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183 Cards in this Set

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WHAT DOES REAL MEAN IN REAL ESTATE?
REAL PROPERTY, IF ITS REAL PROPERTY ITS UNMOVABLE
WHAT DOES THE WORD ESTATE MEAN IN REAL ESTATE?
MEANS AN INTEREST IN REAL PROPERTY
GRANTOR
SIGNS THE DEED TRANSFERING TITLE, USUALLY THE SELLOR
GRANTEE
RECIEVER OF THE DEED, USUALLY THE BUYER
LESSOR
PROPERTY OWNER OR AGENT FOR THE OWNER
LESSEE
TENANT
HOW ARE ESTATES CREATED?
ORIGINAL ENTRY
ADVERSE POSSESSION
VOLUNTARY ALIENATION
INVOLUNTARY ALIENATION
ORIGINAL ENTRY
TRANSFER OF GOVERNMENT LAND TO PRIVATE OWNERSHIP FOR THE FIRST TIME(LAND GRANT)N.M. IS THE LARGEST LAND GRANT IN THE US.
PATENT
DOCUMENT THE GOVERNMENT USES TO TRANSFER TITLE TO PRIVATE OWNER
ADVERSE POSSESSION
A METHOD OF OBTAINING LEGAL, ACTUAL TITLE (DEED) THROUGH POSSESSION OF THE PORPERTY
A. CONTINUIOUS
B. OPEN FOR THE WORLD TO SEE
C. W/O PERMISSION OF THE OWNER
D. FOR THE STATUE OF LIMITAITON (N.M. ITS 10 YRS) ONCE FULLFILLED ITS NOT AUTOMATIC YOU MUST GO TO COURT AND FILE A QUIET TITLE SUIT
QUIET TITLE SUIT
CLEARS A TITLE
A. REMOVE A DEFECT THAT CAN NOT BE REMOVED ANY OTHER WAY.
B. ESTABLISHES OWNERSHIP
VOLUNTARY ALIENATION
VOLUNTARY TRANSFER OF TITLE:
A. SELL IT
B. GIFT IT
C. WILL IT
C. DECENT - CLOSEST LIVING HEIRS
INVOLUNTARY ALIENATION
SOLD AGAINST WISHES OF OWNER
A. FORCLOSURE
B. SHERRIFS SALE
C. TAX SALE
ACCRETION
GRADUALE BUILD UP OF SOIL THAT IS THE RESULT OF MOVING WATER, RIVERS AND STREAMS
EROSION
THE GRADUAL WEARING AWAY OF LAND MY NATURAL FORCES, WIND, RAIN AND FLOWING WATER
REAL
REAL PROPERTY, IF ITS REAL PROPERTY ITS UNMOVABLE
ESTATE
MEANS AN INTEREST IN REAL PROPERTY
GRANTOR
SIGNS THE DEED TRANSFERING TITLE, USUALLY THE SELLOR
GRANTEE
RECIEVER OF THE DEED, USUALLY THE BUYER
LESSOR
PROPERTY OWNER OR AGENT FOR THE OWNER
LESSEE
TENANT
HOW ARE ESTATES CREATED?
ORIGINAL ENTRY
ADVERSE POSSESSION
VOLUNTARY ALIENATION
INVOLUNTARY ALIENATION
ORIGINAL ENTRY
TRANSFER OF GOVERNMENT LAND TO PRIVATE OWNERSHIP FOR THE FIRST TIME(LAND GRANT)N.M. IS THE LARGEST LAND GRANT IN THE US.
PATENT
DOCUMENT THE GOVERNMENT USES TO TRANSFER TITLE TO PRIVATE OWNER
ADVERSE POSSESSION
A METHOD OF OBTAINING LEGAL, ACTUAL TITLE (DEED) THROUGH POSSESSION OF THE PORPERTY
A. CONTINUIOUS
B. OPEN FOR THE WOLD TO SEE
C. W/O PERMISSION OF THE OWNER
D. FOTHE STATUE OF LIMITAITON (N.M. ITS 10 YRS) ONCE FULLFILLED ITS NOT AUTOMAIC YOU MUST GO TO COURT AND FILE A QUIET TITLE SUIT
QUIET TITLE SUIT
CLEARS A TITLE
A. REMOVE A DEFECT THAT CAN NOT BE REMOVED ANY OTHER WAY.
B. ESTABLISHES OWNERSHIP
VOLUNTARY ALIENATION
VOLUNTARY TRANSFER OF TITLE:
A. SELL IT
B. GIFT IT
C. WILL IT
C. DECENT - CLOSEST LIVING HEIRS
INVOLUNTARY ALIENATION
SOLD AGAINST WISHES OF OWNER
A. FORCLOSURE
B. SHERRIFS SALE
C. TAX SALE
ACCRETION
GRADUAL BUILD UP OF SOIL THAT IS THE RESULT OF MOVING WATER, RIVERS AND STREAM
EROSION
THE GRADUAL WEARING AWAY OF LAND MY NATURAL FORCES, WIND, RAIN AND FLOWING WATER
AVULSION
THE SUDDEN REMOVAL OF SOIL BY AN ACT OF NATURE. IE. EARTHQUAKE OR MUDSLIDE
DEED
A WRITTEN INSTRUMENT WEHN DULY EXECUTED TRANSFERS TITILE TO REAL PROPERTY (ONLY BY THE GRANTOR OR COURT OF LAW)
PERSONAL PROPERTY
IS MOVABLE ALSO REFERRED TO AS CHATTELS, CHAIRS, TABLES CLOTHING,MONEY,BONDS,BANK ACCOUNTS. TRADE FIXTURES ARE INCLUDED IN PERSONAL PROPERTY.
FIXTURES
PERSONAL PROPERTY THAT IS ATTACHED TO REAL PROPERTY IN SUCH A MANNER THAT IT BECOMES REAL PROPERTY CONVEYING WITH THE REAL PROPERTY.
HOW DO YOU TEST IF PERSONAL PROPERTY IS A FIXTURE?
