actual notice - ANSWER own it
Constructive notice - ANSWER record something in public records
How Is Real Estate Recovery Funded ? - ANSWER by fees & fines
Eminent Domain - ANSWER government has right to take away public use
citizens can't refuse to sell)
immune properties - ANSWER government owned
lot & block - ANSWER residential sub-division surgery system
Metes and Bounds - ANSWER oldest method of land description & provides
the most accurate type of legal descriptions
What does the Real estate recovery fund do ? - ANSWER reimburse members
of the public
what is a township... - ANSWER a township is 6 miles square contains 36
square miles
Each township contains ____ acres - ANSWER 640 acres
How many square feet are in an acre? - ANSWER 43,560
kickbacks are illegal unless.. - ANSWER someone has a licensed
Offer and Acceptance - ANSWER Meeting of the minds or mutual agreement-
all parties concerned understand and agree to all the terms of the contract
Overimprovement - ANSWER An addition or change to property not in line
with its highest and best use
, statue of frauds - ANSWER provides protection against fraud in the sale of real
property. requires contract for the transfer of a right or interest in land
statute of limitations (oral contracts) - ANSWER if contract is entirely oral,
action must be brought within 4 years
statue of limitations (written contracts) - ANSWER if contract is entirely
written, action must be brought within five years
Sufficient Consideration - ANSWER either valuable or good consideration may
be sufficient
WILD CARD - ANSWER Withdrawal, insanity, lapse of time, death of either
party ,counteroffer, acceptance,rejection,destruction of property
option contract define - ANSWER right to buy a property during a specified
period-of-time, at a specified price.
contract for deed define - ANSWER aka an agreement between a property
owner & potential buyer in which the owner agrees to deliver a deed to the
purchaser after certain conditions been met
Define implied contract - ANSWER exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - ANSWER The party who is not in breach of
contract can bring a suit in court to cancel the contract and ask the court to put
the parties back in their original positions.
Suit for Specific Performance - ANSWER A lawsuit to hold the defaulting
party to his duties under a contract
assignment - ANSWER the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER A bilateral contract in which the
property owner promises to pay a commission regardless of who sells the listed
property.
Constructive notice - ANSWER record something in public records
How Is Real Estate Recovery Funded ? - ANSWER by fees & fines
Eminent Domain - ANSWER government has right to take away public use
citizens can't refuse to sell)
immune properties - ANSWER government owned
lot & block - ANSWER residential sub-division surgery system
Metes and Bounds - ANSWER oldest method of land description & provides
the most accurate type of legal descriptions
What does the Real estate recovery fund do ? - ANSWER reimburse members
of the public
what is a township... - ANSWER a township is 6 miles square contains 36
square miles
Each township contains ____ acres - ANSWER 640 acres
How many square feet are in an acre? - ANSWER 43,560
kickbacks are illegal unless.. - ANSWER someone has a licensed
Offer and Acceptance - ANSWER Meeting of the minds or mutual agreement-
all parties concerned understand and agree to all the terms of the contract
Overimprovement - ANSWER An addition or change to property not in line
with its highest and best use
, statue of frauds - ANSWER provides protection against fraud in the sale of real
property. requires contract for the transfer of a right or interest in land
statute of limitations (oral contracts) - ANSWER if contract is entirely oral,
action must be brought within 4 years
statue of limitations (written contracts) - ANSWER if contract is entirely
written, action must be brought within five years
Sufficient Consideration - ANSWER either valuable or good consideration may
be sufficient
WILD CARD - ANSWER Withdrawal, insanity, lapse of time, death of either
party ,counteroffer, acceptance,rejection,destruction of property
option contract define - ANSWER right to buy a property during a specified
period-of-time, at a specified price.
contract for deed define - ANSWER aka an agreement between a property
owner & potential buyer in which the owner agrees to deliver a deed to the
purchaser after certain conditions been met
Define implied contract - ANSWER exists when some or all of the terms and
conditions can be assumed by the nature of the government
Suit for cancellation (rescission) - ANSWER The party who is not in breach of
contract can bring a suit in court to cancel the contract and ask the court to put
the parties back in their original positions.
Suit for Specific Performance - ANSWER A lawsuit to hold the defaulting
party to his duties under a contract
assignment - ANSWER the sale, transfer, or subrogation of rights in a contract
exclusive right of sale listing - ANSWER A bilateral contract in which the
property owner promises to pay a commission regardless of who sells the listed
property.
