#2680 When a broker creates a relationship between himself / herself and the seller this type of relationship is known as implied agency ? Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False An implied agency is one where the parties will imply that they have consented to an agency relationship, hence the term implied agency. The agency relationship between the broker and the seller is a special agency relationship. A special agency has been created because the seller authorizes a broker to act in the seller's behalf in the transaction 04/28/2014

       #2679 When we consider the term fiduciary when we're talking about a real estate transaction we're always talking about the person that has the legal authority to act in the absence of on behalf of another person when signing a contract or making an offer. Is this true or false ? Take your time on this tough question. If you miss it you need to take a refresher course on agency. The solution is posted below the royalty free wildlife photo. A. The above definition is so false it felt almost illegal creating it. :-) A fiduciary relationship is the relationship the agent has to the principal. The principal is the chief party in a real estate deal and the party that the agent is working for in the transaction. When someone has the authority to act for another this is known as the pow... 04/28/2014

        #2678 When a home was constructed, each room of the house was preassembled at a factory before being driven to and unloaded at the construction site. After the preassembled materials were in place the rooms were wired and fitted with heating and refrigeration vents and electrical extensions. Plumbing was installed. The preassembled rooms are known as converted / mobile rooms because they were assembled in a factory before they were transported to the home site. Take your time. The solution is posted below the wildlife photo. Is this true or false ? A. False Coverted means to remodel a building into something other than which it was originally constructed or intended to be used for. Preassembled rooms in a factory are examples of modular construction. 04/28/2014

#2676 Some of the costs and expenses that have to be considered are the recurrent taxes on personal property. Is this true or false ? Please take your time. The solution is posted below the wildlife photo. A. False Personal property is not real estate and is not included in the cost of owning a home. Personal property also has another name, chattels, and since chattels are movable or objects which may be displaced or portable they don't apply to the definition of real property. Property taxes have to be considered in the expenses and costs of owning a home. 04/28/2014

#2675 When the owner of the property signs an agreement allowing the tenant that signs the agreement to occupy, use and possess the property for a period of only six months the owner and the tenant have signed an agreement which is called a periodic tenancy. Take your time. The solution is posted below the wildlife photo. Is this true or false ? A. This is absolutely false. This type of agreement is known as an estate for years because a termination date has been set in the agreement which terminates the lessees right to use the property at the end of six months. A periodic tenancy is a leasehold estate that will continue for periods of equal length until the lease is terminated. Another name for this type of lease is a month-to-month lease. 04/28/2014

      #2674 A life-tenant by the name of Senderfell wants to dig up the earth around his property and sell it for gardening dirt-fill to a neighborhood nursery. A remainderman has been named in the deed who has a remainder interest in the property and has decided to stop Senderfell from digging up the property and selling the dirt. The remainderman can't do this. Is this true false ? A. It's false The remainderman can stop Senderfell from digging up the property and selling the dirt to the nursery because a life-tenant is forbidden to disturb any interest in the property that the remaminderman has. 04/28/2014

#2673 Two property owners, Ben and Susan, who are not married, own a property together. Susan actually owns 75% of the property and Bob owns a 25% interest in the property. Becasue they own the property together and have unequal interests the type of title that they hod is considered to be held as community property. Is this true or false ? A. By golly...it's false !!!! Why ? Community property is form of title possession reserved for married couples which considers property acquired during the marriage. The type of title held by Bob and Susan is called tenancy in common because they each hold an unequal interest in the property. A joint tenancy would dictate that the owners have equal undivided interests in the property. 04/28/2014

                #2672 When property is transferred from one owner to the next this process is referred to as devise. Is this true or false ? Please take your time. The answer is posted below the wildlife photo. A. False When real property is transferred from one owner to another this process is referred to as alienation. 04/28/2014

     #2671 When we consider participation in a REIT, a real estate investment trust, it is necessary to have at least 325 participants according to the legal statute. Is this considered true or false ? Take your time on this tough question. The answer is posted below the royalty free wildlife photo as usual. A. Absolutely false There is no regulation for the number of participants in an REIT. The investors are required, however, to invest exclusively in mortgages and real estate as a condition of participation in the trust. 04/28/2014

Here's today's real estate fraud report for April 25, 2014 your review.   real estate fraud: Former CIO of Construction Supply Company Nets 37 Months in Prison - 04/24/14 10:35 PM Former Chief Investment Officer of Construction Supply Company Sentenced to 37 Months in Prison in Bank Fraud Scheme BROOKLYN, NY—Rodney Watts, 42, the former chief investment officer of GDC Acquisitions LLC (GDC), was sentenced today in federal court in Brooklyn, New York, to 37 months in prison, to be followed by five years of supervised release. As part of the sentence, Watts was ordered to pay more than $15 million in restitution and $18 million in forfeiture. In May 2013, the defendant was convicted, following three weeks of trial, by a federal jury on charges of bank, mail, and wire … (0 comments) real ... 04/25/2014

