one who acts as an intermediary on behalf of others for a fee or commission 

for any type of compensation or consideration or with the intent or expectation of receiving the same from another. 

the appraisal principle that follows the interrelationship of the supply of and deman for real estate. 

Appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity. 

any structure, usually privately owned, erected on a site to enhance the value of the property.

I.e. Building, fence or driveway. 

Or

a publicly owned structure added to or benefiting land.

I.e. Curb, sidewalk, street, sewer

a landowners claim to use water in large navigable lakes and oceans adjacent to her property

the ownership rights to land bordering these bodies of water up to the high water mark

land plus all thing permanently attached to it, whether naturally or artificially. 

Includes condominiums and leaseholds, as well as any other interest in land, whether corporeal, freehold, or non freehold, and whether the real estate is in this state or another. 

changing an item of real estate to personal property by detaching it from the land

i.e. Cutting down a tree

clauses in a deed limite

ing the future uses of a property 

an easement that is not created for the benefit of any land owned by the owner of the easement but that att he'd personally to the easement owner

a right granted by a property owner to a friend to use a portion of the property for the rest of the friends natural life. 

an associate broker whose license has been returned to the commission by the licensee's broker

a broker who has requested the commission to place the license on inactive status; a new licensee who has failed to designate an employing broker or have the license issued as an individual broker

or a broker whose license has been placed on inactive status under stature, rule or regulation

opposite of leasehold estate

an estate in land in which ownership is for an indeterminate length of time

Property aquired during marriage that is not esparate property and requires agreement of both spoused to be conveyed.

recognized by 9 states

*Owners have no right to partition common elements.

*Units may be mortgaged

*Owner holds fee simple title to the airspace of a unit, as well as an undivided share in the remainder of the building and land (common elements)

* referenced in horizontal property acts

Title to the land and the building is held by a corporation, which sells shares of stock to tenants.  Purchaser is a shareholder in the corporation and receives a proprietary lease to the apartment for the life of the corporation. The stock is personal property and not real estate.

by 2 or more individuals

Tenancy in Common; undivided fractional interest and co-owners have unity of possession.

Each interest can be sold, conveyed, mortgaged or transferred and will be passed by will or state law when an owner dies.

Partition (legal action) to force division or sale of property.

* owned by shareholders

* legal entity that can own real estate in serveralty or as tenant in common with other natural or artificial persons.

* exists until it is formally dissolved

PITT

POSSESSION, unity of INTEREST, unity of TIME, unity of TITLE

right of survivorship; passes to other joint tenants

both general partners who run the company

and limited partners who do not participate in running the company but have liability for buiness losses only up to the amount of the individual investment.

4 unities of in joint tenancy

POSSESSION

INTEREST

TIME

TITLE

available only to spouses and which carries right of survivorship. can be conveyed only by both spouses.

1 to buy

2 to sell

permits the sale of an estate or use interest that allows occupancy of a property during a specific period of time.

Ownership permits multiple purchasers to buy interests in real estate, a form of ownership most commonly found with resort property.

residential dwelling with two floors thaqt is connected by a common wall.

Title to the unit and lot vest in the owner who shares a fractional interest with other owners in any common areas.

used with the rectangular survey system (government survey system)

Base Lines (E&W) and Principle Meridian (N&S) correspond to Longitude and Latitude lines

monuments that have been established as permanent reference points thoughout the US

Sea Level at New York Harbor.

point, line, surface from which elevations are measured or indicated

system used lot & block numbers referred to in a plat map filed in the public records of the county where the land is located.

description of land always refers to a prior metes-and-bounds or rectangular survey description

oldest form of land description in the US

starts and ends at the (POB) point of beginning so the tract is completely enclosed.

corresponds to N & S longitude lines in the Rectangular Survey System.

37 of them in the US

Townships (6 square miles)

are subdivided into 36 sections

Sherman Antitrust Act

prohibits monopolies, price-fixing, goup boycotting, allocation of customers or markets & tie-in agreements

fine $1 million & 10 years imprisonment; in civil suit, the successful plaintiff may recover triple damages plus attorney's fees & costs.

business of bringing parties together

can be a sole proprietorship, corp., LLC., or partnership with another broker

governed by Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-Sign)

NE Law: Spoused must have signatures notarized with selling.

set by law pertaining to exclusive brokerage agreements

1. Accept delivery of and present offers & counteroffers to client

2. assist in developing, negotiating, and presenting offers & counteroffers for the client

2. answer the clients questions about offers, counteroffers and contingencies

marketing of property on the internet,

brokers agree to cooperate in a transaction, including the sharing of the compensation earned

involuntary transfer of property

ONCHA

Open, Notorious, Continuous, Hostile, Adverse

no express warranties against emcumbrances.

Implies that the grantor holds title and possession

"grants and realeases or grants, barains, and sells"

used in forclosures and tax sales

provides the greatest protection to the buyer beause the grantor is legally bound by certain covenants

1. Covenant of Seisin (owns it and right to convey)

2. Covenant against Encumbrances (free from liens)

3. Covenant of Further Assurances (promises to do whats necessary to make the title good)

4. Covenant of Quiet Enjoyment (title is good from 3rd party or grantor is liable)

5. Covenant of Warranty Forever (incase title fails in the future)

words of conveyance

state the grantor's intention to convey the property

must be of lawful age (usually 18), otherwise is voidable

must be legally competent (of sound mind)

name must be spelled correctly on deed

begins with "to have and to hold"

specifies the owner's rights as well as how those rights are limited (a specific time frame or certain prohibited activities)

title to property is transferred without the owners consent

condemnation, foreclosure on a mortgage loan or a sale to satisfy delinquent tax or mortgage liens

a formal judicial process, for verifying the validity of a will and accounting for the decedent's assets.

takes place in the county in which the decedent last resided and in any other county decedent owned real esate

common for a simple transfer of property from one family member or co-owner to another

least protection of any deed

no covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered.

Contain 2 Basic Warranties

1. that the grantor received title

2. that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed.

"Grantor remises, releases, alienates, and conveys"

2 functions

1. means the right to or ownership of the land, represents the owners bundle of legal rights

2. serves as evidence of of that ownership

not a printed document

a person must be of legal age and sound mind, a voluntary act, free of any undue influence by other people.

written wills must be signed

Oral will ( Nuncupative)

Handwritten will (Holographic)