All Cards Flashcards
(238 cards)
1
Q
The 4 tests of unity to determine if an ownership is a Joint Tenancy
A
PITT - pg7-3
- Unity of Possession
- Unity of Interest
- Unity of Time
- Unity of Title
2
Q
What is a partition suit?
A
Remedy to terminate a Joint Tenancy when parties do not voluntarily agree to terminate the co-ownership
3
Q
Tenancy by the Entirety
A
Special form of joint tenancy between husband and wife - not recognized in SC
4
Q
Types of Partnerships (partnerships can own land due to the Uniform Partnership Act)
A
- General Partnership: all partners participate to some extent in the operation or management and may be held liable for debts held by partners
- Limited Partnership: includes general and limited or silent partners who do not participate and can be held liable only to the extent of their investment
5
Q
What 3 parties are in all trusts?
A
- Trustor - person who transfers the property into the trust
- Trustee - party who holds legal title to the assets of the trust and manages the trust assets. The trustee is the fiduciary to the beneficiary.
- The beneficiary is the party who benefits from the trust.
6
Q
3 types of Trusts
A
- Real Estate Investment Trust
- Living Trust
- Testamentary Trust
7
Q
3 Facets of a Fiduciary Relationship
A
Trust, Confidence and Mutual good faith
8
Q
Client Duties - Owed to clients by us
A
OLDCAR Obedience Loyalty Disclosure Confidentiality Accounting Reasonable Care
9
Q
Duties we owe to customers
A
Honesty, Good Faith, Fair Dealing Agency Disclosure of Material adverse facts Limited confidentiality Accounting Reasonable Care
10
Q
Five fiduciary (agent) responsibilities
A
- Care and Diligence
- Obedience
- Accounting
- Loyalty
- Disclosure/Confidentiality
11
Q
Brokerage owes what fiduciary duties to their client?
A
Care, Obedience, Accounting, Loyalty, Disclosure, diligence & Confidentiality
12
Q
What kind of agencies are recognized by SC?
A
Seller, buyer, Disclosed dual, sub-agency, designated agency
13
Q
When can the seller-agent break confidentiality?
A
Seller Consents, Required by Law, Needed for self-defense
14
Q
Can a seller-agency offer sub-agency to other brokers w/o consent from seller client?
A
NO!
15
Q
What is not included in Loyalty for Seller-Agent?
A
May offer alternative properties to prospective buyers and list competing properties
16
Q
With a buyer agent, does performing ministerial acts create an agency?
A
NO
17
Q
When can a dual-agency be created?
A
Only with informed written consent of all parties
18
Q
When can a designated agency be created?
A
Only with informed written consent of all parties
19
Q
If a buyer client wants to view property that was personally listed by the broker-in-charge…
A
The BIC shall act as dual agent with the written consent of buyer & seller
20
Q
If a licensee of one branch office has a buyer client who wants to purchase a property of another branch office and both branches have separate BIC’s…
A
Neither dual agency nor designated agency is required
21
Q
When does an agent give the Brochure to the seller client?
A
At the time of listing
22
Q
When does a buyer agent give the Brochure to the bier client?
A
When the buyer agency agreement is signed at first contact
23
Q
By law, both buyer and seller agency must give brochure before
A
- Pre-qualifying or requesting specific information
- Showing real estate, other than open house
- If 1st contact is by telephone, agency disclosure form is completed at 1st meeeting
24
Q
When are agency duties terminated?
A
Terminate upon expiration, completion or performance of the agency agreement EXCEPT for accounting and confidentiality
25
Is a written agreement required to establish an agency relationship in SC?
YES!
26
Can a BIC ever delegate his/her responsibility?
No
27
What is Common Law?
Court Decisions and Tradition
28
What lots are tied to Real Estate?
1. Surface Lot
2. Sub-Surface Lot
3. Air Lot
29
What is Real Estate?
Land plus improvements aka corporeal appurtenances
30
What is Real Property?
Real Estate + bundle of legal rights (possession, control, enjoyment, exclusion and disposition
31
What authority does the gov have to restrict property ownership?
