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Real Estate: Various II


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impact fees
are monies charged to fund off-site public transportation improvements (the developer must pay these fees to the municipality)
two types of private land-use controls
deed restrictions and restrictive covenants
Interstate Land Sales Full Disclosure Act(25 or more lots)
federal law that regulates the interstate sale of unimproved lots ( law states that seller is required to file a statement of record and register the details or the land with HUD)
steps to minimize legal liability
discovery , disclosure, and documentation
discovery
is to discover the presence of environmental hazards
disclosure
to disclose information that consumers need to make prudent purchasing decisions, even when they do not ask for it
documentation
the process of creating a written documentation of any disclosures (CYA) note: without written documentation there is no proof that proper disclosures have been made
environmental hazards
Asbestos, Carbon Monoxide, Indoor mold, Lead-based paint and other lead hazards, radon gas, formaldehyde, electromagnetic fields, and toxic substances that pollute groundwater and soil are all environmental concerns that can arise in real estate transactions.
The most common source of lead poisoning in a home
painting and plumbing
One of the most common sources of carbon monoxide in a house is/are
malfunctioning furnances
The law that contains the broadest liabilities for environmental cleanup is the
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
methods used to describe real estate
metes and bounds, lot and block (recorded plat), and rectangular (government) survery
the description of a lot in a recorded subdivision will include the:
*lot and block number of the lot * name of the subdivision plan * country and state in which the subdivision is located
allodial system
a system of land ownership in which land is held free and clear or any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States
fee simple
The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property
Reversionary Right
The remnant of an estate that the grantor holds after granting a life estate to another person.
appurtenant easement
is annexed to the ownership of one parcel of land to permit the owner of this land to use an adjacent parcel of land. Two adjacent parcels of land, owned by two different parties, are involved.
servient tenement
the parcel over which the easement runs, serves the other property
dominant tenement
The tenement obtaining the benefit of an easement appurtenant. That parcel of land that benefits from an easement across another parcel of property (servient tenement).
easement by condemnation
an easement created by the the government or government agency that has exercised its right under eminent domain
easement by necessity
an easement allowed by law as necessary for the full enjoyment of a parcel or real estate; for example, a right of ingress and egress over a grantor's land.
conditions to claim a prescriptive easement
Continuous, Adverse, Notorious, Open, Exclusive
license
Personal, non-assignable authorization to enter and perform certain acts on another's land.
encroachment
The projection of a structure onto the land of an adjoining owner. A structure or natural object that unlawfully extends into another's property.
alluvion/alluvium
Soil that has been deposited by accretion on the shore of a river or body of water and that increases the real property.
avulsion
the sudden removal of soil by an act of nature
estate(tenancy) for years
is a leasehold estate that continues for a definite period of time, may be years, months, weeks or days.
tacking
In adverse possession, this process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.
periodic estate or estate(tenancy) from period to period
an interest in leased property that continues from period to period, week to week, month to month, or year to year.
holdover tenancy
an estate from period to period can be created when a tenant with an estate for years remains in possession, or holds over, after the lease term expires.
estate(tenancy) at will
A lease which requires little or no notice of termination. It is used in special circumstances wherein both the lessor and lessee agree that the lease can be terminated by either party. It is of uncertain duration.
estate (tenancy) at sufferance
The lease has expired and the lessee is now possessing the property illegally, having been given proper notice to vacate. It is similar to trespassing except that the lessee, at one time, held a legal ease.
lease
A contract for a less-than-freehold estate or right in real property. Rent is paid for the right of possession in someone else's property.
landlord
lessor ( owner of the real estate)
tenant
lessee
PA tenant law (tenant/landlord)
for the first year of tenancy, the maximum amount of the security deposit cannot exceed the sum equivalent to two months' rent
confession of judgement clause
the tenant authorizes an attorney of record to appear in court in the tenant's name and confess judgement in favor of the landlord. (give up rights)
PA memorandum of lease
a memorandum of lease gives notice of the interest but does not disclose the terms of the lease to the public. Only the names of the parties and a description of the property are included.
option ( for a lease)
a lease may contain a clause that grants the lessee the option or privilege of renewing or extending the lease. The lessee must give notice before a specific date of the intention to exercise the option. Sometimes with a option to buy.
suit for possession (actual eviction)
When a tenant breaches a lease or improperly retains possession of the premises, the landlord may regain possession through a suit for possession.
constructive eviction
The tenant has the right to abandon the property, which terminates the lease, this occurs when the property is uninhabitable.
warrant of habitability
landlord warrants that the premises shall be fit for habitation, if the tenant proves that the premises are not fit for habitation, the court could rule in their favor to order a reduction in rent or cessation of rental payment.