ITS A QUESTION OF INTENT. DID THE PEROSN WHO INSTALLED THE ITEM INTEND IT TO REMAIN PERMANENTLY ON THE PROPERTY OR TO BE REMOVABLE IN THE FUTURE.
METHOD ON ANNEXATION:
HOW PERMANENT IS THE METHOD OF ATTACHMENT? CAN THE ITEM BE REMOVED WITHOUT CAUSING DAMAGE TO THE SURROUNDING PROPERTY?
ADAPTION TO REAL ESTATE:
IS THE ITEM BEING USED AS REAL PROPERTY OR PERSONAL PROPERTY?
AGREEMENT:
HAVE THE PARTIES AGREED ON WHETHER THE ITEM IS REAL OR PERSONAL PROPERTY IN THE OFFER TO PURCHASE?
WHAT ARE THE 4 ECONOMIC CHARACTERISITCS OF REAL ESTATE?
1. SCARCITY
2. IMPORVEMENT
3. PERMANENCE OF INVESTMENT
4. LOCATION
WHAT ARE THE 3 PHYSICAL CHARACTERISITCS OF REAL ESTATE?
1. IMMOBILITY
2. INDESTRUCTIBILITY
3. UNIQUENESS
AGENCY
A FIDUCEARY RELATIONSHIP BETWEEN PRINCIPLE AND AGENT WHERE BY THE PRINCIPLE HAS AUTHORIZED THE AGENT TO ACT ON HIS/HER BEHALF.
FIDUCEARY
OF THE HIGHEST TRUST
WHAT ARE THE 5 COMMON-LAW FIDUCIARY DUTIES
1. CARE
2. OBEDIENCE
3. ACCOUNTING
4. LOYALTY (CONFIDENTIALITY)
5. DISCLOSURE
WHAT ARE FREE HOLD ESTATES?
OWNERSHIP IN THE LAND. LAST FOR INDETERMINABLE LENGTH OF TIME. INCLUDE FEE SIMPLE, DEFEASIBLE FEE AND LIFE ESTATES
WHAT DOES FEE MEAN?
FEE MEANS INHERITABLE, CAN BE WILL OR INHERITED
WHAT IS A FEE SIMPLE ESTATE
THE HIGHEST INEREST IN REAL ESTATE RECOGNIZED BY LAW. ABSOLUTE OWNERSHIP. OWNER IS ENTITLED TO ALL RIGHTS TOTHE PROPERTY LIMITED ONLY BY PUBLIC AND PRIVATE RESTRICTIONS SUCH AS ZONING LAWS AND RESTRICTIVE COVENANTS.THIS ESTATE IS OF UNLI9MITED DURATION. INHERITABLE, WILLABLE
WHAT IS A FEE SIMPLE DEFEASIBLE?
ITS A QUALIFIED ESTATE, SUBJECT TO THE OCCURENCE OR NONOCCURRENCE OF AN EVENT. "ON THE CONDITION THAT".
HOW MANY TYPES OF DEFEASIBLE ESTATES EXIST?
TWO,
FEE SIMPLE CONDITIONAL
FEE SIMPLE DETERMINALBE
DEFINE FEE SIMPLE CONDIDTONAL.
A FEE SIMPLE ESTATE QUALIFIED BY A CONDITION SUBSEQUENT, WICH MEANS THE NEW OWNER MUST NOT PERFORM SOME ACTION OR ACTIVITY. INHERITABLE, WILLABLE
DEFINE FEE SIMPLE DETERMINABLE.
A FEE SIMPLOE WITH A SPEDCIAL LIMINTANTION. THE ESTATE ENDS AUTOMATICALLY ON THE CURRNET OWNERS FAILURE TO COMPLY WITH THE LIMITATION. "SO LONG AS","WHILE","DURING". INHERITALBLE, WILLABLE
WHAT IS A LIFE ESTATE?
A FREEHOLD ESTATE LIMITED IN DURATION TO THE LIFE OF THE OWNER OR THE LIFE OF SOME OTHER DESIGNATED PERSON OR PERSONS. NON INHERITABLE. PASSES TO FUTURE OWNERS ACCORDING TO THE PROVISIONS OF THE LIFE ESTATE.
WHAT IS A CONVENTIONAL LIFE ESTATE?
ESTABLISHED BY DEED AT THE TIME THE OWNERSHIP IS TRANSFERRED DURING THE OWNERS LIFE OR BY A PROVISION OF THEOWNERS WILL AFTER HIS/HER DEATH. THE ESTATE IS CONVEYED TO AN INDIVIDUAL WHO IS CALLED THE "LIFE TENANT"
WHEN DOES A LIFE ESTATE END?
WHEN THE LIFE TENANT DIES. THE OWNERSHIP THEN PASSES TO ANOTHER DESIGNATED INDIVIDUAL OR RETURNS TO THE PREVIOUS OWNER.
WHAT DOES PUR AUTRE VIE MEAN?
"FOR THE LIFE OF ANOTHER" A LIFE ESTATE MAY BE BASED ON THE LIFETIME OF A PERSON OTHER THAN THE LIFE TENANT. THIS TYPE OF ESTATE PROVIDES FOR INHERITANCE BY THE LIFE TENANTS HEIRS ONLY UNTIL THE DEATH OF THE PERSON AGAINST WHOSE LIFE OF THE ESTATE IS MEASURED.
WHEN IS A LIFE ESTATE PUR AUTRE VIE MOSTL COMMONLY USED?
A LIFE ESTATE PUR AUTRE VIE IS OFTEN CREATED FOR THE PHYSICALLY OR MENTALLY INCAPACITATED IN THE HOPE OF PROVIDING AN INCENTIVE FOR SOMEONE TO CARE FOR HIM/HER.
HOW MANY TYPES OF LIFE ESTATES ARE THERE AND WHAT ARE THEY?
TWO:
1. ESTATE IN REVERSION
2. ESTATE IN REMAINDER
THREE IF YOU CONSIDER ESTATE PUR AUTRE VIE.