```
P.E.T.E
Police Power
Eminent Domain
Taxation
Escheat
```
32
Other terms for personal property
chattel or personalty
33
What is a fixture?
An item that was once personal property but has been attached to land or building and is now real property. Exception is Trade Fixtures and Chattel Fixtures, installed by a tenant and can be removed at lease expiration
34
Four tests of a fixture
1. Intention
2. Adaptation
3. Annexation
4. Agreement (trumps all)
35
Riparian Rights
Right with regard to public waterways
36
Littoral Rights
Ownership of Land next to water may increase or decrease by Accretion (buildup), Alluvion (accumulation), Reliction (receding water), Avulsion (tearing away of land)
37
Characteristics of land
Scarcity
Improvements
Permanence of Investment
Area Preference
38
Characteristics of Real Estate
Immobility
Indestructibility (durable but depreciates)
Uniqueness
39
Legal land descriptions
```
Metes and bounds (SC)-survey
Lots and blocks (SC) - plats of subdivision
Government Survey System
Benchmark
Datum
```
40
T/F Real estate as a product tends to react faster to changes in supply and demand than do many other products
FALSE
41
Condemnation
The exercise of the rights of eminent domain
42
Emblements
growing crops
43
Nonhomogeneity
A lack of uniformity, No two parcels of land are exactly alike, so real estate is nonhomogeneous
44
Percolation Test
Test of soil to determine if it will absorb and drain water adequately to use a septic system for sewage disposal
45
Elements of a fiduciary relationship
Relationship of trust, confidence and mutual good faith
46
Cooperating Broker
Does not have the listing but does provide the buyer
47
Another name for Brochure
Disclosure of Real Estate Brokerage Relationships form
48
How is a dual agency duties limited?
May NOT disclose, the seller will accept less than asking price, the buyer will pay more than offer, motivations of buyer or seller
49
Vicarious Liability
BIC is liable for actions of his/her sub-agents
50
Agent Duties to Principal
```
CcOALDd
Care and confidentiality
Obedience
Accounting
Loyalty
Disclosure and Diligence
```
51
Principal obligations to agent
```
Opportunity
Good Conduct
Good faith and honesty
Indemnification
Compensation
Reimbursement
```
52
In order to receive compensation must
1. Have a license
2. Agreement with buyer/seller of employment
3. Procure a sale
53
Are Tie-In-Arrangements legal
lowering commission or fee only if the payor purchases a totally different product - violates anti-trust laws
54
What are the types of listing agreements
- Open Listing - Seller can employ any # of brokers
- Exclusive Agency - 1 broker but reserves right to sell property and not pay commission
- Exclusive Right to Sell: 1 broker and owner must pay commission
Exclusive right to sell transaction brokerage: employ a broker to facilitate sale without becoming a client
- Net Listing: Seller agrees to a fixed net amount above a set figure, illegal in SC
- Multiple Listing: Brokers pool listings, seller pays selling broker only
55
Contents of listing agreement
- Property Identification
- List Price
- Commission
- Signatures of seller(s) and broker
- Expiration Date
- Type of listing
56
3 types of buyer-agency agreements
1. Open: nonexclusive
2. Exclusive agency buyer agency: limits broker's right to payment (only if they procured)
3. Exclusive buyer agency: Exclusive agreement
57
When are listing agreements terminated?
