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Real Est. Test #1

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
Created by: 63204265