EXPLAIN ESTATE OF REVERSION.
THE GRANTOR NAMES HIMSELF/HERSELF TO RECIEVE THE PROPERTY/RECAPTURE OWNERSHIP WHEN THE LIFE ESTATE ENDS. THE OWNERSHIP REVERTS BACK TO THE ORIGANAL OWNER.
EXPLAIN ESTATE IN REMAINDER.
THE GRANTOR NAMES A PERSON/PERSONS OTHER THEN HIMSELF/HERSELF TO RECIEVE THE REMAINDER OF THE LIFE ESTATE.
WHO IS THE REMAINDERMAN?
THE PERSON THAT RECIEVES THE ESTATE AFTER THE LIFE ESTATE HAS ENDED.
NAME THE RIHTS OF A LIFE TENANT.
1.RIGHT OF POSSESION-IF THERE IS AN EXISTING LEASE WHEN CREATED CANNOT TAKE POSSESSION UNTIL ITS COMPLETED
2. RIGHT OF INCOME
3. RIGHT TO MORTGAGE THE PROPERTY-IN DOING SO, NOT OBLIGATING THE GRANTOR OR THE REMAINDERMAN.
4. RIGHT TO SELL THE LIFE ESTATE
5. RIGHT OF ESTOVERS-TO USE THE TIMBER ON THE LAND FOR REPAIRS AND FUEL
WHAT ARE THE OBLIGATIONS OF A LIFE TENANT?
1. MAKE LOAN PAYMENT IF EXISITING LOAN
2. PAY PROPERTY TAXES
3. KEEP PROPERTY INSURED
4.KEEP THE PROPERTY IN REPAIR-MAKE SURE THE PROPERTY IS IN THE SAME CONDITION WHEN THE LIFE ESTATE WAS CREATED,NORMAL WEAR AND TEAR IS EXCEPTED.
HOW MANY LEGAL LIFE ESTATES ARE THERE AND HOW ARE THEY CREATED?
THREE
1.DOWER
2.CURTESY
3.HOMESTEAD
DEFINE CURTESY
THE LIFE ESTATE THAT A MAN HAS IN THE REAL ESTAED OF HIS DECEASED WIFE.
DEFINE DOWER?
THE LIFE ESTAE THAT A WIFE HAS IN THE REAL ESTATE OF HER DECEASED HUSBAND.
DEFINE HOMSTEAD
A LEGAL LIFE ESTATE, WHERE THE PRIMARY RESIDENCE IS PROTECTED FROM HEING SOLT TO APY OFF THE DEBTS OF THE OWNER. EXCEPTIONS ARE A LENDER MAY FORCLOSE IN CASE OF DEFAULT ALSO NOT PROTECTED FROM PROPERTY TAX SALE.
EXPLAIN NEW MEXICO'S HOMESTEAD EXEMPTION.
NEW MEXICO HAS A HOMESTEAD EXEMPTION LAW, MONEY FROM A COURT SALE IS RETURNED TO THE FORMER OWNER(STARTING OVER MONEY)
MARRIED COUPLES $60K MAX
SINGLE PERSONS $30K MAX
ALSO APPLIES TO BANKRUPTSY AND JUDGMENT LEANS
WHAT IS A LEASE?
A CONTRACT BETWEEN AN OWNER OF REAL ESTATE(LESSOR) AND A TENANT(LESSEE) TO TRANSFER THE LESSORS (TENANT) EXCLUSIVE POSSESSION AND USE OF THE PROPERTY THE TENANT FOR A SPECIFIED PERIOD OF TIME.
WHAT HAPPENS WHEN LEASED PROPERTY IS SOLD?
SALE OF THEPORPERTY ORE DEATHOF ONE OF THE PARTIES WILL NOT EFFECT A LEASE, IT IS A BINDING CONTRACT.
WHEN IS RENT DUE?
IN N.M. RENT IS DUE ON THE FIRST DAY OF EVERY MONTH OR THE FIRST DAY OF EVERY TENTAL PERIOD WHICH EVER IS LESS.
WHAT ARE TRADE FIXTURES?
ITEMS OF PERSONAL PROPERTY A BUSINESS NEEDS TO CONDUCT A BUSINESS. THEY REMAIN THE PROPERTY OF THE TENANT. THE TENANT HAS THE RIGHT TO REMOVE THEM WHEN THE LEASE ENDS. THE TENANT IS RESPONSIBLE TO REPAIR ANY DAMAGE CAUSED BY REMOVAL OF ANY TRADE FIXTURES.
WHAT IS A SUBLEASE?
THE PRIVILEGE OF A PERSON WHO HAS LEASED A PROPERTY TO LEASE IT TO ANOTHER PERSON. MUST BE STATED SPECIFICALLY IN THE LEASE.
WHAT IS AN ASSIGNMENT OF LEASE
WHEN THE LESSEE FINDS A NEW TENANT TO TAKE OVER EXISITING LEASE AND ASSIGN ALL RIGHTS AND LIABILITIES FOR THAT LEASE TO THE NEW LESSEE.
DEFINE LEASEHOLD ESTATES
A TENANTS RIGHT OT POSSESS REAL ESTATE FOR THE TERM OF THE LEASE. TENANTS INTEREST IN THE LEASE (NON OWNERSHIP INTEREST)
NAME THE FOUR LEASHOLD ESTATES
1. ESTATE(TENANCY)FOR YEARS
2. ESTATE(TENANCY)FROM YEAR TO YEAR
3. ESTATE(TENANCY) AT WILL
4. ESTATE(TENANCY) AT SUFFERANCE
EXPLAIN ESTATE(TENANCY)FOR YEARS.
THE ONLY LEASE THAT IS FOR A SPECIFIED PERIOD OF TIME. ALWAYS HAS A SPECIFIC STARTING AND ENDING DATE.
BEGINING DATE IS THE DATE OF POSSESSION. ENDING DATE IS THE DATE OF EXPERATION.
