Term
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Definition
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Term
| Is a dishwasher real property? |
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Definition
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Term
| Is a washing machine real property |
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Definition
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Term
| what are the fixtures called in commercial property |
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Definition
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Term
| what should an agent draft when selling personal property along with real property? |
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Definition
| A Bill of Sale for the Personal Property |
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Term
| Do you have to record a deed for title of real estate to be transferred? |
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Definition
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Term
| Whose signature must be on the deed when transferred? |
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Definition
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Term
| Should a buyer sign the deed? |
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Definition
| No, buyers don't sign the deed. |
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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
| When is the title of real property actually transferred? |
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Definition
| When a signed deed is DELIVERED to the buyer from the seller |
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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
| real estate contracts have to be in writing based on the? |
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Definition
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Term
| what laws govern real estate? Federal or State? |
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Definition
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Term
| How do you determine the amount of equity someone has in a piece of real estate? |
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Definition
| the amount that the real estate is valued minus the amount owed. |
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Term
Classifying property:
raw land? |
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Definition
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Term
Classifying property:
Trees lined up in a row? |
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Definition
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Term
Classifying property:
Duplex? |
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Definition
| Single Family home: up to 4 units |
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Term
Classifying property:
Quadriplex? |
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Definition
| Single Family home: up to 4 units |
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Term
Classifying property:
5 unit building? |
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Definition
| apartments. (5 units or more are apartments) |
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Term
Classifying property:
You own within the 4 walls only |
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Definition
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Term
Classifying property:
there is a shared wall. You own the exterior walls, land outside, roof and airspace |
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Definition
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Term
Classifying property:
Mobile Home with wheels |
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Definition
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Term
| Who governs the transfer of ownership rights of Mobile Homes? |
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Definition
| Transfer is governed by the UCC |
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Term
| Where is title of a Mobile Home registered? |
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Definition
| With the Department of Motor Vehicles. the DMV |
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Term
| If a mobile home is on land, will a bank loan money for it? |
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Definition
| no. Unless they record a UCC.1 |
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Term
| What is a way a bank can lend money on a mobile home with land? |
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Definition
| Record a deed of trust on the land and record a UCC.1 on the mobile home. |
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Term
| Where is a UCC.1 registered? |
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Definition
| With the Secretary of State |
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Term
| How can you convert a mobile home to real property? |
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Definition
take the wheels off
put it on a foundation
fill out form at DMV that converts it from personal to real property. |
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Term
| Does a tenant pays the taxes if renting in a shopping center? |
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Definition
| Often the tenant pays a percentage of the taxes based on the % of space they rent. |
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Term
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Definition
| at a lower rate than other types of real estate |
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Term
| What are the 4 duties an agent owes to a principal? |
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Definition
1. obedience
2. care -act diligently to perform duties assigned.
3. loyalty -to principal 1st before himself/others.
4. duty of accounting -earnest money. have to account for every dime. |
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Term
| if agent sold home without sellers consent, if the owner agrees, the owner did what? |
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Definition
| the owner ratified the sale. |
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Term
| What are the 3 duties an agent has to 3rd parties |
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Definition
1. duty of honesty and fair dealing
2. duty not to commit fraud.
3. duty to avoid negligent misrepresentation. |
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Term
| what are the elements of fraud? |
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Definition
| 1. agent misrepresents a material fact 2. the representation is false. 3. the agent knew it was false 4. agent intended the other party would rely on the misrepresentation 5. other party did rely on it and was harmed. |
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Term
| what are the elements of negligent misrepresentation? |
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Definition
1. agent made false statement.
2. agent believed statement was true.
3. agent did not have reasonable grounds to believe the fact. (reckless disregarded the truth)(should have known the truth)
4. other party relied on misrepresentation.
5. other party was damaged. |
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Term
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Definition
| Exaggeration about an item for sale. not misrepresentation. |
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Term
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Definition
| a critical fact that could effect the transaction. |
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Term
| what are the 3 duties a principal owes to an Agent? |
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Definition
| 1. Duty to compensate agent. 2. duty to not unfairly injure the agent's reputation. 3. Duty to cooperate. |
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Term
| what is a company where investors have pooled their resources to purchase real estate for profit (dividends) |
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Definition
| REIT Real Estate Investment Trust |
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Term
| Who is hired to manage another's real estate? |
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Definition
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Term
| Is a refrigerator real property? |
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Definition
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