examples are:- Owners or lessors acting in regard to

360 Training Sessions Flashcards Non-License CategoriesState laws allow certain categories of persons to perform brokerage for consideration without a license. Some

examples are:- Owners or lessors acting in regard to

property they own or lease;- Individuals acting as attorney-in-fact under a duly executed power of attorney authorizing the final consummation of any contract of sale, lease or exchange of real estate. An attorney-in-fact is a person or organization appointed to perform certain legal acts on behalf of another under a duly executed power of attorney. The attorney-in-fact need not be an attorney at law, although people often give a power of attorney to their lawyers;- An attorney-at-law, if the services are performed on behalf of clients as part of any attorney's provision of legal services to those clients;- Receivers, trustees in bankruptcy, guardians, administrators or executors acting under a court order;- Trustees acting under trust agreements, deeds of trust or will, or trustee's salaried employee; and- Property managers and building-developers.Emblements (Fruits of industry)Emblements are the personal property of the tenant who cultivated them, and such a tenant has the common law right to reenter the property to harvest the crops cultivated that year even though the land has been sold or the lease terminated. Fruits of industry or emblements do not pass to a buyer of real estate by deed; instead, they pass via a bill of sale because they are personal property.Real Estate LicenseesAn individual licensed and engaged in the real estate business is not limited to selling residential real estate. A person licensed to sell real estate may specialize in one or

more of many fields, such as:- Farmland- Multi-family

dwellings- Commercial- Retail- Industrial SalesThere are other real estate professions beyond sales, such as appraising, building, development, property management, financing, and real estate consulting Specifying the ConditionsFee simple subject to a condition subsequent is created by the grantor (the one conveying title) specifying in the conveyance of title a use of the property that is prohibited or required. The deed must specifically state the condition.As long as the property is used in accordance with the conditions specified in the deed, for this purpose the title will continue indefinitely with the initial grantee or any

subsequent grantee.If the property is used in a way that breaches the conditions specified in the deed at any time in the future, the original grantor or his/her heirs may reenter the property and take possession, or go to court and sue to regain possession. By doing this, the titleholder's estate is terminated. Breach of the condition causes the termination.Created by LawIn addition to being created by an intentional conveyance (conventional), life estates can also be created by law.Unlike life estates created by the act of the parties either by deed or in a will (conventional life estates), life estates created by operation of law are called legal life estates or statutory life estates.

Estate for LifeThe life estate is a freehold estate that is not inheritable. It may be created for the life of the named life tenant or for the life of some other named person.A life estate created for the duration of the life tenant's own life is called an "estate for life" or "ordinary life estate."For example: Carl conveys 40 acres to Bob for Bob's life.When the life estate is for the life of a person other than the life tenant, it is called an estate "pur autre vie," meaning for the life of

another.For example: Carl conveys 40 acres to Don until

the death of Edward.Removal of Trade FixturesOf course, the lease contract should be clear on the point of trade fixtures. The rental may allow the landlord to retain these items. If the rental agreement does not have this provision, trade fixtures remain the property of the installing tenant.Upon removal of a trade fixture, the tenant does have the responsibility to restore the property to its original condition. This may involve capping plumbing, repairing walls, filling holes and any other tasks necessary to restore the property to original condition.The question of whether an item is a fixture, and thus part of the real estate has become especially important in modern transactions because of the different rules of lien priority for fixtures and nonfixtures set forth by the Uniform Commercial Code

(UCC).

DeedsOwnership of real property is transferred and evidenced by a document called a deed. A deed conveys real property only and cannot convey personal property.There are many types of deeds, including warranty deeds, grant deeds, bargain and sale deeds, quitclaim deeds, gift deeds, guardian's deeds, executor's deeds, personal representative's deeds (probate), sheriff's deeds, commissioner's deeds (foreclosure) and deeds in trust. The major difference in each case is the type of covenant made by the grantor.Division of RightsReal estate licensees sell more than land and buildings.They also can sell any rights to, interests in, and title to real property that affect the value of the real property.Every bundle of sticks (piece of real property) can be divided in many ways. The division is not that of acres or lots.Instead, it refers to the various rights that can be held in real property. Remember that such rights as water rights and mineral rights are part of the property and are separable.SalespersonMany states add to the licensee's activities the functions of property management, rental collection, and sale of

business opportunities.A real estate salesperson is any person who performs any of the acts set forth in the definition of real estate broker for compensation or valuable consideration or promise of compensation or valuable consideration, and does so only while associated with and supervised by a licensed broker.