HOW MUCH NOTICE IS REQUIRED TO TERMINATE AN ESTATE(TENANCY)FOR YEARS?
NO NOTICE. WHEN THE DATE OF EXPERATION COMES THE LEASE EXPIRES.
EXPLAIN ESTATE(TENANCY)FROM YEAR TO YEAR. (PERIOD TO PERIOD)
THIS LEASE DOES NOT CONTNAIN A SPECIFIC EXPERATION DATE. MOST COMMONLY REFERED TO AS MONTH TO MONTH. AUTOMATICALLY RENEWABLE UNTIL ONE OF THE PARTIES GIVES NOTICE TO TERMINATE.
IN A RESIDENTIAL LEASE, EITHER A ESTATE FOR YEARS OR ESTATE FROM YEAR TO YEAR, HOW IS NOTICE TO TERMINATE GIVEN?
EITHER PARTY MUST GIVE 30 DAY WRITTEN NOTICE. NOTICE MUST INCLUDE ONE FULL RENTAL PERIOD
WHEN A TENANT WITH A ESTATE FOR YEARS REMAINS IN POSSESSION OR HOLDS OVER AFTER THE LEASE TERM EXPIRES, WHAT TYPE OF TENANCY IS CREATED?
A HOLDOVER TENANCY. THE ESTATE FOR YEARS NOW BECOMES AN ESTATE FROM YEAR TO YEAR OR PERIOD TO PERIOD.
WHAT IS AN ESTATE(TENANCY)AT WILL?
GIVES THE TANANT TO RIGHT OT POSSESS PROPERTY WITH THE LANLORD CONSENT FOR AN UNKNOWN DURATION. CONTINUES UNTIL TERMINATED BY EITHER PARTY GIVING PROPER NOTICE. DEATH OF EITHER PARTY AUTOMATICALLY TERMINATES LEASE.
WHAT IS AN ESTATE(TENANCY) AT SUFFERANCE?
ALSO CALLED A HOLDOVER LEASE. WHEN A TENANT FAILS TO MOVE OUT WHEN LEASE HAS EXPIRED OR HAS GIVEN NOTICE AND HAS NOT MOVED OUT.
WHEN A ESTATE AT SUFFERANCE IS CREATED, WHAT TWO THINGS COULD HAPPEN?
1. THE LANDLORD COULD EXEPT RENT OFFERD BY THE TENANT AND AN ESTATE FROM PERIOD TO PERIOD IS CREATED.
2. THE TENANT IS EVICTED
WHAT ARE THE FOUR ELEMENS OF A VALID LEASE?
1.CAPACITY TO CONTRACT
2.LEGAL OBJECTIVES
3.OFFER AND ACCEPTANCE
4.CONSIDERATION
EXPLAIN CAPACITY TO CONTRACT
THE PARTIES OF A LEASE MUST HAVE THE LEGAL CAPACITY TO CONTRACT
EXPLAIN LEGAL OJECTIVES
THE OBJECTIVES OF THE LEASE MUST BE LEGAL.
EXPLAIN OFFER AND ACCEPTANCE
THE PARTIES MUST REACH A MUTUAL AGREEMENT ON ALL THE TERMS OF THE CONTRACT
EXPLAIN CONSIDERATION
A LEASE MUST BE SUPPORTED BY VALID CONSIDERATION. RENT IS THE NORMAL CONSIDERATION GIVEN FOR THE RIGHT TO OCCUPY THE LEASED PROPERTY.
WHAT IS A GORSS LEASE?
TENANT PAYS A SPECIFIED AMOUNT AND NO OTHER AMOUNT.
WHAT IS A NET LEASE?
TENANT PAYS A SPECIFIED AMOUNT OF RENT EVERY MONTH PLUS EXPENCES AS STATED IN THE LEASE.
WHAT IS A NET NET LEASE?
TENAT PAYS UTILITIES, HEATING AND COOLING MAINTENANCE, GLASS REPLACEMENT, ANYTHING STATED IN THE LEASE.
WHAT IS NET NET NET LEASE (TRIPLE NET LEASE)?
TENANT PAYS EVERYTHING STATED IN THE LEASE INCLUDING THE PROPERTY TAX AND INSURNACE.
WHAT IS A PERCENTAGE LEASE?
TENANT PAYS A SPECIFIED AMOUNT OF MONTY RENT (BASE) PLUS A PERCENTAGE OF GROSS MONTHLY INCOME.
WHAT IS A STRAIGHT PERCENTAGE LEASE?
TENANT PAYS NO BASE RENT. JUST A PERCENTAGE OF GROSS MONTY INCOME.
WHAT IS A GROUND LEASE?
LONGTERM LEASE WERE THE LAND IS LEASED. MOST COMMON TIME IS 99YRS.
WHAT IS A VARIABLE LEASE?
AN INDEX LEASE. TIED TO THE CONSUMER INDEX. LEASE HAS A STEP INCREASES IN RENT AND SPECIFIC DATES FOR INCREASES. THE PERCENTAGE LEASE IS THE MOST COMMOM VARIABLE LEASE.
TO BE ENFORCABLE, A LEASE MUST BE....
IN WRIGHTING IF LONGER THEN ONE YEAR TO BE ENFORCABLE
A LEASE TRANSFERS WHAT?
POSSESSION
A DEED TRANSFERS WHAT?
TITLE
WHAT IS A LISTING AGREEMNENT?
AN EMPLOYMENT CONTRACT FOR THE PROFESSIONAL SERVICES OF THE BROKER EITHER ORAL OR WRITTEN. HOWEVER TO BE ENFORCABLE IT MUST BE IN WRITING.
NAME THE THREE TYPES OF LISTING AGREEMNETS
1.EXCLUSIVE RIGHT TO SELL LISTING
2.EXLUSIVE AGENCY LISTING
3.OPEN LISTING
EXPLAIN EXLUSIVE RIGHT TO SELL LISTING.
