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Study sets matching "law estate ucf real"

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Study sets matching "law estate ucf real"

41 terms
Real Estate Law UCF
True or False: A real estate attorney…
True or False: The greatest estate one…
What type of property cases do real es…
Why do we draft deeds?
False
False; the greatest estate is a fee simple absolute
Evictions, breach of agreement (lease or purchase of a home),…
To convey ownership
True or False: A real estate attorney…
False
True or False: The greatest estate one…
False; the greatest estate is a fee simple absolute
60 terms
Real Estate Law- UCF- Exam 2
Which of the following has "double" ta…
The most important characteristic of t…
A and B are joint tenants. A conveys h…
Piercing the corporate vail" means tha…
Two of the Above
TRUE
TRUE
TRUE
Which of the following has "double" ta…
Two of the Above
The most important characteristic of t…
TRUE
46 terms
Real Estate Law Exam 2 - UCF
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 generatlly of a fixed or determ…
an estate limited absolutely to its owners and their heirs th…
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 generatlly of a fixed or determ…
33 terms
UCF Real Estate Law Exam 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…
175 terms
UCF REAL ESTATE LAW TEST 2 DEFINITIONS
Estate
Freehold Estate
Nonfreehold or Leasehold Estates
Fee Simple Absolute
A 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
A large, grand residential property
Freehold Estate
An indefinite estate for life or in fee.
78 terms
Real Estate #1 UCF
Spatial or distance relationships that…
Important supply factors affecting a c…
Which of these influences will decreas…
Rochester, Minnesota is home to the Ma…
Linkages
Unemployment rate
Faster travel time.
An economic base multiplier.
Spatial or distance relationships that…
Linkages
Important supply factors affecting a c…
Unemployment rate
30 terms
Ree3433 Real estate law- ucf- Exam 2
Which of the following forms of owners…
The following is considered a freehold…
A fee simple absolute:... A)can be inher…
A and B are joint tenants. A conveys h…
General Partnership
all of the above.
all of the above.
True
Which of the following forms of owners…
General Partnership
The following is considered a freehold…
all of the above.
78 terms
Real Estate #1 UCF
Spatial or distance relationships that…
Important supply factors affecting a c…
Which of these influences will decreas…
Rochester, Minnesota is home to the Ma…
Linkages
Unemployment rate
Faster travel time.
An economic base multiplier.
Spatial or distance relationships that…
Linkages
Important supply factors affecting a c…
Unemployment rate
31 terms
UCF Real Estate Law Exam 1 Ch. 2
adaptation test
agricultural fixtures
annexation test
assembled industrial plant doctrine
-A test for determining whether personal property has become…
Articles placed in or attached to farm buildings and land for…
A key fixture test that is met when personal property is in f…
A doctrine that provides that plant machinery, even though no…
adaptation test
-A test for determining whether personal property has become…
agricultural fixtures
Articles placed in or attached to farm buildings and land for…
54 terms
UCF Real Estate Law Exam 1 Ch. 3
ad coelum
air rights
bonus money
capture doctrine
A person owns the space above her real estate to the extent t…
The legal interest in the vertical dimension of property
Cash paid to the lessor as consideration for the execution of…
A doctrine that states that property owners have the right to…
ad coelum
A person owns the space above her real estate to the extent t…
air rights
The legal interest in the vertical dimension of property
28 terms
UCF Real Estate Law Exam 1 Ch. 3
ad coelum ,54
air rights, 57
bonus money, 62
capture doctrine, 63
A person owns the space above her real estate to the extent t…
The legal interest in the vertical dimension of property
Cash paid to the lessor as consideration for the execution of…
A doctrine that states that property owners have the right to…
ad coelum ,54
A person owns the space above her real estate to the extent t…
air rights, 57
The legal interest in the vertical dimension of property
31 terms
UCF Real Estate Law Exam 1 Ch. 2
adaptation test,
agricultural fixtures, 36
annexation test, 29
assembled industrial plant doctrine, 29
-A test for determining whether personal property has become…
Articles placed in or attached to farm buildings and land for…
A key fixture test that is met when personal property is in f…
A doctrine that provides that plant machinery, even though no…
adaptation test,
-A test for determining whether personal property has become…
