Real Estate Matters, Second Edition Quizzes for Online and CD-ROM versions
|
|
- Stephen Boyd
- 5 years ago
- Views:
Transcription
1 Real Estate Matters, Second Edition Quizzes for Online and CD-ROM versions Instructions: Quizzes are open book. All answers are True or False. Answer key is located on the Page 7. Quiz 1 Chapters 1-8, Pages A material fact is any information known to the seller about the real estate which might affect the agent s employment by the seller. 2. Sales agents are not authorized to deal with members of the public to offer, contract for or render brokerage services for compensation unless employed to do so by a broker. 3. Real estate sales agents and their brokers are excluded from benefits and contributions for unemployment insurance and income tax withholding on the employment of real estate agents. 4. A homeowners association may not prohibit a homeowner from displaying a For Sale sign when it is in violation of association policies. 5. A home inspector is any individual who holds himself out as being in the business of conducting home inspections and preparing home inspection reports on his findings during the inspection of one-to-four unit residential property. 6. It is not necessary for a listing agent to verify information received from the seller and listed on the advertisement used to locate buyers for one-to-four residential property. 7. A listing agent owes a duty to a prospective buyer to conduct a visual inspection of the property for any defects that may impact its value. 8. A buyer needs to conduct a visual inspection of a single family residence and fill out a Transfer Disclosure Statement. 9. Garage door openers installed after January 1, 1991 are required to have a code compliant automatic reverse safety device. Existing residential water heaters must be anchored, braced or strapped to prevent displacement due to an earthquake. Quiz 2 Chapters 9-13, Pages If a prior occupant is afflicted with AIDS and dies on the property more than three years before an offer is submitted to purchase the property, a real estate agent has an affirmative duty to voluntarily disclose that information to a potential buyer. 2. A real estate agent has a duty to disclose a death on the property if the death will adversely affect the market value of the property. 3. The local fire department is responsible for installing and maintaining smoke detectors in condominiums. 4. Emergency fire safety information must be posted in English at the intermediate point of any hallway exceeding 75 feet in length and all hallway intersections in all multiple-unit dwellings. 5. Agents, but not sellers, have an initial common law duty owed to prospective buyers to disclose conditions on or about a property which are known to them and might adversely influence the buyer s willingness to purchase the property. 6. Alquist-Priolo Maps are used by the State Mining and Geology Board and the city or county planning department to identify whether the listed property is located within one-eighth of a mile on either side of a fault. 1
2 Residential housing built prior to 1987 requires a lead-based paint hazard disclosure statement to be given to a potential buyer. If a potential buyer receives a lead-based paint disclosure statement, he has a 10-day period after acceptance of his offer to evaluate the hazardous risks involved due to the presence of lead-based paint. The terms of a purchase agreement address the performance of acts by the buyer and seller and events which are to occur in the process of closing escrow on the transaction. When an offer is accepted, the purchase agreement becomes binding. Quiz 3 Chapters 14-18, Pages Real estate agents may agree to binding arbitration in order to avoid the California court system regarding disputes over the purchase or leasing of real estate. 2. A defect in an arbitrator s award resulting from an error of fact or law is neither reviewable nor correctable, no matter how flagrant. 3. Even when time is of the essence, inconsistent conduct by the person entitled to cancel will waive his right to cancel. 4. A buyer should consider acquiring an option agreement when he is a tenant and may want to own the leased premises someday. 5. Without consideration, an option agreement is merely an offer to sell which may be withdrawn at any time by the seller. 6. The right of first refusal gives the buyer the discretionary right to buy the property within a set period of time. 7. In order for equity purchase (EP) statutes to apply to an investor, he must be in the business of buying homes in foreclosure. 8. An unconscionable method of payment does not include an exchange of worthless land, stock or gems or zero coupon bonds at face value with a 20-year maturity date. 9. An unconscionable advantage occurs in an EP transaction if the investor exploits an element of oppression or surprise in exacting an unreasonably low and favorable purchase price or terms of payment. For an EP investor, any payment of delinquent principal and interest installments owed by the seller are part of the investor s original costs of acquisition. Quiz 4 Chapters 19-21, Pages A cash-to-loan transaction occurs when a prospective buyer agrees to pay cash for the seller s equity and assume the existing trust deed loan. 2. Consequential damages are the same as general damages. 3. A seller may not recover any decline in the value of his property after a buyer s breach of the purchase agreement. 4. Expungement occurs when a lis pendens is removed from the record, clearing title. 5. A transmutation of property occurring after 1984 must be written and recorded to be effective against persons relying on the record title. 6. A community property vesting is available only between a husband and wife. 7. A co-owner terminating the right of survivorship is first required to give notice or obtain the consent of the other co-owners to sever the right. 8. The death of a joint tenant automatically extinguishes the deceased joint tenant s interest in the real estate. 2
