Exam (elaborations)
REE 3433 EXAM 2 UCF
Exam of 16 pages for the course TAX 4001 at TAX 4001 (REE 3433 EXAM 2 UCF)
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REE 3433 EXAM 2 UCF"Concurrent estate" - ANS-" is ownership or possession of property by two or more
persons at the same time.
"Concurrent" - ANS-ownership is ownership by two or more persons.
"Severalty" - ANS-actually means sole ownership (as in severed ownership).
3 types of listing agreements - ANS-1)Exclusive right to sell
2)Exclusive Agency
3)Open listing
3 types of REITs - ANS-1Mortgage
Borrows money from lenders then lend the money, along with investors' capital, to
builders and developers to finance real estate purchases.
2Equity
Investors' capital is used to purchase real estate.
Although equity REITs often borrow money to finance real estate purchases, the loans
are secured by long-term mortgages and are paid with income derived from the
real-estate.
3Hybrid
Involve both real estate and real estate mortgages.
3 types of statutes - ANS-1)Race
2)Race notice
3)Notice
4 Items that should be in a listing agreement - ANS-1Names of parties
2Percent commission
3Description of real estate
4Commencement date and termination date of broker's listing
,A broker - ANS-is an agent who represents the interest of a principal or client -
owner/seller
A contract is: - ANS-A promise or set of promises for the breach of which the law gives
a remedy, or the performance of which the law in some way recognizes as a duty.
An agreement between two or more persons in which there is a mutuality of obligations.
Actual notice - ANS-a purchaser or agent who examines the record and is actually
informed of the existence of the document (personal knowledge)
Americans with Disability Act of 1990 - ANS-Federal statute that prohibits discrimination
based on disability and requires reasonable accommodation by employers and
landowners
Impacts real estate construction and renovation of existing facilities
Installation of ramps, curb cuts, widening doors
Attorneys as title agents - ANS-In some states, attorneys can act as title agents and
earn a commission for wearing two different hats.
Authority of Broker
Express - Implied - Apparent - ANS-1. Express - written listing agreement
2. Implied - Broker is authorized to act by prior pacts or words (i.e. holding an open
house)
- real estate broker - implied authority to make representations about the property
3. Apparent - based on the estoppel doctrine
- principal knowingly permits his agent to assume by actions or words:
a) Representation by principal
b) Reliance by a third party
c) Third party changed positions based upon reliance
Bona Fide Purchaser - ANS-1)Has good faith (no fraud);
2)Pays value;
3)No notice of prior deed.
Brokers commission - ANS-The commission should be agreed upon in advance
, If it is not agreed upon, what is customary in that market?
In Orlando - 6%
Builder's Tort Liability - ANS-Contractor may be liable when purchaser or third person is
injured by a hidden (latent) defect or a defect arising from builder's negligence.
Chain of Title 2 types of Indices - ANS-1 Tract (LOT and BLOCK)
2 Grantor-Grantee (alphabetical listing by names) - most commonly used
Civil Rights Act of 1866, 42 USC §1982 - ANS-Prohibits racial discrimination in
connection with real and personal property transactions
Community Property - ANS-Property acquired during a marriage through the efforts of
either the husband or wife or both, with each having an undivided one-half interest in
the property.
Marriage is treated as an equal partnership.
All property acquired during the marriage by the efforts of either spouse is community
property.
Property owned by either spouse before the marriage or received by one spouse during
the marriage by gift or devise is considered separate property.
Concurrent Ownership - ANS-All property is either owned in "severalty" or in
"concurrence."
Constructive notice - ANS-if a document is recorded, there is a presumption that a
person has knowledge of the document.
Contingencies - ANS-An event that may not occur.
Contract is typically contingent upon buyer obtaining financing in a specified amount, at
a specified rate.
Contract vs. Deed - ANS-Contract = sale of real estate
Deed = way to convey property (legal instrument) (language in contract survives the
closing
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