1. Operation of the law (Expiration, death, insanity, destruction of property, bankruptcy, loss of title, change of law, impossibility of contract)
2. Acts of the parties (nonperformance of broker, breach, revocation for agent violations of law, agent's renunciation for good legal cause, mutual consent, completion)
58
Agency coupled with an interest
Broker's listing cannot be revoked
59
Statute of Frauds
Real Estate Contracts must be in writing
60
A Mortgage note must include
AKA Promissory Note
- Promise to repay
- Stated amount to be repaid, interest
- Period of time of the debt
- Identification of the payee
- Words of negotiability (pay to the order of)
- Signature of all parties
61
Hypothecation
pledge real property as security for a debt
62
Title Theory
The lender has title rights at closing, the title is held in trust until the loan is satisfied
63
Lien Theory
SC - mortgage is purely a lien, borrower receives legal title at closing
64
Straight Term Mortgage
Pays interest only, principal due at end of term
65
Budget Mortgage
P.I.T.I - Payments include insurance and taxes in addition to principal and interest
66
Graduated Payment Mortgage
Payments start low and increase periodically to a cap
67
Blanket Mortgage
pledges more than one property as security under 1 mortgage
68
Package Mortgage
combines personal and real property in the financing arrangements
69
Open End Mortgage
Lender agrees to advance additional funds based on equity built up
70
Wraparound Loan
2nd mortgage where new lender assumes payment of an existing mortgage. 2nd mortgager pays first mortgage which remains unchanged
71
Land contract
Seller lends money for land to buyer, seller maintains simple title
72
Purchase Money Mortgage
Seller lends money to borrower but PASSES TITLE
73
ARM
Either maturity or interest rate could vary based on indicator
74
Growth Equity Mortgage
Fixed interest rate but payment amount increases and pays of loan faster
75
Shared Appreciation Mortgage (SAM)
Usually commercial; lender gets a share in equity through appreciation on property sale, buyer gets lower interest rate
76
Home Equity Mortgage HELOC
Loan against equity in your home for other financial needs
77
PMI
Borrower pays 1% at closing and 1/4 of 1% of balance until loan to value ratio drops to a certain level
78
Loan Originiation Fees
Fees charged for the expense of generating the loan
79
Discount POints
Each point raises effective yield by 1/8 of 1%, so 4 points would raise the effective yield 1/2 of 1%. 1 point is worth 1% of the loan amount
80
FHA-backed loans must be written in incremenets of $50
True
81
Mortgage Insurance Premiums (MIP)
Up front cost paid by borrower for FHA to insure the loan
82
VA Funding Fee
2% to 3% depending upon the down payment
83
Acceleration Clause
Clause in a mortgage stating the entire debt is due and payable upon default
84
Alienation Clause
Entire mortgage will be due on sale
85
Escalation Clause
Allows lender to increase interest rate and payments
86
Defeasance Clause
When mortgage paid in full, lender executes a satisfaction of mortgage showing in public record
87
Usury
Max amount of interest or penalty that may be chared on a mortgage
88
Two types of Judicial foreclosure
- Judicial Sale: court orders property sold and proceeds pay lien holders
- Strict: No sale, title transferred to lender to end debt
89
Types of non-judicial foreclosure
- Power-of-sale: Lender has right to sell property without foreclosure proceedings
- Deed in lieu of foreclosure: Lender takes title to property subject to any other liens
90
Assumption
Buyer takes responsibility for seller's mortgage debt. Seller is secondarily liable unlease they get a release aka satisfaction piece
91
LTVR
Loan to Value Ratio
92
Discount Rates
Interest District banks charge to federal reserve member banks
93
Interest is generally paid in
arrears
94
Two main factors affecting appreciation
- Inflation
| - Intrinsic value or 'Situs': personal preference for one area over another
95
Capital Gain of Personal Residence
Not taxable up to $250,000 for a single taxpayer and $500,000 for a married taxpayer
96
Homestead Tax Exemption
SC resident who is 65 or older, legally blind or 100% disabled can apply for a $50,000 reduction of appraised value of primary residence
97
Non-Resident Seller Tax
Non-resident selling real property in SC must pay a 7% sales tax
98
Truth in Lending Act
AKA 'Regulation Z' requires disclosure of finance charges including loan fees, finder's fee, service charges and points. Also requires disclosure of APR
99
TRID
TILA-RESPA - Forms and processes used at closing; HUD-1 still used in cash deals
100
Loan Estimate
Part of TRID, must be provided to consumer within three days of the submission of a loan application.
101
Closing Disclosure
Part of TRID, give to consumer 3 days prior to closing and lender must have proof of receipt
102
When does TRID not apply?
