International, IT Real Estate News

By David Saks, Broker / Industry Analyst
    #2693 When a warranty deed is given to the purchaser of a parcel of real estate the warranty deed specifically warrants that the price paid for the property was within 5% of the actual market value of the property. Is this true or false ? Take your time on this real tough question :-) The solution, as usual, is posted below the royalty free wildlife photograph. A. False A warranty deed warrants that the grantor has the right to convey the deed and also owns the property.
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By David Saks, Broker / Industry Analyst
   #2692 If the government decides to transfer the title of property to a private party this is carried out by means of an instrument commonly known as a quitclaim deed. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False When a private party receives title to property from the government the govermnment will issue a patent to that party. Generally speaking, a patent is an instrument which is used to convey a parcel of government land to a private party. Just like granting an inventor the sole rights to an invention, the government is granting an individual the sole rights to a piece of land formerly owned by the government.
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By David Saks, Broker / Industry Analyst
    #2691 When real estate is transferred from one party to another the process is commonly referred to as the avulsion of quitclaim. Is this statement true or false ? Please take your time. The solution is posted below the wildlife photograph. A. False When real estate is transferred from one party to the next we commonly refer to this prcocess as alienation. Avulsion is the proccess of a body of water stripping away land and isn't connected to the process of quitclaim. A quitclaim is a deed that will convey any interest that a grantor has in a property, at the time of the transfer of the deed, without any warranties. I suppose, for the sake of a laugh, an avulsion of quitclaim might represent the gradual tearing away of the quitclaim from the grantee by a divorce lawyer :-)
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By David Saks, Broker / Industry Analyst
#2690 An owner of a parcel of real estate allows a trespasser to continue trespassing on the land and takes no action against the trespasser throughout a statutory period. The trespasser can inevitably gain the legal right to continue trespassing or using the property under the right of what is called an easement by necessity. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False The right is called an easement by prescription. An easement by necessity allows the total enjoyment of the land under law. An easement by prescription is acquired through the hostile, open and continuous use of property over a period of time specified by law.
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By David Saks, Broker / Industry Analyst
#2689 When we talk about a license a license is always considered to be an example of a restriction which is invariably combined with an encroachment. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. Extremely false. A license is always considered to be the temporary right to the use of land. The license may be revocable permission and is also considered a right which may not be sold or transferred.
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By David Saks, Broker / Industry Analyst
#2688 When the government decides to take over the ownership of a piece of real estate for public use this right of the government to take the real estate is known as the monopoly of real property under police authority. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. Real false. The right of the government to take real estate is known as eminent domain.
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By David Saks, Broker / Industry Analyst
 #2687 Most states have a law which says that a comparative market analysis, a CMA, must be performed for every listing taken by a brokerage, and that the CMA must be compared to and presented with the appraisal for the lender. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. You know it's false. A comparative market analysis is performed to help the seller price the property based on the current market trends surrounding the subject properties location.
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By David Saks, Broker / Industry Analyst
  #2686 Under a listing contract a broker commits himself or herself to an obligation to work for both the seller and the buyer and render faithful service to both parties. Is this true or false ? Take your time. The solution is posted below the royalty free wildlife photo. A. False. A listing contract is an employment contract for the services to be provided by a broker. Working for both the seller and buyer is dual agency.
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By David Saks, Broker / Industry Analyst
#2685 When a final decision is to be reached regarding the matter of the price to be listed for the house that decision always depends upon the appraised value of the house, the decision of the attorney and the broker. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. If you said anything other than false you need to go back to real estate school. The last word on the price of the property is always the decision of the seller.
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By David Saks, Broker / Industry Analyst
 #2684 Under an open listing and an exclusive agency listing agreement the seller can avoid having to pay the broker a commission if the seller sells to property to a buyer not presented to the seller by the broker. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. True The open listing and the exclusive-agency listing agreement allow the seller to retain the right to sell the property without having to pay a commission to the broker if the seller sells the property to someone other than an interested buyer presented to the seller by the broker.
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By David Saks, Broker / Industry Analyst
     #2683 A listing agreement stated that it will expire on June 18th, 2009. If the owner dies on June 15th the owner's death will effectively terminate the listing agreement. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. True If the owner dies the owner obviously can't fulfill the terms of the listing agreement. There are a number of ways to terminate a listing agreement. Here are a few : 1. If the agreement expires. 2. If title is transferred due to the laws of bankruptcy. 3. If the seller and the broker agree mutually to terminate the listing. Can you think of other reasons ?