agricultural fixtures, 36
Articles placed in or attached to farm buildings and land for…
73 terms
UCF REAL ESTATE - CURCIO 3043
Effects of Mortgage Debt
Effects of Mortgage Debt
Two Elements of a Mortgage Loan
Fixed rate
More households can own their home... Homeowners can obtain cre…
Businesses can use their cash for core activities... Investors…
Exact terms of the financial obligation... Pledges the property…
365-day interest (daily rate is 1/365 of annual rate; contras…
Effects of Mortgage Debt
More households can own their home... Homeowners can obtain cre…
Effects of Mortgage Debt
Businesses can use their cash for core activities... Investors…
32 terms
Real estate property: Mortgages UCF
Promissory Note
Equity of Redemption
Due on sale
wrap around mortgage
a personal obligation. Bound to pay even if you give property…
Even if you are in default you can still get your home back b…
mortgage must be paid off upon sale
new mortgage that includes existing mortgage
Promissory Note
a personal obligation. Bound to pay even if you give property…
Equity of Redemption
Even if you are in default you can still get your home back b…
73 terms
UCF REAL ESTATE - CURCIO 3043
Effects of Mortgage Debt
Effects of Mortgage Debt
Two Elements of a Mortgage Loan
Fixed rate
More households can own their home... Homeowners can obtain cre…
Businesses can use their cash for core activities... Investors…
Exact terms of the financial obligation... Pledges the property…
365-day interest (daily rate is 1/365 of annual rate; contras…
Effects of Mortgage Debt
More households can own their home... Homeowners can obtain cre…
Effects of Mortgage Debt
Businesses can use their cash for core activities... Investors…
55 terms
Real Estate and Property Final UCF
Deficiency Judgement
A person who takes property "Subject t…
A "due on sale" clause
Added in lieu of foreclosure allows go…
No point if people don't have money
False
prevents the mortgage from being assumed when properties sold
true
Deficiency Judgement
No point if people don't have money
A person who takes property "Subject t…
False
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…
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
133 terms
Real Estate Law
When is a license required?
Requirements of an auctioneer
Who's exempted from having a real esta…
What are unlicensed assistants permitt…
To receive compensation, referral, fees, gifts, coupns are it…
Auctioneers need both a real estate license and an auctioneer…
- Selling your own property... - Attorneys... - Designated as an at…
- receive and forward phone calls... - submit MLS information... -…
When is a license required?
To receive compensation, referral, fees, gifts, coupns are it…
Requirements of an auctioneer
Auctioneers need both a real estate license and an auctioneer…
44 terms
MA Real Estate Law
Board of Registration of Real Estate b…
licensing requirements
loss of license
chapter 93A
appointed by the governor, consists of 5 members 3 actively e…
18 years of age, resident for 1 year, pass written exam
a licensee which is found to have been obtained by false or f…
consumer protection enacted in 1967 to discourage unfair and…
Board of Registration of Real Estate b…
appointed by the governor, consists of 5 members 3 actively e…
licensing requirements
18 years of age, resident for 1 year, pass written exam
141 terms
Real Estate - Virginia Law
real estate salesperson
48
$20
10
As defined by Virginia law, _________________ is any person,…
An auctioneer selling real estate at a public auction for the…
Each new licensee must pay ____ into the Virginia Real Estate…
The initial purchaser of the condo has ____ days to rescind t…
real estate salesperson
As defined by Virginia law, _________________ is any person,…
48
An auctioneer selling real estate at a public auction for the…
35 terms
Mississippi real estate law
Broker licence
Real estate broker
Real estate salesperson
Exempt from Licencing requirements
applies to every member of the broker cooperation, partnershi…
Every member, owner, partnership, associations and cooperatio…
Employedor engaged on behalf of a licence broker
Property Owners, attorney-at-law, person holding power of att…
Broker licence
applies to every member of the broker cooperation, partnershi…
Real estate broker
Every member, owner, partnership, associations and cooperatio…
50 terms
Real Estate Appraisal Mid Term UCF
Abandonment
Abatement
Acceleration clause
Acre
the relinquishing of all interests in real property with no i…
the correction of an unlawful building condition or removal o…
allows the lender to demand immediate repayment of the entire…
a unit of area equivalent to 43,560 square feet.
