically known as Ti…
65 terms
Real Estate Chapter 5
deed
statue of frauds
grantee
grantor
a written document that, when properly executed and delivered…
law adopted by American states, requires that transfers of re…
the person named in a deed who acquires ownership
the person named in a deed who conveys ownership
deed
a written document that, when properly executed and delivered…
statue of frauds
law adopted by American states, requires that transfers of re…
13 terms
Florida, Real Estate Principles, Practices & Law, 38 Edition Chapter 5
Real estate associate who receive chec…
A dispute raised between the buyer and…
An individual who paid for rental info…
A woman purchased a rental list one we…
endorse check and immediately turn them over to their employee
notify the FREC in writing, unless exempted from the notice r…
75% of the fee if requested within 30 days of contact/receipt…
100% of the fee paid
Real estate associate who receive chec…
endorse check and immediately turn them over to their employee
A dispute raised between the buyer and…
notify the FREC in writing, unless exempted from the notice r…
37 terms
Chapter 5 - Estate Planning Trusts
Irrevocable life insurance trust
Annual gift tax exclusion
Beneficiary
Bypass trust
A trust created to guard the decedent's estate from increasin…
The amount in an individual or couple is permitted by federal…
A person who inherits property through a will
A trust that designates the creator's children as beneficiari…
Irrevocable life insurance trust
A trust created to guard the decedent's estate from increasin…
Annual gift tax exclusion
The amount in an individual or couple is permitted by federal…
11 terms
Estate Planning chapter 5
Client conference
Exordium Clause
Apportionment Clause
Ancillary administration
Before an attorney can draft a will a conference must be held…
Opening clause.Purpose is to identify the testator, to state…
Lets the personal representative and the probate court know h…
The administration of a decedent's estate in a state other th…
Client conference
Before an attorney can draft a will a conference must be held…
Exordium Clause
Opening clause.Purpose is to identify the testator, to state…
36 terms
Real estate chapter 5
Brokerage office
Branch office
Office sign
Advertising
All active brokers are require to have a register office with…
Additional office locations. broker pay a registration fee; t…
Must consist of The trade name , broker's name and the words…
A broker activity. That clearly reveal the name of the broker…
Brokerage office
All active brokers are require to have a register office with…
Branch office
Additional office locations. broker pay a registration fee; t…
15 terms
Real Estate for Dummies Chapter 5
Fair Housing Laws
Civil Rights Act of 1866
Jones versus Alfred H. Mayer Company
Fair Housing Act of 1968
prevent discrimination in housing and permit people to have a…
prohibits discrimination in the purchase, sale, lease, or con…
court case that affirmed the decision of the 1866 Civil Right…
Title 8 of the Civil Rights Act of 1866; prohibited certain a…
Fair Housing Laws
prevent discrimination in housing and permit people to have a…
Civil Rights Act of 1866
prohibits discrimination in the purchase, sale, lease, or con…
25 terms
Real Estate Chapter 5
Ownership in Severalty
Tenancy in Common
Unity of Possession
Joint Tenancy
Property is owned by one individual, corporation, or other en…
Each tenant holds an undivided interest to the property. Co-o…
Co-owners each entitled to possession and use of the entire p…
Property owned by two or more people, married or unmarried
Ownership in Severalty
Property is owned by one individual, corporation, or other en…
Tenancy in Common
Each tenant holds an undivided interest to the property. Co-o…
29 terms
NJ Real Estate License - Chapter 5
Bundle of Rights
Devise
Land
Parcel
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Leave by will
Surface of the earth including anything created by nature. in…
Specific Tract of Land
Bundle of Rights
Real Property Ownership... Has the rights of:... Possession... Use... Enj…
Devise
Leave by will
Estate Planning Chapter 5
Grandmother Jones contributed $2,500,0…
Crystal loans Holly $650,000, so that…
Timothy made the following transfers t…
In the current year, Jerry loaned his…
The correct answer is a.... Because Grandmother Jones reserves t…
The correct answer is c.... The loan is greater than $100,000 an…
The correct answer is b.... The total of gross gifts is the fair…
The correct answer is a.... Because the loan is for less than $1…
Grandmother Jones contributed $2,500,0…
The correct answer is a.... Because Grandmother Jones reserves t…
Crystal loans Holly $650,000, so that…
The correct answer is c.... The loan is greater than $100,000 an…
28 terms
Modern Real Estate Practice Chapter 5 Forms of Real Estate Ownership
Tenancy in Common,... Joint Tenancy,... Tena…
Tenancy in Common (TIC)
Joint Tenancy
Tenancy by the Entireties
Four Types of Co-Ownership
% ... Fractional interests. ... Ownership interest can be unequal,…
Right of survivorship is a distinguishing feature. A poor man…
An ownership by married couples. A special form of co-ownersh…
Tenancy in Common,... Joint Tenancy,... Tena…
Four Types of Co-Ownership
Tenancy in Common (TIC)
% ... Fractional interests. ... Ownership interest can be unequal,…
21 terms
Real Estate Chapter 5
4 types of liability
Porfessional liability insurance covers
Biggest claim type against licensees
Real Estate services act on Material d…
-clients (contract)... -customers (tort)... -council (breach act or…
-fiduciary duties and tort... -but not council proceedings or bo…
Negligence misrepresentation (53%) - where a license gives an…
You have to disclose or you are liable
4 types of liability
-clients (contract)... -customers (tort)... -council (breach act or…
Porfessional liability insurance covers
-fiduciary duties and tort... -but not council proceedings or bo…
12 terms
Real Estate Chapter 5
Deed
Grantor
Grantee
Consideration
A deed is a written document that, when properly executed and…
The grantor is the person named in a deed who conveys ownersh…
A grantee is the person named in a deed who acquires ownership.
