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175 Terms

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Title
ownership
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bill of sale
personal property
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severalty
one owner
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concurrent
more than 2 owners
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allodial
system of ownership (real property)
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ambulatory
change the will
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Joint Tenancy
equal shares, TTIP, don't need permission to sale, cant will it, at death it goes to the other owner
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tenance in common
two or more owners, unequal shares, separate titles ,at death goes to the heirs /estate
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community property/entities
husband and wife - undivided shares- death, divorce, agreement will terminate
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short-rate
HOI
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Sublease
possession not ownership
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coinsurance clause
Homeowners' insurance policy requires fire insurance to 80% replacement cost of the dwelling (excludes the land).
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Suit to partition
court order to sell or divide ownership
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Less than Freehold Estate
a limited period of time
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estate of years
possession for a limited time (summer rentals) no need to notice to terminate
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estate at will
ends at any moment
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periodic tenancy
month to month; week-to-weeek
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estate of sufference
stays after their rights expired
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4 government powers
P.E.T.E: Police power, eminent domain, taxation, escheat
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police power
state power to enact laws promoting health, safety, and morals
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escheat
goes to the government without no heirs
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taxation
taxes
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emient domain
take property for public use
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involuntary liens
taxes, assessments, mech leins, mortages
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voluntary liens
judgement, property tax, income tax
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Easement Appurtenant
An easement created to benefit adjacent land.
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tenancy of years
ends at a period of time
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common elements
common areas /condo
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real property
land and immovable land
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personal property
movable items (chattle)
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severance
real to personal
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annexation
attaching an item to property
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easement in gross
utilities (personal and corp.); doesnt transfer at sell
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Easement by Prescription
OCEAN- 20 years
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estate of inheritance
indefinite duration
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life estate
own for someones life
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freehold estate
fee estate, fee simple defeasible, life estate
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fee simple
The greatest possible interest a person can have in real estate.
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fee simple defeasible
owe but their is a restrictions
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equitable title
presented right of possession
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emblements
Crops. Fructus industriales/personal property
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consumer price index
commercial leases
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zoning ordiance
is to promote safety, public health, morals, and general welfare
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gross lease
flat rate
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percentage lease
based on income
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net lease
pay insurance, taxes
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sale and lease back
lease it back to seller at the time of title passes
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graduated rental lease
starts an agreed upon payment, increases at set intervals as the lease terms
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proprietary lease
co-ops- personal property interest
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value
Scarcity, Transferability, Utility, Demand
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expressed contracts
written or verbal agreements
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implied contract
A contract that comes about simply from actions of the parties.
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unilateral
1 party; listing agreement
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bilateral
2 promises/party
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valid and enforceable
A contract containing all the essential elements, including being in writing
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Essentials of a valid contract
Mutual consent, lawful object, consideration, capable parties
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void contract
missing an element
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voidable contract
A contract that may be legally avoided at the option of one or both of the parties.
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Unenforceable Contract
a contract for the breach of which the law provides no remedy
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default
breach in contract
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Liquidated Damages
Anticipated damages agreed upon prior to contract being signed. (earnest money)
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Punitive Damages
punished by the court
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compensatory damages
economic loss/court
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Suit of Performance
court order to perform
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termination of contract
mother-nature, death of principals, death of broker, mutual agreement, bankruptcy/foreclosure
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rescession
cancle
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time of the essence
bind one party to perform at a time limit
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contingency
something has to happened before purchasing
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amendment
change with mutual agreeemnt
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Addenda/addendum
Additions to terms of the contract
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Net Listing
broker keeps everything above a certain figure
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Open Listing
pay broker who brought the buyer, seller sells \= no commission, multiple brokers
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exclusive agency listing
pay broker (1) that finds buyer; owner sells\= no commsion, prove that you brought the buyer
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exclusive right to sell
broker gets paid no matter who sells it, one firm brough the buyer
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offers can be ... (seller point of view)
accepted, rejected, do nothing, counteroffer
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withdrawal of offer
until time of acceptance by seller
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executory period
have tasks to complete
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executed period
all promises have been fulfilled
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procurring cause
person who brings about a sale
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Sherman Antitrust Act (1890)
price fixing, boycotting
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deed
legal document used to transfer ownership of real property (receipt)
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option contract
unilateral, seller is obligated to sell; buyer has the option to buy
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land contract
agreement under which buyer pays in installments and waits for deed; seller holds title and buyer gets equitable title
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Non-Exclusive Buyer Agency Agreement
A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.
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Exclusive buyer agency agreement
buyer must compensate no matter what.
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due dilligence objective
detect problems; money goes to the seller
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earnest money
trust account within 3 days
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cancel contract before due diligence date
seller keeps dd, earnest money goes to the buyer
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cancel contract after due diligence date
seller keeps both dd and earnest money
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settlement
signs documnets
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settlement date
when everything was signed
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bundle of rights
(DEEPC)
Disposition
Exclusion
Enjoyment
Possession
Control
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deed must be
delivered and accpeted
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metes and bounds
point of beginning, always clockwise
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Recorded plat of subdivision
lot and block
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rectangular survey system
Also called the Public Land Survey, the system was used by the US Land Office Survey to parcel land west of the Appalachian Mountains. The system divides land into a series of rectangular parcels.
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Words of Conveyance
type of deed, how they plan to take title
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recording of deed
gives constructive notice of the ownership of real property
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actual notice
direct knowledge
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can't transfer ownership with clouds until you...
quiet title claim