Abandonment
the relinquishing of all interests in real property with no i…
Abatement
the correction of an unlawful building condition or removal o…
60 terms
Ga Real Estate Law
Real Property
Real Property
riparian rights
personal property
land and buildings erected on land, permanently attached to l…
vacant lots, crops, houses, gas stations ... , etc, minerals exi…
Owner's rights in land that borders on or includes a stream,…
Movable objects, not real property, sometimes called chattels…
Real Property
land and buildings erected on land, permanently attached to l…
Real Property
vacant lots, crops, houses, gas stations ... , etc, minerals exi…
MA Real Estate Law
Does the Board have the right to Inves…
Complaints are only investigated by Bo…
Does the Board need a hearing to refus…
If an Applicant has been refused an Or…
Yes
Complaint is in Writing, Verified, & Signed
No
Applicant Requests Hearing within 10-days
Does the Board have the right to Inves…
Yes
Complaints are only investigated by Bo…
Complaint is in Writing, Verified, & Signed
115 terms
Maryland Real Estate Practice/Law
Agency
Agent
Principal
Fiduciary
Defines rights and duties of parties in a real estate transac…
Individual who is authorized and consents to represent intere…
Individual who hires the agent and delegates to that agent th…
A person in a position of trust and confidence, as between pr…
Agency
Defines rights and duties of parties in a real estate transac…
Agent
Individual who is authorized and consents to represent intere…
80 terms
Real Estate Law Final
Due on sale
Deed
Bill of sale
Special warranty deed
Clause found in a mortgage that prohibits the sale of the rea…
Written document that transfers ownership of real property fr…
Legal document that transfers ownership to personal property.
Deed wherein the grantor covenants and warrants only against…
Due on sale
Clause found in a mortgage that prohibits the sale of the rea…
Deed
Written document that transfers ownership of real property fr…
77 terms
Real Estate Agency Law
An agent's responsibilities in present…
Marie Gregg acted on behalf of Tom Hil…
A real estate broker representing the…
Using client funds for personal use is…
Both 1 and 2
4 ratification
1 special
2 only
An agent's responsibilities in present…
Both 1 and 2
Marie Gregg acted on behalf of Tom Hil…
4 ratification
7 terms
Real Estate Law
ARM
ECOA
FNMA
GNMA
Adjustable Rate Mortgage
Equal Credit Oppertunity
The Federal National Association
Government National Mortgage Association
ARM
Adjustable Rate Mortgage
ECOA
Equal Credit Oppertunity
141 terms
Real Estate - Virginia Law
real estate salesperson
48
$20
10
As defined by Virginia law, _________________ is any person,…
An auctioneer selling real estate at a public auction for the…
Each new licensee must pay ____ into the Virginia Real Estate…
The initial purchaser of the condo has ____ days to rescind t…
real estate salesperson
As defined by Virginia law, _________________ is any person,…
48
An auctioneer selling real estate at a public auction for the…
20 terms
Real Estate Law
Contingency Clause
Default Clause
Assignment Clause
Acceleration Clause
Relieves the buyer from the obligation to purchase the proper…
sets forth the remedies available to the parties in the event…
governs the right of the seller or the buyer to transfer the…
which could be found in an installment sales contract and is…
Contingency Clause
Relieves the buyer from the obligation to purchase the proper…
Default Clause
sets forth the remedies available to the parties in the event…
297 terms
Ohio Real Estate Law
Case Law
Civil Litigation
Criminal Litigation
Damages
Rules of law developed in court decisions, as opposed to cons…
A lawsuit in which one individual sues another for compensati…
A lawsuit in which the government sues an individual to punis…
A sum of money paid in compensation for loss or injury in a c…
Case Law
Rules of law developed in court decisions, as opposed to cons…
Civil Litigation
A lawsuit in which one individual sues another for compensati…
48 terms
Tennessee Law- Real Estate
Tennessee Real Estate Broker License 1…
Acquisition Agent
Adverse facts
Affiliate broker