3 9. On the death of a joint tenant, the ownership interest of a surviving joint tenant is established by recording an affidavit declaring the death. Community real estate vested in the name of the husband and wife as joint tenants is not separate property until dissolution of the marriage. Quiz 5 Chapters 22-24, Pages Dealer activities are not examples of securities risk activities. 2. For a securities risk to exist, the investors must retain actual and effective control over their funds after handing them to the syndicator. 3. For a security to exist under California law, the investors in a construction project must be induced to join by a promise of profits. 4. A money judgment is awarded to the creditor who is called a judgment debtor. 5. A homeowner must record a declaration of homestead in order to receive additional resale benefits. 6. A quiet title action is used to determine the priorities of a debtor s lien and the homeowner s recorded declaration of homestead. 7. An encroachment is an improvement on one parcel of real estate which extends onto real estate belonging to another person, without that person s permission. 8. An encroachment may affect leasehold interests and setback requirements. 9. The limitations period for challenging a nonprogressive encroachment runs from the date of the discovery of the encroachment. A property owner who does not promptly enforce his right to remove a known encroachment or receive compensation will risk losing those rights. Quiz 6 Chapters 25-29, Pages When a tenant fails to pay late charges due to his delinquent payment of rent, the landlord may deduct the late charges from the security deposit. 2. Judges presiding over unlawful detainer actions regarding the issue of late charges uniformly apply the same rules. 3. Any amount of security deposit remaining after taking allowable deductions must be refunded within three days after the tenant vacates. 4. A residential landlord must require the same security deposit for all units. 5. An initial inspection of a residential unit requires the landlord to advise the tenant of the repairs or conditions needing correction to avoid deductions from the security deposit. 6. Upon termination of a tenancy, repair work not exceeding $120 excuses the landlord from providing copies of invoices for repairs to the unit. 7. After serving a 3-day notice, a nonresidential landlord may not accept a tenant s partial rent payment and still file an unlawful detainer action. 8. A tenant may change the provisions of a residential or nonresidential lease agreement on 30 days written notice. 9. A tenant may serve the landlord with a notice to vacate if he receives a 30-day notice of a change in rental terms. Landlords of individual units may establish their own rental rates, unless the units are under rent control. 3
4 Quiz 7 Chapters 30-34, Pages In the case of a 30-day notice to vacate, the term of a periodic tenancy is relevant only with commercial property occupied by a tenant for less than one year. 2. For processing a notice to vacate, the date the notice is prepared is regarded as the date of service. 3. The duty of care owed others by a landlord does not apply to guests or those entering the premises without permission. 4. The landlord must inspect his property for defects wherever entry is available in order to prevent harm. 5. A landlord is liable for injuries occurring in areas open to the public caused by a dangerous condition that could have been discovered during a landlord inspection. 6. The federal government maintains the prime rate offered by banks. 7. A loan commitment must be signed by the lender to be enforceable. 8. Since 1982, courts have been more likely to rule in favor of lenders in loan commitment cases to prevent a banking industry collapse. 9. Any leaseback agreement negotiated by an equity purchase (EP) investor with the seller-inforeclosure must be reduced to a written agreement prior to funding the investor s purchase. For an EP investor to receive tax benefits for owning property, any leaseback must be limited to a periodic tenancy and allow a repurchase option. Quiz 8 Chapters 35-38, Pages A promissory note is evidence of a debt. 2. The rate of interest on a default of a monthly installment cannot be applied to the delinquent payment, but must be charged to the entire principal balance of the note. 3. Provisions for compounding interest are used on a delinquency in note installments in lieu of percentage late charge provisions. 4. An exculpatory clause in a promissory note converts a lender s nonrecourse paper into recourse paper. 5. The Garn Act deprived Californians of their state right to take title to real estate subject to trust deed liens without lender due-on interference. 6. A trustee s deed on foreclosure is not considered a voluntary transfer by the owner. 7. Disguised penalty provisions are unenforceable in all notes secured by real estate. 8. To collect a late charge under a note secured by real estate, the holder of the note must notify the owner of the charge and make a demand for its payment. 9. Anti-deficiency rules apply to a carryback debt only when the debt is secured solely by real estate other than the real estate sold. Anti-deficiency rules bar the lender from obtaining a money judgment when the note is additionally secured by other property. Quiz 9 Chapters 39-40, Pages A deficiency judgment is based on the historical value of the secured property, not the cash value of the property. 2. A probate referee is court appointed. 3. The frequency of lender due-on enforcement tends to decrease during periods of rising interest rates and decreasing sales. 4
