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REAL ESTATE CLASSES

PREP FOR R. E. EXAM

TermDefinition
LBPHRA REQUIREMENTS LL MUST DISCLOSE KNOWN INFO. - SELLER HAVE TO DISCLOSE KNOWN INFO. - BUYER HAVE UPTO 10 DAYS TO CONDUCT A RISK ASSESMENT - LIC PROVIDES INFO TO BUYER AND LESSEE - LICEES MUST ENSURE ALL PARTIES COMPLY WITH THE LAW
CONDEMNATION IS THE PROCESS BY WHICH THE GOVT EXERCISES THIS RIGHT, BY EITHER JUDICIAL OR ADMINISTRATIVE PROCEEDINGS.
ESTATES IN LAND AN INTEREST MUST ALLOW POSSESSION MEANING THE HOLDING N ENJOYMENT OF THE PROPERTY EITHER NOW OR IN THE FUTURE N MUST BE MEASURED ACCORDING TO TIME.
FREEHOLD ESTATES ARE OWNERSHIP INTERESTS THAT LAST FOR AN INDETERMINABLE LENGTH OF TIME, SUCH AS FOR LIFETIME OR FOREVER. MAY BE PASSED ALONG TOTHE OWNER'S HEIRS.
FEE SIMPLE DETERMINABLE MAY BE INHERITED; IS QUALIFIED BY A SPECIAL LIMITATION, 'AS LONG AS' OR 'WHILE' OR 'DURING' - IS THE KEY TO CREATING THIS SPECIAL LIMITATION. THE FORMER OWNER RETAINS A POSSIBILITY OF REVERTER.
POSSIBILITY OF REVERTER IF THE LIMITATION IS VIOLATED, THE FORMAL OWNER CAN REQUIRE FULL OWNERSHIP WITH NO NEED TO GO TO THE COURT.
JOINT TENANCY 2 OR MORE PEOPLE; IS RIGHT TO SURVIVORSHIP; ACQUIRE DECEASED TENANT'S INTEREST; TAKES TITLE OF SEVERALTY AND RIGHTS OF SOLE OWNERSHIP
TENANCY BY THE ENTIRETY HUSBAND/WIFE TO INHERIT THE OTHER SPOUSE'S OWNERSHIP INTEREST UPON DEATH; SPOUSE HAS EQUAL UNDIVIDED INTEREST IN THE PROPERTY
ENFORCE AN JUDGEMENT THE CREDITOR MUST OBTAIN A WRIT OF EXECUTION FROM THE COURT. WRIT DIRECTS THE SHERIFF TO SEIZE AND SELL AS MUCH OF THE DEBTOR'S PROPERTY TO PAY BOTH DEPT AND EXPENSE OF SALE
LIS PENDENS WHEN ANY SUIT IS FILED THAT AFFECTS TITLE TO R.E. A SPECIFIC NOTICE IS RECORDED. ITS A NOTICE OF POSSIBLE FUTURE LIENS
INVOLUNTARY ALIENATION TITLE TO PROPERTY CAN BE TRANSFERRED WITHOUT OWNER'S CONSENT. USUALLY CARRIED OUT BY OPERATION OF LAW, BY CONDEMNATION OR FORECLOSURE SALES TO SATISFY DEBTS. WHEN PERSON DIES, NO WILL/HEIRS - TITLE PASSES THE STATE'S POWER OF ESCHEAT.
NONJUDICIAL FORCLOSURE SOME STATES ALLOW THIS TO PROCEDURES TO BE USED WHEN THE SECURITY INSTRUMENT CONTAINS A POWER OF ASALES CLAUSE
INSTALLMENT CONTRACTS ALSO CALLED A CONTRACT FOR DEED, LAND CONTRACT OF SALE, OR ARTICLE OF AGREEMENT. THE SELLER (VENDOR) RETAIN THE LEGAL TITLE. THE BUYER (VENDEE) TAKES POSSESSION AND ACQUIRES EQUITABLE TITLE TO THE PROPERTY.
REGULATION Z REQUIRES THAT CREDIT INSTITUTIONS INFORM BORROWERS OF THE TRUE COST OF OBTAINING CREDIT
PURCHASE - MONEY MORTGAGE IS WHEN THE SELLER AGREES TO FINANCE ALL OR PART OF THE PURCHASE PRICE
OPEN END LOANS SECURE A NOTE EXECUTED BY THE BORROWER TO THE LENDER.
Created by: miraclesmiranda