overall purpose is to protect the general public in real esta…
attempts directly to encourage any person to attend a sales p…
negative impact on the value or significantly reduce the stru…
any person engaged under contract by or on behalf of a licens…
Tennessee Real Estate Broker License 1…
overall purpose is to protect the general public in real esta…
Acquisition Agent
attempts directly to encourage any person to attend a sales p…
148 terms
California Real Estate LAW
The main historical influence on law i…
When one individual sues another, the…
The primary purpose of most civil laws…
A person who commits tort
English Law
a civil action
compensate a person who has been harmed
has violated the standards of reasonable conduct imposed by law
The main historical influence on law i…
English Law
When one individual sues another, the…
a civil action
33 terms
Ohio Real Estate Law
Criminal Law
Civil Law
Criminal Litigation
Civil Litigation
Law concerned with wrongs an individual commits against socie…
Rights and liabilities of one individual in relation to anoth…
lawsuit brought by govt vs indiv to PUNISH wrongdoing and pro…
one indiv sues another for compensation... PURPOSE to COMPENSATE…
Criminal Law
Law concerned with wrongs an individual commits against socie…
Civil Law
Rights and liabilities of one individual in relation to anoth…
75 terms
DC Real Estate Law
DC Real Estate Law is created by
Commission consists of how many members?
Commission members are appointed by the?
Goal of the Commission
The City Council and is enforced by the DCREC
9 members
Mayor with the advice and consent of the DC City Council
To protect the public from incompetent and fraudulent practices
DC Real Estate Law is created by
The City Council and is enforced by the DCREC
Commission consists of how many members?
9 members
92 terms
Real Estate Law Final
Tax rates are always figured as
The major purpose of the license law i…
A delinquent licensee is given 3 month…
Lesion beyond moiety requires the
millages
protect the public
by submitting an application for renewal and the required fees
buyer to sue within 1 year
Tax rates are always figured as
millages
The major purpose of the license law i…
protect the public
74 terms
DC Real Estate Law
DC Real Estate Law is created by
Commission consists of how many members?
Commission members are appointed by the?
Goal of the Commission
The City Council and is enforced by the DCREC
9 members
Mayor with the advice and consent of the DC City Council
To protect the public from incompetent and fraudulent practices
DC Real Estate Law is created by
The City Council and is enforced by the DCREC
Commission consists of how many members?
9 members
107 terms
Virginia Real Estate law
inactive status
active status
person
in order to be actively engaged, an ag…
describes an associate broker or salesperson who is not under…
describes a broker or sales person who is under the supervisi…
any natural person or artificial entity
at least 40 hours per week in regulated real estate activity
inactive status
describes an associate broker or salesperson who is not under…
active status
describes a broker or sales person who is under the supervisi…
76 terms
Real Estate Law
Corporeal
Real Property
Improvements
Bundle of Rights
Tangible; building, equipment, etc
Real estate plus the bundle of rights. The purchaser is actua…
Also known as corporeal appurtenances
Concept of land ownership that includes ownership of all lega…
Corporeal
Tangible; building, equipment, etc
Real Property
Real estate plus the bundle of rights. The purchaser is actua…
35 terms
Real Estate Law 1: Introduction to Real Estate
Real Property
Two Theories
Natural Rights Doctrine
Creation of Law Doctrine
-the single largest source of wealth for most people... -it can…
-natural rights doctrine... -creation of law doctrine
-you are deemed to have "certain rights" (inalienable)... -anyon…
-everything else... -not born with these rights... -example: air ri…
Real Property
-the single largest source of wealth for most people... -it can…
Two Theories
-natural rights doctrine... -creation of law doctrine
74 terms
DC Real Estate Law
DC Real Estate Law is created by
Commission consists of how many members?