5 Under a land sales contract, the seller agrees to convey title to the buyer when the buyer satisfies the amount remaining unpaid on the purchase price. A sale of property is completed when a land sales contract is signed by the parties and delivered to the seller in exchange for the transfer of possession of the property to the buyer. When using a land sales contract, the formal aspects of a real estate sale are incorrectly deferred until a sales escrow is opened. A lease-purchase sale is a transfer of possession and the buildup of the buyer s equity through payments to the seller. A lease-option agreement with terms economically consistent with a credit sale is an option to buy. A reverse trust deed is recorded to provide protection for the seller s investment in an otherwise unrecorded transfer. When a formal sales escrow is not used to handle documents and funds on a sale, the transaction must be reported to the IRS on a 1099-S form. Quiz 10 Chapters 41-44, Pages Interest may be paid with property or services. 2. Under no circumstances may the average annual yield exceed the interest rate ceiling of usury laws. 3. Appraisal, escrow and recording fees are an example of services and expenses included in the interest yield. 4. The Board of Directors of the Federal Reserve Bank of San Francisco are responsible for reviewing the discount rate every 14 days. 5. For a loan arranged by a broker to be exempt from usury laws, the broker must be working with a sales agent while arranging the loan. 6. Two variations of an all-inclusive note include the full payoff and the equity payoff. 7. When loans exceed an investor s cost basis in the property, the entire equity in the property is profit. 8. An all-inclusive note is never the best carryback arrangement in a mortgage-over-basis situation for maximizing the allocation of profit to the principal amount of the carryback. 9. Up to $250,000 in profit may be excluded from income and not taxed on the sale of a seller s principal residence. A married couple is eligible to qualify for a combined $500,000 profit exclusion on the sale of their principal residence. Quiz 11 Chapters 45-49, Pages Home loans for income tax purposes are treated similarly to loans for business, rental or portfolio purposes. 2. A short payoff is a transaction in which the lender accepts as a final payoff the seller s net proceeds from the sale of his property. 3. An individual s net income includes income derived from any discharge-of-indebtedness. 4. A foreclosure sale under a trust deed is considered a voluntary sale of the property. 5. Discharge-of-indebtedness income is the amount by which a recourse loan exceeds the agreedto fair market value received for the real estate. 5
6 An agent s INTAX analysis should be made at the time the listing is taken and again when a purchase agreement offer is reviewed. For a landlord to qualify as an owner-operator of a real estate related trade or business, it is only necessary for the business to render professional real estate services. If a landlord spends more than 500 hours of the year managing his property, he qualifies as a material participant. Rentals only need to be occupied by tenants for less than an average of 30 days to qualify as passive category income. After a 1031 sale and prior to acquiring ownership of a replacement property, the seller may receive interest as it accrues on the net proceeds of the sale. Quiz 12 Chapters 50-52, Pages Both direct or indirect expenses are deductible for a real estate licensee who works primarily from his home. 2. Direct expenses for a home office include costs relating to the upkeep and operation of the licensee s residence, such as rent paid by a tenant. 3. In a 1031 plan, both the property sold and the property acquired must qualify as the investor s ownership of 1031 property. 4. A tenant-in-common (TIC) ownership will rise to tax partner status when the co-owners are operating as either a declared partnership, LLC or cooperating TICs. 5. Income-producing real estate that is not held for investment is classified as either passive income property or portfolio income property. 6. An asset distributed to a partner in order to establish his ownership as a tenant-in-common should occur during the year he sells the TIC interest and purchases replacement property. 7. Property taxes are imposed and collected based on the real estate s assessed full cash value on the date of acquisition, adjusted annually for inflation. 8. A change of ownership occurs when the owner transfers a present interest in the real estate which does not include an interest substantially equal to a fee interest. 9. Interspousal transfers on real estate are excluded from reassessment. _ A child adopted after turning eighteen who is involved in a parent and child transfer cannot claim the parent-child exclusion in an intrafamily transfer on real estate. 6
7 Answer References for Online and CD-ROM versions The following are the answers to the quizzes for Real Estate Matters, Second Edition, and the page numbers where they are located. Quiz 1 1. F T T T T T T F T T 47 Quiz 2 1. F T F F F T F T F T 77 Quiz 3 1. T F T T T F F F T T 119 Quiz 4 1. T F F T T T F T T T 140 Quiz 5 1. F F F F T F T T F T 163 Quiz 6 1. T F F T T T F F T T 199 Quiz 7 1. F F F T T F T T T F 227 Quiz 8 1. T F T F T F T T F F 256 Quiz 9 1. F T F T T T T F F T 276 Quiz T F F T F T T F T T 303 Quiz F F F T T T F T F F 343 Quiz T F T T F F T F T T 378 7
CITE THIS READING MATERIAL AS:
CITE THIS READING MATERIAL AS: Realty Publications, Inc. Real Estate Finance Eighth Edition Table of Contents i Table of Forms...v Glossary...601 Quizzes...619 Table of Contents Chapter 1 Chapter 2 Wellenkamp
More informationA lease may be written or verbal.
Leases 1 A lease may be written or verbal. 2 The property owner is called the landlord (lessor). 3 The landlord retains a leased fee estate. 4 The landlord also has a reversionary estate. 5 The tenant
More informationLandlords, Tenants and Property Management
CITE THIS READING MATERIAL AS: first tuesday Landlords, Tenants and Property Management Eighth Edition Table of Contents i Table of...iv Introduction...vi Glossary...441 Table of Contents Chapter 1 Chapter
More informationacknowledgment addendum attorney fee provision choice-of-law provision consideration
acknowledgment A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state
More informationExclusive Right-To-Sell or Lease Listing Agreement
In consideration of the services rendered by the Listing Broker ("Broker") named below, the undersigned seller or landlord ("Seller") exclusively lists the property as described below ("Property") for
More informationUNIT 5: JOHN MATHIS CONTRACTS
TEXAS INTERACTIVE STUDY GROUP 1 UNIT 5: JOHN MATHIS CONTRACTS Study Group Information 2 Information regarding the Study Group may be found at: www.kapre.com/txisg At this location you will find: Calendar
More informationSubject-To Addendum to One to Four Family Residential Contract (Resale)
Buyer: Seller: Property: Subject-To Addendum to One to Four Family Residential Contract (Resale) This Addendum is included and incorporated in the above referenced Contract as if recited verbatim therein.
