#1
In real estate, what does the term 'escrow' refer to?
A financial arrangement where a third party holds funds on behalf of the buyer and seller
ExplanationSecure handling of funds by a neutral third party in a real estate transaction.
#2
What is the primary purpose of a property deed?
To transfer ownership of a property
ExplanationLegal document facilitating the transfer of property ownership.
#3
What is the significance of 'zoning laws' in real estate?
Regulating the use of land and buildings in specific areas
ExplanationRegulation of land and building use in defined zones.
#4
What is the role of a 'real estate agent' in a property transaction?
Representing the buyer or seller in the transaction and assisting with negotiations
ExplanationRepresentation and negotiation assistance in property transactions.
#5
What is 'quiet enjoyment' in property law?
The right of a property owner to use and enjoy their property without interference
ExplanationUninterrupted property use and enjoyment right for the owner.
#6
What does the acronym 'REIT' stand for in the context of real estate?
Real Estate Investment Trust
ExplanationInvestment vehicle pooling funds for real estate ventures.
#7
What is a 'due diligence' process in real estate transactions?
A detailed investigation and analysis of a property before a transaction
ExplanationThorough property investigation to inform transaction decisions.
#8
What is the difference between a mortgage and a deed of trust?
A mortgage involves two parties, while a deed of trust involves three parties
ExplanationNumber of involved parties distinguishes mortgage from deed of trust.
#9
What is the purpose of a 'title search' in a real estate transaction?
To investigate the legal history of the property's ownership and ensure there are no outstanding claims or liens
ExplanationLegal history investigation to confirm ownership and resolve claims.
#10
What is a 'land easement' in real estate?
A right to use another person's land for a specific purpose
ExplanationPermission to use someone else's land for a specific purpose.
#11
What is 'adverse possession' in property law?
A legal principle allowing someone to gain ownership of another person's property through continuous use or occupation
ExplanationOwnership acquisition through continuous use without permission.
#12
What is the 'doctrine of constructive notice' in property law?
A legal principle stating that all parties are assumed to have knowledge of public records and laws affecting real estate
ExplanationAssumption of knowledge about public records and real estate laws.
#13
What is 'condemnation' in the field of real estate law?
A legal process by which the government takes private property for public use, with compensation to the owner
ExplanationGovernment seizure of private property for public use with compensation.
#14
What is the 'doctrine of caveat emptor' in real estate transactions?
The legal principle of 'buyer beware,' placing the responsibility on the buyer to inspect and validate the property's condition
ExplanationBuyer's responsibility to inspect and validate property condition.
#15
What is 'eminent domain' in property law?
The government's power to take private property for public use, with compensation to the owner
ExplanationGovernment's authority to take private property for public use with compensation.