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FSU REE 3043 - Real Estate Final

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- Tests to determine fixtures are (whether or not they stay with the property) o The intent testo The annexation testo The adaption test o The relationship-of-the-parties test- Trade fixtureso Belong to the tenant of the building o Personal property consisting of display counters, cabinets, mobile partitions, etc.- Legal Rights of Real Estate Ownership1. The right of exclusive possession and control 2. The right of quiet enjoyment3. The right of disposition - Freehold estateso Fee simple absolute (or fee simple) The best that you can get- Nonfreehold estates1. Estate for years2. Periodic tenancya. Ex: a beach condob. Rent by weeks, months, etc.3. Tenancy at willa. There on behalf/ or will of the landlord4. Tenancy at sufferancea. Go past your time, they want you out- Direct Co-ownership Forms1. Joint tenancya. Two or more parties owning property together.b. Joint tenancy includes the RIGHT OF SURVIVORSHIP c. Ex: Parents owning property 2. Tenancy by the entiretiesa. Only 14 states do thisb. Protects real estate from creditor’s claims against ones spousec. Cant take the property away because of someone else’s debt3. Tenancy in common a. Ex: Business partnersb. If one dies their share of the property will go the his or her heirs4. Condominiums and cooperativesa. You own the interiorb. Condominium refers to a form of co-ownership - Public and private limits on personal propertyo Police power State has right to make rules and laws to ensure the safety, health and general welfareo Eminent domain Last sentence of the 5th amendment in US constitution Way for government and agencies to acquire private property for public use Must be for a public use AND Must have just compensationo Escheat The right of government to claim ownership of property when the owner died and has no heirs- Private contracts and other methods of limiting property rightso Easements  Involve a right to use the land of another  Easement in gross is the most common form of easement Types of easements - Easements by implicationo Have the right to us propertyo Ex: if your property was in the middle of a tic-tac-toe board you would be allowed to use another persons property to get to a main road- Easement by necessity- Easement by prescriptiono If you cut thru someone’s property as a short cut for a long enough period of time you would be entitled to continue to use it as a short cuto Restrictive covenants Property owners may impose limitations on the use of a property by future property owners by including restrictive covenants  AKA: Deed restrictions - The tax on real estate property represents the largest single source of revenue for most local governments - Evidence of good titleo Abstract and attorney’s opiniono Title insurance Will repay back the amount that you borrowed Pays the band and your down payment- Deeds in private grants of titleo Requirements of a valid deed include The names of the grantor and grantee A proper description of the property The words of conveyance Statement of consideration The signature of the grantor and delivery to the granteeo The general warranty deed “What you want” The grantor will defend your title to as far back as it goeso Special warranty deed Not the best option Says the grantor didn’t mess up with THEIR title but have no responsibility for the title before themo Quitclaim deed Will pay a small amount of money to buy out a persons part of the title - Public grants of title to real estateo A grant or conveyance of land from a government entity to an individual owner, this type of grant was conveyed using a PATENT o Adverse possession and prescription Acquiring ownership of property owned by another by using the property in a way defined as actual, continuous, and exclusive Requires more than 10 years of use  Cutting across someone’s property dailyo Title from nature Accretion- If land is deposited, ownership rights to that land occur through accretion- Ex: sand build up on a beach front property, owner now has a further property line Reliction- If water recedes leaving dry land, ownership rights occur through reliction - Ex: a lake drying upo Property descriptions of real property (THIS WILL BE ON THE TEST) A township- A 36 square mile section, consisting of 36 one-square mile sections - One section (one-square mile) = 640 acres6 5 4 3 2 17 8 9 10 11 121331 36 KNOW THE NUMBERS OF THE FOUR CORNERS- Real estate brokers as market facilitators o Bring together buyers and sellerso Work off of commissions o Residential brokers will put the sellers house on MLS MLS (Multiple Listing Service) o The commissions of the brokers are due at the closing **- Real Estate Agentso Single agents (Florida has these)o Dual Agents (Not in Florida)o Transaction Brokers (Florida has these) Does not represent either party Only assist with the transaction- Listing contractso Open Listingo Exclusive agency listingo Exclusive Right-of-Sale listing The one that is almost always offered The broker no matter what will always get his or her commission when the house sells- The most important document in real estate is the contract of sale and purchase- Never let anyone take possession of your property before you get your money- Legal titleo Legal title passes from seller to buyer at the time of closing- Equitable titleo The ownership interest one has in property upon the consummation of a valid sale contracto If the house burns down after this has been signed the buyer is crap out of luck. Unless otherwise stated on the Contract of sale- The title transfer is completed at closing- Radon is a naturally occurring gas- Preparation of closing statements (KNOW ALL OF THESE FOR THE TEST)o Typical buyer’s expenses include: Documentary stamps and intangible taxes on the mortgage andnote Mortgage and deed recording fees The appraisal, credit report, survey, inspection, and lender’s service fees Prepaid mortgage interest (points)  Title insurance and buyer’s attorney feeso Typical seller’s expenses include: Documentary stamp tax on the deed Mortgage satisfaction fees Seller’s attorney fees Brokerage commission- The date of contract (“effective date”) will be the date when the last one of the buyer and seller has signed or initialed the final counteroffer- Title insurance is the most popular way people insure they have a good title- Block bustingo Is a


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