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Flashcards in Chapter 4 Deck (33)
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1
Q

How many years is adverse possession?

A

10 years

2
Q

What is adverse possession?

A

When Real Estate is abandoned and someone else (squatter) takes ownership; 10 years

3
Q

What part of bundle of rights do tenants have?

A

Possession, Quiet Enjoyment, and Exclusion

4
Q

What is the minimum electric service for a house?

A

100 amps & 110 bolts

5
Q

What is disclosure? What is stigma?

A
Disclosure= tell
stigma= something negative
6
Q

When you work for the owner:

If someone dies or there was a crime unrelated to RE, do you tell?

A

no (income tax fraud)

7
Q

When you work for the seller:

If someone dies or there was a crime related to RE, do you tell?

A

Yes (meth lab)

8
Q

What is a material defect?

A

Something important that is broken/ wrong

9
Q

Do you disclose a fixed material defect?

A

No

10
Q

What 3 major things are not disclosed (unless they affect the RE)?

A
  • Death
  • Felony
  • AIDS
11
Q

What if buyer asks you about 1 of the major things you don’t have to disclose, what do you say when you rep the seller?

A

a) say “it’s none of my business. If you don’t like it, let’s look at something else.”
b) say “if you want, write a request to the LL; i’d be more than happy to delivery that to them.”

12
Q

If the buyer asks you about one of the major things you do not disclose, why do you stay silent when representing the seller?

A

you MUST protect the seller

13
Q

If you are rep the seller and the previous tenant was a convicted felon who had died in the apartment of AIDS, do you disclose?

A

no- unless it was affected/effected the RE

14
Q

Can you disclose if owner gives you permission?

A

Yes

15
Q

If you rep the owner you try to keep things ____

If you rep the buyer you try to ___ ____

A

confidential

find out

16
Q

Do you disclose material defects?

A

yes

17
Q

Do you disclose electrical services?

A

yes

18
Q

Do you disclose utility surcharges?

A

yes

19
Q

What is a utility surcharge?

A

when people build on a mountain to get power specifically to their property

20
Q

What are uncapped wells?

A

underground wells that have not been properly closed

21
Q

Do you disclose uncapped wells?

A

yes

22
Q

What is an Agricultural District?

A

A USDA designated district for farms

23
Q

Do you disclose agricultural districts and if yes, why?

A

Yes (smelly cows, traffic, danger from run off, air pollution, etc)

24
Q

What is Megan’s Law actually called and what does it cover?

A

Child Safety Protection Act which says there must be public info on registered sex offenders and states must share this information

25
Q

What is the nickname for the Child Safety Protection act and what does it cover?

A

Megan’s Law; it says there must be public info on registered sex offenders and states must share this information

26
Q

What is a REA responsibility in regards to Megan’s Law/ Child Safety Protect Act?

A

to make people aware of the law and to say we are not authorities but 311, police, & school board are

27
Q

Who are the authorities of Megan’s Law?

A

311, police, school board

28
Q

Who does and doesn’t have privacy?:

  • felons
  • sex offenders
A

felons = privacy

sex offenders = no privacy

29
Q

What does the Sherman Antitrust Act do and what is an example?

A

Stops the restraint of trade (consumers don’t have a choice)

AT&T breaking into baby bells

30
Q

When was the Sherman Antitrust Act applied to RE?

A

1972

31
Q

Sam and Pam are friendly competing brokers. At lunch, Sam asks Pam what commission she charges. What must Pam do and why?

A

Pam cannot tell, must refuse to answer, because discussing commissions is considered a violation of conspiracy.

32
Q

What is it called when brokerages refuse to co-broke with a discount broker?

A

A group boycott

33
Q

What is a group boycott?

A

when brokerages refuse to co-broke with a discount broker