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Definition
| DUST - demand, utility, scarcity, transferability |
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Definition
| physical and environmental, economic, governmental and legal, social |
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Definition
SPC +- A = MV
Sell of comparable + adjustment = estimated market value |
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Definition
RC - Dep + SV = MV
reproduction cost minus depric + site value = market value |
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Term
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Definition
| example, 4 bedroom 1 bath home is obsolete in todays market |
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Term
| income capitalization approach formula |
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Definition
NOI/R=V
Net Operating income / Cap Rate = estimated market value |
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Term
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Definition
| most probable price real estate should bring during market normal market conditions |
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Definition
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Term
| Arms length transaction 4 conditions |
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Definition
neither buyer or seller act under duress
real estate offered on market for reasonable length on time
both buyer and seller aware of property potential
no unusual circumstances present example relationship between buyer and seller |
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Definition
| provides highest present value |
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Term
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Definition
| legally enforceable agreement to do something, mutual set of promises to perform or not to perform an act |
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Term
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Definition
| contract orally or in writing |
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Definition
| example eating at restaurant |
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Definition
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Definition
| promise in exchange for performance |
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Term
| Real estate contracts are |
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Definition
| executory, both parties have work to be done after it is signed |
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Term
| When contract is complete it is |
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Definition
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Term
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Definition
| no legal effect, example sell prop to particular race |
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Term
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Definition
| binds one party but not the other, example contract enter into with a minor |
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Term
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Definition
| may have been valid but now is void |
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Term
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Definition
competent parties
power of attorney
mutual ascent
legal objective
consideration
in texas all real estate K has to be in writing |
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Definition
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Definition
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Term
| innocent misrepresentation |
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Definition
| one party misreps but didn't do it intentioinally |
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Term
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Definition
| buyer sees wrong property |
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Term
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Definition
| can't use force to reach an agreement |
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Term
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Definition
| if contract is unclear, verbal evidence may be used to fill in |
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Term
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Definition
| sub of a new K for an old one, old K treated as fully performed |
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Term
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Definition
| one party fails to perform |
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Term
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Definition
| landlord accepts 11 of 12 months, usally getting full performance not worth the toruble |
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Term
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Definition
| one party refuses to perform then the other party decides to do the same |
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Term
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Definition
| force breeching party to carry out the remainder of contract |
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Term
| liquidated monetary damages |
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Definition
| decision made in advance to accept damages |
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Term
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Definition
| 4 years in the state of texas, 2 years for oral contracts |
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Term
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Definition
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Term
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Definition
| heating ventiliation air conditioning |
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Term
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Definition
| agreement between seller and real estate agent |
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Definition
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Term
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Definition
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Term
| parties in a deed of trust |
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Definition
| trustee, mortgagor, mortgagee |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| like kind exchange, income producing property |
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Term
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Definition
| written legal doc when signed and delivered conveys ownership of prop from one person to another |
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Term
| 4 elements of marketable title |
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Definition
grantor must have ownership interest that can be conveyed
legal description
encumbrances against prop must neither hinder or preclude use
documentary evidence |
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Term
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Definition
Grantor and grantee
Consideration
Words of conveyance
Land description
Sign document
Document delivered to buyer from seller |
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Term
| should be in deed by not essential |
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Definition
| convenents and warranties |
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Term
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Definition
| grantor has not granted use of property to someone else |
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Term
| covenant against encumbrances |
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Definition
| no other encumbranences than ones listed, deed must be recorded to be valid |
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Term
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Definition
| only applies to time when grantor owns the property |
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Term
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Definition
| only contains minimium essentials of deed, no warranty of title |
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Term
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Definition
| conveys only owners interest in real estate at time of conveyance, removes cloud of title or defect in deed |
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Term
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Definition
| grantor conveys property and suddenly grantor becomes owner agiain it goes to the grantee in the future |
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Definition
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Definition
| conveys minor interest in property |
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Term
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Definition
| as long as sheriff hasn't encumbered the deed |
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Term
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Definition
| testate person dies with a will |
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Term
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Definition
| handwritten with no witnesses |
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Term
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Definition
| only used to dispose of personal property, not real estate |
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Term
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Definition
| written supplement to a will |
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Term
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Definition
| person dies without a will, escheat comes in |
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Term
| community property with no children |
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Definition
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Term
| community property with children from both parents |
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Definition
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Term
| community property kids from separate people |
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Definition
| 50% surviving children, 50% parents |
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Term
| separate property with different children |
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Definition
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Term
| Requirements of will to be valid |
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Definition
genuine
witnesses
testor sound state of mind |
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Term
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Definition
| unauthorized posession of anothers land as required by law |
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Term
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Definition
| plausible appearance of ownership interest |
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Term
| how long for adverse possession in texas |
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Definition
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Term
| how long adverse possession with no color of title |
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Definition
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Term
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Definition
| easement that is acquired by prolong adverse use over 10 years |
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Term
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Definition
| additions to property by increase of land |
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Term
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Definition
| deed contains limit or condition where ownership reverts to grantor |
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Term
| statue of frauds year and place |
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Definition
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Term
| two ways of ownership can be given |
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Definition
| constructive notice or actual notice (occupation of property) |
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Term
| when deed recorded at court house _____ by recording |
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Definition
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Term
| documents that are commonly recorded |
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Definition
| liens, mortgages, easements, options to purchase |
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Term
| docs has to be to be recorded |
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Definition
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Term
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Definition
| history of conveyances and encumbrances from original patent |
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Term
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Definition
| written statement by attorney to say if title is good or marketable |
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Term
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Definition
| grantor conveys property and suddenly grantor becomes owner again it goes to grantee in the future |
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Term
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Definition
| interest in property that would cause one a lot if person or property was injured |
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Term
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Definition
| outstanding claim on title that is valid |
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Term
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Definition
| summary of title over the years |
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Term
| title insurance paid by the |
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Definition
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Term
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Definition
| pledge of collateral to secure repayment of debt |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| any deviation from the original term of the mortgage |
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Term
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Definition
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Term
| 5 things influence people buying home |
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Definition
mortgage terms
home owner expense and ability to pay
investment consideration
property features
tax benefits |
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Term
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Definition
| 28% gross income, 36% of all debt payments |
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Term
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Definition
character
capacity
capital
collateral
condition |
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Term
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Definition
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Term
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Definition
| guaranteed by gov, veteran for 180 days |
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Term
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Definition
| 3.5% down, backed by FHA, pay MIP |
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Term
| acceptable sources for funding down payment |
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Definition
| cash, stock, sale of existing property, gift |
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Term
| agents duties to principal |
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Definition
reasonable care
obey reasonable instructions
give accountability
to be loyal
to give notice |
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Term
| five types of listing agreements |
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Definition
open
exclusive agency
exclusive right to sell
multiple
net |
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Term
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Definition
| legal relationship created when one party, an agent broker, is authorized to act as rep of another |
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Term
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Definition
| attention desire desire action |
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Term
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Definition
| contacting owners by telephone without prior appt |
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Term
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Definition
| making positive statements to induce a purchase |
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Term
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Definition
| owner offers brokers equal chance to sell |
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Term
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Definition
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Term
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Definition
| one broker, with commission due to broker regardless of who sells property |
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Term
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Definition
| each member shares any listings with others |
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Term
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Definition
| owner engages broker to sell realty at a fixed price with any excess the commission for the broker |
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