If property is sold while in probate
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Real Property Loan Law
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
agent of the broker
The Broker is the Agent of the seller. The salesperson is the
principle or 3rd party
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
1 square mile =
43560 square feet
43560 square feet =
1 square mile
Which corner does the township numbering system start in
NE , North East
abatement
An action to remove a nuisance
abstract of judgment
A statement from the court of the judgment. When recorded, it becomes a general lien on all of the debtor's property in the county where recorded
acceleration upon default
All payments become due upon default of payment. In California, the debtor can cure the default by catching up on payments prior to foreclosure.
accord and satisfaction
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
ademption
The revocation of a specific property grant in a will by disposing of said property prior to death.
administrative agency
a government agency that makes rules and regulations to carry out the law.
Administrative Procedure Act
A procedural act that must be complied with prior to revocation, suspension, or denial of a real estate license.
administrator
A person appointed by the court to administer the estate of a deceased person.
ad valorum taxes
Taxes based on value, such as property tax. ( Latin according to value )
advance costs
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
advance fee
A fee for rental information accepted in advance, or a promotional fee for a sale listing.
advance fee addendum
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
affirmation
A formal declaration of the truthfulness of a statement, given in lieu of a verification.
affirmative covenant
A covenant under which an owner is required to do something, such as build within a stated period of time.
affirmative easement
Easement that gives the dominant tenement owner the right to use the servient tenement.
after-acquired title
Title or interest acquired by the grantor after property has been conveyed.
agency by estoppel
An agency created when a principal's conduct led another to believe in the existence of the agency and thereby to act to his or her detriment.
agency by ratification
An agency created by a principal's approving an unauthorized act of another.
agency coupled with an interest
Agency in which an agent has a financial interest in the subject matter of the agency.
Alquist-Priolo Special Studies Zone Act
Provides for project approval in close proximity to earthquake faults, as well as disclosures to buyers.
alteration
A change made to a note or contract by one of the parties without the consent of the other.
amendments to the escrow instructions
Changes in escrow instructions, which require the agreement of both the buyer and seller.
American Land Title Association
ALTA The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Americans with Disabilities Act
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
amortized note
A note that will liquidate itself over its term in equal installments
antimerger clause
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
anticipatory breach
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Article 5
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
Article 7
Part of the Business and Professions Code covering loan costs, commissions, and payment requirements relating to loan brokerage activity.
as is
A phrase used in sale contracts by sellers as an attempt to limit liability for the condition of the premises. If known latent defects or condition of a property is known to the seller, seller has the obligation to disclose.
assignment of lease
The transfer of all rights under a lease by a lessee to a third party, who becomes a tenant of the lessor. The assignee is primarily liable under the lease, while the assignor has secondary liability
assignment of rent
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
assumable loan
A loan that can be taken over by a purchaser. I new purchaser can assume the old note. Such a loan would not have a due on sale clause.
assuming a loan
the buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
attachment
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
attorney-in-fact
A person appointed as an agent under a power of attorney
attractive nuisance doctrine
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
bait and switch
Practice of advertising where a seller will not sell an item at a price advertised or does not have the item to sell in order to bring in buyers for other items. This conduct is ILLEGAL
bankruptcy
Federal proceedings to declare a debtor bankrupt. The debtor is relieved of unsecured obligations. If there are secured debts and the security is given up, debtor can be relieved of secured obligations.
beneficiary statement
Statement by beneficiary as to balance due on loan.
bequest
Personal property transferred by will
bilateral contract p4p
Promise for a promise.
blanket encumbrance
A mortgage or trust deed covering more than one property
MLS
Multiple Listing Service
MARIA
Tests for a fixture Method of attachment, Adaptability for normal use,Relationship of the parties, Intent of the placement of the item, Agreement of parties
Adam E Lee
8 Ways to terminate an easement Abandonment, Destruction, Adverse Possession, Merger, Express Agreement, Lawsuit, Estoppel, Excessive use
FIRPTA
Foreign Investments in Real Property Tax Act
CoCa CoLa
Elements of a contract mutual COnsent, CApacity, COnsideration, LAwful purpose ( must be in writing )
Uniform Settlement Statement
Statement of the actual settlement costs. Provided by US Dept of HUD.