More informationPROPERTY MANAGEMENT AGREEMENT
7853 E Arapahoe Court, Suite 1200, Centennial CO 80112 Business: (303) 471-4885 / Direct: (303) 471-4886 / Fax: (303) 327-7214 PROPERTY MANAGEMENT AGREEMENT Date: This Agreement is made between (hereafter
More informationPROPERTY MANAGEMENT AGREEMENT (AUTHORIZED REPRESENTATIVE FOR EVICTIONS)
PROPERTY MANAGEMENT AGREEMENT (AUTHORIZED REPRESENTATIVE FOR EVICTIONS) 1. PARTIES The parties to this agreement are client (Owner) (property owner of said premises per clients intake form), any authorized
More informationJOS MALAYSIA - GENERAL TERMS AND CONDITIONS OF SALE
JOS MALAYSIA - GENERAL TERMS AND CONDITIONS OF SALE 1. For online customer and goods ordered online, the terms and conditions appearing herein shall not be applicable. 2. These terms and conditions apply
More informationPrintable Lesson Materials
Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two
More informationEZ-READ TITLE COMMITMENT. SCHEDULE A (Transaction Information) Sun Title Agency of Michigan, LLC ISSUING AGENT:
SCHEDULE A (Transaction Information) 1. Effective Date of Public Records: January 15, 2015 at 08:00 AM 2. Title Insurance Policies to be Issued: Policy Amount a. [ X ] Old Republic ALTA Own. Policy (06/17/06)
More informationCONTRACT FOR SALE OF REAL ESTATE
CONTRACT FOR SALE OF REAL ESTATE This is a CONTRACT between (hereinafter Seller or Sellers) and (hereinafter Buyer or Buyers), dated this day of,. THIS INSTRUMENT WILL NOT ALLOW USE OF THE PROPERTY DESCRIBED
More informationCHAPTER Council Substitute for House Bill No. 643
CHAPTER 2008-79 Council Substitute for House Bill No. 643 An act relating to foreclosure fraud; creating s. 501.1377, F.S.; providing legislative findings and intent with respect to the need to protect
More informationCHICO SIERRA REAL ESTATE MANAGEMENT INC.
( Owner ), and ( Broker ), agree as follows: 1. APPOINTMENT OF BROKER: Owner hereby appoints and grants Broker the exclusive right to rent, lease, operate, and manage the property (ies) known as:, and
More informationPrinciples of Real Estate Chapter 17-Leases And Property Management
Principles of Real Estate Chapter 17-Leases And Property Management This chapter will explain the elements needed for a valid lease, the different rights ascribed to tenants and property owners, and the
More informationGeorgia Real Estate Practices. Attorney Involvement
Georgia Real Estate Practices Attorney Involvement Please describe any requirements under applicable state law for attorney, abstractor or other special professional involvement, for example, in the search,
More informationGENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009
S GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 00 SENATE BILL 0 Judiciary I Committee Substitute Adopted //0 Third Edition Engrossed //0 PROPOSED HOUSE COMMITTEE SUBSTITUTE S0-CSST- [v.] //00 :: PM D Short
More informationDearborn Modern Real Estate Practice in Illinois (8 th edition) Examination Outline National Portion
Dearborn Modern Real Estate Practice in Illinois (8 th edition) Examination Outline National Portion Testing Outline Chapter 1. Agency Relationships and Contracts, 28 questions A. Agency Relationships
More informationEXAM REVIEW COURSE MANUAL
EXAM REVIEW COURSE MANUAL I. LEGAL ASPECTS A. PROPERTY 1. Real Property 2. Fixtures 3. Run with the Land 4. Personal Property B. ESTATES 1. Freehold a. Fee Simple Estates (Fee Estate) b. Fee Simple Defeasible
More informationGENERAL RESIDENTIAL SALES CONTRACT Form Approved by: Birmingham Association of REALTORS ; Birmingham, Alabama July 24, 1998 (Previous forms obsolete)
GENERAL RESIDENTIAL SALES CONTRACT Form Approved by: Birmingham Association of REALTORS ; Birmingham, Alabama July 24, 1998 (Previous forms obsolete) Date: The undersigned Purchaser(s) hereby agrees to
More informationTerms. A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will.
Administrator - A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will. AFFIDAVIT A written statement or affirmation made under penalty
More informationSEALED BID FORM AND SALE TERMS
42638 Fox Farm Road Big Bear, CA Auction Date is August 23, 2018 NOON PT BIDDER # SEALED BID FORM AND SALE TERMS Please complete this BID FORM & return to BraunWorldbid by The bid deadline: August 23,
More informationExam Emphasis: Approximately 15 questions
Exam Emphasis: Approximately 5 questions Agency Relationships - or WB forms.. The listing broker is the seller s. 2. A licensee writes an offer for a buyer on the licensee s listing. The buyer is the licensee
More informationEXCLUSIVE PROPERTY MANAGEMENT AGREEMENT Long-term Rental Property
EXCLUSIVE PROPERTY MANAGEMENT AGREEMENT Long-term Rental Property This Exclusive Property Management Agreement is entered into by and between and Touchstone Realty, LLC ("Owner") ("Agent"). IN CONSIDERATION
More informationSAMPLE CONTRACT TO BUY AND SELL REAL PROPERTY
SAMPLE CONTRACT TO BUY AND SELL REAL PROPERTY 1. Parties and Property: The undersigned and identified party ( Purchaser ) agrees to buy and ( Seller ) agrees to sell, on the terms and conditions set forth
More informationANNUAL/LONG-TERM EXCLUSIVE RIGHT TO LEASE AND MANAGE AGREEMENT
ANNUAL/LONG-TERM EXCLUSIVE RIGHT TO LEASE AND MANAGE AGREEMENT WWW.PROPERTYTRACKINC.COM LEASEMETRO@GMAIL.COM THIS EXCLUSIVE RIGHT TO LEASE AND MANAGE ( Agreement ) is prepared this day of, 2015 between
More information11. What is the difference between easement by necessity and easement by prescription?
