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Study sets matching "real estate law"

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Study sets matching "real estate law"

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…
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
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…
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
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…
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
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…
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
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…
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
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…
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…
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…
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
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…
14 terms
Tennessee Real Estate Law
Tennessee Real Estate Broker License A…
Acquisition Agent
Adverse Facts
Affiliate Broker
This real estate law's overall purpose is to protect the gene…
A person who attempts to directly encourage any person to att…
Conditions or occurrences that have a negative impact on real…
Any person when fed under contract of a licensed broker
Tennessee Real Estate Broker License A…
This real estate law's overall purpose is to protect the gene…
Acquisition Agent
A person who attempts to directly encourage any person to att…
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.
75 terms
IL Real Estate Law
Transfer of Crops
Real Estate License Act of 2000
Duty of Accounting
Duty of Confidentiality
Transferred on March 1 regardless of when the farm is sold. I…
Governs real estate law in IL. Run by IDFPR.
All contract copies must be delivered within 24 hours to ever…
All parties in a contract must perform terms of the brokerage…
Transfer of Crops
Transferred on March 1 regardless of when the farm is sold. I…
Real Estate License Act of 2000
Governs real estate law in IL. Run by IDFPR.
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
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
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
53 terms
Real Estate - RI Law
Which of the following would not put a…
Standing trees would be considered... A…
Which of the following is a landlords…
Does Rhode Island have homestead laws?…
D
B
C
B
Which of the following would not put a…
D
Standing trees would be considered... A…
B
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.
49 terms
Fundamentals of Real Estate Law
Property
Real Property
Personal Property
Real Estate
legal rights to use and enjoy any things
realty // property rights to real estate
Personalty // property rights to everything else other than r…
"land and everything permanently attached to it"
Property
legal rights to use and enjoy any things
Real Property
realty // property rights to real estate
25 terms
FL REAL ESTATE LAWS
The Real Estate License Law
Florida Real Estate Commission (FREC)
The license law
The Division of Real Estate (DRE)
1. Protect consumers from loss because of dishonest and incom…
consists of seven members appointed by the governor and confi…
is not upheld in a court of law but is enforced by FREC at sp…
is under the Department of Business and Professional Regulati…
The Real Estate License Law
1. Protect consumers from loss because of dishonest and incom…
Florida Real Estate Commission (FREC)
consists of seven members appointed by the governor and confi…
15 terms
Fundamentals of Real Estate Law
Adverse possession
Annexation
Chattels
Color of title
Allows a person who uses another's property to gain ownership…
Is the manner of attachment of personal property to real esta…
items of personal property, including auto, clothing, and mov…
is what appears to be a good title but is not
Adverse possession
Allows a person who uses another's property to gain ownership…
Annexation
Is the manner of attachment of personal property to real esta…
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.
24 terms
Real Estate Law
Illegal Acts
Misrepresentation
Commission to Buyer
Blind Ad
District Attorney prosecutes
No expenses on income property
Must inform seller
No Brokers' name
Illegal Acts
District Attorney prosecutes
Misrepresentation
No expenses on income property
29 terms
Real Estate Law Section
A discrimination suit may be filed in…
The Civil Rights Act of 1866 prohibits…
One of the methods a real estate inves…
What is the primary thrust of federal…
a person aggreived by racial discrimination
race
exchange proeprty for like-kind property
broad regulation of usage
A discrimination suit may be filed in…
a person aggreived by racial discrimination
The Civil Rights Act of 1866 prohibits…
race
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…
54 terms
Real Estate LA Law Prep
Licensees renewing their license while…
When one real estate organization merg…
Which of the following may be consider…
How long does a sponsoring broker have…
are not required to comply with the mandated Errors and Omiss…
5 working days of the effective date of the merger
A house where people were murdered
72 hours
Licensees renewing their license while…
are not required to comply with the mandated Errors and Omiss…
When one real estate organization merg…
5 working days of the effective date of the merger
29 terms
Real Estate Law
What is the principle difference betwe…
What is a Lease that ends on a specifi…
A seller commits fraud to convince the…
Upon the death of a life tenant, the h…
An estate from period to period has no expiration date.
Estate for Years
Voidable by the buyer
Fee simple absolute estate
What is the principle difference betwe…
An estate from period to period has no expiration date.
What is a Lease that ends on a specifi…
Estate for Years
38 terms
Maryland Real Estate Law
administrative law
affiliate
associate broker
COMAR
Apply statutory laws to the details of particular situations
Licensed associate broker or licensed salesperson
People who have met the educational, experience, and testing…
Code of Maryland Regulations -- Regulations that govern the p…
administrative law
Apply statutory laws to the details of particular situations
affiliate
Licensed associate broker or licensed salesperson
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…
166 terms
Mass Real Estate Law
Salespersons
Statute of Limitations
Brokerage Relationship
Open House Disclosure
no sales person may conduct or operate his own real estate bu…
Massachusetts does not require a listing agreement or a buyer…
Massachusetts Mandatory Licensee-Consumer Relationship Disclo…
If the consumer inquires about another property at the open h…
Salespersons
no sales person may conduct or operate his own real estate bu…
Statute of Limitations
Massachusetts does not require a listing agreement or a buyer…
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…
45 terms
DC Real Estate Law
Purpose of the DC Real Estate Commission
Commission Members
Commission terms
commission membership Requirements
To protect the public from incompetent and fraudulent practices
9 members.... 3 real estate brokers.... 2 salespersons.... 2 Property…
3 years. Max of 3 consecutive 3 year terms
Active license in DC. Actively engaged in their field at leas…
Purpose of the DC Real Estate Commission
To protect the public from incompetent and fraudulent practices
Commission Members
9 members.... 3 real estate brokers.... 2 salespersons.... 2 Property…
97 terms
Real Estate Law Midterm
Personal Property vs. Real Property vs…
Blackacre
Three parts of Real Estate Ownership
Subsurface Rights (3 Restrictions)
Real Property is an interest in the land and all things attac…
Owning all the physical interests in a parcel of real estate
1) designated portion of the earths surface... 2) above-surface…
1) any limits imposed under an agreement... 2) government regula…
Personal Property vs. Real Property vs…
Real Property is an interest in the land and all things attac…
Blackacre
Owning all the physical interests in a parcel of real estate
5 terms
CA real estate law
Common law
Civil law
Stare decisis
Precedent
An English legal system in which disputes are decided on a ca…
A Spanish legal system in which an elaborate systems of statu…
...
...
Common law
An English legal system in which disputes are decided on a ca…
Civil law
A Spanish legal system in which an elaborate systems of statu…
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…
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