A consideration is anything of value given to induce another…
Deed
A deed is a written document that, when properly executed and…
Grantor
The grantor is the person named in a deed who conveys ownersh…
18 terms
Real Estate Chapter 5
target housing
sexual orientation
race
national origin
Housing constructed prior to 1978, which under the Lead Based…
Having a preference for heterosexuality, homosexuality or bis…
A person's membership in a group possessing characteristics a…
The country where a person or his or her ancestors originated…
target housing
Housing constructed prior to 1978, which under the Lead Based…
sexual orientation
Having a preference for heterosexuality, homosexuality or bis…
9 terms
Chapter 5 (Real Estate)
Agglomeration Economics
Comparison Activities
Concentric Ring Model
Convenience Activities
the emergence of specialized resources in response to demand…
the opposite of central place location patterns is clustering…
in the center circle is the CBD (Central Business District);…
users seek to obtain the good or service from the closest ava…
Agglomeration Economics
the emergence of specialized resources in response to demand…
Comparison Activities
the opposite of central place location patterns is clustering…
13 terms
Real Estate Chapter 5
Agglomeration economies
Bid-rent model
Central place pattern
comparison activities
The emergence of specialized resources in a locality in respo…
Model of how land users bid for location that reveals the inf…
A location pattern in which similar economic entities, such a…
Goods and services whose optimal location pattern is clustering
Agglomeration economies
The emergence of specialized resources in a locality in respo…
Bid-rent model
Model of how land users bid for location that reveals the inf…
22 terms
Real Estate Chapter 5
Arbitration
Blind ad
Commingle
Conflicting demands
When parties who are unable to agree among themselves seek th…
Any advertisement that does not include the brokerage firm na…
The mixing of funds belonging to others with the brokers pers…
Demands made up on the escrowed funds went to parties such as…
Arbitration
When parties who are unable to agree among themselves seek th…
Blind ad
Any advertisement that does not include the brokerage firm na…
25 terms
Chapter 5 (Real Estate)
Accretion
Air Rights
Alluvion
Avulsion
an increase of land caused by the gradual depositing of solid…
belong to owner of land below
solid material deposited by body of water
sudden change of the course of a stream
Accretion
an increase of land caused by the gradual depositing of solid…
Air Rights
belong to owner of land below
14 terms
Real Estate Chapter 5
Contract
Express Contract
Implied Contract
Bilateral Contract
An agreement to do or not to do a certain act or service
Describes a contract that is expressed in words, either oral…
Created when an agreement is made by acts and conduct rather…
A promise for a promise
Contract
An agreement to do or not to do a certain act or service
Express Contract
Describes a contract that is expressed in words, either oral…
62 terms
Real Estate Chapter 5 (Encumbrances)
Encumbrance
Types of Financial Encumbrances (Liens)
Foreclosure
* Secured Creditor... * Lienholder... * Lienor
Nonpossessory right or interest in real property held by some…
* Mortgage... * Deeds of Trust... * Mechanic's Lien... * Judgment Lien…
When a lien holder forces the property to be in order to coll…
A creditor who has a lien against (a security interest in) a…
Encumbrance
Nonpossessory right or interest in real property held by some…
Types of Financial Encumbrances (Liens)
* Mortgage... * Deeds of Trust... * Mechanic's Lien... * Judgment Lien…
51 terms
Real Estate Chapter 5
ELEMENTS OF A VALID DEED
DEED
TITLE
CONTAINS WORDS OF CONVEYANCE
DEED AND TITLE ... IN WRITING ... IDENTIFY GRANTOR AND GRANTEE... GRAN…
WRITTEN LEGAL DOCUMENT THAT TRANSFER OWNERSHIP OF REAL PROPER…
WRITTEN DOCUMENT THAT PROVIDES EVIDENCE OF OWNERSHIP
GRANTOR DOES HEREBY GRANT AND CONVEY...
