Untitled Flashcards Set

Eminent domain= government steps in and takes land

The big document that transfers title of land = deed 

Real estate commission = realtors, agents, brokers

Wife has to sign = a power of attorney 

Note republic is there to sign = needs to be in person 

Trust when alive = inter vivos 

Fee simple is up to the moon and down into earth (rights)

Chattel = things that you own personal property

43,560 is an acre

Joint tenancy with the right of survivorship = goes to surviving co-owners

Record everything building = recorder's office

Valuable consideration = price and value and money

Earnest Money = good faith money ( agreement with buyer and seller)

Another word for earnest money = liquidating 

Ask to buy property with option contract = one of parties can walk away (buyer) 

A real estate license isn’t needed for everyone

 “As is” means no change with the sale

Community property is married people

Chain of title = everyone who has ever owned it 

Do you have to sign a real estate contract = yes to be valid 

Seisin:  you are the owner or hold the right to the title

Air rights surface rights subsurface rights= bundle of rights

Believe in the industry and all work together: true

Accretion = Land is gradually added to a parcel by the action of water or when the increase of land happens when settlement is dropped over