In class work with answers for chapter 7-14 1. What does it mean for the government to have governmental powers? Government powers supersede individual rights to real estate for the protection of the general
More informationPROJECT-BASED ASSISTANCE HOUSING CHOICE VOUCHER PROGRAM HOUSING ASSISTANCE PAYMENTS CONTRACT EXISTING HOUSING
U.S. Department Of Housing And Urban Development Office of Public and Indian Housing PROJECT-BASED ASSISTANCE HOUSING CHOICE VOUCHER PROGRAM HOUSING ASSISTANCE PAYMENTS CONTRACT EXISTING HOUSING PREPARATION
More informationAGREEMENT. THIS AGREEMENT, made the, 20, by and between:
AGREEMENT THIS AGREEMENT, made the, 20, by and between: (hereinafter Owner ) and Yosemite Property Management (hereinafter YPM ), agree to as follows: 1. APPOINTMENT OF YPM: owner hereby appoints and grants
More informationLAND INSTALLMENT CONTRACT
RECORDER S STAMP: This document must be executed in duplicate, and original executed documents must be provided to each party. The Seller must cause this document to be recorded within 20 days after it
More informationEXCLUSIVE AGENCY LISTING AGREEMENT
EXCLUSIVE AGENCY LISTING AGREEMENT This exclusive agency listing agreement is made on, 20, between Valu-net Realty, referred to in this agreement as Broker, and Owner(s) Name(s): Owner address: City Owner
More informationAGREEMENT. ("Buyers"), and Mr. Investor., whose address is
AGREEMENT Mr. and Mrs. Homeowner, whose address is ("Buyers"), and Mr. Investor, whose address is ("Investor"), enter into this Agreement (the "Contract") on, 2001, subject to the following terms and conditions:
More informationMacIntosh Real Estate School Colorado Course - Chapter 14
Chapter 14 - SHORT-ANSWER QUESTIONS ANSWERS 1. protect 2. competency, integrity 3. standing, interests 4. ethical standards 5. crimes, torts, crime, tort 6. 5, hearings, policy, licensing, complaints,
More informationMODULE 8-2: REAL ESTATE TAX LIENS
MODULE 8-2: REAL ESTATE TAX LIENS LEARNING OBJECTIVES When you have finished reading this chapter in your text, you should be able to: Identify the various classifications of liens. Describe how real estate
More informationNC General Statutes - Chapter 47C Article 4 1
Article 4. Protection of Purchasers. 47C-4-101. Applicability; waiver. (a) This Article applies to all units subject to this chapter, except as provided in subsection (b) or as modified or waived by agreement
More informationEscrow Basics. Chapter 6. Learning Objectives
Chapter 6 Escrow Basics Learning Objectives After reading this chapter, you will be able to: explain the basic regional differences of escrow instructions. define the general principles followed by all
More informationAddress: City, State, Zip: Hm. Phone: Wk. Ph: Mobile:
RESIDENTIAL LEASING AND PROPERTY MANAGEMENT AGREEMENT USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS IS NOT AUTHORIZED. Texas Association of REALTORS, Inc. 2005 1.
More informationChapter 1 An introduction to Law 1
Chapter 1 An introduction to Law 1 I. LAW AND THE REAL ESTATE PROFESSION (p. 1) II. THE NATURE AND FUNCTIONS OF LAW (p. 4) A. Morality and Efficiency (p. 5) III. HISTORICAL BACKGROUND (p. 5) A. English
More informationADMINISTRATOR: A person appointed by a probate court to settle the affairs of a deceased person who had no will. See "personal representative".
COMMON TERMS ACCESS: The right to enter and leave a tract of land to or from a public right of way, often necessitating the right to cross lands privately owned by others. ACKNOWLEDGMENT: The act by which
More informationSTANDARD MASTER ADDENDUM
Page 1 of 8 STANDARD MASTER ADDENDUM This Standard Master Addendum (hereinafter the SMA ) is entered into by the and (together referred to hereinafter as the Parties ) in conjunction with the Purchase
More informationRider To Purchase Agreement
Rider To Purchase Agreement This is a Rider to a Purchase Agreement (the "Agreement") dated between Seller and Buyer, with respect to the land, buildings, and improvements located at: (the Property ) as
More informationCOMPARISON CHART 2013 PRDS CONTRACT 2013 CAR CONTRACT CAR #
PRDS # PRDS PROVISION Introductory Paragraph ( ) COMPARISON CHART 2013 PRDS CONTRACT 2013 CAR CONTRACT PRDS APPROACH Identifies Parties, Purchase Price and Property Address 1 Agency Acknowledges Receipt
More informationAPARTMENT LEASE AGREEMENT
APARTMENT LEASE AGREEMENT This Apartment Lease Agreement ("Lease") is made and effective this day of, 201_ by and between Aguas Properties LLC. ("Landlord") and ("Tenant," whether one or more). This Lease
More informationReal Estate Purchase and Sale Agreement
(NON-RESIDENTIAL) THIS CONTRACT CONTROLS THE TERMS OF THE SALE OF REAL PROPERTY, THIS IS A LEGALLY BINDING CONTRACT DATED this day of, 20. I. PARTIES: A. Seller: Spokane County, a political subdivision
More informationSample Exam 1 Textbook Rationales
Sample Exam 1 Textbook Rationales 1. b A recorded mortgage constitutes a lien on a property. 2. a It is voidable by the party who is currently the minor. It also would be enforceable by that party. 3.