1. HELOCS
2. Mortgages for movable dwellings
3. Reverse mortgages
103
ECOA
Equal Opportunity Credit Act - prohibits lenders from discriminating against credit applicants based on age, race, color, religion, national origin, sex, public assistance or marital status
104
Fair Credit Reporting Act
Requires all rejected applicants to be informed as to why credit was denied
105
SC Consumer Protection Code
1. No maximum interest
2. Borrower can select own attorney
3. Assumption Fees may be charged when assuming existing mortgage, less of $400 or 1% of loan
4. Lenders cannot charge prepayment penalties on home loans < $150,000
106
Blue-Sky Laws
laws that regulate registration and sale of investment securitites
107
Boot
Extra items exchanged to make up differecne in value or equity between two properties in an exchange
108
Four essential elements of market value
```
D.U.S.T
Demand
Utility
Scarcity
Transferability
```
109
Market Value vs Market Price
```
Value = appraiser's estimate
Price = Actual Selling Price
```
110
4 great forces affecting value
P.E.G.S.
- Physical factors
- Economic Forces
- Government/political forces
- Social Forces
111
Highest and Best Use
- Must be legal use
- Must be physically possible
- Must be adaptable
- Must be feasible
112
Regression and Progression
Worth of most valuable home lowered because of surrounding properties/Worth of least valuable home increased by surrounding properties
113
Assemblage
Assemblage - process of joining several contiguous parcels
| Plottage - increase in value by assemblage
114
Three Approaches to Value
- Sales Comparison
- Cost Approach
- Income Approach
115
Steps in Competitive Market Analysis (CMA)
1. Delineate the Market Area
2. Locate "Comparable" Properties
3. Adjust Sales Prices
116
3 Steps in Cost Approach
1. Estimate the value of the land site
2. Estimate the current cost of improvements
3. Deduct total accrued depreciation
117
Types of Depreciation
- Physical - Normal wear and tear (Curable and Incurable)
- Functional Obsolescence - No longer performs function as well as it originally could
- External Obsolescence - Loss in value due to conditions beyond control fo owner
118
3 Ways to estimate cost of improvements
Quantity Survey Method (DIFFICULT!)
Unit-in-Place
Square Foot Method (Comparative)
119
Capitalization Formula:
IRV: Income/Cap Rate = Value
120
Steps of the Income Approach
- Estimate the potential Annual Gross Income
- Deduct for Vacancy and rent loss
- Deduct the Annual Operating Expenses
- Estimate the Cap Rate
121
Steps in Appraisal Process
- Define purpose
- Plan the appraisal
- Gather, record, and verify data
- Reconciliation
- Analyze and Interpret the data
- Prepare the appraisal report
122
Certificate of Reasonable Value
Appraisal form for VA backed Loan
123
Intrinsic Value
Value obtained by a person's personal preferences for a particular type of property
124
Elements of a real estate contract (5)
- Competent parties
- Offer and Acceptance
- Consideration
- Description
- Legality of Purpose
125
Makes a Contract Voidable for incompetant parties
- Legal Age
- Sound Mind
- Duress
- Intoxicated
126
Types of Consideration (Goods Exchanged)
- Good: Intangibles such as love and affection
| - Valuable: Cash Money (or other valuable goods)
127
What discharges and terminates a contract?
