David Saks

Real Estate Practice : Lesson 404

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:46:17 -0600

#404

A type of document, which is recorded, which informs persons interested in buying a property that the property could possibly become liable to a judgement issued against it in a lawsuit. This document is known as a writ of attachment through satisfaction of habendum clause.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

The type of document we're referring to is know as lis pendens.

Lis pendens is latin for "in pending" which is constructive notice given to an interested party that the property may be affected by the outcome of a pending lawsuit.

Habendum Clause is latin for "to have and to hold" which may be included after the granting clause in a deed and will describe the real estate variety.

Real Estate Practice : Lesson 403

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:45:50 -0600

#403

A judge ruled in a pending lawsuit that a lien is to be placed on the defendant's home which will place a hold on the property as security if a judgement is ruled against the homeowner.

The court's action is commonly referred to as a prescription for adverse judgement.

Is this true or false ?

Remember to take your time. The solution is posted below the royalty free wildlife photo.

A. False

The court's ruling is known as an attachment.

An attachment is a lien imposed on the property which will remain in effect while the final result of the lawsuit is being awaited.

Real Estate Practice : Lesson 402

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:45:23 -0600

#402

Andrew has actually constructed an easement over Tanya's property.

If Andrew buys Tanya's property next month the easement will continue to exist.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

When Andrew buys Tanya's property, and the deal is closed and the deed delivered, a merger of the easements has occurred because one person has demonstrated the acquisition of both the servient tenament and the dominant tenanment.

When the dominant and servient tenaments are acquired by one person, the merger of the tenaments will terminate the easement.

Real Estate Practice : Lesson 401

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:44:58 -0600

#401

If a balcony in an apartment structure hangs over a boundary line which was created to delineate the boundary line of the property this would be called an appurtenant easement.

Is this true of false ?

Take your time the solution is poisted below the wildlife photo.

A. False

If the balcony hangs over the boundary line the balcony is an encroachment to the other property.

An appurtenant easement is an easement that is allowed to cross a parcel of land known as the servient tenament.

This creates a benefit for the other parcel of land and is called the dominant tenanment.

Real Estate Practice : Lesson 400

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:44:26 -0600

#400

When we talk about real estate property tax liens we're talking about tax liens that are general, voluntary liens that affect property.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Property tax liens on real estate are involuntary and specific.

If it's involuntary, the interest in the property is created by law as opposed to voluntary which gives an interest in the property to a creditor voluntarily and by will.

If the lien were a general lien it would attach to all of the debtor's property.

Since it's only real estate we're concerned with, it makes the lien specific, or a lien which will only be enforced against a particular property.

Real Estate Practice : Lesson 399

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:43:58 -0600

#399

When a subdivision creates private restrictions in the declaration of Covenants, Conditions and Restrictions, or CC&R's, the restrictions are originally created when the subdivision was planned and are enforced by the developer.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. True

The CC&R's are established by the developer and the owners of the lots in the subdivision have an obligation to supoort them.

Real Estate Practice : Lesson 398

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:43:30 -0600

#398

If there is a cloud on a title, and it seems that it can't be cleared, a judicial proceeding takes place that decides ownership with a suit for the partition of the property in question.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

When a title can't be cleared, a suit to quiet title action is undertaken and allows the court to establish the interests of all parties regarding a parcel of real estate.

Real Estate Practice : Lesson 397

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:42:57 -0600

#397

One of the main reasons why the grantee should see to it that the deed is recorded properly is to demonstrate that the deed was conveyed and accepted.

Is this statement true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

The most important reason for recording the deed is to give constructive notice of the grantee's interest in the property.

Constructive notice is when a person should know of something through discovery by reasonable diligence which includes searching public records.

Constructive notice is an edict of law which applies whether or not the individual actually knew of the recording of the deed.

Real Estate Practice : Lesson 396

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:42:07 -0600

#396

If a will is written but there is no witness to the composition of the will this type of will is commonly referred to as a formally executed will.

Is the description of this type of will considered to be a true or false description ?

Take your time. The solution is posted below the wildlife photo.

A. False

A will which is handwritten and not witnessed is called a holographic will.

Some states actually recognize this type of will even though it's unwittnessed.

The will has to be dated and signed by the testator but it doesn't have to be witnessed.

Real Estate Practice : Lesson 395

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 09 Nov 2009 01:41:42 -0600

#395

If there just happens to be an unfortunate cloud on the title the cloud may be cleared by underwriting a title insurance policy.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. Very false

Whenever there is a cloud on a title the usual way to clear the cloud on the title is to use a quitclaim deed which will convey any interest in a property that the grantor may have.

Real Estate Practice : Lesson 394

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:23:01 -0600

#394

When a conveyance is undertaken, in order for the conveyance to take place the deed must be valid and must be recorded before the conveyance may occur.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

The deed must be valid, but it must also be delivered from one party to another and accepted by the party it's being delivered to.

The deed does not have to be recorded prior to conveyance.

Real Estate Practice : Lesson 393

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:21:23 -0600

#393

When a warranty deed is given to the purchaser of a parcel of real estate the warranty deed specifically warrants that the price paid for the property was within 5% of the actual market value of the property.

Is this true or false ?

Take your time on this real tough question :-) The solution, as usual, is posted below the royalty free wildlife photograph.

A. False

A warranty deed warrants that the grantor has the right to convey the deed and also owns the property.