More informationRule E - Separate Accounts - Records - Accountings - Investigations E-1. Trust accounts; requirements and purposes
Rule E - Separate Accounts - Records - Accountings - Investigations E-1. Trust accounts; requirements and purposes All "money belonging to others" accepted by a resident or non-resident broker doing business
More informationDEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF CHAMONIX VAIL RESIDENTIAL DWELLING UNITS
DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF CHAMONIX VAIL RESIDENTIAL DWELLING UNITS THIS DEED RESTRICTION AGREEMENT (the "Agreement") is entered into this day of, 201_ (the "Effective
More informationGlossary of Terms Greenville County Register of Deeds
Glossary of Terms Greenville County Register of Deeds Disclaimer: This glossary of terms was compiled by Greenville County solely as a public service. Greenville County does not warrant the accuracy of
More informationBANK FINANCE AND REGULATION Multi-Jurisdictional Survey SECURITY OVER COLLATERAL. USA - MINNESOTA Briggs and Morgan, P.A.
BANK FINANCE AND REGULATION Multi-Jurisdictional Survey SECURITY OVER COLLATERAL USA - MINNESOTA Briggs and Morgan, P.A. CONTACT INFORMATION Steven J. Ryan Briggs and Morgan, P.A. 2200 IDS Center 80 S.
More informationQuiz 40:Leasing and Managing Property
Quiz 40:Leasing and Managing Property 1. When a tenant sublets all or any part of the premises rented under a written lease, a. the tenant assigns all rights, title, and interests in the rented property
More informationReal Estate 63-Hour Sales Associate Pre-Licensing Course. Topics Covered & Learning Objectives
Real Estate 63-Hour Sales Associate Pre-Licensing Course Topics Covered & Learning Objectives Lesson 1: Administrative Matters And Course Overview; The Real Estate Business Describe the various activities
More informationlocated in the 14. City/Township of CLEARWATER, County of WRIGHT, 15. State of Minnesota, PID # (s) 16.
2. BUYER (S): 3. 4. Buyer's earnest money in the amount of COMMERCIAL PURCHASE AGREEMENT This form approved by the Minnesota Association of REALTORS and the Minnesota Commercial Association of REALTORS,
More informationADDENDUM TO PURCHASE AGREEMENT NORTH CAROLINA STATE SPECIFIC TERMS
ADDENDUM TO PURCHASE AGREEMENT NORTH CAROLINA STATE SPECIFIC TERMS Event No. / Buyer acknowledges that the purchase of the Property may have resulted from a transfer made by a beneficiary under a deed
More informationEXCLUSIVE AUTHORIZATION AND RIGHT TO SELL, EXCHANGE OR LEASE BROKERAGE LISTING AGREEMENT (ER)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL, EXCHANGE OR LEASE BROKERAGE LISTING AGREEMENT
More informationAssembly Bill No. 140 Committee on Commerce and Labor
Assembly Bill No. 140 Committee on Commerce and Labor CHAPTER... AN ACT relating to real property; revising provisions relating to a notice of sale of real property under execution; establishing the crime
More informationTERMS AND CONDITIONS OF SALE
TERMS AND CONDITIONS OF SALE 1. DEFINITIONS AND INTERPRETATIONS 1.1. In these Conditions: "SSD means ; "Buyer means the person firm or company so described in the Order; "Conditions means the standard
More informationCONDOMINIUM RESALE PURCHASE AND SALES AGREEMENT Rhode Island Association of REALTORS
CONDOMINIUM RESALE PURCHASE AND SALES AGREEMENT Rhode Island Association of REALTORS 1. SALES AGREEMENT ( Agreement ) made between................. ( Seller ) whose mailing address is........zip code......
More informationADDENDUM TO PURCHASE AGREEMENT OHIO STATE SPECIFIC TERMS
ADDENDUM TO PURCHASE AGREEMENT OHIO STATE SPECIFIC TERMS Event No. / Buyer acknowledges that the purchase of the Property may have resulted from a transfer made by a mortgage, or a beneficiary under a
More informationProperty. Management. Chapter 2. Legislative Changes. House Bill 311. Senate Bill 478
Property Management Legislative Changes House Bill 311 Chapter 2 Amends Property Code Sections 5.062, 5.064, 5.066, 5.070, 5.076, 5.077, 5.079, and 5.081 Relating to an executory contract for the conveyance
More informationWhat are Landlord's and Tenant's rights and obligations? Discuss.
