Principles of Real Estate 1 – Champions Latest Update 100% Pass

Principles of Real Estate 1 – Champions Latest Update 100% Pass Leasehold Estates possession and use of property without ownership Estate for years (tenancy for years) any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate lease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will Very loose agreement, terminates on death or sale of the property Tenancy in Sufferance created when a tenant remains on the property after a lease has expired Requirements of a Valid Lease Competent parties, let and take agreement, adequate consideration (rent), legal purpose, property description Emblements Annual crops. Even though attached to the land they remain personal property through harvest Recovery Trust Account Payments may not exceed $50,000 for single transaction and $100,000 per licenseholder Estate the interest or nature of interest a person has in real property. Bundle of Rights Rights associated with property ownership Fee simple absolute Best type of ownership - Always a state of inheritance Fee simple defeasible Ownership that can be voided if a condition or requirement for use of land is not met Life Estate ownership for the duration of someone's life. Owner is called the life tenant. At the end of the tenant's life the property goes back to the original grantor ( life tenant with reversion) or to a 3rd party (remainderman) TREC time to file a complaint 4 years from incident date Agency relationship that exists when one person (agent) acts on behalf of another person (the principal or client). Fiduciary relationship based on trust Types of Agency Universal - full authority to conduct business on behalf of the clint - POA. Minors , Imprisonment, Militar General - right to represent individual in a particular type of transaction. Property Manager to Owner Agent to Broker Special - most limited - agent performs limited