Practice of Real Estate
Civil Rights act of 1866
prohibit racial discrimination in all conveying of real and personal property
Practice of Real
... [Show More] Estate
in regards to convicted drug dealers...
they are NOT covered under any condition
under the federal fair housing act of 1968 and the amendment in 1988, authorized administrative law judges may now...
admin law judges within HUD may now hold contested case hearings
Practice of Real Estate
Remedies under the new amendment include:
1) a civil penalty, not exceeding $16,000 for the first offense
2) a penalty not exceeding $37,500, if another offense was committed within the past 5 years
3) a penalty not exceeding $65,000 if two or more discriminatory practices have been found in the past 7 years
The ADA provides for enforcement by allowing several remedies for a person who is discriminated against, including
1) a temporary or permanent injunction
2) the court may grant any equitable relief that the court considers appropriate
3) a civil penalty of up to $50K for a first violation and penalty of up to $100K for any subsequent violation
Practice of Real Estate
Truth-in-Lending Act (TILA)
Disclosure/Coverage Requirements
-cost in credit transactions
-customer has 3 day right to rescind
-loans to
under a fee simple absolute, if the owner dies what happens to the property?
the owner's heirs will gain ownership
tenancy in common
-ownership by two or more WITHOUT rights of survivorship
-upon death, share will go to that person's heirs
Joint tenancy
-ownership by 2 or more people WITH rights of survivorship
-four unities required for this ownerhsip: time, title, interest and possession
Tenancy by the Entirety
joint tenancy where the co-owners are husband and wife
what does assemblage refer to?
combining several parcels of land into one
what does plottage refer to?
the increased sum of value and usability from assemblage
condos are owned by what type of mutual ownership
tenants in common
what is an abutting owner?
an owner whose land touches a highway or other public place
what is an alienation clause do?
-gives the lender the right to declare the entire loan balance due immediately if the borrower sells or otherwise transfers the security deposit
-also known as due-on-sale clause
building codes would dictate
-materials and/or performance standards for structural components as well as heights, safety features, sanitation and health requirements, setback and sideline restrictions
-also rules by local govs to regulate construction standards
what is a purchase money mortgage?
a mortgage on property given by a buyer, either to the seller or to a third party in order to secure a portion of the purchase price
Special warranty deed
a warranty in which the grantor warrants title only against defects that may have arisen during his or her period of ownership
Lien vs title theory
lien: mortgage is viewed as a lien on real property
title: lender is viewed as conditional owner of mortgaged land [Show Less]