What is earnest money

Optional payment to show sincerity of an offer.

What is ouster?

You need to prove this to adversely possess a co-tenant out of his/her property.

What are impact fees?

Fees paid by developers to a city for costs stemming from the development's burden on public facilities and infrastructure.

What is a fiduciary duty?

Real estate agents must act in the best interest of their clients and disclose any conflicts of interest. This is also known as...

What is the mailbox rule

This rule states that acceptance is effective upon dispatch NOT receipt.

What is a quitclaim deed?

You execute this deed to release an interest in land, e.g., gifting land or a transfer among family members

What is the right of redemption

In some states, a mortgagee can pay back the full balance due on the mortgage and get the property back after a foreclosure sale. This is called....

What is prior appropriation?

Western states utilize this system to determine who has the right to use water.

What is sell to someone other than option holder before the option period expires?

You need to partially refund the option payment and get an official release from option holder to do this.

What is a special warranty deed?

This deed is used to promise that the grantor did not create any encumbrances to title during his/her ownership.

What is a bid bond?

This is to protect a developer who accepts a frivolous bid from a contractor, and has to go to the next highest bidder.

ALL riparians must reduce usage in proportion to their rights.

In a riparian state, if there is insufficient water to satisfy the reasonable needs of all riparians, what must happen?

What are specific performance OR actual damages (closing costs, loan origination fees, amount market exceeds K price) AND return of earnest money.

What are the buyer's damage options for seller breach

What is B for Indiana? What is C for a notice state?

Grantor conveys land to A (BFP)
Grantor conveys land to B (BFP)
Grantor conveys land to C (BFP)
B records.
A records.
C records.
Who gets the land in Indiana? In a notice state?

What is a lis pendens?

You file this in the land records to give notice of a legal claim, such as a foreclosure, against property.

An agent is only liable for intentional or negligent misrepresentations under tort law. A seller is liable for intentional, negligent, or innocent misrep under K law.

Why is it easier for a buyer to sue the seller for fraud as opposed to the seller's agent?

What are retain earnest $ OR actual damages (K-resale differential or K-market differential)

What are the seller's damage options for buyer breach

The seller may be difficult to find and/or insolvent.

Why does a buyer need title insurance if the seller executes a general warranty deed?

What are mechanic's liens?

The proceeds of a foreclosure are distributed first in time, first in right, with the exception of this?

Fraud by non-disclosure.

Failing to volunteer information about latent defects to property is considered this?