- Non-performance
- Mutual Agreement
- Operation of Law
- Rescission (canx as if never created)
- Accord and satisfaction (completed)
- Statute of Limitations expired
- Assignment
- Novation (replaced by new contract)
128
Offers may be terminated by (6)
- counter Offer
- Rejection
- Lapse of time
- Revocation
- Death
- Substantial destruction fo property
129
Liquidated Damages
Amounts stipulated in contract to be paid of contract is breached
130
Assignments
Transfer in writing of interest in a bond, mortgage, lease or other instrument
131
Equitable Title
The equiteable right to obtain absolute ownership to property when legal title is held in another's name
132
Executory Contract
A contract under which something remains to be done by one or more of the parties
133
Two essential components of a valid contract
Offer and Acceptance ("Meeting of the Minds")
134
Unilatereral Contract
1 party promises to pay consideration for the performance of an act by another party. (Offer)
135
Two types of Estates
1. Freehold-ownership estate for a lifetime or forever
| 2. Leasehold-Estates are possessory for a fixed term
136
Highest type of ownership recognized by law
Fee Simple-NO limit on its existence; alienable, inheritable and dividable
137
Defeasible Fee EStates
Holder has fee simple title that may be divested upon the occurrence or non-occurence of a specified event or condition
138
3 Types of defeasible fee estates
1. Determinable Fee: AKA Qualified Fee; exists until a specific limitation or restriction is not complied with, uses words like 'so long as', 'while', or 'during'
2. Fee Simple Subject To Condition Subsequent: granted until a condition is violated
3. Fee Simple with Executory Interest: If qualification or restriction is met or violated, ownership goes to a third party
139
Conventional Life Estates
Limited in duration to the life of the holder
140
2 Types of Conventional life estates
1. Ordinary Life Estate: Terminate upon the death of the person to whom the estate was granted
2. Pur Autre Vie (For the life of another): measured upon the life of any person other than the owner's life
141
Remainder Interest
Upon the death of the designated person, title will pass to an indicated third party or parties
142
Reversion
Upon death of the designated person, title will revert back to the grantor or grantor's heirs
143
Homestead
Protects the value of a home from taxes and creditors upon the death of a spouse
144
Types of Leasehold Estates
- Estate for Years (Tenancy for Term): definite time period
- Estate from period to period (Periodic Estate, Periodic Tenancy):
- Tenancy at Will: Does not contain expiration date
- Tenancy at Sufferance: Tenant remains after rights expired
145
Types of Leases
- Gross Lease: Landlord pays all taxes, insurance, mortgage payments, repairs etc and lessee pays fixed rent
- Net Lease: Tenant pays rent, maintenance and operational costs (taxes, insurance, utilities, repairs)
- Percentage Lease: rental is based on a percentage of the gross income
- Ground Leases: Leases of land with rights to build
- Variable Leases: Allow for changes in the rental charges
- Lease PUrchase
- Lease with Option to buy
146
2 Types of variable leases
- Graduated Lease: allows for increase in rent at set future dates
- Index Lease: allows for rent to increase or decrease based on index
147
Demise
A lease conveyance for life or years
148
2 types of eviction
Actual Eviction: Landlord remedies include suit for possession
Constructive Eviction: Premises become uninhabitable, tenant may abandon the premise without liability; occurs when tenant is unable to have quiet enjoyment
149
2 Ways to collect rent on eviction
Distraint: Take personal porperty of tenant and keep it until owner perfroms obligation
Distress: Landlord makes an affidavit setting forth the amount of rent due
150
SC Residential Landlord Tenant Act
- delineate rights and responsibilities
| - improve the quality of rental housing
151
Landlord (Lessor) Rights
- Collect Rent
- Reversion
- Entry
- Hold Security Deposit
- Fixtures
- Lease renewal
- Dispossess
- Recover for Damages
152
Duties of Landlord
Keep fit and habitable condition
- Relinquish Possession
- Ensure quiet Enjoyment
- Mkae Major Repairs
- Provide (Essential Services, Electricity, H/C water, Heat)
153
Rights of Tenant
- Possession
- Control
- Quiet Enjoyment
- Essential Services
154
Duties of Tenant
- Pay Rent
- Ensure property of landlord is not abused
- Dispose of garbage and rubbish properly
- Return to lessor property in same basic condition
155
Major Landlord Violations
- Retaliation
- Unlawful Ouster
- Failure to respond (14 days)
- Failing to return security deposit within 30 days of lease expiration
156
Major Tenant Violation
- Failure to pay rent
- Occupying landlord's property unlawfully
- Destruction of property
157
Abandonment
15 days unexplained absence of tenant AND non-payment of rent; or tenant deliberately terminates utilities
158
Does death of lessor or lessee except for tenancy at will or sale of property terminate the lease?
