1. Owner 2. Prop Manager 3. Cleaner of the Facility
Fair Credit Reporting Act ANS✔✔ A federal law that established procedures
that consumer-reporting agencies must follow in order to ensure that
records are confidential, accurate, relevant and properly used.
Truth in Lending Act ANS✔✔ An act which requires lenders to inform
borrowers of all direct, indirect and true costs of credit.
Equal Credit Opportunity Act (ECOA) ANS✔✔ The federal law that prohibits
discrimination in the extension of credit because of race, color, religion,
national origin, sex, age, or marital status.
CERCLA ANS✔✔ Comprehensive Environmental Response, Compensation,
and Liability Act
Title Theory ANS✔✔ Legal concept that vests title to mortgaged property in
the mortgagee (lender) or a third party.
Lien Theory ANS✔✔ Some states interpret a mortgage as being purely a lien
on real property. The mortgagee thus has no right of possession but must
, Solution 2024/2025
Pepper
foreclose the lien and sell the property if the mortgagor defaults. (Texas is a
Lien Theory State)
Extraterritorial Jurisdiction ANS✔✔ Unincorporated land area beyond the
geopolitical boundaries of a city over which the city exercises limited plat
review of development.
Intermediary Relationships ANS✔✔ Broker reps both the buyer and seller
Broker remains neutral and avoids negotiating. The broker must first get
written consent of both parties
Sources of Law ANS✔✔ statutory law- state and federal law. In the Area of
real estate State law has been the controlling law as the uniqueness and
backgrounds in each state.
Control of Land Used by City- Primary Method ANS✔✔ zoning statutes
indirect municipal power use
Types of Ownership ANS✔✔ Ownership in Severalty, Tenancy in Common,
Joint Tenancy
Texas Homestead ANS✔✔ Texas Homestead laws are created by the Texas
Constitution to provide special protections to land and the improvements
thereon. Only certain land in certain amounts can qualify for these special
protections and interests.
Effective Dates Contracts ANS✔✔ The date all parties sign
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
