...To: Barbara Buyer Date: 4/17/12 From: Marvin Littleton, Esquire and Stephanie Giudici, Paralegal Student Re: Action on terminated property sale at 213 Vivian Street, King City, CA 93930 We are dealing with quite few ethical issues in your dealings with Sam Salesperson and Seller Unknown. For example, Mr. Salesperson did not draw up the contract regarding the earnest payment on two occasions when he promised to do so. He did not practice impartially as a dual agent and seemed to be biased towards the seller. It was very unethical not to disclose the deal in the works with the other buyer. The cause of action you have here is a Breach of Contract. Looking at the rest of the facts, all the other things that were done here are not separately actionable and fall under this cause of action. You did the appropriate thing in asking for the extension in regards to the earnest payment and Mr. Salesperson agreed to the terms and seemed to have relayed the information onto the seller. At the time you requested the extension, the seller and Mr. Salesperson could have terminated at that time and moved onto the other deal, but they did not; they accepted your deal and that was unethical and a breach that provides you with a cause of action. The Defendants breached the contract by first agreeing to the extension to the earnest payment, then not drawing up the contract and finally terminating...
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...claiming by, though, or under the grantor is a limited warranty deed | True | A default by a landlord under the lease generally gives the tenant the right to | Sue the landlord for performance | A determination as to whether property is located in a flood hazard zone is made by the title examiner | False | A farm owner who gives a person permission to fish in his lake gives the person | License | A fee simple absolute estate has a potential infinite duration and unrestricted inheritability | True | A fee simple on condition subsequent estate automatically expires on the happening or nonhappening of the event stated in the deed of conveyance or the will creating the estate | False | A fixture is classified as real property | True | A foreign person affidavit is for the benefit of the purchaser | True | A foreign person affidavit is for the benefit of the seller | False | A foreign person affidavit is signed by the purchaser | False | A foreign person affidavit is signed by the seller | True | A hazard waste indemnity found in many real estate contracts is for the benefit of the seller | False | A judgment that has been recorded in the public records becomes a lien on all property of the judgment debtor owned at the time of recording as well as any future property acquired by the debtor | True | A landlord's basic remedies for tenant's default under the lease are | Sue the tenant for performance and...
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...Agency: Real Estate under Virginia’s Agency Law Code of Virginia Agency Law § 54.1-2130. Definitions. As used in this article: "Agency" means every relationship in which a real estate licensee acts for or represents a person by such person's express authority in a real estate transaction, unless a different legal relationship is intended and is agreed to as part of the brokerage relationship. Nothing in this article shall prohibit a licensee and a client from agreeing in writing to a brokerage relationship under which the licensee acts as an independent contractor or which imposes on a licensee obligations in addition to those provided in this article. If a licensee agrees to additional obligations, however, the licensee shall be responsible for the additional obligations agreed to with the client in the brokerage relationship. A real estate licensee who enters into a brokerage relationship based upon a written contract which specifically states that the real estate licensee is acting as an independent contractor and not as an agent shall have the obligations agreed to by the parties in the contract, and such real estate licensee and its employees shall have no obligations under §§ 54.1-2131 through 54.1-2135 of this article. "Brokerage relationship" means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing...
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...Real Estate Industry The laws of real property concern the many aspects of landownership, its use, and its conveyance. Its subjects include estates, ownership, leaseholds, contracts, mortgages, deeds, land titles, recording and more. According to J.P. Wiedemer and J. E. Goeters from their book Real Estate Investment, in real property law, an estate is an interest in land. It is the sum of property rights and/or things affixed to the land, which have a given duration of time (including infinity). An estate is concerned with the land; an ownership is concerned with people. Another definition of Real Estate, according to Dennis J. Mckenzie and Richard M. Betts from their book Essentials of real estate economics 2006 edition, is defined as land, that which is affixed to the land, that which is appurtenant to the land and that which is immovable by law. The ownership of real estate carries certain rights, known as the bundle of rights. The bundle includes the right to use, possess, exclude and dispose. These rights are not absolute; they can be legally modified by private restrictions and government regulations and laws. In short, real estate or real property is land and improvements and the rights associated with the ownership of same. One of the largest and most important investments that the average person makes is a house to live in. In past years, it was considered an acquisition of living accommodations and was expected to decline in value as it grew older and more outdated...
