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Study sets matching "law real estate 2"

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Study sets matching "law real estate 2"

30 terms
Real Estate Law - #2
BASIC DAMAGE RULE the difference betwe…
______________________ the difference…
_____________________ an amount predet…
ADVERTISING RULE: advertising is NOT a…
COMPENSATORY DAMAGES
COMPENSATORY DAMAGES
LIQUIDATED DAMAGES
invitation
BASIC DAMAGE RULE the difference betwe…
COMPENSATORY DAMAGES
______________________ the difference…
COMPENSATORY DAMAGES
37 terms
Real Estate Law 2
Types of RE ownership
Types of Co-ownership
Tenancy in deed
Joint tenancy
1. Severalty (by one served by others)... 2. Co-ownership
Tenacy in deed (default)... Joint Tenancy... Tenancy by the entiret…
-Undivided interest in property ... -Unity of possesion (unless…
-Right of ownership... -undivided interest in the whole... -all 4 u…
Types of RE ownership
1. Severalty (by one served by others)... 2. Co-ownership
Types of Co-ownership
Tenacy in deed (default)... Joint Tenancy... Tenancy by the entiret…
43 terms
Real Estate Law 2
Trial Court
court of appeals
supreme court
common pleas court
lowest level, must follow appellate & supreme
mid level
final appeal at federal level
court of general jurisdiction
Trial Court
lowest level, must follow appellate & supreme
court of appeals
mid level
62 terms
REAL ESTATE LAW 2
AFFIDAVIT OF TITLE FOR THE SELLER
AFFIDAVIT OF TITLE FOR THE BUYER
NOTE
MORTGAGE
1. PREPARED BY THE SELLER'S ATTORNEY... 2. SWORN STATEMENT... 3. IM…
1. MORTGAGE... 2. IF BUYING PROPERTY WITH CASH AND NOT GETTING A…
DEBT/I.O.U.
1. THE SECURITY FOR THE DEBT, NOT THE LOAN DOCUMENT... 2. GETS R…
AFFIDAVIT OF TITLE FOR THE SELLER
1. PREPARED BY THE SELLER'S ATTORNEY... 2. SWORN STATEMENT... 3. IM…
AFFIDAVIT OF TITLE FOR THE BUYER
1. MORTGAGE... 2. IF BUYING PROPERTY WITH CASH AND NOT GETTING A…
26 terms
Real Estate Law Ch. 2
Present Interests
Future Interests
Estate rights
Present Interest #1: Freehold Estate
-Freehold (ownership..several forms)... - Non-freehold (leasehol…
-Reversions... -Remainders... - Each future interest is paired with…
- possession/exclusion... - use/enjoyment... - convey/dispose
- possession is present... - unlimited or uncertain duration... 2…
Present Interests
-Freehold (ownership..several forms)... - Non-freehold (leasehol…
Future Interests
-Reversions... -Remainders... - Each future interest is paired with…
24 terms
2. Real Estate License Law
The History of FL Real Estate Law
FREC... The Florida Real Estate Commission
Caveat Emptor
Real Estate License Categories
Florida passed its first real estate license law in 1923. The…
Is the enforcer of real estate rules and discipline. ... Members…
A buyer should inspect the goods before purchase, because the…
Sales Associate: A person who provides real estate services f…
The History of FL Real Estate Law
Florida passed its first real estate license law in 1923. The…
FREC... The Florida Real Estate Commission
Is the enforcer of real estate rules and discipline. ... Members…
18 terms
Real Estate Law Ch. 2
Property
Action in ejectment
Real actions
Personal action
Legal rights that a person possesses with respect to a thing;…
An action to recover land, brought upon by a landowner ousted…
Legal actions such as ejectment that protected the rights of…
The lawsuit for money by a person who lost control of somethi…
Property
Legal rights that a person possesses with respect to a thing;…
Action in ejectment
An action to recover land, brought upon by a landowner ousted…
24 terms
2. Real Estate License Law
The History of FL Real Estate Law
FREC... The Florida Real Estate Commission
Caveat Emptor
Real Estate License Categories
Florida passed its first real estate license law in 1923. The…
Is the enforcer of real estate rules and discipline. ... Members…
A buyer should inspect the goods before purchase, because the…
Sales Associate: A person who provides real estate services f…
The History of FL Real Estate Law
Florida passed its first real estate license law in 1923. The…
FREC... The Florida Real Estate Commission
Is the enforcer of real estate rules and discipline. ... Members…
120 terms
Real Estate Law Midterm #2