SELLER GIVES ONE LISTING TO ONE BROKER. NO MATTER WHO SELLS THE LISTING, EVEN THE OWNER THE BROKER IS DUE THE COMMISSION. IT MUST HAVE AN EXPERATION DATE.THIS LISTING IS USED 99% OF THE TIME AND OFFERS THE GREATES OPPORTUNITY TO RECIEVE A COMMISSION.
EXPLAIN EXLUSIVE AGENCY LISTING.
SELLER GIVES ONE LISING TO ONE BROKER HOWEVER THE SELLER RETAINS THE RIGHT TO SELL THE PROPERTY AND NOT PAY A COMMISSION. ONLY IF THE BROKER HAS BEEN THE PROCURING CAUSE OF THE SALE DOES HE/SHE RECIEVE A COMMISSION.
WHAT IS AN OPEN LISTING?
SELLER RETAINS THE RIGHT TO EMPLOY ANY NUMBER OF BROKERS AS AGENT. THE BROKERAGE THAT SELLS THE PROPERTY IS DUE A COMMISSION. THE SELLER RETAINS THE RIGHT TO SELL THE PROPERTY AND RETAIN THE COMMISSION. AN OPEN LISTING HAS NO EXPERATION DATE.
NAME THREE SPECIAL LISTING PROVISIONS.
1.MULTIPLE LISTING
2.NET LISTING
3.OPTION LISTING
EXPLAIN A MULTIPLE LISTING PROVISION.
A MULTIPLE LISTIN CLAUSE MAY BE INCLUDED IN AN EXLUSIVE LISTING. IT IS USED BY BROKERS WHO ARE MEMBERS OF A MULTIPLE LISING SERVICE (MLS)
WHAT IS A MLS?
A MARKETING ORGANIZATION WHOS BROKER MEMBERSMAKE THEIR EXCLUSIVE LISTINGS AVAILABLE THROUGH OTHER BROKERS AND GET ACCESSS TO OTHER BROKERS LISTING AS WELL.
EXPLAIN A NET LISTING PROVISION.
A METHOD OF DETERMINING A LISTING PRICE BASED UPON WHAT THE SELLER WANTS TO NET. WITH THE EXCESS GOING TO THE LISTING BROKER AS COMMISSION. ILLEGAL IN MANY STATES, DISCOURAGED IN OTHERS.
EXPLAIN AN OPTION LISTING PROVISION.
A PROVISION THAT BIVES THE BROKER THE RIGHT TO PURCHASE THE LISTED PROPERTY.MAY OPEN THE BROKER TO CHARGES OF FRAUD UNLESS THE BOKER IS SCRUPULOUS IN FULFILLING ALL OBLIGATIONS TO THE PROPERTY OWNER. NOTIFICATION TO THE PROPERTY OWNE AND AGREEMENT MUST BE IN WRITING.
WHAT IS AN EXCLUSIVE BUYER AGENCY AGREEMENT?
COMPLETELY EXCLUSIVE AGENCY AGREEMENT. THE BUYER IS LEGALLY BOUND TO COMPENSATE THE AGENT WHENEVER THE BUYER PURCHASED A PROPERTY THE TYPE DESCRIBED IN THE CONTRACT. EVEN IF THE BUYER FINDS THE PROPERTY THE AGEN IS ENTITLED TO PAYMENT.
WHAT IS AN EXCLUSIVE AGENCY BUYER AGENCY AGREEMENT?
AN EXCLUSIVE CONTRACT BETWEEN THE BUYER AND THE AGENT. THE BROKER IS IS ENTITLED TO PAYMENT ONLY IF HE OR SHE LOCATES THE PROPERTY THE BUYER PURCHASES.
WHAT IS AN OPEN AGENCY AGREEMENT?
A NONEXCLUSIVE ANGENCY CONTRACT BEWEEN A BROKER AND A BUYER. THE BUYER CAN ENTER INTO SIMILAR AGREEMENT WITH AN UNLIMITED NUMBER OF BROKERS. ONLY THE BROKER THAT LOCATES TEH PROPERTY THE BUYER PURCHASES RECIEVES COMPENSATION.
WHAT IS EXPRESS AGENCY?
A CONTRACT IN WHICH THE PARTIES FROMALLY EXPRESS THEIR INTENTION TO ESTABLISH AN AFENSY AND STATE ITS TERMS AND CONDIDIONS. MUST BE WRITTEN.
WHAT IS AN IMPLIED ANGENCY?
WHEN THE ACTIONS OF THE PARTIES INDICATE THAT THEY HAVE MUTUALLY CONSENTED TO AN AGENCY EITHER UNINEENTIONALLY, INADVERTENTLY OR ACCIDENTALLY.
WHAT IS A UNIVERSAL AGENT?
A PERSON EMPOWERD TO DO ANYTHING THE PRINCIPLE COULD DO PERSONALLY. VIRTUALLY UNLIMITED. CREATED BY A GENERAL POWER OF ATTORNEY WHICH MAKES THE AGENT AN ATTORNEY IN FACT.
WHAT IS A GENERAL AGENT?
MAY REPRESENT THE PRINCIPAL IN A BROAD RANGE OF MATTERS RELATED TO A PARTICULAR BUSINESS OR ACTIVITY. A PROPERTY MAMAGER IS A GENERAL AGENT FOR THE OWNER.
WHAT IS A SPECIAL AGENT?
OR A LIMITED AGENT CREATED FOR ONE SPECIFIC PURPOSE TO REPRESENT THE PRINCIPAL IN ONE SPEDIFIC ACT OR BUSINESS TRANSACTION ONLY, UNDER DETAILED INSTRUCTIONS. CREATED WITH A SELLERS AGENCY OR A BUYERS AGENCEY.
WAHT IS A DESIGNATED AGENT?
A PERSON AUTHORIZED BY THE BROKER TO ACT AS THE AGENT OF A SPECIFIC PRINCIPAL. THUS TWO SALESPERSONS FROM THE SAME REAL ESTATE COMPANY MAY END UP REPRESENTING OPPOSITE SIDES IN A PROPERTY SALE.
