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Purchase K Deeds! Foreclosures & Development Broker's Role & Water Law Environmental
100
What is earnest money
Optional payment to show sincerity of an offer.
100
What is ouster?
You need to prove this to adversely possess a co-tenant out of his/her property.
100
What are impact fees?
Fees paid by developers to a city for costs stemming from the development's burden on public facilities and infrastructure.
100
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...
100
What is Phase II of an environmental audit.
When you conduct soil and groundwater testing to determine environmental risks.
200
What is the mailbox rule
This rule states that acceptance is effective upon dispatch NOT receipt.
200
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
200
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....
200
What is prior appropriation?
Western states utilize this system to determine who has the right to use water.
200
What is an environmental impact statement.
All federal agencies must prepare this for every major federal action significantly affecting the quality of the human environment.
300
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.
300
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.
300
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.
300
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?
300
Whether the water was navigable at the time of statehood
Determining whether the public can use the surface of a waterway hinges on this factor?
400
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?
400
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?
400
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.
400
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?
400
What is the dusky gopher frog?
This term, the U.S. Supreme Court considered the fate of the potential habitat of this creature under the Endangered Species Act?
500
What are retain earnest $ OR actual damages (K-resale differential or K-market differential)
What are the seller's damage options for buyer breach?
500
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?
500
What are mechanic's liens?
The proceeds of a foreclosure are distributed first in time, first in right, with the exception of this?
500
Fraud by non-disclosure.
Failing to volunteer information about latent defects to property is considered this?
500
What is the mean high tide?
In most states, the public has the right to use the shoreline of a beach up to this point?






Real Estate Law

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