Which of the following types of transactions would not be considered federally related under Trid guidelines?
Which of the following types of transactions would NOT be considered federally related under TRID guidelines? Cash sales recorded on public record. To be considered an independent contractor by the IRS: a written salesperson agreement is required.
Which of the following values is the most likely to get the residential price for a sale?
Questions that I keep getting wrong
| Question | Answer |
|---|---|
| Which of the following values is the most likely to set the residential price for a sale? | Market Value |
| A competitive market analysis most likely determines the: | probable price of the property |
Which of the following does not correctly describe how real estate licensees should handle the possibility of hazardous substances on a property being sold?
Which of the following does NOT correctly describe how real estate licensees should handle the possibility of hazardous substances on a property being sold? Licensees should not disclose the problem because it might harm the seller.
What is it called when new land is acquired as water recedes?
General working definitions of each concept are as follows: ‘Reliction’ means an increase in the land area due to the gradual receding of a body of water, such as a lake or sea.
Which type of listing provides the most incentive for a broker to market a property?
Exclusive Right to Sell Listing If another agent finds a buyer, your broker earns a commission. If you find a buyer on your own, your broker still earns a commission. This arrangement gives your broker the most incentive to spend time, money and energy marketing your home.
What is accretion property law?
A: Accretion is the gradual and imperceptible deposit made through the effects of the current of the water. A: Article 457 of the Civil Code provides that “(t)o the owners of lands adjoining the banks of rivers belong the accretion which they gradually receive from the effects of the currents of the waters.”
Who owns the abandoned river bed?
The drying up of the river is not accretion. Hence, the dried-up river bed belongs to the State as property of public dominion, not to the riparian owner, unless a law vests the ownership in some other person.”
What is the difference between avulsion and accretion?
“Avulsion” is the pushing back of the shoreline by sudden, violent action of the elements, perceptible while in progress. “Accretion” is the process of growth or enlargement by a gradual buildup.
What happens to a property line when there is avulsion or accretion?
Unlike accretion and erosion, land lost by avulsion, remains the property of the land owner as if the water’s edge had not been moved. Thus, the landowner has the right to reclaim and replenish this newly created underwater area without suffering the loss of title.
What is a avulsion?
An avulsion fracture occurs when a small chunk of bone attached to a tendon or ligament gets pulled away from the main part of the bone. The hip, elbow and ankle are the most common locations for avulsion fractures in the young athlete.
What is the doctrine of avulsion?
“Avulsion” is a sudden and perceptible loss or addition to land by the action of water. In contrast to the doctrines of erosion, reliction, and accretion, the doctrine of avulsion requires the boundary between public and private land to remain at the MHWL as it existed before the avulsive event.
What does avulsion mean in real estate?
In real property law, avulsion refers to a sudden loss of land, which results from the action of water. It differs from accretion, which describes a gradual addition to land resulting from the action of water.
What is avulsion international law?
Avulsion. If the movement of a river boundary (and the subsequent transfer of territory) through alluvio/accretion is due to its gradual and imperceptible nature, the opposing process of avulsion is defined as a sudden or perceptible change in a river’s course.
When ownership of real property is transferred?
A property deed is a formal, legal document that transfers one person or entity’s rights of ownership to another individual or entity. The deed is the official “proof of transfer” for real estate, which can include land on its own or land that has a house or other building on it.
How can property be transferred?
There are various modes of transferring ownership of property: permanently by 1) relinquishment 2) sale 3) gift; and temporarily by way of 4) mortgage 5) lease and, 6) leave and license agreement.
How long does it take to transfer ownership of a property?
It usually takes four to six weeks to complete the legal processes involved in the transfer of title.
How do I change the deeds to my house?
Transfer ownership of your property
- Download and fill in an application to change the register.
- Fill in either a ‘transfer of whole of registered title’ form, if you’re transferring your whole property, or a ‘transfer of part of registered title’ form if you’re only transferring part of your property.
Can I transfer my house to my son?
The most common way to transfer property to your children is through gifting it. This is usually done to ensure they will not have to pay inheritance tax when you die. After you have gifted the property, you will not be able to live there rent-free. If you do, your property will not be exempt from Inheritance Tax.