2nd Midterm Missed Flashcards
Baird conveys property to Carr for Carr’s lifetime and designated Leslie to be the remainderman. When Carr dies, what ownership interest would Leslie have in the property?
Fee Simple Estate
Joint tenants - A&B. A dies and wills his share to his wife. Who would receive A’s share under joint tenancy?
B!!! Not his wife!- automatic transfer.
Who is responsible for a Limited Partnership?
A general partner.
Police Power
Zoning of private property by the government.
The government is taking private property to build a public school.
Eminent Domain
Who’s responsible for covenant restricting the use of land?
Private Sector
Reversion of abandoned private property to the government?
Escheat
A city condemns a portion of an owner’s property for an airport. The owner can still use the rest of the pilot. Is eligible for compensation and why?
Yes, through the power of eminent domain and inverse condemnation.
Which branch of gov. Would decide a property’s assessed value for RE tax?
Local count or township.
Ad Valorem tax is by the county.
Restrictive Covenants
They are private agreements usually contained in a deed and are binding on subsequent owners.
A listing agreement is also known as a(n):
Agency Agreemenrt
Do I have to disclose to a customer if a house has been inspected by a homeowner?
Nope
What interest do you get once your purchase agreement has been signed but no closed yet:
Equitable Title
The safety (protection) clause in an exclusive right to sell listing protects the brokers commission rights for what time period after expiration of the listing?
NOT 90 DAYS
It’s negotiated between broker and principle.
A fifteen year old minor signs a sales contract to purchase real property. Can the minor rescind the contract after becoming an adult?
Yes, up to the age of majority and a reasonable time after attaining majority.
