Flashcards in Chapter 4 Deck (33):
How many years is adverse possession?
What is adverse possession?
When Real Estate is abandoned and someone else (squatter) takes ownership; 10 years
What part of bundle of rights do tenants have?
Possession, Quiet Enjoyment, and Exclusion
What is the minimum electric service for a house?
100 amps & 110 bolts
What is disclosure? What is stigma?
stigma= something negative
When you work for the owner:
If someone dies or there was a crime unrelated to RE, do you tell?
no (income tax fraud)
When you work for the seller:
If someone dies or there was a crime related to RE, do you tell?
Yes (meth lab)
What is a material defect?
Something important that is broken/ wrong
Do you disclose a fixed material defect?
What 3 major things are not disclosed (unless they affect the RE)?
What if buyer asks you about 1 of the major things you don't have to disclose, what do you say when you rep the seller?
a) say "it's none of my business. If you don't like it, let's look at something else."
b) say "if you want, write a request to the LL; i'd be more than happy to delivery that to them."
If the buyer asks you about one of the major things you do not disclose, why do you stay silent when representing the seller?
you MUST protect the seller
If you are rep the seller and the previous tenant was a convicted felon who had died in the apartment of AIDS, do you disclose?
no- unless it was affected/effected the RE
Can you disclose if owner gives you permission?
If you rep the owner you try to keep things ____
If you rep the buyer you try to ___ ____
Do you disclose material defects?
Do you disclose electrical services?
Do you disclose utility surcharges?
What is a utility surcharge?
when people build on a mountain to get power specifically to their property
What are uncapped wells?
underground wells that have not been properly closed
Do you disclose uncapped wells?
What is an Agricultural District?
A USDA designated district for farms
Do you disclose agricultural districts and if yes, why?
Yes (smelly cows, traffic, danger from run off, air pollution, etc)
What is Megan's Law actually called and what does it cover?
Child Safety Protection Act which says there must be public info on registered sex offenders and states must share this information
What is the nickname for the Child Safety Protection act and what does it cover?
Megan's Law; it says there must be public info on registered sex offenders and states must share this information
What is a REA responsibility in regards to Megan's Law/ Child Safety Protect Act?
to make people aware of the law and to say we are not authorities but 311, police, & school board are
Who are the authorities of Megan's Law?
311, police, school board
Who does and doesn't have privacy?:
- sex offenders
felons = privacy
sex offenders = no privacy
What does the Sherman Antitrust Act do and what is an example?
Stops the restraint of trade (consumers don't have a choice)
AT&T breaking into baby bells
When was the Sherman Antitrust Act applied to RE?
Sam and Pam are friendly competing brokers. At lunch, Sam asks Pam what commission she charges. What must Pam do and why?
Pam cannot tell, must refuse to answer, because discussing commissions is considered a violation of conspiracy.
What is it called when brokerages refuse to co-broke with a discount broker?
A group boycott