Real Est. Test #1
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| DEFINITION OF APPRAISAL | An estimate of value; Skill, experience, and judgment of the appraiser is important. | ||||
| DEFINITION OF REAL ESTATE | The earth's surface, from the center, upward in space, including all things permanently attached, whether natural or man-made; land and all permanent attachments | ||||
| EXAMPLES OF REAL ESTATE | Occupation, field of study, assets | ||||
| EXAMPLES OF REAL ESTATE AS AN OCCUPATION | Brokerage, finance, property management, appraisal, development, law, title | ||||
| THREE TYPES OF REAL ESTATE | Residential, commercial, agricultural | ||||
| DEFINITION OF A BROKER | Facilitators of buying, selling, and leasing real estate; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others | ||||
| DUTY OF AN APPRAISER | To give an opinion of value for a fee | ||||
| SPECIALTIES OF APPRAISAL | Apartments, farms, industrial, shopping centers | ||||
| STATUTE OF FRAUDS | Contracts MUST be in writing | ||||
| TITLE INSURANCE | An insurance policy that will reimburse a property owner or mortgage lender for losses caused by title defects or encumbrances. | ||||
| PERSONAL PROPERTY | Personal property that is moveable and not part of the real estate. Also called personalty. | ||||
| IMMOBILITY | Cannot be moved | ||||
| SITUS: | Location, location, location | ||||
| DURABILITY | Land itself cannot be destroyed | ||||
| HETEROGENEOUS | Uniqueness | ||||
| SCARCITY | Limited supply | ||||
| MODIFICATION | Improvements | ||||
| FIDUCIARY RESPONSIBILITY | The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions | ||||
| BROKERS AS BUSINESS PEOPLE | Licensed by state, independent or franchisee, can accept or reject agency relationship, duties limited to those under listing agreement, can't discriminate (must present all offers to client) | ||||
| HOW TO GET YOUR LICENSE REVOKED | Misleading advertising, failure to account for principal's $, co-mingling funds, failure to maintain separate accounts, accepting undisclosed commission, acting as agent AND undisclosed principle | ||||
| 5 ELEMENTS OF A CONTRACT | Compentent parties, legal subject matter, offer, acceptance, consideration | ||||
| "SEIZIN" | Actual possession of realty by a person claiming ownership; has the right to transfer property/sell | ||||
| "ENCUMBRANCES" | Any claim, lien, or charge against a property that would reduce it's value. | ||||
| "QUIET ENJOYMENT" | An owner's right to peaceable possession and not to be subject to adverse ownership claims by others. | ||||
| "FURTHER ASSURANCE" | Grantor agrees to execute documents for grantee to receive good title | ||||
| "WARRANTY FOREVER" | Should title someday list a pre-existing defect grantor will compensate grantee | ||||
| INVOLUNTARY TRANSFER | |||||
| ADVERSE POSSESSION | Known as "squatter's rights"; a set of legal rules under which property can be acquired or lost by possessing another's land for a set period of time, in accordance with state law. | ||||
| PRESCRIPTIVE RIGHTS | A right to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time. | ||||
| EMINENT DOMAIN | Government can take ownership w/o owner's consent; gov't MUST compensate accordingly. | ||||
| MECHANIC'S LIEN/CONTRACTOR'S LIEN | Lien placed for work done but possibly not paid for or not completely paid for; normally in exchange for payment, a contractor signs a lien waiver which "waives" his/her right to place a lien on your property | ||||
| LEASEHOLD | Ownership interest for a definite period of time; example: 1 year apartment lease | ||||
| FREEHOLD | Ownership interest for an indefinite period of time; ex: fee estates/life estates | ||||
| FEE ESTATE | A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance | ||||
| FEE SIMPLE ASBOLUTE | Most complete ownership/most typical | ||||
| FEE SIMPLE DETERMINABLE | Transferred temporarily for a purpose; i.e. a school being donated to stay a school | ||||
| FEE SIMPLE CONDITIONAL | Transferred unless triggering event occurs; i.e. alcohol sold on property | ||||
| TYPICAL BUSINESS OWNERSHIP TYPES | LLC (most typical), C Corporations, partnership, general partnership: full liability, limited partnership: limited liability | ||||
| TITLE THEORY | State lender holds title | ||||
| LIEN THEORY | State lender holds the lien; Nebraska is a lien theory state | ||||
| LIEN POSITIONS | 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary |
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Created by:
Ashley Myers
on 2012-02-09