(T/F) An unenforceable contract is an…
(T/F) A deposit receipt is an example…
(T/F) A contract to buy real estate, e…
(T/F) If an offer states that it is ir…
False... Unenforceable contract (executory contract)
False... Bilateral; both sides bound
True... Contract by minor void
False... Revocable before acceptance (Unless consideration)
(T/F) An unenforceable contract is an…
False... Unenforceable contract (executory contract)
(T/F) A deposit receipt is an example…
False... Bilateral; both sides bound
11 terms
Kentucky Real Estate Law #2
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
Any person acting as attorney in fact under a duly executed p…
Any attorney-at-law who is performing his duties as attorney-…
Any receiver, trustee in bankruptcy, administrator, or execut…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
... is exempt of Kentucky Real Estate…
Any person acting as attorney in fact under a duly executed p…
18 terms
Nc real estate law 2
Provisional broker... Broker... Broker in ch…
Provisional broker
Broker
Broker in charge
there are three different license statuses
An individual licensee who has not yet completed 90 hours of…
Individual licensee who has completed post
Individual who is designated with responsibilities for superv…
Provisional broker... Broker... Broker in ch…
there are three different license statuses
Provisional broker
An individual licensee who has not yet completed 90 hours of…
62 terms
Real Estate law exam 2
Contracts
4 elements for a contract to be present
Unilateral contract
Bilateral contract
can most simply be defined as a deliberate or voluntary agree…
competent parties, legal subject matter, consideration, and m…
only one party makes a promise and the other party completes…
earnest money contract in which the seller promises to sell a…
Contracts
can most simply be defined as a deliberate or voluntary agree…
4 elements for a contract to be present
competent parties, legal subject matter, consideration, and m…
11 terms
Kentucky Real Estate Law #2
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
Any person acting as attorney in fact under a duly executed p…
Any attorney-at-law who is performing his duties as attorney-…
Any receiver, trustee in bankruptcy, administrator, or execut…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
... is exempt of Kentucky Real Estate…
Any person acting as attorney in fact under a duly executed p…
110 terms
Real Estate Law Exam 2
Liens
Voluntary liens
Involuntary liens
Statutory liens
claim against property to enforce payment... 4 types:... 1. volunt…
intentionally by owner... ex. mortgage
not by intent of owner... ex. tax lien (property tax)
pursuit to statute ... -can be voluntary or involuntary... ex. tax…
Liens
claim against property to enforce payment... 4 types:... 1. volunt…
Voluntary liens
intentionally by owner... ex. mortgage
11 terms
Real Estate Law Chapter 2
broker
exclusive listing
flat fee listing
open listing
a licensed, state approved professional that is directly resp…
a listing that precludes other competing brokers and agents f…
a type of listing where the broker and agent agree to a prede…
a type of listing which is given to a number of brokers at th…
broker
a licensed, state approved professional that is directly resp…
exclusive listing
a listing that precludes other competing brokers and agents f…
32 terms
Real Estate Law: Chapter 2
real property
Personal property
Uniform Commercial Code
Tangible personal property
Land and anything permanently attached to it.
All property, with the exception of real property, that can b…
A code of law (adopted in its entirety by all states except L…
anything you can touch such as books, automobiles, or chairs.
real property
Land and anything permanently attached to it.
Personal property
All property, with the exception of real property, that can b…
27 terms
Real Estate Law Exam 2
fixtures
Real property
Personal property
degree of annexation test
real property that was once personal property.
any property that is attached directly to the land as well as…
any type of property that is not real property.
-how attached is it.... -relationship to the property.
fixtures
real property that was once personal property.