REAL PROPERTY ESSAY #1 MODEL ANSWER Tenant entered into a written lease of an apartment with Landlord on January 1, 1995. The lease provided that Tenant would pay $12,000 per year rent, payable in $1000
More informationADDENDUM # 1 TO CONTRACT OF SALE (Single-Family Real Estate Disposition)
HomeSteps File No: ADDENDUM # 1 TO CONTRACT OF SALE (Single-Family Real Estate Disposition) This Addendum is to be made a part of the agreement (Contract of Sale) dated 20, between Federal Home Loan Mortgage
More informationEXCLUSIVE PROPERTY MANAGEMENT AGREEMENT Long-term Rental Property
EXCLUSIVE PROPERTY MANAGEMENT AGREEMENT Long-term Rental Property This Exclusive Property Management Agreement is entered into by and between ( Owner ) and Glenwood Agency ( Agent ) IN CONSIDERATION of
More informationWESTGATE SALE PROCEDURE
WESTGATE SALE PROCEDURE Please forward this process to all parties involved in the change/transfer so they are aware of the timeframe involved: Westgate has the Right of First Refusal on all sales. You
More informationSearch Result for BALTIMORE COUNTY View Map View GroundRent Redemption View GroundRent Registration. Location & Structure Information
Real Property Data Search Search Result for BALTIMORE COUNTY View Map View GroundRent Redemption View GroundRent Registration Tax Exempt: Exempt Class: Special Tax Recapture: AGRICULTURAL TRANSFER TAX
More informationDEED OF TRUST PUBLIC TRUSTEE
DEED OF TRUST PUBLIC TRUSTEE THIS DEED OF TRUST is a conveyance in trust of real property to the Public Trustee of the county in Colorado in which the Property described below is located. It has been signed
More informationTRUSTEE S MEMORANDUM OF FORECLOSURE SALE OF REAL PROPERTY OF
TRUSTEE S MEMORANDUM OF FORECLOSURE SALE OF REAL PROPERTY OF In consideration of the premises and other good and valuable consideration, the adequacy and receipt of which are acknowledged, the undersigned
More informationVIRGINIA ASSOCIATION OF REALTORS Commercial Purchase Agreement
VIRGINIA ASSOCIATION OF REALTORS Commercial Purchase Agreement Each commercial transaction is different. This form may not address your specific purpose. This is a legally binding document. If not understood,
More informationMETRO BROKERS Checklist for Commercial Real Estate Professionals
METRO BROKERS Checklist for Commercial Real Estate Professionals 2017 Metro Brokers, Inc. All Rights Reserved 1 WHAT DUE DILIGENCE IS DUE? The scope, intensity and focus of any due diligence investigation
More informationBUYER'S OCCUPANCY, REFINANCING AND RESALE RESTRICTION AGREEMENT WITH OPTION TO PURCHASE CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM
BUYER'S OCCUPANCY, REFINANCING AND RESALE RESTRICTION AGREEMENT WITH OPTION TO PURCHASE CITY OF WALNUT CREEK INCLUSIONARY HOUSING PROGRAM ADMINISTRATIVE COVER SHEET (Remove Upon Completion) BLANK LINES:
More informationGENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2015 HOUSE BILL 174 RATIFIED BILL
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2015 HOUSE BILL 174 RATIFIED BILL AN ACT TO AMEND AND ENHANCE CERTAIN NOTICE REQUIREMENTS AND PROTECTIONS FOR TENANTS OF REAL PROPERTIES IN FORECLOSURE AND TO
More informationCITY'S BONDS TO FINANCE HOUSING PROGRAMS ARE NOT PRIVATE ACTIVITY BONDS.
Private Letter Ruling 9203021, IRC Section 141 CITY'S BONDS TO FINANCE HOUSING PROGRAMS ARE NOT PRIVATE ACTIVITY BONDS. Date: October 21, 1991 Dear ***: This letter is our reply to your request for rulings
More informationCOMMERICAL PURCHASE AGREEMENT
COMMERICAL PURCHASE AGREEMENT Each commercial transaction is different. This form may not address your specific purpose. This is a legally binding document. If not understood, seek competent advice before
More informationLesson 5: Encumbrances. Encumbrances. Real Estate Principles of Georgia. Encumbrances. Financial vs. Non-financial
Real Estate Principles of Georgia Lesson 5: Encumbrances 1 of 64 105 Encumbrances Encumbrance: A nonpossessory interest in real property held by someone other than the owner. Does not give ownership or
More informationCommon Interest Ownership Act Key Points
Common Interest Ownership Act Key Points Declaration A common interest community may be created only by recording a declaration executed in the same manner as a deed. In a cooperative, it is created by
More informationPACIFIC TRUST DEED SERVICING COMPANY, INC. Collection Escrow Instructions
PACIFIC TRUST DEED SERVICING COMPANY, INC. Collection Escrow Instructions Collection Account No. Payee/Seller Name: Address: Telephone No. Email: Escrow No. Obligor/Buyer Name: Address: Telephone No. Email:
More informationCHAPTER 14 REAL PROPERTY PRACTICE
CHAPTER 14 REAL PROPERTY PRACTICE PART I. BASIC REAL ESTATE ACQUISITION DOCUMENTS AND SPECIAL CONSIDERATIONS FOR SHORT SALES AND DISTRESSED PROPERTIES. A. The Listing Agreement. 1. (14.1.1) General Purpose.
More informationROGER K. SHERRILL, R.E. TUTOR, ALL TRUE NEVADA LAW
1 ROGER K. SHERRILL, R.E. TUTOR, ALL TRUE NEVADA LAW The Division CANNOT step in and take control of a broker s trust account without a court order. They must pursue an injunction by court action. Salespersons
More information(Otherwise Known As the Lease)
Chapter 3 THE RENTAL AGREEMENT (Otherwise Known As the Lease) A lease is a contract containing promises between you and the landlord. There are two types: a written lease and a spoken or oral agreement.
More informationSYLLABUS. Law REAL ESTATE TRANSACTIONS AND LITIGATION. II. REAL ESTATE BROKERS AND SALES AGENTS (August 27; September 3)
SYLLABUS Law 257 - REAL ESTATE TRANSACTIONS AND LITIGATION I. COURSE OVERVIEW/INTRODUCTION (August 27) II. REAL ESTATE BROKERS AND SALES AGENTS (August 27; September 3) A. INTRODUCTION B. SOURCES OF RELEVANT
More informationThis Exclusive Property Management Agreement is between:
This Exclusive Property Management Agreement is between: (OWNER):, Owner certifies and represents that he/she has legal authority and capacity to enter into this agreement and Barrons Property Managers,
More informationTERMS OF SALE. 3.2 Each order accepted constitutes a separate legally binding Contract between FAV and the Buyer.