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...in a lease that ensures that the landlord will not interfere in the tenant's possession or use of the property is the covenant A) of warranty forever. B) of seisin. C) against encumbrances. D) of quiet enjoyment. 2.Nine The availability of funds for real estate mortgage loans is affected by the Federal Reserve System through which of the following? A) Federal National Mortgage Association B) Federal Housing Administration C) Resolution Trust Corporation D) Discount rates 3.Nine The closing statement involves debits and credits to the parties in the transaction. A debit is a(n) A) adjustment for an expense paid outside of closing. B) refund. C) proration. D) charge. 4.Nine The purpose of an appraisal is to A) determine the projected income of a property. B) set the amount of consideration the seller should accept from a purchaser. C) set the market price of a property. D) estimate the value of a property. 5.Nine The income approach as used by an appraiser makes use of which of the following? A) Depreciation B) Capitalization C) Equalization D) Appreciation 6.Nine A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n) A) title insurance policy. B) abstract of title. C) affidavit of title. D) certificate of title. 7.Nine A property manager's primary obligation is to A) bankers. B) tenants. C) government authorities. D) owners. 8.Nine All of the...
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...The Process of Foreclosure Tabatha Prentice BUSN 121: Real Estate Practice Proffers: Steve Kipuros Foreclosure Process Intoduction Foreclosure is a process where a homeowner forfeits there rights to a property because they have failed to pay the mortgage. In some cases a bank may allow the property owner to sell their home via a short sale. If the bank will not grant a short sale the property will go to auction where it will either be sold or becomes bank owned. The word foreclosure has become a very dirty word, but it doesn’t just happen overnight it is a lengthy process. There are five major steps involved in all states missed payments, public notice, pre-foreclosure, auction, and post-foreclosure. Missed Payments The length of which it can take a bank to foreclose on a property can vary by state. Normally it will take at least three missed payments, but can take up to five before the foreclosure process will begin. There are programs out there available for homeowners to help them keep this process from ever being started that include everything from mortgage modification to government assisted programs. For most homeowners foreclosure has almost become of choice mostly related to the decrease in home values we are seeing more and more people who are house poor. Public Notice After a number of payments have been failed to be made the lender will seek out the County Recorder to issue a public notice. This notice can be called many different things depending...
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...Los Angeles Lawyers Warn About Real Estate Scams Are you thinking about purchasing a new home? Do you wonder how to do it safely? Have you heard constant rumor about real estate scams? If you answered yes to any of these questions than you might need help from a Los Angeles Lawyers. They are the main ones that can protect you from real estate scams. However, there are some precautions you can take on your own. Don't Rush Into A Sale One of the main things lawyers like to warn clients about is jumping into a sale or a closing. Sometimes you have to remember that if something seems to be to good to be true it probably is. If you feel like you are being pressured into a sale, or something that might seem a little sketchy then you should always hire one of the many Los Angeles lawyers to go over...
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...Determine the opportunities and challenges facing housing lenders and real-estate agents across ethnic subcultures. Lenders and real-estate agents face different opportunities and challenges among the African American and Hispanics in regards to the housing market. African Americans make up one of the major ethnic subcultures, representing 13 percent of the American population, where on average, are younger than the white population, have less education, and lower household incomes. “One-third of black households earn $50,000 or more and nearly 10 percent earn $100,000 or more” (Hawkins). African Americans are segmented as market leaders or market followers. Within those are generational differences which pose challenges when it comes to marketing because they don’t follow the stereotypical images that they have been subjected to. Many are “driving growth in income and purchase power through education and professional achievement. African Americans represent $799 billion in buying power, which is expected to grow by some 34 percent through 2011” (Hawkins). This fact gives lenders and real estate agents opportunity to implement specific marketing tactics. Internet usage among African Americans is on the rise, allowing marketers to leverage online-based advertising for example. Hispanics represent another major ethnic subculture and have diverse nationalities including people of Cuban, Mexican, Puerto Rican, South/Central America or any other Spanish ethnicity. “The Hispanic...