WHAT IS A SINGLE ANGENY?
IN SINGLE AGENCY , THE AGENT REPRESENTS ONLY ONE PARTY IN ANY SIGLE TRANSACTION.OWEING EITHER DIDUCIARY OR STATUTORY DUTIES ESCLUSIVELY TO ONE PROCIPAL EITHER THE BUYER OR SELLER IN A TRANSACTION.
WHAT IS DUAL AGENCY?
BECAME LEGAL IN HOUSE ONLY IN 1992 IN N.M. THE AGENT REPRESENTS TWO PRINCIPALS IN THE SAME TRANSACTION. WHEN THE BROKER IS THE AGEN OF THE BUYER AND THE SELLER.
WHAT ARE THE OBLIBATIONS(DUTIES) OF A PRINCIPLE?
1.COMPENSTATION-IF AGREED TO PAY A COMMISISON, MUST DO SO
2.REIMBURSE-FOR REPAIRS MADE OUT OF NECESSITY.
3.PERSONALY INDEMNIFY(HOLD HARMLESS) FOR ANY DAMAGE THAT WAS A RESULT OF THE AGENT FOLLOWING THE INSTRUCTIONS OF THE PRINCIPLE.
AN AGENCY MAY BE TERMINATED FOR WHAT REASONS?
1. DEATH OR INCAPACITY OF EITHER PARTY.
2.DESTRUCTION OR CONDEMNATION OF PROPERTY.
3.MUTUAL AGREEMENT
4.BREACH
5.OPERATION OF LAW-BANKRUPTCY OF THE PRINCIPAL
6.COMPLETION, PERFORMANCE PROPERTY WAS EITHER BOUUGHT OR SOLD.
WHAT IS A CONTRACT?
A VOLUNTARY AGREEMENT OR PROMISE BETWEEN LEGALLY COMPETENT PARTIES TO PERFORM SOME LEGAL ACT IN EXCHANGE FOR CONSIDERATION.
WHAT ARE THE FIVE ELEMENTS OF A CONTRACT?
1.MUTUAL ASSENT OR MUTUAL CONSENT MUTUAL AGREEMENT. "MEETING OF THE MINDS" ON EVERY SINGEL TERM OF CONTRACT.
2.CONSIDERATION-ANYTHING OF VALUE IN RETURN FOR A PROMISE
3.LEGALLY COMPETENT PARTIES.
4.VOLUNTARY
5.LEGAL ACT
IS EARNEST MONEY CONSIDERATION?
NO, IT IS GOOD FAITH MONEY PUT UP BY THE BUYER SO THE SELLER WILL KNOW HE IS SERIOUS. NOT REQUIRED AND IS NEGOTIIABLE.
CAN A PERSON DECLARE THEY WERE INCOMPETENT WHEN SIGNING A CONTRACT?
NO THEY MUST BE DECLARED INCOMPETENT MY A COURT OF LAW. THEN A GUARDIAN OR CONSERVATOR WILL BE APPOINTED
NAME 8 ADDITIONAL ELEMENTS NEDDED IN A REAL ESTATE PURCHASE AGREEMENT.
1.DATE
2.NAME AND SIGNATURES
3.LEGAL DISCRIPTION OF PROPERTY
4.SALES PRICE, TERMS AND CONDIDITONS
5.DEFAULT CLAUSE
6.EFIDENCE OF TITLE
7.POSESSION,PRORATION AND CLOSING DATE.
8.ANY OTHER PROVISIONS REQUIRED BY EITHER PARTY.
WHAT ARE PRORATIONS?
MONEY DUE THAT HAS NOT BEEN PAID YET IE.PROPERTY TAX
DEFINE A BILATERL CONTRACT.
A PROMISE FOR A PROMISE. BOTH PARTIES HAVE PROMISED TO PERFORM. MOST REAL ESTAE CONTRACT ARE BILATERAL
DEFINE A UNILATERAL CONTRACT.
ONE PROMISE, A PROMISE IN RETURN FOR AN ACTION AN OPTIONS IS THE MOST COMMON UNILATERAL CONTRACT.
WHAT IS AN EXECUTORY CONTRACT?
AN EXECUTORY CONTRACT EXISTS WHEN ONE OR BOTH PARTIES STILLHAVE AN ACT TO PERFORM. A SALES CONTRACT ISN AN ECECUTORY CONTRACT FROM THE TIME IT IS SIGNED UNTIL CLOSING.
WHAT IS AN EXECUTED CONTRACT?
ALL PARTIES HAVE FULFILLED THEIR PROMISES. THE CONTRACT HAS BEEN PERFORMED.
WHEN IS A CONTRACT VOID?
WHEN IT IS MISSING ONE OR MORE ELEMENTS. IT IS INVALID AND UNENFORCABLE AS IF IT HAD NEVER BEEN WRITTEN.
WHEN IS A CONTRACT VOIDABLE?
A CONTRACT THAT IS A VALID ENFORCABLE CONTRACT THAT MAY BECOME VOID IN THE FUTRUE. IF IT IS VOIDABLE IN THE FUTURE IT MUST BE TERMINATED WITH A TERMINATION AGREEMENT.
WHAT CAUSES A CONTRACT TO BE VOIDABLE?
1. A CONTINGENCY THAT CAN NOT BE REMOVED.
2.A MINOR-THE LAW SAYS A MINOIR HAS THE RIGHT TO CHANGE HIS/HER MIND
3.A DAMAGED PARTY-BOIDABLE BY THE DAMAGED PARTY IE. FRAUD, MISREPRESANETAION, DURRESS, OR A MISTAKE.
WHEN IS A CONTRACT DISCHARGED?
1.PERFORMANCE-CLOSING
2.REALEASE-AGREEMENT OF PARTIES SIGNING A TERMINASTION AGREEMENT.