ELEMENTS OF A VALID DEED
DEED AND TITLE ... IN WRITING ... IDENTIFY GRANTOR AND GRANTEE... GRAN…
DEED
WRITTEN LEGAL DOCUMENT THAT TRANSFER OWNERSHIP OF REAL PROPER…
30 terms
Chapter 5 Real Estate Broker Operations
Antitrust Laws
Arbitration
Blind Advertisement
Commingle
...
...
advertisements that fail to disclose the license name of the…
...
Antitrust Laws
...
Arbitration
...
43 terms
Real Estate Chapter 5 (2015)
Blind ads
Institutional advertising
Escrow funds
Earnest money deposit
Doesn't contain trade names or names of brokers. Which there…
Design to create an image in the market for a brand or produc…
Held by a third party on behalf of two parties in a transacti…
Shows good faith on part of the buyer that accompanies an off…
Blind ads
Doesn't contain trade names or names of brokers. Which there…
Institutional advertising
Design to create an image in the market for a brand or produc…
14 terms
Real Estate Law Ch.5
Definition of Fixtures
Degree of Annexation Test
Nature and Use of the Porperty
Relationship between annexor and premi…
real property that was once personal property. It becomes att…
Purpose is to examine the fixture's degree of attachement thr…
The unique nature of the property attached and its necessity…
the higher degree of land interest in the land, the more like…
Definition of Fixtures
real property that was once personal property. It becomes att…
Degree of Annexation Test
Purpose is to examine the fixture's degree of attachement thr…
16 terms
Law Chapter 5
Trial Courts
Parties
Adversarial System
Inquisitional System
Courts that hear civil and criminal cases and consider the fa…
The persons who are actively involved with the prosecution or…
A system of justice in which advocates for opposing parties e…
The trial system in which the judge is active in questioning…
Trial Courts
Courts that hear civil and criminal cases and consider the fa…
Parties
The persons who are actively involved with the prosecution or…
41 terms
Principles of Real Estate Chapter 5, Forms of Real Estate Ownership
tenancy in common (TIC)
testamentary trust
possession, interest, time, title (PITT)
partnership
a form of co-ownership by which each owner holds an undivided…
a trust that is established by will after one's death
the four unities of tenants in a joint tenancy
an association of two or more individuals who carry on a cont…
tenancy in common (TIC)
a form of co-ownership by which each owner holds an undivided…
testamentary trust
a trust that is established by will after one's death
15 terms
Chapter 5: Acquisition of Real Estate
Private sale
Public Sale
Foreclosure
Tax Sale
home is purchased directly from owner, no public official was…
-uses public official in acquisition... -occurs because of forec…
-owner is no longer able to pay off debt where property was i…
someone does not pay property taxes on their property and the…
Private sale
home is purchased directly from owner, no public official was…
Public Sale
-uses public official in acquisition... -occurs because of forec…
16 terms
Real Estate Law CH5
community property
co-ownership
corporation
fiduciary duty
a form of co-ownership between husband and wife in which each…
ownership of real estate in which two or more people have und…
a business association in which investors, called shareholder…
a trustee's responsibility to act solely in the best interest…
community property
a form of co-ownership between husband and wife in which each…
co-ownership
ownership of real estate in which two or more people have und…
17 terms
Real Estate Law- Ch 5- Easements and Licenses
Easement
Dominant Estate
Servient Estate
Appurtenant Easement
Right granted to a non-owner of real property to use the real…
Parcel of land benefited by an appurtenant easement. Who gets…
Parcel of land on which an appurtenant easement is located.
Easement create to benefit a particular parcel of real proper…
Easement
Right granted to a non-owner of real property to use the real…
Dominant Estate
Parcel of land benefited by an appurtenant easement. Who gets…
10 terms
Real Estate Law- Ch 5- Easements and Licenses
Easement
Dominant tenement
Servient tenement
Appurtenant Easement
Right granted to a non-owner of real property to use the real…
Parcel of land benefited by an appurtenant easement. Who gets…
Parcel of land on which an appurtenant easement is located.