No
159
Severality
Basic type involves sole ownership by a real or artifical person
160
Tenancy in Common
- Each holds an undivided interest in the whole
- Each owner's interest is held as though he was the sole owner (seperate titles)
- Interests may be disposed of without consent of the other owners
- No requirement for equal percentages of ownership
- No special wording clause
161
Joint Tenancy
- All tenants hold an undivided interest
- May be created by deed or will (requires special wording)
- One title exists with each owner's name
- Death of co-owner does not destroy unit, remaining owners receive interest of deceased
- Does not convey unless all joint tenants join in conveyance
- Each owner's interst must be equal
162
4 Tests of Unity (is a joint tenancy?)
```
P.I.T.T
Unity of Possession
Unity of INterest
Unity of Time
Unity of Title
```
163
Last survivor
Takes ownership, if one partner sells share now a "tenant in common"
164
A partition Suit
remedy available to an interested party or parties to terminate a joint tenancy
165
Tenancy by the Entirety
Special form of Joint Tenancy between husband and wife, not recognized in SC
166
Community Property
Features separate property before marriage, not allowed in SC
167
Horizontal Property Acts
State laws covering condominium development
168
Declaration of Condominium
Outlines progress of development
169
Two Types of Liens
General Liens, Specific Liens
170
Types of General Liens
- Judgment: issued by court
- Estate and Inheritance Taxes and Debts of deceased
- IRS and State INcome Taxes
- Corporation Franchise Taxes
171
Types of Specific Liens
- Property Tax Lien
- Mortgage Lien
- Mechanics Lien
- Special Assessment
- Vendor's Lien
- Vendee's Lien
172
Easement
Right of one party to use the property of another for a particular purpose
173
2 Types of Easements
- Easement Appurtenant: burdens one parcel for the benefit of another's parcel
- Easement in Gross: Non-appurtenant, personal right to use
174
2 Types of Easements in Gross
Personal: Ends with death of the owner
Commercial: May be assigned, conveyed or inherited (railroad, gas lines, sewer lines)
175
Easement by Prescription
To achieve possession must prove use was open, notorious, visible and legally hostile
176
Express Grant
Easement in writing, initiated by the owner
177
Reservation Easement
Sells ownership but reserves easement for him or herself in the deed
178
License
privilege to enter another's land for a specific purpose. Unlike Easement, it may be terminated
179
Non-Conforming Use
Building does not conform to zoning rules because it was erected prior to the enactment of the zoning law. If the building is destroyed, abandoned or transferred the nonconforming use may have to cease and the structure made to conform
180
CERCLA
Comprehensive Environmental Response, Compensation and Liability Acto of 1980 aka Superfund
181
Where do municipalities get their right to enact zoning laws?
Enabling Acts
182
Encapsulation
Method of controlling environmental contamination by sealing off dangerous substances
183
Encroachment
A Building or some portion of it that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley
184
General Lien
The right of a creditor to have all of the debtor's property, both real and personal, sold to satisfy a debt
185
Equitable Lien
AKA Statutory Lien- A lien affecting or attaching only to a certain, specific parcel of land or piece of property
186
Incorporeal Right
A non-possessory right like an easement
187
Joint and Several Liability
Each owner is personally responsible for the total damages
188
Mill
1/10th of 1% - tax rate of 52 mills would be .052 per dollar of assessed value
189
Voluntary Alienation
'Transfer' may be accomplished by gift, sale, or dedication
190
Deed
Instrument conveying right, title or interest from grantor to grantee
191
Requirements of a valid conveyance
- Legally capable grantor
- Identifiable Grantee
- Granting or premises clause
- Habendum clause
- Consideration
- Property Description
- Limitations
- Grantor's signature
192
Granting Clause
AKA Premises Clause or "words of conveyance"
193
Habendum Clause
Defines or limits ownership being conveyed
194
Consideration
Good or Valuable
195
General Warranty Deed
Provides the greatest protection for grantee; Grantor guarantees to be accountable for all claims during and prior to his ownership
196
Seizin
Covenant where grantor warrants that he/she has fee simple title with power ant right to convey
197
Against Encumbrances
Grantor warrants property is free from liens and encumbrances not stated in the deed
198
Quiet Enjoyment
Warrants title is good against 3rd parties who try to establish superior title
199
Further Assurance
Grantor promises to deliver any instrument needed in order to make the title good
200
Warranty Forever
Grantor guarantees that if future title fails the grantor will compensate the grantee for the loss (no time limit!)
