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32 Cards in this Set
- Front
- Back
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Biggest risk for buyer |
Losing money - balloon payments |
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Biggest risk for seller |
Damage to the property |
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Deficiency |
Sale where the value of the property is less than what is owed |
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Foreclosure |
Lender accelerates the debt - demands all the money now - circuit court |
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Forfiture |
Cannot accelerate debt - can only collect what is delinquent - basically used just for possession of the property - district court |
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2 main types of leases |
1. Lease for a period of time 2. Tenancy at will (month to month) |
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Security deposit |
Cannot charge security deposit more than 1 1/2 times the rent - must be deposited in separate bank account - must be inventory checklist |
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Holdover lease |
When landlord accepts rent after the expiration of a written period of time lease - if lease ends and they haven't renewed, can start immediate eviction |
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Sublease |
Partial transfer of the rights of a lease |
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Assignment of lease |
Transfer of entire rights of a lease |
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Landlord inspection |
Landlord has reasonable right of inspection upon notice, unless there's an emergency |
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2 types of eviction |
1. Demand for possession - Nonpayment of rent - period of time lease - requires 7 days notice 2. Notice to quit - Eviction as a termination of tenancy - month to month lease - requires 30 day notice |
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Adverse possession |
Acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period |
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Zoning |
Public control over private land use - involves regulation of land but may not constitute a taking of the property |
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Variance |
A use differing from that provided in the zoning ordinance and granted to avoid due hardship |
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Nonconforming use |
A use not in accordance with, but existing prior to, a zoning ordinance - permitted to continue for at least a reasonable time |
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Enabling acts |
Right to restrict or limit use of property - 4 of them |
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Special use permit |
Uses allowed under certain conditions |
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Land division act |
Limits how many times land can be divided - parcels of 10 acres or less is 4 times |
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Zoning board of appeals |
Meets anytime there's an appeal for a nonconformity |
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2 types of variances |
Non use variance - least restrictive - usually setbacks that aren't being met Use variance |
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Eminent domain |
Public taking of private property |
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Partition |
Circuit court action - remedy to divide property between owners or to sell property and divide proceeds |
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Acquiescence |
If one person owned entire property and they sold it, there was an agreement where the property line was |
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Riparian rights |
Right to use or own land located on water Public lake - public has surface rights Private Lake - land owners have surface rights In great Lakes, property owner owns up to water mark |
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Quiet title |
Action filed by owner of property to clear up a cloud on the title |
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Remedies for default on land contract |
Forfiture and foreclosure |
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Lease with no specific term |
Month to month (tenancy at will) |
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A lease is a contract |
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2 types of notices |
Demand for possession - Notice to quit - Do not have to give notice if lease expires - goes to month to month is accept payments |
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2 statutes that govern landlord tenant law |
Truth in renting act - Landlord tenant relationship act - |
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2 types of eviction notices |
Demand for possession Notice to quit |