Real Estate Practice : Lesson 392

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:18:24 -0600

#392

If te government decides to transfer the title of property to a private party this is carried out by means of an instrument commonly known as a quitclaim deed.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

When a private party receives title to property from the government the govermnment will issue a patent to that party.

Generally speaking, a patent is an instrument which is used to convey a parcel of government land to a private party.

Just like granting an inventor the sole rights to an invention, the government is granting an individual the sole rights to a piece of land formerly owned by the government.

Real Estate Practice : Lesson 391

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:15:22 -0600

#391

When real estate is transferred from one party to another the process is commonly referred to as the avulsion of quitclaim.

Is this statement true or false ?

Please take your time. The solution is posted below the wildlife photograph.

A. False

When real estate is transferred from one party to the next we commonly refer to this prcocess as alienation.

Avulsion is the proccess of a body of water stripping away land and isn't connected to the process of quitclaim.

A quitclaim is a deed that will convey any interest that a grantor has in a property, at the time of the transfer of the deed, without any warranties.

I suppose, for the sake of a laugh, an avulsion of quitclaim might represent the gradual tearing away of the quitclaim from the grantee by a divorce lawyer :-)

Real Estate Practice : Lesson 390

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:12:39 -0600

#390

An owner of a parcel of real estate allows a trespasser to continue trespassing on the land and takes no action against the trespasser throughout a statutory period.

The trespasser can inevitably gain the legal right to continue trespassing or using the property under the right of what is called an easement by necessity.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

The right is called an easement by prescription.

An easement by necessity allows the total enjoyment of the land under law.

An easement by prescription is acquired through the hostile, open and continuous use of property over a period of time specified by law.

Real Estate Practice : Lesson 389

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:07:12 -0600

#389

When we talk about a license a license is always considered to be an example of a restriction which is invariably combined with an encroachment.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. Extremely false.

A license is always considered to be the temporary right to the use of land.

The license may be revocable permission and is also considered a right which may not be sold or transferred.

Real Estate Practice : Lesson 388

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:05:13 -0600

#388

When the government decides to take over the ownership of a piece of real estate for public use this right of the government to take the real estate is known as the monopoly of real property under police authority.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. Real false.

The right of the government to take real estate is known as eminent domain.

Real Estate Practice : Lesson 387

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:02:39 -0600

#387

Most states have a law which says that a comparative market analysis, a CMA, must be performed for every listing taken by a brokerage, and that the CMA must be compared to and presented with the appraisal for the lender.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. You know it's false.

A comparative market analysis is performed to help the seller price the property based on the current market trends surrounding the subject properties location.

Real Estate Practice : Lesson 386

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 02:00:49 -0600

#386

Under a listing contract a broker commits himself or herself to an obligation to work for both the seller and the buyer and render faithful service to both parties.

Is this true or false ?

Take your time. The solution is posted below the royalty free wildlife photo.

A. False.

A listing contract is an employment contract for the services to be provided by a broker.

Working for both the seller and buyer is dual agency.

Real Estate Practice : Lesson 385

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 02 Nov 2009 01:58:42 -0600

#385

When a final decision is to be reached regarding the matter of the price to be listed for the house that decision always depends upon the appraised value of the house, the decision of the attorney and the broker.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. If you said anything other than false you need to go back to real estate school.

The last word on the price of the property is always the decision of the seller.

Real Estate Practice : Lesson 384

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 26 Oct 2009 04:17:40 -0500

#384

Under an open listing and an exclusive agency listing agreement the seller can avoid having to pay the broker a commission if the seller sells to property to a buyer not presented to the seller by the broker.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. True

The open listing and the exclusive-agency listing agreement allow the seller to retain the right to sell the property without having to pay a commission to the broker if the seller sells the property to someone other than an interested buyer presented to the seller by the broker.

Real Estate Practice : Lesson 383

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 26 Oct 2009 04:17:06 -0500

#383

A listing agreement stated that it will expire on June 18th, 2009.

If the owner dies on June 15th the owner's death will effectively terminate the listing agreement.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. True

If the owner dies the owner obviously can't fulfill the terms of the listing agreement.

There are a number of ways to terminate a listing agreement.

Here are a few :

1. If the agreement expires.

2. If title is transferred due to the laws of bankruptcy.

3. If the seller and the broker agree mutually to terminate the listing.

Can you think of other reasons ?

Real Estate Practice : Lesson 382

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 26 Oct 2009 04:16:18 -0500

#382

When we consider the likenesses inherent in an exclusive-right-to-sell listing and an exclusive-agency listing the seller has the right to allow any agent to show the property.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Under an exclusive-right-to-sell listing and an exclusive-agency listing these types of listing agreements allow the seller to be represented by only one broker and give that exclusive right to the broker.

Real Estate Practice : Lesson 381

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 26 Oct 2009 04:15:36 -0500

#381

When a listing is taken by an agent and the brokerage the listing is generally considered to be one which is an employment agreement for services carried out between the seller and the multiple listing service of the local realtor board.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

When a listing is accepted by the brokerage it's an employment agreement between the seller and the broker.

Real Estate Practice : Lesson 380

David Saks - Broker (The Real Estate Mart of Tennessee, Inc.) — Mon, 26 Oct 2009 04:14:28 -0500

#380

When a broker creates a relationship between himself / herself and the seller this type of relationship is known as implied agency ?

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

An implied agency is one where the parties will imply that they have consented to an agency relationship, hence the term implied agency.

The agency relationship between the broker and the seller is a special agency relationship.

A special agency has been created because the seller authorizes a broker to act in the seller's behalf in the transaction