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By David Saks, Broker / Industry Analyst
Here's one to get the monkey wrench out of your Monday ! Buddy Johnson           & Mush Mouth Enjoy ! -DS-
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By David Saks, Broker / Industry Analyst
    #2682 When we consider the likenesses inherent in an exclusive-right-to-sell listing and an exclusive-agency listing the seller has the right to allow any agent to show the property. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Under an exclusive-right-to-sell listing and an exclusive-agency listing these types of listing agreements allow the seller to be represented by only one broker and give that exclusive right to the broker.
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By David Saks, Broker / Industry Analyst
#2681 When a listing is taken by an agent and the brokerage the listing is generally considered to be one which is an employment agreement for services carried out between the seller and the multiple listing service of the local realtor board. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False When a listing is accepted by the brokerage it's an employment agreement between the seller and the broker.
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By David Saks, Broker / Industry Analyst
  Before you even think about committing a real estate crime click the red button   real estate fraud: Mortgage Fraud Ringleader and Title Agent Convicted of Fraud - 04/30/14 09:34 AM Mortgage Fraud Ringleader and Title Agent Convicted in Multi-Million-Dollar Fraud Scheme ORLANDO, FL—United States Attorney A. Lee Bentley, III announces that yesterday, a federal jury found James Fidel Sotolongo (48, Port Orange) guilty of one count of conspiracy and 11 counts of bank fraud. The jury found Stephanie Musselwhite (52, Daytona), a title agent in Orlando, guilty of one count of conspiracy, nine counts of bank fraud, and one count of making false statements to a federally insured financial institution. Realtor Ramara Garrett (35, Port Orange) was acquitted of conspiracy and making false statem...
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Eric Clapton is One of Rock's Greatest Stars.   He's Only Playing Four Concerts This Year In the USA & Memphis Is On the List. I'll Be There Tonight with Renee'. Here He is for Your Morning Melody With "Reptile" Have the Greatest Day ! -David-
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By David Saks, Broker / Industry Analyst
                                 I was sitting here sipping some iced tea and thinking about Kemmons Wilson, you know, the man who started out with a popcorn stand in front of the theater when he he was a kid and went on to become the founder of Holiday Inns in 1953. I was a year old then. I grew up hearing about Kemmons and his accomplishments, almost daily as a child. One of the greatest days of my life came when the phone rang, in 1990, and it was Kemmons. He called to congratulate me about a Memphis City Council honor I had just received. Kemmons asked me to come to a little party he was throwing for me at one of his hotels near the Memphis International Airport. He said his pals would be there; police captains, politicians, judges, real estate brokers, bankers, school teachers, bri...
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By David Saks, Broker / Industry Analyst
    Before you even think about committing a real estate crime click the red button.   real estate fraud: Couple Sentenced for Stealing Hundreds of Identities - 04/29/14 03:57 PM Couple Sentenced for Stealing Hundreds of Identities to Claim More Than $600,000 in False Tax Refunds ATLANTA—Justin Cody, and his wife, Aeshia Wilmore, have been sentenced for their roles in a fraudulent income tax refund scheme. “Stealing identities of innocent people has become all too common,” said United States Attorney Sally Quillian Yates. “The sentence these two received makes it clear that we are committed to exposing and bringing to justice anyone who engages in this conduct.” “IRS-Criminal Investigation will remain proactive in the investigation of individuals and groups who engage in stealing the i...
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By David Saks, Broker / Industry Analyst
Before you even think about committing a real estate crime click the red button. real estate fraud: Title Co Manager Nets Over 4 Years in Prison in $4.8M Fraud Scheme - 04/28/14 09:22 AM Title Company Manager Sentenced to More Than Four Years in Prison in $4.8 Million Mortgage Fraud Scheme Five Co-Conspirators Previously Pleaded Guilty BALTIMORE—U.S. District Judge James K. Bredar sentenced Bonnie Kathleen Kreamer, a/k/a Bonnie Meehan, age 49, of Riva, Maryland, on April 25, 2014, to 51 months in prison, followed by three years of supervised release, for conspiring to commit wire fraud in connection with a mortgage fraud scheme that resulted in losses of more than $4.8 million. Judge Bredar also ordered Kreamer to pay restitution of $2,499,048 to the victims and to forfeit $4.8 million...
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