Real property
any property that is attached directly to the land as well as…
8 terms
2. Basics of real estate law
real property and the law
land, real estate, and real property
real property vs. personal property
characteristics of real property
39
40
41
44
real property and the law
39
land, real estate, and real property
40
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…
67 terms
real estate law prelim 2
usurpation
bringing broker
Legislative response to a brokers conf…
find real estate: Team
acquire or take (cant take an opp. From the principal)
considered a sub agent of the listing broker they DON'T repre…
States pass dual representation statutes so long that the bri…
1. broker: show listings, knowledge of market... 2. designer/arc…
usurpation
acquire or take (cant take an opp. From the principal)
bringing broker
considered a sub agent of the listing broker they DON'T repre…
75 terms
Real Estate Law Exam #2
TO REVIEW
CHATPER 8
Co-Ownership (2)
Direct Co-Ownership
Rent control CH 9... Waiver "rule in dumpor's case" CH9... Damage/d…
CO-OWNERSHIP
2+ owners of a single property
2+ owners on record title
TO REVIEW
Rent control CH 9... Waiver "rule in dumpor's case" CH9... Damage/d…
CHATPER 8
CO-OWNERSHIP
40 terms
Real estate chapter 2 real property and the law
Land
Real estate
Real property
Appurtenance
The earths surface extending downward to the center if the ea…
Land plus all human-made improvements to the land that are pe…
The interest, benefits, and rights that are automatically inc…
Something that is transferred with or runs with the land is a…
Land
The earths surface extending downward to the center if the ea…
Real estate
Land plus all human-made improvements to the land that are pe…
25 terms
Real Estate Law Chapter 2
property
people and things
private property
public property
means things: real or personal, immovable or movable, corpora…
property describes the relationship between _______________
belongs to an individual who has the exclusive right of dispo…
those things owned by the public through a federal, state, or…
property
means things: real or personal, immovable or movable, corpora…
people and things
property describes the relationship between _______________
25 terms
Real Estate Law Chapter 2
property
people and things
private property
public property
means things: real or personal, immovable or movable, corpora…
property describes the relationship between _______________
belongs to an individual who has the exclusive right of dispo…
those things owned by the public through a federal, state, or…
property
means things: real or personal, immovable or movable, corpora…
people and things
property describes the relationship between _______________
40 terms
Real Estate Law Chapter 2
Real estate interests can be divided b…
Habendum clause
Real estate is enduring
Present Interests
time, type, holder
"to have and to hold"... granting language in the instrument…
Land as a tangible asset endures, intangible interests can al…
Freehold (ownership), non freehold (leases)... Defined by durati…
Real estate interests can be divided b…
time, type, holder
Habendum clause
"to have and to hold"... granting language in the instrument…
37 terms
Real Estate Law-- CH 2
All ___ passes through 3 stages: 1) it…
The ____ process: Authorization, Appro…
The statutory authority that authorize…
Uniformly applicable to all agencies.…
truth
Legislative
Basic or organic law
Administrative procedures (federal) or process (state of Virg…
All ___ passes through 3 stages: 1) it…
truth
The ____ process: Authorization, Appro…
Legislative
11 terms
Kentucky Real Estate Law #2
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
Any person acting as attorney in fact under a duly executed p…
Any attorney-at-law who is performing his duties as attorney-…
Any receiver, trustee in bankruptcy, administrator, or execut…
... is exempt of Kentucky Real Estate…
Any person who as owner or lessor, or who in the regular cour…
... is exempt of Kentucky Real Estate…
Any person acting as attorney in fact under a duly executed p…
44 terms
Principles of Real Estate Chapter 2, Real Property and the Law
accretion
real property
riparian rights
easement by implication
the increase or addition of land by the deposit of sand or so…
the interests, benefits, and rights inherent in real estate o…
an owner's rights in land that borders on or includes a strea…
an easement that occurs when a party's actions reflect the in…
accretion
the increase or addition of land by the deposit of sand or so…
real property
the interests, benefits, and rights inherent in real estate o…
50 terms
real estate unit 2- real property and the law
interchangable
land
real estate
real property
land, real estate, and real property are often __________
Land includes not only the surface of the earth but also the…
is defined as land at, above, and below the earth's surface,…
interests, benefits, and rights that are automatically includ…
interchangable
land, real estate, and real property are often __________
land
Land includes not only the surface of the earth but also the…
27 terms
Real Estate Law Cha.2
Title of Land
Present Interests
Future Interests
Nonpossessory Land Interests
can exist in the present or the future. Title can be in a par…
Freehold and Nonfreehold
Reversion, Possibility of Revertor, Right of Entry, Remainder…
Easments, Profits, Licenses, Covenants
Title of Land
can exist in the present or the future. Title can be in a par…
Present Interests
Freehold and Nonfreehold
18 terms
Real Estate - Ch 2 Real Property & The Law
Land
Real Estate
Improvements
Real Property
The Earth's surface...... Extending downward to the center of th…
Land PLUS all things permanently attached to it.... Artificial (…
Anything artificial that is attached to the land... (house, fenc…
Land + Real Estate + Bundle of Rights... (Includes subsurface, a…
Land
The Earth's surface...... Extending downward to the center of th…
Real Estate
Land PLUS all things permanently attached to it.... Artificial (…
127 terms
Real Estate Law Exam #2
How much notice must be given to termi…
How much notice must be given to termi…
What kind of lease must be in writing?