3.ACCORD AND SATISFACTION-ACCORD IS A NEW TERM OR TEMS TO AN EXISTING CONTRACT,SATISFACTION IS AGREEMNET OF BOTH PARTIES TO NEW TERM OR TERMS
4.NOVATION-CHANGE ON PARTY TO AN EXISTING CONTRACT
5.ALTERATION
6.BANDRUPTCY
7.STATUTE OF LIMITAITON-CLOSING DATE
WHAT IS AN EXAMPLE OF A NOVATION?
WHEN YOU HAVE A UNDISCOLOSED BUYER, CONTRACT WILL BE SIGNED BY JOHN DOE OR ASSIGNEE.
WHEN DOES A CONTRACT BECOME BINDING?
WHEN ALL PARTIES HAVE SIGNED AND ALL PARTIES HAVE A COPY CONTAINING ALL SIGNATURES, PHYSICAL DELIVERY-UP INTILL PHYSICAL DELIVERY EVEN THOUGH THEY HAVE SIGNED THAT OFFER THE PARTIES CAN CHANGE THERE MINDS AND RECIND THE OFFER.
IN N.M. WHEN DOES A CONTRACT BECOME BINDING?
AS SOON AS VERBAL DELIVERY OF EXCEPTION IS GIVEN. A FAX CONSTITUTES DELIVERY
WHEN IS COMMISION EARNED?
WHEN WE BRING A READY WILLING AND ABLE BUYER TO THE SELLER.
WHEN IS A CONTRACT BREACHED?
1.DEFAULT A VIOLATON OF ANY OF THE TERMS OR CONDITIONS OF A CONTRACT WITHOUT LEGAL EXCUSE.
WHAT ARE THE RIHTS(CHOICES) OF THE NON DEFAULTING PARTY?
1. RESCISSION-CALL BACK AND VOID CONTRACT SIGH A TERMAINATION AGREEMENT.
2.SUIT FOR DAMAGES-FOR MONETARY LOSS UP TO THREE TIMES THE AMOUN OF THE LOSS
NAME POSSIBLE EXCUSES FOR NON-PERFORMANCE.
1.DESTRUCTION OF PROPERY
2.DEATH AND ILLNESS-BUT NOT DEATH IN REAL ESTATE.
3.MISTAKE-NOT KNOWN TO EITHER PARTY.
WHAT IS AN OPTION?
AN OPTION IS ENFORCABLE BY ONLY ONE PARTY THE OPTIONEE. IF THE OPTIONEE EXERSICES THE OPTION THE UNILATERAL CONTRACT BECOMES A BILATERAL CONTRACT
WHAT IS A LEASE OPTION?
CAN PURCHASE ANY TIME UP TO THE END OF THE LEASE AGREEMENT.
WHAT IS FIRST RIGHT OF REFUSAL?
WHEN A PERSON OR COMPANY WANTS TO BUY A PROPERTY THAT IS NOT FOR SALE
WHAT IS THE MAIN DIFFERANCE BETWEEN AN OPTION AND FIRST RIGHT OF REFUSAL?
THE FIRST RIGHT OF REFUSAL DOES NOT CONTAIN THE DETAILS OF THE PURCHASE.
WHAT IS A CONTRACT FOR DEED?
METHOD OF SELLER FINANCING , ALSO CALLED INSTALLMENT CONTRACT, AND ESCROW CONTRACT.
WHAT IS A SALES LEASBACK?
WHEN THE LESSEE WAS THE GRANTOR IN THE PREVIOUS ACTON EXAMPLE:
WALMART-GRANTOR
JOE INVESTOR-GRANTEE
THEN COMES THE LEASE
JOE INVESTOR-LESSOR
MALMART-LESSEE
WHAT IS FRAUD?
FRAUD IS THE INTENTIONAL UNTRUTH OR PARTIAL UNTRUTH
WAHT IS MISREPRESENTATION?
UNINTENTIONAL TRUTH OR UNTRUTH, ALSO KNOWN AS CONTRUCTIVE FRAUD.
WHAT IS THE DIFFERENCE BETWEEN FRAUD AND MISREPRESENTATON?
INTENT, FRAUD IS INTENTIONAL MISREPRESENTATION IN UNITENTIONAL
WHAT IS DURESS?
WHEN SOMEONE HAS ENTERED INTO A CONTRACT IN FEAR OF BODILY HARM. IF PROVEN IT MAKES CONTRACT VOIDAGLE.
WHAT OTHER THINGS MAKE A CONTRACT VOIDABLE?
1.ENTERING INTO A CONTRACT WITH A MINOR.
2.A CONTINGENCY THAT CAN NOT BE REMOVED.
WHAT IS STATUTE OF FRAUDS REGARDING A LEASE?
ANY LEASE MUST BE WRITTEN TO BE ENFORCABLE IF ITS LONGER THEN A YEAR.
WHAT IS STATUTE OF FRAUDS REGARDING THE SALE AND PURCHASE OF REAL ESTATE?
1.MUST BE IN WRITING TO BE ENFORCABLE
2.MUST HAVE THE DATE
3.NAMES AND SIGNATURE OF PARTIES
4.DISCRIBE THE PROPERTY
5.DISCRIBE TERMS AND CONDIDTION.
WHAT IS THE STATUE OF FRAUD REGARDING ANCENCY CONTRACTS?
AGENCY CONTRACTS NEED NOT BE IN WRITING BECAUSE OF THERE EMPLOYMENT STATUS. HOWEVER IS IS RECOMMENDED THEY BE IN WRITING BECAUSE OF POOR ENFORCABILITY.(IN N.M. NO AGENCY HAS BEEN FORMED UNLESS IT IS IN WRITING.
WHAT IS THE PAROL EVIDENCE RULE?
PAROL MEANS ORAL, "THE COURT SHALL NOT HEAR AS EVIDENCE AN ORAL CHANGE OT A WRITTEN CONTRACT"
THE INSTRUMENT THAT TRANSFER TITLE WHEN IMPLEMNETED IS?
A DEED
WHAT IS A GENERAL WARRENTY DEED? AND HOW MANY ARE THERE?