The Arches Unit 445 Joseph Street Bow London E3 4AT T: +44 (0) 333 433 0443 E: sales@focus-av.net W: focus-av.net TERMS OF SALE 1 Definitions 1.1 In these Conditions: FAV means Focus Audio Visual Limited;
More informationKimball, Tirey & St. John LLP
Kimball, Tirey & St. John LLP Security Deposit Law for California Residential Landlords July, 2015 California law regarding residential security deposits is found at California Civil Code 1950.5, attached
More informationThe nonjudicial foreclosure process
Chapter 44: The nonjudicial foreclosure process 499 Chapter 44 The nonjudicial foreclosure process After you read this chapter, you will be able to : identify a mortgage or other lien on real estate by
More informationSample Exam 2 Textbook Rationales
Sample Exam 2 Textbook Rationales 1. d The agreement between landlord and tenant here is a tenancy at will. The tenant is free to move out at any time, and the landlord can tell the tenant it s time to
More informationBNT Escrow Services, LLC
BNT Escrow Services, LLC American Land Title Association ALTA Commitment Form Adopted 6-17-06 CHICAGO TITLE INSURANCE COMPANY 800-943-1196 SCHEDULE A Prepared By: BNT Escrow Services, LLC Loan No.: Title
More informationTHIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. DRAFT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (AE41-5-09)
More informationOWN A PIECE OF HISTORY
RAPIDAN FARM 27912 Horseshoe Road Culpeper, VA 22701 PREMIERE ESTATES GLOBAL BESPOKE MARKETING BIDDER # AUCTION DATE June 28, 2017 SEALED BID AUCTION OFFER OWN A PIECE OF HISTORY TO BE COMPLETED BY PEAC
More information60-HR FL Real Estate Broker Post-Licensing Learning Objectives by Lesson
Lesson 1: Starting a Real Estate Office SECTION 1: BROKERAGE OFFICE ESSENTIALS Recall the characteristics of business entities that may register as a real estate brokerage and the rules involved to operate
More information3. PAYDAY RENT PAYMENT OPTION.
FIXED TERM LEASE This agreement is entered into on between _GERBER HOLDINGS, LLC hereinafter referred to as ''landlord'' and, referred to as tenant. ' 1. PREMISES. Landlord rents to tenant those premises
More informationAddress: City, State, Zip: Hm. Phone: Wk. Ph: Mobile:
TEXAS ASSOCIATION OF REALTORS RESIDENTIAL LEASING AND PROPERTY MANAGEMENT AGREEMENT USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF THE TEXAS ASSOCIATION OF REALTORS IS NOT AUTHORIZED. Texas Association
More informationFALCON FIELD AIRPORT AIRCRAFT TIEDOWN STORAGE AGREEMENT
FALCON FIELD AIRPORT AIRCRAFT TIEDOWN STORAGE AGREEMENT This AIRCRAFT TIEDOWN STORAGE AGREEMENT ( Agreement ) is by and between the CITY OF MESA, a Municipal Corporation, hereinafter referred to as the
More informationYOUR GUIDE TO SIMPLIFYING THE SHORT SALE
YOUR GUIDE TO SIMPLIFYING THE SHORT SALE (TCF Package) SHORT SALE CHECK LIST FINANCIAL INFORMATION Tax Information Two most recent 1040 s Two most recent W2 s Two Months Most Recent Bank Statements- all
More informationPOLICY: SUCCESSION. 1.0 Introduction. 2.0 Policy Statement. 3.0 Objectives. 4.0 Background Legislation
POLICY: SUCCESSION 1.0 Introduction 1.1 This policy sets out Thames Valley Housing s (TVH s) position regarding the rights of a relative to take over a tenancy on the death of a tenant. Succession is the
More informationPolicy Amount. Proposed Insured: Purchaser with contractual rights under a purchase agreement with the vested owner identified at Item 4 below
FIDELITY NATIONAL TITLE INSURANCE COMPANY 800-943-1196 SCHEDULE A Prepared By: BNT of Alabama, LLC Loan No.: Title No.: 1. Effective date: 19th day of January, 2018 Issue Date: 01/25/2018 This Title Insurance
More informationRESIDENTIAL PROPERTY MANAGEMENT AGREEMENT for
RESIDENTIAL PROPERTY MANAGEMENT AGREEMENT for (Property Address) 1 This PROPERTY MANAGEMENT AGREEMENT ("Agreement"), entered into this day of 2,, by and between 3 ("Owner") of the property described below
More informationUSOPF REAL ESTATE ACCEPTANCE POLICY
USOPF REAL ESTATE ACCEPTANCE POLICY The United States Olympic and Paralympic Foundation ( USOPF ) is a not-for-profit organization under the laws of the State of Colorado organized to encourage, solicit
More informationBUSINESS LISTING AGREEMENT (C.A.R. Form BLA, Revised 10/01)
BUSINESS LISTING AGREEMENT (C.A.R. Form BLA, Revised 10/01) (A separate listing agreement is required for any real property be included in sale.) 1. EXCLUSIVE AUTHORIZATION: ("Owner") doing business as:
More informationEscrow & Evidence of Title
Escrow & Evidence of Title 1 Chapter 13 2 Escrow Escrow acts as a neutral third party. Hawaii s Escrow Act of 1967: Maintain a minimum net capital or obtain bonding. Be a corporation. Subject to annual
More informationPRESS FIRMLY you are writing through 4 copies.
PRESS FIRMLY you are writing through 4 copies. PURCHASE AGREEMENT UNIMPROVED LAND/LOT EFFECTIVE DATE: DATE: INITIALS: / (To be completed by the last party to sign acceptance of the final offer.) PLEASE
More information