What does a landlord have a duty to re…
60 days
4 months
If it is greater than 1 year.
1. Common stairways and parking lot... 2. Anything that the land…
How much notice must be given to termi…
60 days
How much notice must be given to termi…
4 months
162 terms
Real Estate Law Exam 2
Easement
Utility easement
Access easement
Appurtenant easement
Right to use real property of another for a specific purpose…
Rights given to utility companies which allow transmission li…
Gives party the right to travel over/across real property to…
Created for benefit of a particular tract of land
Easement
Right to use real property of another for a specific purpose…
Utility easement
Rights given to utility companies which allow transmission li…
69 terms
Real estate Law Test 2
De-lead
chewable surface
30 day notice to quit
lien
remake or cover (more than repainting)
any surface that comes a 1/2 inch from place or wall... *if ren…
30 days notice or from rented period to rental period, whiche…
A reservation of right
De-lead
remake or cover (more than repainting)
chewable surface
any surface that comes a 1/2 inch from place or wall... *if ren…
207 terms
Real Estate Law Test 2
Freehold Estates
Leasehold Estates
Fee Simple Absolute
Fee Simple Determinable
Derived from the feudal system.... The most prestigious of the…
Non-freehold estates.... Less prestigious.... Originated as moneyle…
The greatest estate possible.... Complete ownership.... An estate…
A Defeasible Fee that ends automatically when land is used in…
Freehold Estates
Derived from the feudal system.... The most prestigious of the…
Leasehold Estates
Non-freehold estates.... Less prestigious.... Originated as moneyle…
Real Estate Law Test 2
Real Property
Personal Property
Fixture
Tests for Determining Fixture Status
Any property that is attached directly to the land as well as…
Any type of property that is not real property (gas fireplace…
Real property that was once personal property (will cause dam…
1. Degree of Annexation Test... 2.Nature & use of the Property T…
Real Property
Any property that is attached directly to the land as well as…
Personal Property
Any type of property that is not real property (gas fireplace…
46 terms
Real Estate Law Exam 2
Co-ownership
types of co-ownership
Forms of direct co-ownership
TIC
2 types- direct and indirect... direct- 2+ owners hold title... ind…
general partnership... limited partnership... limited liability... co-…
TIC... JT... TBE
(Tenants in common) ... default form of co-ownership... undivided i…
Co-ownership
2 types- direct and indirect... direct- 2+ owners hold title... ind…
types of co-ownership
general partnership... limited partnership... limited liability... co-…
45 terms
Exam 2 (Real Estate Law)
absolute ownership
appraisal
beneficiary
chattel
separate property owned by one person
personal opinion of value of property by a disinterested pers…
in probate, one who receives property from an estate, whether…
personal property
absolute ownership
separate property owned by one person
appraisal
personal opinion of value of property by a disinterested pers…
44 terms
Real Estate Law Test 2
Real Property:
Personal Property:
Fixture:
Tests for Determining Fixture Status
any property that is attached directly to the land, as well a…
any type of property that is not real property; easily movable
real property that was once personal property... 1. Passes with…
1. Degree of Annexation Test... 2. Nature and Use of the Propert…
Real Property:
any property that is attached directly to the land, as well a…
Personal Property:
any type of property that is not real property; easily movable
61 terms
Real Estate Law: Midterm 2
An agency relationship is a
An agency is created by three elements
Three types of agency relationships
most popular agency relationship
fiduciary relationship
consent, on behalf of, and control (agent is under principal'…
general, special, and universal agents
special
An agency relationship is a
fiduciary relationship
An agency is created by three elements
consent, on behalf of, and control (agent is under principal'…
24 terms
Real estate Law Chapter 2
Freehold Estate
Fee
Fee Freehold estates
Fee Simple Defeasible
ownership interest; unlimited in duration
interest in land that is inheritable
are both uncertain and unlimited in duration that is inherita…
unlimited in length; has potential to be terminated
Freehold Estate
ownership interest; unlimited in duration
Fee
interest in land that is inheritable
13 terms
Real Estate Law Chapter 2
Fee Simple Absolute
Fee Simple Defeasible
Fee Simple Determinable
Possibility of a Reverter
absolute ownership; owners are free to transfer their interes…
an interest in land that is uncertain or unlimited to in leng…
grantor gives the grantee full title and right to the propert…
the potential loss of title is a future interest
Fee Simple Absolute
absolute ownership; owners are free to transfer their interes…
Fee Simple Defeasible
an interest in land that is uncertain or unlimited to in leng…
47 terms
Maryland Real Estate Practice & Law Vocabulary 2
MD Real Estate Brokers Act
Code of MD Regulations (COMAR)
Common Law
Statues
Title 17 of the Business Occupations and Professions Article…
Administrative law that includes regulations that govern the…
Unwritten law founded by judges from the courts of appeal.
