actual notice
own it
Constructive notice
record something in public records
How Is Real Estate Recovery Funded ?
by fees & fines
Eminent Domain
government has right to take away public use citizens can’t refuse to sell)
immune properties
government owned
lot & block
residential sub-division surgery system
Metes and Bounds
oldest method of land description & provides the most accurate type of legal descriptions
What does the Real estate recovery fund do ?
reimburse members of the public
what is a township…
a township is 6 miles square contains 36 square miles
Each township contains __ acres
640 acres
How many square feet are in an acre?
43,560
kickbacks are illegal unless..
someone has a licensed
Offer and Acceptance
Meeting of the minds or mutual agreement- all parties concerned understand and agree to all the terms of the contract
Overimprovement
An addition or change to property not in line with its highest and best use
statue of frauds
provides protection against fraud in the sale of real property. requires contract for the transfer of a right or interest in land
statute of limitations (oral contracts)
if contract is entirely oral, action must be brought within 4 years
statue of limitations (written contracts)
if contract is entirely written, action must be brought within five years
Sufficient Consideration
either valuable or good consideration may be sufficient
WILD CARD
Withdrawal, insanity, lapse of time, death of either party ,counteroffer, acceptance,rejection,destruction of property
option contract define
right to buy a property during a specified period-of-time, at a specified price.
contract for deed define
aka an agreement between a property owner & potential buyer in which the owner agrees to deliver a deed to the purchaser after certain conditions been met
Define implied contract
exists when some or all of the terms and conditions can be assumed by the nature of the government
Suit for cancellation (rescission)
The party who is not in breach of contract can bring a suit in court to cancel the contract and ask the court to put the parties back in their original positions.
Suit for Specific Performance
A lawsuit to hold the defaulting party to his duties under a contract
assignment
the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing
A bilateral contract in which the property owner promises to pay a commission regardless of who sells the listed property.
which of the following is correct regarding the “as is” provision in a sales contract?
the seller is still required to disclose all known defects
an option is a unilateral contract that is binding to which party ?
optionor
What are the three basic remedies for a breach of contract?
suit fr cancellation (recession), suit for specific performance, and suit for damages
Define promissory note
evidences the debt, and states the interest rate, term, payment requirement, & other information related to that loan
When a loan has been paid in full in a lien theory state, what happens next ?
the mortgagor should receive a letter of satisfaction from the mortgagee within 60 days of the loan payoff
Which clause in a mortgage requires the lender to acknowledge performance by the borrower?
Defeasance clause
which term refers to the right of a mortgagor in default to pay all money owed and prevent the sale of the property at foreclosure?
Exculpatory clause
What is the primary purpose of discount point?
to decrease monthly payment required
what is a check?
the intersection of guide meridians and correction lines forms a 24-mile square area
define gross lease
a lease in which the tenant agrees to pay a fixed rents amount and landlord pays all other expenses related to rent (residential)
define net lease
a lease in which the tenant pays a fixed rent plus all or a portion of the operating costs
percentage lease
a lease in which the tenant pays a monthly base rent plus a percentage of the annual or monthly gross sales products
what are specific liens?
real property taxes, special assessment lien, mortgage liens
define real estate property taxes
property taxes
define special assessment lien
for improvements; such as sidewalks, road paving, etc.
blockbusting
Inducing owners to sell because of entry of minorities into neighborhoods
Steering or channeling
steering directly or indirectly into or away from a neighborhood or location on the basis or race, religion, sex, etc.
redlining
refusal by a lender to approve a mortgage loan based on a property being located in a geographical area.
Accretion
an increase in land area as moving water deposits soil
real property
includes all real estate plus the legal bundle of rights inherent in the ownership of real estate.
riparian rights
rights of an owner whose property borders a flowing waterway such as a river or stream.
Tenancy in Common
Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
Joint Tenancy
A form of co-ownership that includes the right of survivorship.
tenancy in entireties
can only be entered into by married couples, carries the right of survivorship, and one tenant cannot sell or mortgage the subject property without the spouses consent
Life Estate
An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.
Tenancy for years
a leasehold interest for a definite period of time exceeding one year
Elective Share
Provision that gives a surviving spouse a share of most of the wealth of the decedent.
tenancy at will (month to month)
a tenancy granted by landlords to tenants allowing them to remain in possession without written agreement