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REAL ESTATE CLASSES Table Review Verified and 100% Correct Q & A, Complete Document for Exam
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REAL ESTATE CLASSES Table Review Verified and 100% Correct Q & A, Complete Document for Exam
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PREP FOR R. E. EXAMTerm Definition
LL MUST DISCLOSE KNOWN INFO. - SELLER HAVE TO DISCLOSE
LBPHRA KNOWN INFO. - BUYER HAVE UPTO 10 DAYS TO CONDUCT A
REQUIREMENTS RISK ASSESMENT - LIC PROVIDES INFO TO BUYER AND LESSEE
- LICEES MUST ENSURE ALL PARTIES COMPLY WITH THE LAW
IS THE PROCESS BY WHICH THE GOVT EXERCISES THIS RIGHT,
CONDEMNATION
BY EITHER JUDICIAL OR ADMINISTRATIVE PROCEEDINGS.
AN INTEREST MUST ALLOW POSSESSION MEANING THE
ESTATES IN LAND HOLDING N ENJOYMENT OF THE PROPERTY EITHER NOW OR IN
THE FUTURE N MUST BE MEASURED ACCORDING TO TIME.
ARE OWNERSHIP INTERESTS THAT LAST FOR AN
FREEHOLD
INDETERMINABLE LENGTH OF TIME, SUCH AS FOR LIFETIME OR
ESTATES
FOREVER. MAY BE PASSED ALONG TOTHE OWNER'S HEIRS.
MAY BE INHERITED; IS QUALIFIED BY A SPECIAL LIMITATION, 'AS
FEE SIMPLE LONG AS' OR 'WHILE' OR 'DURING' - IS THE KEY TO CREATING
DETERMINABLE THIS SPECIAL LIMITATION. THE FORMER OWNER RETAINS A
POSSIBILITY OF REVERTER.
IF THE LIMITATION IS VIOLATED, THE FORMAL OWNER CAN
POSSIBILITY OF
REQUIRE FULL OWNERSHIP WITH NO NEED TO GO TO THE
REVERTER
COURT.
2 OR MORE PEOPLE; IS RIGHT TO SURVIVORSHIP; ACQUIRE
JOINT TENANCY DECEASED TENANT'S INTEREST; TAKES TITLE OF SEVERALTY
AND RIGHTS OF SOLE OWNERSHIP
HUSBAND/WIFE TO INHERIT THE OTHER SPOUSE'S OWNERSHIP
TENANCY BY THE
INTEREST UPON DEATH; SPOUSE HAS EQUAL UNDIVIDED
ENTIRETY
INTEREST IN THE PROPERTY
THE CREDITOR MUST OBTAIN A WRIT OF EXECUTION FROM THE
ENFORCE AN COURT. WRIT DIRECTS THE SHERIFF TO SEIZE AND SELL AS
JUDGEMENT MUCH OF THE DEBTOR'S PROPERTY TO PAY BOTH DEPT AND
EXPENSE OF SALE
WHEN ANY SUIT IS FILED THAT AFFECTS TITLE TO R.E. A
LIS PENDENS SPECIFIC NOTICE IS RECORDED. ITS A NOTICE OF POSSIBLE
FUTURE LIENS
TITLE TO PROPERTY CAN BE TRANSFERRED WITHOUT
OWNER'S CONSENT. USUALLY CARRIED OUT BY OPERATION OF
INVOLUNTARY
LAW, BY CONDEMNATION OR FORECLOSURE SALES TO
ALIENATION
SATISFY DEBTS. WHEN PERSON DIES, NO WILL/HEIRS - TITLE
PASSES THE STATE'S POWER OF ESCHEAT.
SOME STATES ALLOW THIS TO PROCEDURES TO BE USED
NONJUDICIAL
WHEN THE SECURITY INSTRUMENT CONTAINS A POWER OF
FORCLOSURE
ASALES CLAUSE
INSTALLMENT ALSO CALLED A CONTRACT FOR DEED, LAND CONTRACT OF
CONTRACTS SALE, OR ARTICLE OF AGREEMENT. THE SELLER (VENDOR)
RETAIN THE LEGAL TITLE. THE BUYER (VENDEE) TAKES
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