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19 Cards in this Set
- Front
- Back
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* = Test question * What insurance covers both fire & theft? |
Homeowners Package |
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Homeowners package covers: |
Property: environment - storm, fire, flood, etc. Liability: person injury |
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* Who licenses Mortgage brokers? |
Dept of Financial Services |
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* If broker license is taken away, what happens to salesperson? |
SP license is suspended until they associate with another broker. |
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What was 1st Fair Housing Law? |
1866 Civil Rights Act |
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When is dual agency legal? |
with informed consent in writting (Agency Disclosure Form) |
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Freehold |
means to own |
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Fee Simple |
owner has complete bundle of rights |
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Deed restriction |
says what you can / cannot do with real estate |
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Restrictive Covenant |
similar to deed restrictions but not written in deed, but written |
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* What is a common deed restriction in a subdivision? |
Set backs |
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What is Doctrine of Laches |
Loss of legal rights occurs due to the failure to assert rights in a timely manner |
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What is Government power |
Police power; (legal theory) Gov't has right to protect the public |
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* Under police power a RE license is required according to what law |
Article 12-A |
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Escheat |
NYS will take possession, and search for next of kin when a home owner passes without will or direct next of kin |
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Eminent Domain |
Gov't constitutional power to appropriate or condemn private property for public use as long as owner is compensated |
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* Who protects wet lands |
Army Corp of Engineers |
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What does SEQRA stand for |
State Environmental Quality Review Act |
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State Environmental Quality Review Act |
Requires an environment impact statement (report) if one intends to build in a sensitive area |
