Show:
Ownership
Ownership
Ownership
Ownership
Leasing
100
What is realty?
Land/things permanently attached to land
100
What are the differences between Tenancy by the Entireties and Community Property?
Entireties- married couples, ROS, cannot be mortgaged or sold without other's consent, divorce/separation usually converts to tenancy in common Community- in some states- property acquired during marriage belongs to each equally, ROS
100
What is a listing agreement? Multiple listing services?
Contract that gives the broker the right to find a buyer for the property, they are commissioned. Services are several brokers who share their listings and split the commissions
100
Who regulates zoning and why?
Local governments, to protect the health, safety, morals of community
100
How are tenancy at will, for years, and periodic tenancy different
At will- either side can end agreement with little notice, no set end For years- set amount of time (like college leases), automatically ends on agreed date Periodic- month to month, week to week, ends with adequate notice
200
What other rights do you have over your property?
Surface, air, mineral, water
200
What are the four ways to have an estate in land?
Fee simple absolute (you have all ownership rights), Conditional estates (will be fee simple "so long as..."), Life estate ("to my current spouse for life"), nonfreehold estate (for tenants)
200
What is a promissory note?
Promise of the borrow to pay the lender- a secured loan like a mortgage
200
What are easements?
Right to limited use of another's land- appurtenant, gross, necessity, prescription
200
What is a tenancy at sufferance?
Tenant does not leave when lease expires, landlord can evict, charge more rent, or the tenancy can be extended
300
What is ownership in severalty?
Owning property yourself
300
What are the 5 ways to acquire ownership?
Deed, inheritance, adverse possession, (dedication, eminent domain- both to government)
300
Buyers have a mortgage when they borrow money from a lender. This creates a lien on the property. What causes foreclosure and what is it?
The buyer doesn't pay the promissory note (mortgage payments), the property is confiscated by the lender and sold to pay the debt
300
What are your duties to people on your land?
Cannot intentionally injure trespassers, liable for attractive nuisances, obligated to share dangers with guests and keep premises in safe condition
300
Tenant's rights
Possession, right to use property, right to assign lease or sublet.
400
What is the right to partition?
The right to divide shared property into individually owned shares
400
A deed is a contract, what does it contain?
Transfer of property to another person, buyer and seller named, intending to transfer ownership, legal description of property, signatures ((Look over the 3 types, Warranty is best for buyer, Quitclaims is best for seller))
400
What are liens? What are 2 examples?
Legal right in another's property given as security for financial payment. Mortgages are voluntary, mechanic's are involuntary.
400
What is the consideration from each party in a lease?
Landlord gives temporary possession, tenant gives rent
400
Tenant's duties?
Pay rent, take care of property, torts that arise from their actions/negligence
500
What are the differences between a joint tenancy and a tenancy in common?
Joint- equal shares, right of survivorship Common- can be unequal shares, no ROS, may sell own interest without other's permission
500
What does title insurance protect against?
Loss due to defects, liens, etc. on your title (ownership) of land that were not expressly stated
500
What is escrow?
A third party used to gather and distribute deeds/payments in a realty purchase
500
When do leases have to be written?
Over 1 year
500
Landlord rights/duties?
Right to rent payment, keep realty and fixtures Duty to maintain property, warranty of habitability, torts, pay taxes, not discriminate against protected classes