Utre Prep-Imported

Front 1

Differences between real and personal property?

Back 1

Real property is immovable, indestructible, no two parcels are the same, is scarce, can be improved upon, & location affects its value.

Front 2

Fixtures are always considered....

Back 2

Real Property

Front 3

Tests of a fixture:

Back 3

How it is attached, whether property was adapted around the item, owners intent.

Front 4

__________ are never considered real property.

Back 4

Trade Fixtures

Front 5

Most accurate form of property measurement?

Back 5

Metes and Bounds.

Front 6

Metes & Bounds establishes...

Back 6

Property boundary lines.

Front 7

Subdivisions are described using this method.

Back 7

Lot, Block & Plat

Front 8

Means you have ownership interest in a property.

Back 8

Freehold Estate

Front 9

Fee Simple

Back 9

Freehold Estate, also called fee title or just fee

Front 10

Fee Simple Defeasible

Back 10

Fee can be defeated because of an attached condition. Fee simple determinable, Fee simple with condition subsequent or precedent, Life estate, Life pur autre vie.

Front 11

Fee Simple Determinable

Back 11

Automatic reversion

Front 12

Fee Simple with condition subsequent

Back 12

Carries right of re entry

Front 13

Fee Simple with condition precedent

Back 13

Future Interest

Front 14

Life Estate

Back 14

Ownership interest based on the life of the grantee. It can be sold, but not willed or inherited.

Front 15

Life Estate Pur Autre Vie

Back 15

Based on the life of someone other than the original grantee, and can be inherited.

Front 16

Non- Freehold Estate

Back 16

Is a lease. No ownership.

Front 17

4 Property Rights

Back 17

Possession, Use & Control, Quiet Enjoyment, Dispostition

Front 18

Quiet Enjoyment has to do with?

Back 18

Claims against title, not noise.

Front 19

Severalty

Back 19

Title ownership by one person, or corporation.

Front 20

Joint Tenancy

Back 20

Established by PITT. Same Possession, interest, time, title. Each person can sell their interest without the consent of the others, but not sell the property. Partition action required to do so.

Front 21

Tenants in Common

Back 21

Think Roomates

Front 22

Tenants by Entirety

Back 22

Must be married. Established by PITT. Cannot sell interest without consent of the spouse.

Front 23

Claim title through Adverse Possession requires COHEN:

Back 23

continuous, open, hostile, exclusive, & notorious.

In utah the time required is 7 years.

Front 24

________ ________ action is a lawsuit to settle ownership claims against the title.

Back 24

Quiet Title Action

Front 25

Government controls property by:

Back 25

Eminant Domain, Police Power, Zoning, Escheat

Front 26

Individuals control property through:

Back 26

Deed restrictions, Easements

Front 27

Ways to create an easement:

Back 27

Mutual agreement, deed itself, eminant domain, implication, necessity (land locked), prescription (adverse use).

Front 28

Ways to terminate an easement:

Back 28

Mutual agreement, merger of two parcels, prescription (stop use), no longer a purpose, improper use.

Front 29

Voluntary Title Defects

Back 29

Mortgages, trust deeds, easements

Front 30

Involuntary Title Defects

Back 30

Mechanic Liens, encroachments, judgments, taxes, prescriptive easements.

Front 31

Types of Deeds

Back 31

Quit Claim, Bargain & Sale, General Warranty, Special Warranty, Probate, Forclosure, Gift, Patent (original).

Front 32

Probate Deeds

Back 32

Administrators - intestate, court assigned

Executors - testate, assigned in will

Front 33

Forclosure Deeds

Back 33

Sheriffs- title theory states, judicial

Trustees - lien theory states, non-judicial

Tax deed

Front 34

Essential elements to make a deed valid:

Back 34

Intent, Grantor signature, Names of the parties, Property Description, Consideration, In Writing, Delivered (actual, constructive, 3rd party)

Front 35

Deed DOES NOT require these to be valid:

Back 35

Recorded, Acknowledged (notarized), date, habendum clause

Front 36

5 covenants to warranty deed:

Back 36

Seizen, Againt Encumbrances, Quiet Enjoyment, Futher Assistance, Warranty Forever

Front 37

All value is comprised of:

Back 37

DUST: Demand, Utility, Scarcity, Transferability

Front 38

Types of value are:

Back 38

Value in exchange (money, buyer)

Value in use (car, seller)

Fair Market Value (parties agree)

Market Price (actual selling price)

Cost (price originally paid)

Front 39

Principles in valuing property:

Back 39

Highest and Best Use, Substitution, Conformity (Progression/Regression, Contribution, Neighborhood Cycle, Anticipation, Competition, Situs

Front 40

Highest and Best Use

Back 40

What is the property zoned for

Front 41

Substitution

Back 41

No reasonable person will pay more for the same property. (Sold Comparables)

Front 42

Conformity

Back 42

Progression/Regression. Are you the small home in lg neighborhood or lg home in small neighborhood.

