Real Est. Test #1
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| DEFINITION OF APPRAISAL | An estimate of value; Skill, experience, and judgment of the appraiser is important.
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| DEFINITION OF REAL ESTATE | The earth's surface, from the center, upward in space, including all things permanently attached, whether natural or man-made; land and all permanent attachments
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| EXAMPLES OF REAL ESTATE | Occupation, field of study, assets
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| EXAMPLES OF REAL ESTATE AS AN OCCUPATION | Brokerage, finance, property management, appraisal, development, law, title
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| THREE TYPES OF REAL ESTATE | Residential, commercial, agricultural
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| DEFINITION OF A BROKER | Facilitators of buying, selling, and leasing real estate; licensee who, for compensation, sells/buys/negotiates/leases/rents any real estate or improvements for others
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| DUTY OF AN APPRAISER | To give an opinion of value for a fee
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| SPECIALTIES OF APPRAISAL | Apartments, farms, industrial, shopping centers
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| STATUTE OF FRAUDS | Contracts MUST be in writing
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| TITLE INSURANCE | An insurance policy that will reimburse a property owner or mortgage lender for losses caused by title defects or encumbrances.
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| PERSONAL PROPERTY | Personal property that is moveable and not part of the real estate. Also called personalty.
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| IMMOBILITY | Cannot be moved
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| SITUS: | Location, location, location
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| DURABILITY | Land itself cannot be destroyed
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| HETEROGENEOUS | Uniqueness
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| SCARCITY | Limited supply
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| MODIFICATION | Improvements
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| FIDUCIARY RESPONSIBILITY | The person (broker, real estate agent, etc) is required to present all offers to buyer and be morally responsible in transactions
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| BROKERS AS BUSINESS PEOPLE | Licensed by state, independent or franchisee, can accept or reject agency relationship, duties limited to those under listing agreement, can't discriminate (must present all offers to client)
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| HOW TO GET YOUR LICENSE REVOKED | Misleading advertising, failure to account for principal's $, co-mingling funds, failure to maintain separate accounts, accepting undisclosed commission, acting as agent AND undisclosed principle
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| 5 ELEMENTS OF A CONTRACT | Compentent parties, legal subject matter, offer, acceptance, consideration
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| "SEIZIN" | Actual possession of realty by a person claiming ownership; has the right to transfer property/sell
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| "ENCUMBRANCES" | Any claim, lien, or charge against a property that would reduce it's value.
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| "QUIET ENJOYMENT" | An owner's right to peaceable possession and not to be subject to adverse ownership claims by others.
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| "FURTHER ASSURANCE" | Grantor agrees to execute documents for grantee to receive good title
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| "WARRANTY FOREVER" | Should title someday list a pre-existing defect grantor will compensate grantee
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| INVOLUNTARY TRANSFER |
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| ADVERSE POSSESSION | Known as "squatter's rights"; a set of legal rules under which property can be acquired or lost by possessing another's land for a set period of time, in accordance with state law.
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| PRESCRIPTIVE RIGHTS | A right to use real property for a certain purpose that has been acquired through continuous adverse use for a set amount of time.
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| EMINENT DOMAIN | Government can take ownership w/o owner's consent; gov't MUST compensate accordingly.
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| MECHANIC'S LIEN/CONTRACTOR'S LIEN | Lien placed for work done but possibly not paid for or not completely paid for; normally in exchange for payment, a contractor signs a lien waiver which "waives" his/her right to place a lien on your property
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| LEASEHOLD | Ownership interest for a definite period of time; example: 1 year apartment lease
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| FREEHOLD | Ownership interest for an indefinite period of time; ex: fee estates/life estates
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| FEE ESTATE | A freehold estate which the owner can transfer upon death and in a property executed will; Inheritance
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| FEE SIMPLE ASBOLUTE | Most complete ownership/most typical
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| FEE SIMPLE DETERMINABLE | Transferred temporarily for a purpose; i.e. a school being donated to stay a school
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| FEE SIMPLE CONDITIONAL | Transferred unless triggering event occurs; i.e. alcohol sold on property
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| TYPICAL BUSINESS OWNERSHIP TYPES | LLC (most typical), C Corporations, partnership, general partnership: full liability, limited partnership: limited liability
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| TITLE THEORY | State lender holds title
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| LIEN THEORY | State lender holds the lien; Nebraska is a lien theory state
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| LIEN POSITIONS | 1st position = first lien to be filed and priority given in liquidation. Junior position = every position after primary
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