Jeff Evans Real Estate Exam 1

the largest, most complete bundle of rights one can hold in land

(biggest bundle of rights from moon to the stars)

fee simple

if you have a wife but you are overseas in the military so you cannot sign loan documents, can she sign for you?

Yes, she can be your power of attorney

factors of real property (tangible things)

dirt

physical improvements

lease hold

life estate

what is joint tendency as an investor? (right of survivorship)

the surviving joint tenants automatically acquire all the rights, title, and interest of the deceased joint tenant

example of valuable consideration

money (but doesn't always have to be money)

in an option contract with a buyer and a seller, who does it benefit?

the buyer (they can get out of the contract but the seller cannot)

who is the Arkansas real estate commission

governor?

what do real estate agents do?

can sell houses

you do not have to have a license for real estate if you are just doing it for you

trust executed when you are alive

vivos trust

1 acre

43,560 SF

escheat

when a person dies and leaves no heirs and no instructions about the property so it passes to the government

title

the right to or ownership of (intangible) something; also the evidence (tangible) of ownership, such as a deed

lien

a hold or claim that one person has on the property of another to secure payment of a debt or other obligation

eminent domain

when the government has the right to cease your property for the betterment of the community (worst possible case)

liquidation damages

earnest money

expressed contract

written and agreed to (created orally or written)

(rental agreement, lease)

implied contract

intentions declared/created by action (taxi)

earnest money deposit (liquidated damages)

in case agreement is broken between 2 people, seller gets money

money that accompanies an offer to purchase

- shows buyers "good faith"

- no law governs the amount

-earnest money is NOT consideration

- not required for valid contract

what is chattel?

Personal Property

Who does community property usually pertain to?

Husband and wife

whats a written document that transfers title of land?

a deed

seizin

you are the owner or hold the right to convey title to it

enroachment

unathorized intrusion of a building or other improvement onto another person's land

statute of frauds

requires that transfers of real estate ownership be in writing and signed in order to be enforceable in a court of law

contract

a legally enforceable agreement between 2 or more parties to do (or not to do) a particular thing

void contract

no legal effect and is not a contract

voidable contract

one party is bound but not the other

consideration

legal value exchanged

size, quantity, nature, or amount being exchanged is irrelevant as long as it is present

(an act or promise given in exchange for something)

breach of contract

failure, without legal excuse, to perform as required by a contract