Restrictive covenant - Study guides, Class notes & Summaries

A Community is defined as Real or personal property owned by two or more entities, with a "legally binding agreement (covenant) to share responsibility and costs for maintenance and administration of property, assets, and association, and with specific rights granted to the members. Community Associations are structured by Formal (in writing), legal documents defining property rights, rules and restrictions. Community Associations are also referred to as Covenant Concept...

(Answered) PSI Real Estate Exam - Transfer of Title Acknowledgment When a person who has signed a document formally declares to an authorized official (usually a notary public) that he or she signed voluntarily. The official certifies that the signature is voluntary and genuine. Adverse Possession Acquiring title to someone else's real property by possession of it. The possession must be open and notorious, hostile and adverse, exclusive, and continuous for more than 21 years. Bargain and Sa...

Humber Real Estate - Course 2, Module 3, Understanding Residential Property Types, Ownership and Planning A self-contained housing unit with one or more habitable rooms containing at minimum a kitchen, bathroom facilities and an exit from the building. Define a 'Dwelling Unit' - A duplex is under single ownership (under 1 title) ... the dwelling units can then be lived in or rented out - The 2 dwelling units in a semi-detached structure are each owned separately (under 2 titles) What i...

Basic Contract Law for Paralegals Chapters 1-8 Questions with Verified Answers| Updated Legality The condition of conformity with the law; lawfulness. Usury Charging a rate of interest that exceeds the rate permitted by law. Surrogacy Contract A situation where a woman who "hosts" the fertilized egg of another woman in her womb or who is artificially inseminated with the sperm of a man who is in a relationship with someone else agrees to assign her parental rights to the donors. Pr...

Highest and Best Use - Answer-The use that will give the owners the greatest actual return on their investment. Can only have ONE highest and best use. Advantages of Real Estate Investment - Answer-Well located and fairly priced real estate investments have shown good rate of return. If purchasing power of dollar decreases, value of investors assets increase Disadvantages of Real Estate Investment - Answer-Real Estate is not a liquid asset. Investor may have to sell at a lower price to fac...

Upon expiration of a residential lease, the landlord deducts from the security deposit for damages caused by the tenant. The balance of the security deposit must be returned to the tenant within how many days of the termination of the lease? - 30 Sarah is a licensed real estate broker who does not have a listing, is not a subagent of the seller And has no buyer broker agreement. Siri is an example of a: - Statutory broker Sales person has numerous listings, including several that are schedu...

Amendment A change or modification of a zoning ordinance by the local legislative authority Building Codes Public controls regulating conduction that establish minimum construction standards. Most structures require building permit Building inspectors certified by NCDI (department of insurance) Statewide codes enforced locally Issue certificates of occupancy (CO) Get the permit (building and CO)! Some spaces are un-permitted - get no money (fire in un-permitted basement) Can...

Nebraska license lawLicense law - correct answer Particular state laws having to do with qualifications, licensing, and oversight of real estate or other professionals are known as______. These laws are passed by the state legislature Pre license education - correct answer To obtain a real estate salesperson’s license, one must furnish evidence of completion of____ which includes two commission approved courses in real estate subjects composed of not less than thirty class hours each. Br...

APUSH Cram Latest Update with Verified Solutions Separatist vs. non Separatist Puritans Radical Calvinists against the Church of England; Separatists (Pilgrims) argued for a break from the Church of England, led the Mayflower, and established the settlement at Plymouth Northwest Passage believed to provide shortcut from Atlantic to Pacific, searched for by Giovanni de Verrazano for Francis I in the race to Asian wealth Conversion Experience required of members of the Puritan Church; took the p...

A MT broker must keep trust account records for? -:- 8 years If a zoning ordinance conflicts with a restrictive covenant: -:- The more limiting of the two controls Pierce has a buyer broker agreement. Pierce may legally receive a commission from? -:- Any party with the knowledge and consent of the buyer I really state licensee should disclose known defects to the buyer in which of the following situations? -:- In all situations Sarah is a licensed real estate broker who does not ha...