201
Special Warranty deed
Warrants only that property not encumbered during time of grantor's ownership
202
Bargain and Sale Deed
Grantor covenants that title is valid but may or may not warrant against encumbrances or promises to defend against other claims
203
Quit Claim Deed
Least protection to grantee - carrys no covenant, warranties or guarantees. Conveys present or suspected interest that the grantor may have
204
Title passes when?
Upon delivery and acceptance of the deed
205
Recording
Acknowledgement requrired for valid recording of a deed but recording is not required to have a valid deed
206
Transfer by Involuntary Alienation
- Eminent Domain
- Escheat
- Tax Sale
- Foreclosure
- Forced sale (liens)
- Adverse possession
- Accretion
- Avulsion
207
Legal requirements of a will
Legal age, sound mind, proper wording, no undue influence, 2 or more witnesses
208
Devise
Gift of real property in a will
209
Documentary Stamps
Deed Stamps, required for recording
210
Codicil
Supplement or addition to a will
211
Descent
Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law
212
Holographic Will
Handwritten by Grantor
213
First Recorded deed
Has first priority in SC, it is a "Race Notice Jurisdiction"
214
Documents not normally recorded
Real property taxes, special assessments
215
Notice has what two forms?
Recording and a party in possession
216
Constructive Notice
charges a buyer or lender with the responsibility of learning of record documents and theri contents
217
Where are records found?
Records of Mesne Conveyances Office at the courthouse
218
Actual Notice
Direct Knowledge: public records have been searched and the property has been inspected for parties in possession
219
Chain of Title
recorded history of all matters that affect a title over a period of time. Includes ownership, encumberances and liens.
220
Four types of evidence of title
- Abstract of title with lawyer's opinion
- Certificate of Title
- Title Insurance
- Torrens System
221
Is a deed sufficient evidence of title?
NO!
222
Abstract of Title
Condensed history or summary report of all instruments affecting a particular parcel found in public record. Lawyer reviews and writes opinion
223
Certificate of Title
Attorney's opinion of title
224
Torrens System
System for the registration of land used to verify ownership and encumbrances except tax liens
225
Title Insurance
Indemnifies the insured against loss sustained as a result of defects in the title other than those exceptions listed in the policy
226
Standard Title Insurance Coverage
Defects in public records plus forged documents, documents of incompetent grantors, incorrect marital statements and improperly delivered deeds
227
Extended Title Insurance Coverage
adds risks only discovered by inspection of the property, examination of survey, unrecorded liens, etc.
228
Two Types of Titles
- Marketable Title: Relatively free of defects so that the purchaser can be assured that there is little likelihood of having to defend the title
- Equitable Title: Interest held by any purchaser who has signed a valid and accepted contract of sale or a vendee in contract for deed (right to future ownership)
229
Cloud on Title
Any document claim, unreleased lien or encumbrance that may impair the title to real property or make the title doubtful
230
Coinsurance Clause
A clause in insurnace policies covering real property that requires the policy holder to maintain fire insurance coverage equal to at least 80 % fo property's actual replacement cost
231
Quiet Title
A court action to remove a cloud on a title
232
Federal Fair Housing Act of 1968
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FRESH-CORN
Familial Status
Religion
Sex
Handicapped
Color
Race
National origin
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233
Practices prohibited by the fair housing act of 1968
- Block-busting
- Steering
- Redlining
- Denying participation
- Collusion
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How long due you have to file a complaint to SCHAC?
180 Days; investigation mus commence within 30 days after receipt and complete within 100 days. SCHAC must seek to resolve by conciliation
235
Before builders or owners can engage in minor or major developments on coastal properties
Must receive approval from DHEC
236
Baseline/Setback
- Baseline: line running parallel to the shoreline and located at the crest of the primary oceanfront sand dune in that zone
- Setback: A line established landward of the baseline a distance which is forty times the average annual erosion rate and not less than twenty feet from the baseline for each erosion zone
237
How often are setbacks and baselines revised?
Not less than every eight years nor more than ten years
238
Allowed seaward of the baseline
- Walkway < 6 ft wide
- Decks < 140 ft squared
- Fishing piers open to public
- Golf Courses
- Normal landscaping
- Structures allowed by special permit
- pools if landward of an existing erosion control structure or device