Laws established by legislative bodies, such as the Maryland…
MD Real Estate Brokers Act
Title 17 of the Business Occupations and Professions Article…
Code of MD Regulations (COMAR)
Administrative law that includes regulations that govern the…
108 terms
Real Estate Law Exam 2
Liens
Types of Liens
Voluntary Lien
Involuntary Lien
- Claims against property to enforce payment... - Liens are alwa…
- Voluntary... - Involuntary... - Statutory... - Equitable
-Intentionally by owner (mortgage)
-Not by action of owner... -(statutory or equitable)
Liens
- Claims against property to enforce payment... - Liens are alwa…
Types of Liens
- Voluntary... - Involuntary... - Statutory... - Equitable
76 terms
Real Estate Law Midterm 2
Agency
Authority of the Agent
Disclosure of Agency to 3rd Parties
Brokers and Salespersons
Created Principal and Agent Relationship ... Agency is defined…
1. Express - written ... o Authority s expressly given to the ag…
Disclosed ... o 3rd party knows (1) agent is acting as an agent…
Broker (Much better to become a broker) ... o A person employed…
Agency
Created Principal and Agent Relationship ... Agency is defined…
Authority of the Agent
1. Express - written ... o Authority s expressly given to the ag…
87 terms
Real Estate Law Test 2
Co- Ownership
Key Questions of Co-Ownership
Indirect Co-Ownership
Legal Entity
2+owners of a single property... Direct... Indirect
How can Multiple owners hold title? ... What are each owners rig…
1 record owner in the form of some legal entity; 2+ owners at…
a legal construct through which the law allows a group of nat…
Co- Ownership
2+owners of a single property... Direct... Indirect
Key Questions of Co-Ownership
How can Multiple owners hold title? ... What are each owners rig…
120 terms
Real Estate Law exam2
broker
agent
fiduciary duty
duty of loyalty
agent hired either by the owner of a property to aid in its s…
works on behalf of the principal and would not profit at the…
owes the principal loyalty, obedience, and care (must act in…
agent must act safely for the benefit of the principal
broker
agent hired either by the owner of a property to aid in its s…
agent
works on behalf of the principal and would not profit at the…
59 terms
real estate law midterm 2
what 3 elements makes up contract offer
what is objective intent re contract o…
definite and reasonably certain times…
termination of real estate contract
objective intent, definite and reasonably certain terms, offe…
intent to be bound is determined by reasonable person standar…
what am i buying and for how much
lapse of time, rejected, counter offer, revoked, death of buy…
what 3 elements makes up contract offer
objective intent, definite and reasonably certain terms, offe…
what is objective intent re contract o…
intent to be bound is determined by reasonable person standar…
43 terms
Real Estate Law Exam 2
co-ownership
TENANCIES IN COMMON
testamentary instrument
inter vivos
4 methods... "we want prenup"
- tenants may hold equal or unequal shares... - may acquire inte…
will
during lifetime of tenant the title can be conveyed
co-ownership
4 methods... "we want prenup"
TENANCIES IN COMMON
- tenants may hold equal or unequal shares... - may acquire inte…
50 terms
Real Estate Law Exam 2
Affirmative easement
Conservation easement
Covenant
Dominant tenement (estate)
An easement that involves the use of another's property... ex:…
A negative easement given by a property owner that provides t…
Promise in a deed that affects or limits the use of the conve…
A property owner who holds an appurtenant easement in another…
Affirmative easement
An easement that involves the use of another's property... ex:…
Conservation easement
A negative easement given by a property owner that provides t…
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