Real Estate Study Guide – Flashcards
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real estate
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land and everything attached to it
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purpose of zoning
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improve living and working conditions by preventing the property rights of one person from infringing on the property rights of another
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four unities for joint tenancy
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title, time, interest, possesion
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parties to a promissory note
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maker and holder
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foreclosure
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sale brought by holder of a mortgage for purpose of paying the debt secured by real property
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prenuptial agreement
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a contract drawn up by a couple before they are married to handle their property and income should they ever go their separate ways
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grantor/grantee - seller/buyer
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grantor - seller grantee - buyer
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two parts of title insurance policy and what they cover
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schedule a - identification schedule - inclusions schedule b - exceptions to the coverage such as things that aren't shown by public record
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Determination of presence of a property in a flood hazard zone is usually made by title examination t/f
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False
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loans can always be repaid before they are due t/f
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True, however some may require a prepayment penalty
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bill of sale
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legal document that transfers ownership to personal property
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easement in gross
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An easement that benefits a particular individual, not a parcel of property.
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reversions and remainders
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reversion-upon termination of a life estate, ownership transfers back to the grantor or the grantor's heirs remainder-ownership transfers to someone other than the grantor or the grantor's heirs
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eminent domain
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power of the government granted through the fifth amendment to take a private citizen's property for public use as long as there is just compensation
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how to gain real property
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adverse possession buy inherit devise gift
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coinsurance
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clause in policy meant as disinsentive to underinsure - penalty did/should * loss - deductible = recovery
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length between two metes and bounds description is called a course t/f
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false
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rent
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money paid from a by a lessee to a lessor for the possession of a property per a lease agreement
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list and explain two insurance issues in a commercial lease
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subrogation- right to substituted for the rights and obligations of another if this is waived, it makes it harder for an insurance company to collect fire insurance-coverage for your part business interuption - another part burns but your business is hurt clause stating that if your part is damaged to certain point you can walk
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when, where, and by whom was the statute of frauds created
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created in 1677 in england by parliament to protect the rights of the illiterate - originally called the act for the prevention of fraud and perjury
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list and explain 2 remedies for a breach of real estate contract
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specific performance - forces defaulting party to complete their side of the deal rescission - terminates contract and the defaulting party must reimburse other for losses in connection to the contract.
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dower and curtsy
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dower - wife's share of husband's real property upon his death curtsy - husband's share of wife's property upon her death
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ee/or rule
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ee-to whom or-from whom
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parties to a mortgage
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mortgagee-bank mortgagor-person requesting the loan
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estate pur autre vie
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an estate that a person holds during the life of another person
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3 requirements to be a bonafide purchaser for sale
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good faith, no notice, for consideration
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mechanic's lien
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lien imposed on real property to secure payment for work performed or materials furnished for construction or improvements on property
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devise
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(law) a gift of real property by will
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most loan commitments rae not assignable by borrower t/f
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true
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who holds a dominant and servient tenement
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an easement is located on the servient tenement but benefits only the dominant tenement
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what is a same name affadavit and why is it used
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verifies that you are the person listed on the form
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how many acres are in a township
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640 acres in a section x 36 sections in a township
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6 elements of a valid contract
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offer acceptance consideration legality capacity meeting of the minds
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6 elements of a valid deed
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written competant grantor witnesses words of conveyance signed by grantor list the grantee consideration delivered describe the property
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liquidated damages
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damages that are agreed upon in the contract for if a party defaults on their obligations
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riparian rights
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rights of a property owner for the use of water bordering their land
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judgment lien
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lien on real property resulting from a lawsuit
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radius clause
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prohibits tenant from opening another business within a certian geographical radius of the leased premises
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list one provision in a lease
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parties, premises, use, term, rent sublease - quiet enjoyment,
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4 types of co ownership
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joint tenancy tenancy in common tenancy by the entirety community property
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parol evidence
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a written agreement is the only evidence and no oral testimony can be submitted
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6 contracts that must be in writting
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can't be completed in one year consideration of marraige real estate for the debts of another personal property over 500, leases over 1000 debts of the dead
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list and explain 3 types of deeds
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general warranty - contains full warranty of title limited warranty deed - protects only against claims through the grantor quitclaim deed - no warranties of title, only transfers interest
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4 covenants in a general warranty deed
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quiet enjoyment further assurance seisin against encumbrances right to convey warranty
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due on sale clause
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prohibits sale of property without lenders consent
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a deed must be in writting t/f
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t
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redemption of property
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right of property owner to buy back thier property before a foreclosure
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chain of title
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historical sequence of all owners of property starting with the original owner
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lis pendens
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a recorded notice informing all interested parties that a legal action has begun which may affect the title of a real property
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appropriate amount of coverage for lenders title insurance policy
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the amount of the loan
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3 ways to terminate an easement
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abandonment, purchase the property, foreclosure
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condominium vs cooperative
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cooperative is owned by a corporation in which a person buys shares and has the right to live there condominium a person buys and individual unit
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in larimer county do odd number streets run n/s or e/w
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n/s
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acres in a section
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640
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1/2 1/2 1/4 1/4
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10
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term for combination of adverse possession of differeent people
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tacking
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attornment agreement
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agreement between bank and tenant recognizing each other in the event of a foreclosure
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best evidence rule
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to prove contents of a written agreement the party must produce the original agreement
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fixtures and tests
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personal property that becomes real property when attached, tests include: how is it attached what was the intention how was the item adapted value of the item when removed
