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…
Contracts - Real Estate Law
Statute of Frauds
memorandum
marketable
contingency clause
A statute that states certain contracts, to be enforceable, m…
A writing that contains essential terms in satisfaction of th…
refers to title that is free of liens or other encumbrances
A provision within a contract that makes performance under th…
Statute of Frauds
A statute that states certain contracts, to be enforceable, m…
memorandum
A writing that contains essential terms in satisfaction of th…
7 terms
real estate law extras
express conveyance
express reservation
nonexclusive easement in gross
purchase of development rights
a written instrument in which the grantor transfers an intere…
a right created and retained by the grantor
A transferable easement in gross in which the grantor does no…
a type of conservation easement conveyed to a local governmen…
express conveyance
a written instrument in which the grantor transfers an intere…
express reservation
a right created and retained by the grantor
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…
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
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…
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…
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…
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
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…
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
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…
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
13 terms
National Real Estate Law - Estates
Life Estate
Life Estate
Life Estate
Life Estate
Freehold estate (life tenant holds freehold estate), but not…
Estate may be for life of tenant or of someone other than lif…
Contract for life estate must be in writing to be enforceable…
Life tenant may not devise property or commit waste on proper…
Life Estate
Freehold estate (life tenant holds freehold estate), but not…
Life Estate
Estate may be for life of tenant or of someone other than lif…
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…
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
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
Chapter 15 Real Estate Law
Deed
Grantor
Grantee
General Warranty Deed
Primary method of transferring title to real estate
Seller
Buyer
Conveys the seller's title and contains covenants of title, o…
Deed
Primary method of transferring title to real estate
Grantor
Seller
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
76 terms
Real Estate Law Vocab
encumbrance
zoning
building codes
Comprehensive Environmental Response,…
a claim or charge on a property, such as a lien or mortgage,…
legitimate police power of government to regulate the use of…
public laws that regulate methods and materials to be used in…
Also known as superfund, this federal legislation created a t…
encumbrance
a claim or charge on a property, such as a lien or mortgage,…
zoning
legitimate police power of government to regulate the use of…
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.
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…
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…
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…
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
25 terms
REAL ESTATE LAW VIOLATIONS
License Law: ... Licensing
License law requires
Statutes and Rules
Essential to pass state licensing exam
All states require that people in the real estate business ha…
Licensee has to possess the knowledge, skill and reputation f…
Real estate students must be thoroughly knowledgeable of the…
The state laws and statutes.
License Law: ... Licensing
All states require that people in the real estate business ha…
License law requires
Licensee has to possess the knowledge, skill and reputation f…
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…
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…
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…
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
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.
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…
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
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…
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…
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…
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…
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
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…
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…
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
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
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…
DC real estate law
Dc city council board
Inactive status
Guaranty and Education Fund
Additional protected classes
3 brokers... 2 sales agents ... 2 property managers... 1 attorney ... 1 c…
Can be inactive for up to 5 yrs. after that is a new applicant
Compensate people who have suffered monetary losses as a resu…
Age... Marital status... Personal appearance ... Sexual orientation... Fa…
Dc city council board
3 brokers... 2 sales agents ... 2 property managers... 1 attorney ... 1 c…
Inactive status
Can be inactive for up to 5 yrs. after that is a new applicant
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…
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…
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…
22 terms
REAL ESTATE LAW
Competent Parties, offer and acceptanc…
Equitable title
Bi-lateral contract
Uni-lateral contract
Elements of a contract
Transferred at the signing of a sales contract by both buyer…
Contract where both parties are equally committed
Contract where one party is committed but the other has options
Competent Parties, offer and acceptanc…
Elements of a contract
Equitable title
Transferred at the signing of a sales contract by both buyer…
19 terms
Illinois Real Estate- Law
Acreage formula
Blockbusting
Consideration
Contingency clause
Entire parcel x depth / 43560... 500 x 920 = 460000/43560 =10.5
Trying to obtain listing by saying certain groups are moving…
Item of value. One must have consideration to have valid deed…
A buyer only buying if able to obtain loan. Not a required el…
Acreage formula
Entire parcel x depth / 43560... 500 x 920 = 460000/43560 =10.5
Blockbusting
Trying to obtain listing by saying certain groups are moving…
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