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71 Cards in this Set
- Front
- Back
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Grantor |
Grantor: Gives, sells or transfers the property |
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Grantee |
Grantee: Receives the property |
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4 types of listing agreements |
1. Exclusive Listing 2. Exclusive Agency Listing 3. Open Listing 4. Net Listing |
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Listing Agreement |
instrument used to establish the relationship between the real estate agent and the property seller. |
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Exclusive Right to sell |
In this agreement, the agent gets paid no matter who sells the property, regardless of weather it's the agent or the seller. |
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Exclusive agency listing |
Agent gets paid if they sell the property. No fee is earned if the owner alone sells the property |
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Open Listing |
Seller has the right to use as many brokers as he/she wants. The seller is not, however, obligated to pay any of them if he/she sells the property w/out the brokers help. |
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Net Listing |
(legal in California) The agent gets to keep everything he/she can get over the sales price the owner wants. |
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Forclosure |
The loss of property to pay off a debt |
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Forefiture |
Loss of property due to disobeying a condition in the deed. |
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Condominium Owner |
Owns air space and has an interest as a tenant in the common land. |
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Co-operative |
Owns shares in a corporation that owns a building. Shareholder also gets a proprietary lease which enables the share holder to occupy a unit. |
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Leasehold |
The tenant's interest in the property (The tenant holds the lease) |
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Mortgagor |
The Borrower |
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Mortgagee |
The Lender |
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4 kinds of Real Estate Ownership |
1. Tenancy in severalty 2. Tenancy in Common 3. Joint Tenancy 4.Tenancy by the entirety |
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Tenancy in severality |
This type of ownership is by one person or corporation. Not being married has nothing to do with it. |
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Tenancy in common |
equal or unequal undivided ownership between two or more people. If an owner dies, the deceased person's share is conveyed to his/her heirs, not the other owners. |
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Joint Tenancy |
*Interest: each owner has the same interest *Possession: all owners hold an undivided interest. *Time: all owners receive their interest at the same time. *Title: all owners acquire their interest w/ the same deed. If the owner of a joint tenancy dies, that owners interest reverts to the other owners. |
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Tenancy by the entirety |
Ownership that is available ONLY to married couples, it means that the property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one dies the interest reverts to the other spouse. |
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Dedication |
when you dedicate property, you give it up voluntarily to the government. (developer giving up streets in a subdivision.) |
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Public Grant |
Is when the government is giving property to private individuals |
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Adverse Possession |
When someone uses your property, you may end up losing the property or having your rights to the property restricted. |
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Avulsion |
The sudden loss of land by an act of nature. (Landslide) |
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Erosion |
The gradual loss of land by an act of nature. (property lost along the bank of a river) |
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Partition |
Legal proceeding to divide property owned by two or more people. |
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Fiduciary |
Faithful Servent |
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6 Fiduciary Duties of a Real Estate Agent |
1. Accounting 2. Care 3. Confidentiality 4. Disclosure 5. Loyalty 6. Obedience |
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Accounting |
The agent must account for all funds entrusted to her and not commingle (combine) client/customer funds with personal /business funds. |
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Care |
The agent must use all her skills to the best of her ability on behalf of the client. |
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Confidentiality |
The agent must keep confidential any information given to her by the client, especially info that may be damaging to the client in a negotiation. |
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Disclosure |
The agent must disclose to the client any information she receives that may benefit the clients position in a negotiation. |
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Loyalty |
The agent owes undivided loyalty to the client and puts the clients interests above her own. |
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Obedience |
The agent must obey all lawful orders that the client gives her. |
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1031 Exchange |
A tax deferred exchange of "like--kind" properties |
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1031 exchange boot |
Cash or/ unlike property received in a 1031 exchange. |
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30/ 360 day count conversion |
a convention for calculating interest or allocating expenses in which each month is considered to have 30 days. Each year is considered to have 360 days. |
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Abatement |
A reduction or decreased in the amount or worth; usually applies to rent or taxes. |
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Absentee Owner |
A property owner who does not live on the property, and who may rely on a property manager to oversee it. |
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Chattel |
An item or article of personal property |
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Trade Fixture |
An item of personal property affixed to leased property by a tenant, as a necessary part of business. (mat be removed by tenant upon termination of the lease) |
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Emblements |
Growing crops that are cultivated annually for sale; considered personal property. |
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Littoral |
Land boarding a lake, ocean, or sea |
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Margin |
The amount added to the Index rate, the margin stays constant during the life of the loan |
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Dual Agent |
Representing both the buyer and seller in the transaction |
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Express |
Written |
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Eminent Domain |
The right of local, state, or Federal government to acquire private property for public use. Government must pay the owner just compensation for taking the property. |
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Straight line method of deprecation |
calculates the amount of annual depreciation dividing the cost of improvement by estimated useful life of improvement. |
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Title Plant |
Is a set of title records maintained at the title insurance companies for use in title searches |
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Statute of Frauds |
A state law that requires certain contracts to be in writing and signed, in order to be valid and enforceable. To prevent fraud |
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Procuring Cause |
common legal concept developed by the courts to determine the proportioning of commissions |
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Difference between lease and licence |
The right to possession of the property (lessee has statutory right to be given written notice that rights in the property are revoked) (License has only non-exclusive right to use and no notice to revocation is necessary.) |
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How much must you be owed to obtain an attachment lien? |
$500 or more |
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For Violation of an agent's duty to make reasonably competent visual inspection of the property and disclose to the buyer all material facts? |
Civil Code establishes a statute of limitations of 2 years from the date of recordation, close of escrow, or occupancy, which ever comes first. |
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An application for a California real estate lic. maybe submitted no earlier than? |
90 days prior to expiration |
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Most Locales have an administrative body referred to as? |
A zoning appeal board who petitions for zoning exceptions and changes. |
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Functional Obsolesence |
Loss in value of property due to poor architectural style |
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Conversion |
Unauthorized use of another's funds for ones own use. |
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3 types of Water Rights |
*Littoral (ocean or sea ) *Riparian (lake or stream) * underground or subterranean stream |
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Metes & Bounds |
Metes= distance Bounds=direction of boundres |
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Rectangular Survey System |
Method of describing wilderness land aka congressional survey government survey system |
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Township |
6 mile wide strips divided by baseline and principal meridian |
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Sections |
Township divided into 36 equal sections, each consisting of 1 sq. mile or 640 acres |
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Subdivision of a section |
Dividing 640 acres into lots of 1/2 acre or less |
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Recorded Plats |
Legally describing real estate referring to engineers' drawings of parcels of real estate called plats that have become part of the official public record. |
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Bundle of rights |
*Timber rights *Right to build a home *Mineral rights *Access rights *Rights to sell |
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(CC&R) |
Covenants, conditions, & restrictions
Contractual agreement & can be enforced in a court of law. |
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Specific Liens |
Protects the creditor for security for repayment Effects only one specific property 1. Mortgage 2. Mechanics' Liens
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General Liens |
Attaches to all debtor's real property 1. judgement 2. income tax 3. federal & state tax Can result in ownership limitations & will not be removed until paid |
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Easement |
The right given to one party by a land owner to use the land in a specified manner. |
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Escheat |
if a land owner dies without either leaving a valid will or living relatives. The state becomes the new property owner |