Easement create to benefit a particular parcel of real proper…
Easement
Right granted to a non-owner of real property to use the real…
Dominant tenement
Parcel of land benefited by an appurtenant easement. Who gets…
25 terms
Real Estate (chapter 5)
Accretion
Air Rights
Alluvion
Avulsion
An increase of land caused by the gradual depositing of solid…
Belong to owner of land below.
Solid material deposited by a body of water.
Sudden change of the course of a stream.
Accretion
An increase of land caused by the gradual depositing of solid…
Air Rights
Belong to owner of land below.
Real Estate Law Ch.5 Terms
A license is irrevocable if:
TF... Estates generally fall into two cat…
The fee simple defeasible corresponds…
A buyer of real property who wishes to…
all
False
False
True
A license is irrevocable if:
all
TF... Estates generally fall into two cat…
False
NC Real Estate Chapter 5
Title
2 Functions of a Title
Voluntary Alienation
Deed
The right to ownership of a piece of property.
1)Expresses the bundle of legal rights of the owner.... 2)Enabli…
Made by gift or sale to a buyer with the wishes and consent o…
A written document that expresses the owner's right, title, o…
Title
The right to ownership of a piece of property.
2 Functions of a Title
1)Expresses the bundle of legal rights of the owner.... 2)Enabli…
29 terms
Real Estate: Chapter 5 Interests in Real Estate
Allodial System
Appurtenant Easement
Condemnation
Doctrine of Prior Appropriation
A system of land ownership in which land is held free and cle…
An easement that is annexed to the ownership of one parcel an…
A judicial or administrative proceeding to exercise the power…
A concept of water ownership in which the land owner's right…
Allodial System
A system of land ownership in which land is held free and cle…
Appurtenant Easement
An easement that is annexed to the ownership of one parcel an…
10 terms
Real Estate - Chapter 5
Lien
Special Warranty Deed
Quitclaim Deed
Marketable Title
A charge against property that provides security for a debt o…
A deed that assures a quality title with no encumbrances or r…
A quitclaim deed is a legal instrument by which the owner of…
A title that is free of liens and encumbrances, defects, and…
Lien
A charge against property that provides security for a debt o…
Special Warranty Deed
A deed that assures a quality title with no encumbrances or r…
15 terms
Real Estate Chapter 5
Joint Tenancy
right of survivorship
PITT
Partition
property owned by two or more people
upon death of a joint tenant, the deceased interest transfers…
possession, interest, time, and title
a legal way to dissolve the relationship between co-owners of…
Joint Tenancy
property owned by two or more people
right of survivorship
upon death of a joint tenant, the deceased interest transfers…
25 terms
Real Estate Chapter 5
Allodial System
Appurtenant Easement
Condemnation
Prior Appropriation
Land ownership in which land is owned free and clear of any r…
An easement that is annexed to the ownership of on parcel and…
The process to exercise the power of eminent domain.
A concept of water ownership which the landowner's right to u…
Allodial System
Land ownership in which land is owned free and clear of any r…
Appurtenant Easement
An easement that is annexed to the ownership of on parcel and…
Real Estate Chapter 5
Agglomeration economies
Bid-rent model
Central place pattern
Concentric ring model
emergence of specialized resources in response to demand from…
exploration of effects of demand for proximity
resulting pattern of established locations
circular explanation of urban form. showing downtown in the m…
Agglomeration economies
emergence of specialized resources in response to demand from…
Bid-rent model
exploration of effects of demand for proximity
53 terms
Real Estate Chapter 5
Deed
in writing, name buyer & seller (grant…
Covenant of Seizin
Covenant against Encumberances
a legal, written document used to transfer ownership from one…
required elements of a deed
assurance to the purchaser that the grantor has the very esta…
promise by the grantor that there are no encumbrances except…
Deed
a legal, written document used to transfer ownership from one…
in writing, name buyer & seller (grant…
required elements of a deed
70 terms
Chapter 5 Government real estate dynamics
you are the land owner what restrictio…
Public restrictions
Land use planning
Enabling acts
private restrictions
government, stems from police power of government
provides orderly growth and development
state passes the power along to local governing entities
you are the land owner what restrictio…
private restrictions
Public restrictions
government, stems from police power of government
34 terms
Real Estate Chapter 5
accretion
appurtenant easement
condemnation
deed restrictions
...
...
...
...
accretion
...
appurtenant easement
...
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