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...My BETNA invest in residential real estate where expected profit is $6m My Walkaway (reservation price) I wish not to exceed $52m where I could make around 20% profit, however $60m would be my calculated walkaway price ($66 is breakeven and my BETNA is to invest elsewhere with an estimated $6m profit. I would be willing to take this deal with the same amount of profit expected on the alternative investment with residential properties, in order to gain more experience and reputation in the commercial real estate industry.) Their BETNA take their business elsewhere, probably to a residential real estate builder ($36m is the lower-end estimate) Their Walkaway price probably $36m (lower end of value for residential use) ZOPA (bargaining zone) assuming their reservation price is $36m, between $36m and $60m. Commercial use 1.5 to 2 times as much as the value of residential use (apartment buildings) Value of property for Estate One if used for commercial use $66m (break-even point) Zoning laws in Hamilton don’t allow for commercial development of the property. So, if Pearl investments has any offer at all, it will be from someone interested in developing the land for residential use. We plan to use it for commercial use because of the advantageous knowledge of the zoning laws due to our strong ties with the local government of Hamilton. We know for sure that the rezoning will allow for commercial development in Hamilton within months. This gives us an advantage over...
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...Code of Ethics The Realtor Code of Ethics was established in 1913 as a Golden Rule, as a voluntary document outlining the professional duties of membership. In 1924 it became mandatory. Four years later after Texas Association of Real Estate Board renamed to Texas Association of Realtors. The Realtor code helped establish professionalism and integrity for the real estate industry. The Code of ethic is now mandatory training for all members. Ethics are considered especially important when related to the activities of skilled or influential professional. Although there are not an official code all real estate agents, many are members of the National Association of Realtors, which has an ethics code. The Code of Ethics and Standard of Practice of the National Association of Realtors has 17 articles which can be summarized in the golden rule: “do to others as you would like them to do to you” * Duties to Clients: * Articles 1 to 9 deal with the responsibilities real estate agents have toward their clients. * Article 1: When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. ...
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...Consultants Group is a diversified group that works with the best in the industry to transform strategy into reality. We offer our clients high impact advisory services throughout the business life cycle from ideation & inception to growth, maturity and transition. We make change happen. The group consists of two companies Merryland Real Estate and Consultants Pvt. Ltd. and Merryland Solicitors and Legal Consultants Pvt. Ltd. which cover the following service lines: 1. Energy Advisory Services 2. Real Estate Advisory Services 3. Business and Financial Advisory Services 4. Corporate Secretarial Services 5. Legal Advisory Services Headquartered in Jaipur, Rajasthan (India), we also have representative offices in Bahrain, Dubai, Delhi and Mumbai. Our founders are all senior professionals having advanced degree in law, electrical engineering, computer science, management, finance and political science. Our consultants and affiliates include retired senior government officers and bureaucrats, seasoned finance professionals, lawyers of High Court and Supreme Court and experienced industry leaders. Delivering Service Excellence Merryland Real Estate and Consultants Pvt. Ltd. and Merryland Solicitors and Legal Consultants Pvt. Ltd. F-68, Vinay Path, Kantichandra Road, Banipark, Jaipur, Rajasthan, India, Pin – 302016 Tel: +91 141-2201515, 141-4019333 Fax : + 91 141-419333 www.merrylandconsultants.com Experts at work for you EN E R G Y AD VIS O RY GIVE POWER TO YOUR BUSINESS...
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...allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met. Ad Valorem Taxes-is a tax based on the value of real estate or personal property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). Assessment-the evaluation or estimation of the nature, quality, or ability of someone or something. Assignment of Rents Clause- is a provision in a deed of trust or mortgage. Bearer- a person who presents a check or other order to pay money. Bona Fide Purchaser for Value- referred to more completely as a bona fide purchaser for value without notice – is a term used in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property. Broker Lien- a right to property or payment that a broker has if the buyer does not pay the money owed to the broker for a sale: Collateral- something pledged as security for repayment of a loan, to be forfeited in the event of a default. Contractor- a person or company that undertakes a contract to provide materials or labor to perform a service or do a job. Default Clause- a failure to act, esp. a failure to meet a financial obligation or to appear in a court of law at a time specified Deficiency Judgment- is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay...