THERE ARE FIVE. A GENERAL WARRENTYH DEED IS WHEN THE GRANTOR WARRENTS AGAINST DEFECTS IN THE TITLE ALL THE WAY BACK TO THE PATENT
WHAT IS A PATENT?
THE DOCUMENT THE GOVERNMENT USES TO TRANSFER TITLE TO PRIVATE OWNERSHIP.
NAME THE FIVE GENERAL WARRENTY DEEDS.
1.WARRENTY OF SEIZIN
2.WARRENTY AGAINST ENCUMBERANCES
3.WARRENTY OF QUIET ENJOYMENT
4.WARRENTY OF FURTHER ASSURANCE
5.WARRENTS FOREVER
WARRENTY OF SEIZIN DOES WHAT?
THE GRANTOR WARRENTS HE /SHE LAWFULLY SEIZED THE PROPERTY FEE SIMPLE AND OWNS IT AND THEREFOR HAS THE RIGHT TO SELL IT.
WARRENTY AGAINST ENCUMBERANCE DOSE WHAT?
THE GRANTOR WARRENT THERE ARE NO ENCUMBERANCES OTHER THEN THOSE OF RECORD OF WICH THE GRANTEE IS AWARE AND ARE EXCLUDED FORM THIS WARRENTY.
WARRENTY OF QUIET ENJOYMENT DOES WHAT?
THE GRANTOR WARRENTS THE GRANTEE SHALL NOT BE DISTURBED IN HIS POSSESION OF THE PROPERTY BY A THIRD PARTY WITH A SUPERIOR CLAIM.
WARRENTY OF FUTHER ASSURANCE IS WHAT?
THE GRANTOR PROMISES TO PROCURE AND DELIVER ANY O THE DOCUMENTS NECESSARY TO MAKE THE TITLE GOOD(MEANING TO CLEAR THE TITLE)
WARRENTS FOREVER DOES WHAT?
THE GRANTOR WARRENTS THAT THE GRANTEE WILL NOT BE DISTURBED OR EVICTED BY ANYONE WITH A SUPERIOR CLAIN AND GRANTO SHLL DEFEND FOREVER AGAINST ALL OTHER CLIAMS OF ALL OTHER PERSONS.
WHAT IS A SPECIAL WARRENTY DEED?
ALSO KNOWN AS A SPEDIFIC WSARRENTY DEED, THE GRANTOR WARRENTS AGAINST DEFECTS IN THE TITLE ONLY FOR THE TIME PERIOD HE OWNDED THE PROPERTY WARRANTING AGAINST GRANTOR CAUSED DEFECTS.
WHAT IS A QUIET CLAIM DEED?
WARRENTS NOTHING, TRANFERS TITLE. TRANSFERS ANY AND ALL INTEREST THE GRANTOR MAY HAVE IN THE PROPERTY.
WHAT ARE THE ELEMENTS OF A DEED?
1. WRITTEN INSTRUMENT
2.NAMES OF ALL CURRENT GRANTORS
3.MUST HAVE A GRANTING CLAUSE
OR HABENDUM CLAUSE"TO HAVE AND TO HOLD"
4.NAMES OF GRANTOR
5.FULL LEGAL DISCRIPTION
6.SIGNATURE OF THE GRANTOR(ONLY THE GRANTORS SIGH THE DEED, ONLY THE GRANTORS ARE GRANTING TITLE.
7.MUST HAVE DATE-DATE SIGNED BY GRANTORS.
8. NOTERIZED IF GOING TO BE RECORDED.
IS A DEED VALID IF IT IS NOT RECORDED?
YES A DEED DOES NOT HAVE TO BE RECORDED TO BE VALID.
AN UNRECORDED DEED IS......?
ACTUAL NOTICE THAT TITLE HAS TRANSFERD
A RECORDED DEED IS ....?
CONSTRUCTIVE NOTICE
A DEED IS RECOEDED TO....?
TO GIVE NOTICE TO THE WORLD.
WHAT ARE THE ELEMENTS OF A DEED?
1. WRITTEN INSTRUMENT
2.NAMES OF ALL CURRENT GRANTORS
3.MUST HAVE A GRANTING CLAUSE
OR HABENDUM CLAUSE"TO HAVE AND TO HOLD"
4.NAMES OF GRANTOR
5.FULL LEGAL DISCRIPTION
6.SIGNATURE OF THE GRANTOR(ONLY THE GRANTORS SIGH THE DEED, ONLY THE GRANTORS ARE GRANTING TITLE.
7.MUST HAVE DATE-DATE SIGNED BY GRANTORS.
8. NOTERIZED IF GOING TO BE RECORDED.
IS A DEED VALID IF IT IS NOT RECORDED?
YES A DEED DOES NOT HAVE TO BE RECORDED TO BE VALID.
AN UNRECORDED DEED IS......?
ACTUAL NOTICE THAT TITLE HAS TRANSFERD
A RECORDED DEED IS ....?
CONSTRUCTIVE NOTICE
A DEED IS RECOEDED TO....?
TO GIVE NOTICE TO THE WORLD.
WHEN IS A DEED VALID?
WHEN IT HASE BEEN SIGNED, DELIVERD AND ACCEPTED.
HOW DO YOU GET PROOF OF TITLE?
1.CERTIFICATE OF TITLE
2.TITLE INSURANCE
3. TORRENS CERTIFICATE
WHAT IS THE BEST DEFENSE OF A TITLE?
TITLE INSURANCE
WHAT IS AN ABSTRACT?
A HISTORY OF TITLE , THE OLDEST PROOF OF TITLE.
WHAT IS THE TORRENS SYSTEM?
EVERYTIME THE PORPERTY SELLS THERE IS A QUIET TITLE SUIT AND AFTER ALL THE CLAIMS HAVE NEEN PAYED THE JUDGE WILL OREDER A TORRENS CERTIFICATE NO CLAIM AGAINST THE PROPERTY FROM THAT DAY BACK IS ALLOWED.