Front 43

Contribution

Back 43

Improvements must add their cost value to the property. (pools)

Front 44

Neighborhood Cycle

Back 44

Growth/Integration, Equilibrium, Deterioration/Decay. Where is the prop in the cycle?

Front 45

Competition

Back 45

Active Comparables

Front 46

Situs

Back 46

Location, location, location

Front 47

Types of appraisal approaches:

Back 47

Market Data, Cost Reproduction, Income or Capitalization

Front 48

Market Data Approach

Back 48

Comparison approach. Compare similar properties that have sold in the area.

Front 49

Cost Reproduction Approach

Back 49

Cost replacement approach. what would it cost to rebuild the property today? Land + Improvements - depreciation = Value.

Front 50

Income Capitalization Approach

Back 50

What is the value based on the present worth of future income. Commercial.

Front 51

What causes Depreciation?

Back 51

Physical deterioration, Functional Obsolescence, Economic or External Obsolescence.

Front 52

Physical Deterioration

Back 52

Leaky roof, cracked foundation

Front 53

Functional Obsolesence

Back 53

Everything works, but no one wants it. Bad floor plan, not enough outlets etc.

Front 54

Economic Obsolesence

Back 54

or External obsolesence, happen outside the boundaries of the property. (noise, odors) Usually incurable.

Front 55

Types of appraisal forms

Back 55

Letter (1page, commercial), Short Form (checklist, lenders, efficiency), Narrative ( comprehensive report on the property.)

Front 56

Every appraisal must contain the following:

Back 56

Date, Property Description, Estimate of Value, Appraiser signature.

Front 57

Essential Elements that make a contract valid:

Back 57

MCCL: Mutual assent, Consideration, Competency, Legal Purpose

Front 58

Valid Contract

Back 58

All of the essential elements are present.

Front 59

Void/Invalid Contract

Back 59

Any of the essential elements are missing.

Front 60

Voidable Contract

Back 60

Contracts created under:

Duress, Undue Influence, Menace, Minor

Front 61

If contract violates the Statute of Frauds it is:

Back 61

Unenforceable

Front 62

Statute of Frauds requires the following contracts to be in writing:

Back 62

REPC, Lease agreements over 1yr, Listing agreements that contain commissions, personal prop contracts over $500, any contract that takes over 1yr to perform, any change to a contract that is gov by statute of frauds.

Front 63

Executed

Back 63

nnn

Front 64

Executory

Back 64

nnn

Front 65

Unilateral

Back 65

Promise for performance. (option not excercised, broker agent contract)

Front 66

Bilateral

Back 66

Promise for promise. (exercised option)

Front 67

Parole Evidence Rule

Back 67

Written over oral when tied to the original agreement.

Front 68

Types of fraud

Back 68

Positive - Non Disclosure

Negative - Misrepresentation

Constructive - Negligent/Non Intentional

Front 69

Puffing

Back 69

Matter of opinion not fact. Exaggerating.

Front 70

As Is clauses will not trump fraud even though _____ _____ applies

Back 70

Caveat Emptor (Buyer Beware)

Front 71

Time is of the essence

Back 71

All dates in contract are solid and firm

Front 72

Subject to

Back 72

clause that creates an escape based upon a condition for one party or another

Front 73

Implied covenant of Good Faith & Fair Dealing

Back 73

Requires that parties put forth a good faith effort to fulfill their obligations, and not interfere with each other in doing so.

Front 74

Listing agreements are governed by _______ law.

Back 74

Contract law. Not agency law.

Front 75

Types of listing agreements

Back 75

Exclusive, Exclusive right to sell, net listing

Front 76

Exclusive listing agreement

Back 76

seller can sell the property and not pay a commission.

Front 77

Exclusive right to sell

Back 77

commission will be paid no matter who finds the buyer.

Front 78

Net listing

Back 78

Illegal in utah.

Front 79

All commissions are _______ and set by buyer and seller.

Back 79

Negotiable

Front 80

Ways to terminate a contract

Back 80

Mutual release, Assignment (not agency), Novation (debt contracts), Impossibility to perform, anticipatory repudiation.