Chapter 5
_______is the decrease by land gradually by receding water/waterline exposing the dry land.
Avullsion
Notice given by the public record (recordation) AND by visible possession (including habitation/posting).
Constructive notice
A legally enforceable agreement between two or more parties to do (or not to do) a particular thing.
A contract.
This type of contract is used to allow time to ascertain that the parties can each perform the terms of agreement:
sales contract.
What is the full title of this course called?
a. FINN 3933 Real estate principles
b. FINN 3393 Real estate principles
c. FINN 3933 Intro to Real estate
d. FINN 3393 Intro to Real estate
a. FINN 3933 Real estate principles
Unauthorized occupation of another person's land for a long period of tine as required by law is commonly defined as:
Adverse possession
A formal declaration by a person that he/she, in fact did sign the document.
Acknowledgement
What are the 4 types of contracts as discussed in Professor. Miller's lecture?
Expressed, implied, bilateral and unilateral
this term is used to secure a real estate transaction until a more formal contract can be developed and executed.
A Binder.
What is the average age of all home buyers in the US?
a. 47
b. 36
c. 60
d. 51
a. 47!
What are the 6 essential elements of a contract?
1. Grantor/Grantee
2. Consideration
3. Words of conveyance
4. land description
5. Signature
6. Delivery and acceptance
Knowledge based on what one has seen, heard, read, or otherwise observed is:
Actual notice
True or false: A person giving another person the power to act on his or her behalf is called authority to answer.
False, its called authority to sign.
True or false: with a letter of intent, which is used to express the mutual intention to buy, sell, lease, develop, or invest in something, no obligation is created.
True, there is no obligation associated with a letter of intent.
The average home purchase takes how many days?
a. 33
b. 51
c. 65
d. 24
b. 51!
True or false: a special warranty deed is NOT a warranty deed
True.
What does MERS stand for?
Mortgage Electronic Registration System
Reject, agree, or counteroffer.
This term means the time limits set by the contract must be faithfully observed or the contract is voidable by the non defaulting party.
Time of the essence.
over 17 million Americans spend ___ of their income on rent (answer is in fractions).
half!
A handwritten will that was signed but not witnessed is also known as:
What protects transfer of ownership?
Title insurance
What are the 5 requirements for a valid contract?
1. Legally competent (18+)
2. Mutual agreement or consent (no fraud)
3. Lawful objective (legal purpose!!)
4. consideration of cause
5. contract in writing
Which of these is NOT true about earnest money deposit:
1. It shows buyers good faith
2. it is required for a valid contract
3. earnest money is not consideration
2. it is required for a valid contract. Earnest money deposit is NOT required for a valid contract!
$430,000!
Testate is a term used to describe someone who has passed away without a will and determines how they assets are distributed.
False, Intestate is the correct term.
Defined as a chronology of successive owners of record of a parcel of real estate.
Chain of title.
An example of a voidable contract would be a contract with a minor
True. A voidable contract is contract in which one party is bound but not the other.
Name the 5 key parts of the sales/purchase contract:
Parties, address, purchase price, closing date and contingencies
3/4 of the nations housing contains some lead based paint built before when?
1978