Commission members are appointed by the?
Goal of the Commission
The City Council and is enforced by the DCREC
9 members
Mayor with the advice and consent of the DC City Council
To protect the public from incompetent and fraudulent practices
DC Real Estate Law is created by
The City Council and is enforced by the DCREC
Commission consists of how many members?
9 members
86 terms
Maryland law real estate
License he represents
It's violation of the license law
Schedule C self-employment
License is paid
Only the broker he works for
To receive the lead from a friend and share commission with him
Written employment agreement... Earned commissions... Real estate l…
Every two years
License he represents
Only the broker he works for
It's violation of the license law
To receive the lead from a friend and share commission with him
28 terms
Kentucky Real Estate Law
When must license applicants apply for…
Errors and Omissions Insurance
Continuing Education
License Expiration
60 days after examination date.
An agent is covered up to $100,000 for single claims and $1,0…
Anyone licensed after June 19, 1976 shall obtain 6hrs of cont…
A license will expire on February 15 of the following calenda…
When must license applicants apply for…
60 days after examination date.
Errors and Omissions Insurance
An agent is covered up to $100,000 for single claims and $1,0…
146 terms
Real Estate - Virginia Law
real estate salesperson
48
$20
10
As defined by Virginia law, _________________ is any person,…
An auctioneer selling real estate at a public auction for the…
Each new licensee must pay ____ into the Virginia Real Estate…
The initial purchaser of the condo has ____ days to rescind t…
real estate salesperson
As defined by Virginia law, _________________ is any person,…
48
An auctioneer selling real estate at a public auction for the…
77 terms
Louisiana Real Estate Laws
corporeal things
incorporeal
immovable consist of
separate immovables
tangible, can see, touch, feel
intangible, can not see, touch or feel
land, and its component parts such as buildings, timber, and…
include buildings and standings when they belong to a person…
corporeal things
tangible, can see, touch, feel
incorporeal
intangible, can not see, touch or feel
127 terms
Real Estate Law
People... Organizations... LLCs (Limited Lia…
Principal brokers, associate brokers,…
Must have a real estate license in Vir…
does not need to have a real estate li…
Any person or organization, that either performs or advertise…
issued individual licenses.
Sells or offers to sell real estate... Buys or offers to buy rea…
-Any owner, lessor, or their employees dealing with their own…
People... Organizations... LLCs (Limited Lia…
Any person or organization, that either performs or advertise…
Principal brokers, associate brokers,…
issued individual licenses.
48 terms
Real Estate Law #4
Agent
Finduciary Duty
Duty of obediance
Duty of care
Works on behalf of the principal
agent owes his principal loyalty, obedience, and care.
broker is obligated to obey the commands of principal
broker or agent are obligated to avoid mistakes
Agent
Works on behalf of the principal
Finduciary Duty
agent owes his principal loyalty, obedience, and care.
14 terms
Texas Real Estate Law
10 acres
200 acres
Sqft in 1 acre
Acres in 1 section
Max urban homestead size
Max rural homestead size
43560
64
10 acres
Max urban homestead size
200 acres
Max rural homestead size
71 terms
Real Estate Law
A "meeting of the minds" is known as w…
When may an offeror withdrawal his off…
Counter Offer
What happens to initial offer when the…
A real estate contract or agreement.
Anytime prior to its acceptance by the offeree.
A new offer by the offeree (intended recipient of an offer).
The initial offer is terminated by the offeree's rejection of…
A "meeting of the minds" is known as w…
A real estate contract or agreement.
When may an offeror withdrawal his off…
Anytime prior to its acceptance by the offeree.
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