Real estate trainers CRASH COURSE Flashcards

Real estate trainers CRASH COURSE Flashcards MisrepresentationDiscipline, civil, criminal Violating a conditionPenalties are more severe Real property1) Immovable2) land, fixtures, appurtenances3) bearing wall Licensee must discloseRelationship, acting as principal Appraisal's main concernMarketability and acceptability Listing agentIs seller's agent Agency not established by Voluntary offer Subornation Signed listing agreementSpecial agent Most restrictive restrictionRestricts Smart growthEcology friendly Licensee generally actsAs fiduciary CustomerOwed honesty and fairness Fee Simple Defeasibleno alcohol Deed restrictions are private restrictions Set by the developer or grantor Attorney-in-factMust record power of attorney Acting in fiduciary capacityLaws of agency Disclose As soon as practical/possible disclose, elect, confirm Unlicensed investorSecret profit ok Fee simple estate most interestindefinite duration maximum rightsleave to heirs (estate of inheritance) not free or encumbrance Special categories of land useTimeshare interests, resort development, housing for the elderly Police powerZoning And planningpromote public health, safety, morals, general welfarelegal non-conforming use in granfathered in Power of attorneyA form of agency Owners of condo, paid, co-opCommon interest in airspace above common areas Infill developerBuilding on underutilized lot in populated area encumbrances1) affects or limits title2) not insurance Not Real Property1) Leasehold estate2) emblements3) chose4) Picked fruits Description of agency agent represents principal fiduciary obligation EPA Superfund SitesClean up toxic waste, collection of statutes, establish liability (1976) (Brownfield) Economic Development Initiative Redevelop (contaminated) properties, a (HUD) program Water safe for drinkingPotable Agency disclosure form residential sales and leases for more than one year dual agency must be disclosed on commercial property Salesperson responsible toBroker Termination of agency Completion of task mutual agreement principal revokes agency, liable for damages death of broker listing expires object of agency is destroyed owner files for bankruptcy

Market value not cost most probable price market price PrincipalAppointed an agent Unlicensed electrical work unknown to licensee Innocent Planning commissionDoes not regulate ordinances Personal property1) Movable2) Alienated, hypothecated, become real property3) crop sold under contract4) trade fixtures5) chattel real Local building codesMinimum standards Quiet enjoymentPossession, paramount title Essential elements of valueDemand, utility, scarcity, transferable Less-than-freehold estateLeasing or renting interest Failed promiseCivil suit for damages Agency lawCalifornia Civil Code Gets negative declarationNo harm to environmental Tests for a fixture = MARIAM = method of attachmentA = adaptability of the itemR = relationship of the partiesI = intentionA = agreement1) not cost2) not time of attachment Pump and use underground watersOverlying rights Broker may notRemain silent concerning material facts Present all written offersUntil close of escrow Improved value of landLand and improvement Public reportDoes not include reasonable values By ratificationAlready acted as agent, actions accepted Water with shoreline like (L)ake(L)ittoral owner Taking water from public streamAppropriation Fiduciary dutiesUtmost care, integrity, honesty, loyalty PropertyRights or interests in the things you own Business cycleProsperity, recession, depression, expansion Conflict between codesHigher standards Seller provides buyerBylaws, CC&Rs, Financial Statement Termination not possibleBy estoppel Dual agent One broker for buyer and seller knowledge and consent of both cannot tell buyer that seller will sell for less in-house sale with two sales associates Rescind approval of new subdivisionDesist and refrain order Relationship of loyalty and trustTrustee and beneficiary Fiduciary dutiesTo buyer only Subdivision map actCities and counties CondominiumUndivided interest in common separate interest in airspace Not legally proper toKeep clients secrets Seller's agent agent for seller no fiduciary duty to buyer not reveal confidential information EstatesDegree, quantity, nature, extent of interest EscheatAssets revert to state

Don't present offer ifFrivolous or express instructions Buyer's agent canPresent offer to seller and seller's agent Freehold estateOwnership Liquidated damages limited toAmount of deposit Before burning trashLocal air district Master planPlanning, zoning districts, streets, seismic, futuristic Give public reportAnyone, anytime Promises to advertise and doesn'tActual fraud Value analysis of facts present worth, ability of one commodity, desirous persons not a fact Life estate based on a duration of someone's life estate on reversion (goes to owner) estate in remainder (goes to 3rd party) lease is valid as long as life tenant lives SubagencyDuty to seller only ClientPrincipal Building residential subdivisionAcquisition, approval, development Moving watercourse like riverRiparian owner (channel) Present multiple offersAt same time Single agentAgent is client oriented Subdivided lands law5 lots or more Money encumbranceLien, judgement, mortgage, trust deed AgentBroker, principal Non-money encumbrance easement - same rights as seller confirmed by - quiet title suit termínate easement with a quitclaim deed from dominant tenement prescription gives right to use (easement)Encroachment - sue neighbor for trespass Damages from brokerIf acts in excess Fixtures1) Incorporated into land2) Affixed to land3) become real property4) not incidental Estate for yearsdefine beginning and ending point lease store building for six months September 1 to January 1 Written agreementBest way Broker works for freeGratuitous agent appurtenances1) Run with the land2) easements, covenants, water company stocks3) not fixtures Buyer agency Requires buyer's consent no fiduciary duty to seller ConsiderationNot Required Water Beneath the surfacePercolating water Accepting unauthorized depositSeller's agent becomes buyer's agent for that one act