Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
58 Cards in this Set
- Front
- Back
type of court: decide legal issues only, eg dont take evidence from live witnesses
|
apellate courts
|
|
type of court: lowest level, must follow apellate and supreme
|
trial courts
|
|
type of court: midlevel, follows supreme
|
court of appeals
|
|
type of court: final appeal at fed. level
|
supreme court
|
|
type of court: court of general jurisdiction at state level
|
common pleas court
|
|
court of appeals can:
|
reverse, remand, or affirm ONLY
|
|
all that's required in pleadings:
|
to put other parties on notice of claims asserted
|
|
complaint usually sent out by court at plaintiff's request via mail
|
service of process
|
|
personal service by plaintiff:
|
not acceptable
|
|
person initially being sued
|
defendent
|
|
attorneys use this to gather evidence and lessen credibility of deponent
|
deposition
|
|
it is important to keep complete and accurate records in real estate transactions is part of this:
|
discovery summary
|
|
land includes:
|
everything from the center of earth
|
|
affects land which borders water
|
riparian rights
|
|
fruits of land, considered part of the land
|
fructus naturales
|
|
fruits of industry, planted by previous owner, considered personal property
|
fructus industriales
|
|
compensatory damages is considered:
|
money
|
|
interference with ones private use and enjoyment of land, can affect land, subsurfaces, and air rights
|
nuisance
|
|
Used if want to convey land to be used for specific purpose, e.g. park, church, shrine to real law teacher, etc.
|
qualified fees
|
|
another word for forfeiture
|
reversion
|
|
fee simple ownership limited to the life span of the tenant
|
life estate
|
|
Applies to husbands only and gives husband life estate in wife’s real estate
|
curtesy
|
|
ohio does not recognize this
|
concept of community property
|
|
a spouse can agree to waive such rights
|
antenuptial agreement
|
|
holdover tenant staying after lease is expired
|
tenancy at sufferance
|
|
means ownership by a single person
|
severalty ownership
|
|
ownership of realty by two (2) or more persons who each have an undivided fractional interest with the right to equally use the property
|
tenancy in common
|
|
Tenants have right to use and possess property. Upon the death of any tenant, the decedent’s interest passes to the survivor(s)
|
statutory survivorship tenant
|
|
If client asks you “How should title be taken?” your response should be:
|
“Talk to your attorney.” Do not give legal advice aka the unauthorized practice of law
|
|
governed by state's statutory code
|
condo law
|
|
elements of a deed
|
grantor, grantee, consideration
|
|
grantor may give the other person this:
|
POA
|
|
to pass the title the grantor must do this with the deed which shows the grantor has surrendered possession
|
delivery
|
|
delivery occurred when the deed first placed in escrow
|
relation back
|
|
type of deed covenant not enforceable
|
racially restrictive deed
|
|
From POV of grantee this is the best type of deed
|
general warranty deed
|
|
only extends grantor’s warranty for the period of the grantor’s ownership of the land.
|
special or limited warranty deed
|
|
No warranties, grantor conveys whatever interest grantor has in land when deed executed. No $$ or consideration is required
|
quitclaim deed
|
|
Parties mutually agree to obligate themselves, in real estate almost always in writing.
|
express contract
|
|
all contracts are:
|
express
|
|
The power to reject an offer lies with:
|
the offeree
|
|
A real estate listing contract must include
|
the asking price and the commission w/ % rate
|
|
The power to withdraw an offer rests with:
|
the offeror
|
|
not necessary to form a valid contract
|
earnest money (deposit)
|
|
if person is mentally ill contract is:
|
void
|
|
Real property is disposed of by the court ordering the sheriff to auction the realty at a public sale
|
modern foreclosure
|
|
If the realty does not
bring enough $$ at auction to cover the prom note, the court can grant |
deficiency judgement
|
|
If the sale proceeds from the auction exceeds
what is owed on the note, the excess goes to the |
mortgagor
|
|
If not one bids the minimum amount at auction, the court will usually:
|
order appraisers to re-evaluate the property and re-set the auction
|
|
. When have due-on-sale clause (which most mortgages have)
|
a seller won’t be able to use creative financing
|
|
Sellers engaging in owner financing should
|
look into buyer’s credit history just as would a bank
|
|
Buyer who defaults on land contract will face
|
forfeiture (loss of all payments up to point of default plus eviction)
|
|
Mechanics’ lien is effective from the date of:
|
filing of the lien
|
|
Meeting of real estate brokers, bank’s representatives, buyer, seller and closing attorney (usually from title company)
|
formal closing
|
|
Advantage of escrow closing
|
no need for parties to physically appear
|
|
real property taxes prorated on date the:
|
title is transferred
|
|
charge for improvements to a small part of a taxing district
|
special assessments
|
|
Applies only to first mortgages of residential real estate
|
RESPA
|