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45 Cards in this Set
- Front
- Back
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What is it called when you as the seller's agent must give full disclosure of all facts known to you, unknown to the buyer, that could materially affect desirability or value of the property?
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This is called Hidden defects
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What is the term for when there are defects NOT DISCOVERABLE by ordinary inspection, must be reported by the seller and disclosed to buyer by the agent?
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This is called Latent defects
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Are signatures required on a listing agreement?
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Yes the are required by broker or representative as well as the sellers with interest in property
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For a commission to be earned what needs to be done with the listing agreement terms?
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All terms even if added by seller must be fully carried out to earn a commission, once agreement is signed by broker and accepted by seller.
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What is a deed restriction(s)?
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Is is a private restriction that "runs with the land" and affects the use of the land.
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What happens if zoning and deed restrictions conflict?
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The more restrictive of the two (zoning or deed restriction) will take precedence.
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What can a subdivision restrictive covenant do?
Note: later turned to home owners associations. |
They will stabilize land values, they restrict type of building, use of the land, type of construction, height, setbacks, square footage etc....
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How are subdivision restrictions enforced?
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It will require a court injunction.
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What is it called when you wait too long to assert your legal right to enforce a deed restriction?
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Laches
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Can restrictive covenants be overturned?
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Depends - most restrictions have time limitations.
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What needs to be done to overturn a restrictive covenant?
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Unanimous vote of owners.
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What is a legal description?
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A complete and accurate survey
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What does not work for a legal description?
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A street address will not work as an informal reference.
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What does a plat map provide?
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Lot size as actual measurement.
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How do you get the physical dimensions of a structure?
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By measuring square footage from exterior walls.
Note: garages and screened porches are not figured in to houses square footage. Condos and town homes sq footage is calculated from inside measurements. |
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What is a nonpossessory easement?
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The right to use land of another.
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What is an easement appurtenant?
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It is attached to the ownership of one parcel and allows this owner the use of a neighbor's land. Two adjacent parcels of land must be owned by two different parties.
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What is the dominant tenement in a appurtenant easement?
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The one who has the use of of the easement.
Dominant person walks on servant. Note: Dominant easement transfers with the title. It is called "run with the land." |
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What is a servient tenement?
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The one who has the easement on their land and the dominant uses.
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What is an easement in gross?
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Is an individual or company interest in or right to use someone else's land. Example: railroad's right of way, pipeline, telephone poles.
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What is a commercial easement in gross attachment to the land?
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It in nonrevocable, assignable by holder, does not terminate upon sale of land.
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What is a personal easement in gross?
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It attaches personally to the owner of the easement. Terminates on the death of the easement owner. Last as long as the easement owner lives - non revocable, can not be given to someone else.
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What is an easement of necessity?
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When property is landlocked from a street or public way except over the neighbors land - on ingress or egress exists.
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What is an easement by prescription?
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When a neighbor uses land of another continuously, exclusively, without the owners permission and the use is visible, open, and notorious and the owner must have been able to learn of it for
10 or more years |
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How is tacking used in an easement by prescription?
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When time periods are added together by successive owners's usage to obtain required time limit.
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When does an easement terminate?
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When it is not needed anymore, or property merges, nonuse, lawsuit, by excessive use and adverse possession.
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What is adverse possession?
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Is an involuntary transfer of property. One who claims another's property, takes possession of it and uses it may take title away if owner fails to use or inspect the property for a period of years.
Note: use of land is an important function of its ownership. |
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What has to happen for adverse possession to happen?
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It has to be open, notorious, continuous and uninterrupted, hostile (without consent), adverse
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What is a license regarding use of land?
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It is permission to use land and it is revocable by giver and terminates automatically upon death of giver or sale of property.
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What is riparian rights?
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deals with free flowing water such as rivers and streams. Owner owns land to shore if navigable if not to the center of river or stream.
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What is littoral?
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Deals with pent up water such as lakes, oceans etc... if navigable to high water mark.
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What is doctrine of appropriation?
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Right to use any water except for limited domestic use is controlled by state.
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What are utilities?
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Example: heat, air conditioning, water, electricity.
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What is a type of construction?
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Style:1 1/2 stories, ranch, 2 story, split entry, multi-level.
Construction: brick, brick veneer, stucco, frame, permanent siding etc.... |
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What are encumbrances?
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Anything that may diminish the value or use and enjoyement of a property, i.e., mortgages, taxes, judgement lien, easements, restriction on the use of land or outstanding dower right, FORECLOSURE.
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What is a building code?
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Specific standards for construction: building permits, inspections, and occupancy permit upon completion.
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What does ownership of record mean?
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All owners and legal representatives of record must sign listing agreement.
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What is a homeowner's association?
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A neighborhood association that has bylaws a future buyer will have to live by. Bylaws must be of record and filed by subdivider.
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Does future buyer need to know about homeowners association?
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Yes, because they will have to live under the bylaws and pay the fees.
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What is a brokerage fee?
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Fee agreed to by broker and principal (client - seller). A percentage of the selling price.
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What does the brokerage fee pay for?
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Percentage of selling price (commission) goes to broker of listing salesperson and purchasers salesperson and brokerage.
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What does compensation earned mean?
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When an agent has procured cause of sale, produced a ready, willing, and able buyer and if principal's default makes the sale not go through.
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What does entitled to compensation mean?
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Agent is entitled to compensation at consummation or termination of transaction.
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What happens if purchaser does not have the money needed for closing?
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What happens if seller decides to not sign closing papers?
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