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...1 of 10 State of Florida Department of Business and Professional Regulation Florida Real Estate Commission Application for Sales Associate License Form # DBPR RE 1 If you have any questions or need assistance in completing this application, please contact the Department of Business and Professional Regulation, Customer Contact Center, at 850.487.1395. Note: Applicants must provide at least one physical address. For fees, instructions, and additional information, see Section VII, pages 8-10, of this application. Section I – Application Type CHECK ONE OF THE APPLICATION TYPES ▪ Sales Associate License [2501/1010] FL Resident (Complete Sections I-V) non-FL Resident (Complete All Sections) ▪ Sales Associate License (See Section VII (2) (a) (i) (b) for more information) [2501/1011] Mutual Recognition - non-FL Residents Only (Complete All Sections) If you are requesting mutual recognition, from what state are you requesting? Section II – Applicant Personal Information PERSONAL INFORMATION Social Security Number* FULL LEGAL NAME Last/Surname Birth Date (MM/DD/YYYY) First Gender Middle Suffix / / Male MAILING ADDRESS Female Street Address or P.O. Box City County (if Florida address) Country State Zip Code (+4 optional) CONTACT INFORMATION Primary Phone Number Primary E-Mail Address RESIDENCE ADDRESS (IF DIFFERENT THAN MAILING ADDRESS) Street Address City County (if Florida address) State Zip Code (+4 optional) Country ADDITIONAL...
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...COMPETITION COMMISSION OF INDIA A REVIEW OF THE COMPETITION ISSUES IN THE REAL ESTATE SECTOR: AN ANALYSIS OF THE POSITION POST DLF CASE INTERNSHIP REPORT DECEMBER 2012 SUBMITTED BY: Kirti Dashora, IV Year, Gujarat National Law University (GNLU), Gandhinagar A REVIEW OF THE COMPETITION ISSUES IN THE REAL ESTATE SECTOR: AN ANALYSIS OF THE POSITION POST DLF CASE ACKNOWLEDGEMENTS The successful completion of this project could not have been completed without the valuable guidance and insights of many people. I would like to thank Mr. Yogender Chaudhary, Adviser (Law) for guiding me throughout my internship period. I would also like to thank Ms. Bhawna Gulati, Deputy Director (Law) for providing me helpful suggestions regarding the project. I also thank all the officers in the Commission who provided knowledge of the working of the Commission during the rotation exercise. The library staff also provided help whenever it was required. Page 2 A REVIEW OF THE COMPETITION ISSUES IN THE REAL ESTATE SECTOR: AN ANALYSIS OF THE POSITION POST DLF CASE TABLE OF CONTENTS ABSTRACT…………………………………………………………………………………5 OVERVIEW OF THE REAL ESTATE SECTOR IN INDIA…………………………..….6 Regulation of the Sector………………………………………………………..……7 The Real Estate (Regulation and Development) Bill, 2011………………………....7 ABUSE OF DOMINANCE IN THE REAL ESTATE SECTOR……………………..……9 Relevant Market…………………………………………………………………..…9 Assessment of dominance………………………………………………………..….9 Abuse of dominance……………………………………………………………...
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...Business Law Week 3 Lecture I. Types of Property a. What is real property? Not moveable b. What is personal property? Property is classified according to whether or not it can be moved. Moveable property II. Personal Property c. What are the two different types of personal property: i. Tangible Personal Property is moveable property that can be seen touched, and possessed 1. Examples: Clothing, food, silverware, musical instruments, desks ii. Intangible Personal Property is moveable property that consists of evidences of ownership of rights or values. 2. Examples: Certs. of deposit, contracts, copyrights, checks, gold coins d. What are the 3 options a person has to protect their creation: iii. The law protects the right to use property as well as the right to own it iv. The law not only protects the right to own property but also the right to use it v. Property includes not only physical things but also such things as bank deposits, notes, and bonds that give the right to acquire physical property or to use such property e. What are bailments? Legal relationship by which possession of personal property is delivered by one party (a bailor) to another party (a bailee) and the identical property is to be returned, delivered to a third party, sold, or accounted for in the manner agreed upon by the parties f. What are examples of bailments? Bob holds...
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