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law school property
real estate transactions
17
Real Estate & Planning
Post-Graduate
04/29/2012

Additional Real Estate & Planning Flashcards

 


 

Cards

Term

 exclusive agency

Definition

 broker gets at least a portion commission only if another broker sells

Term

  Notice statutes

Definition

 earlier purchaser prevails if subsequent purchaser had notice

Term

estoppel by deed

Definition

 if property is conveyed that grantor doesn’t own, grantor is estopped by that deed to claiming ownership

Term

   Race statutes

Definition

 person who records first prevails

Term

Wild deeds

Definition

1  record too early

2  record too late

Term

Types of brokerage agreements

Definition

(1)      exclusive right to sell

(2)      exclusive agency

(3)      open or non exclusive

Term

 Sales Contract requirements

Definition

a)        Agreement to convey title at a future date

b)        earnest money deposit

Term

Essential terms of deeds

Definition

a)        Parties

b)        describe the property

c)        grantor’s signature

d)        intent of grantor to convey

Term
Types of Title Recording Acts
Definition

a)        Race statutes


b)        Notice statutes


c)        Race-notice statutes

Term

Chain of Title Problems

Definition

a)        estoppel by deed


b)        Wild deeds

Term

Breach by  Fraudulent Nondisclosure

 

Definition

a)        false statement concerning material fact

b)        person making statement must know it is false

c)        statement must be made to induce action

d)        injury to induced party

Term

Elements of  breach by Misrepresentation in real estate transactions

 

Definition

a)        must be false when made

b)        same elements as fraud

c)        must be of a fact and not of an opinion

Term

open or non exclusive

Definition

broker gets commission only if the sell the property

Term

exclusive right to sell

Definition

broker gets commission regardless of who sells property

Term

 Race-notice statutes

Definition

earlier purchaser prevails if subsequent purchaser had notice of ownership and deed was recorded 

Term
Mortgages
Definition
security that you will pay back the loan according to the note
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