Former Chief Investment Officer of Construction Supply Company Sentenced to 37 Months in Prison in Bank Fraud Scheme U.S. Attorney’s Office April 24, 2014 Eastern District of New York (718) 254-7000 BROOKLYN, NY—Rodney Watts, 42, the former chief investment officer of GDC Acquisitions LLC (GDC), was sentenced today in federal court in Brooklyn, New York, to 37 months in prison, to be followed by five years of supervised release. As part of the sentence, Watts was ordered to pay more than $15 million in restitution and $18 million in forfeiture. In May 2013, the defendant was convicted, following three weeks of trial, by a federal jury on charges of bank, mail, and wire fraud; conspiracy to commit bank, mail and wire fraud; and false statements. Watts also served as the chief financial ... 04/24/2014

real estate fraud: Architect Pleads Guilty in Conjunction with Bribery Scheme - 04/24/14 07:04 AM Architect Pleads Guilty in Conjunction with Progreso Bribery Scheme HOUSTON—Jesus Bustos, 58, has pleaded guilty to conspiracy, announced United States Attorney Kenneth Magidson. Bustos was charged in a second superseding federal indictment alleging his participation in a bribe paying scheme in Progreso. Today in Houston federal court, Bustos admitted that from 2004 through 2013, he paid bribes and kickbacks to obtain architectural contracts for his architectural firm IDEA Group LLC on public projects in Progreso and Weslaco. Bustos admitted he conspired with and primarily paid these bribes through an IDEA Group employee to obtain contracts on construction projects with the … (0 comments) ... 04/24/2014

Here's a retrospective of the past week's real estate fraud cases throughout the nation. It's bad ! Like it is every week ! real estate fraud: Riverdale Marina Real Estate Developer Arrested on Federal Charges - 04/21/14 08:20 AM Riverdale Marina Redeveloper Arrested on Federal Charges for Allegedly Defrauding the Village of $370,000 in Public Funds CHICAGO—A Chicago real estate developer was arrested today on federal charges alleging that he defrauded the south suburban Village of Riverdale of public funds provided for the redevelopment of the now closed-Riverdale Marina. The defendant, John Thomas, allegedly fraudulently obtained approximately $370,000 for himself from $900,000 in Tax Increment Financing (TIF) payments in 2012 and used the public funds to repay personal loans and deb... 04/21/2014

   #2670 When we talk about a title which is taken in fee simple we're talking about a title that lasts forever and can be inherited or disposed of according to the owners wishes. Is this true or false ? Take your time. Thye solution is posted below the wildlife photo. A. True Whenever a title is taken in fee simple the owner is entitled to the full range of the bundle of legal rights which accompany the title, which include all of the rights which come with ownership of the property which include the rights to lease, enjoy, will the property to heirs, sell it or forget it. 04/21/2014

   #2669 When one considers the four unities of possession, interest, time and title  these unities are necessary to create a tenancy in common. Is this true or false ? Take your time. The solution is posted below the wildlife photo. A. False Possession, interest, time and title (PITT) are the four unities necessary to create a joint tenancy. A tenancy in common is a form of ownership whereupon two or more tenants have undivided interests in a property. 04/21/2014

#2668 If a title is conveyed and a condition is written into the conveyance stating that no flea market activities may be held on the property this type of title is called a life estate. True or false ? Remember to take your time. The solution is below the wildlife photograph. A. False This type of deed conveyance is known as a fee simple defeasible estate because it can be revoked if a flea market sets up on the property. A life estate only lasts as long as the person that has the deed is living. 04/21/2014

#2666 When we speak of a unit in a cooperative we're talking about a unit that is also owned as a tenancy in common and shared by all of the residents of the building in which it is housed. Is this true or false ? Take your time. The solution can be found below the wildlife photo. A. False A cooperative unit is one of which the building is owned by a corporation and a unit in which the resident actually owns shares. Tenants in common areas are for condominium owners. 04/21/2014

#2665 When a landowner has water flowing through his or her land the landowner's rights to that water are known as easement rights. Is this true or false ? Remember to take your time. The solution is posted below the wildlife photo. A. False When a landowner has rights to the water flowing through his or her land those rights are known as riparian rights. Riparian rights are the water rights of the landowner when the property is crossed by a stream or a body of water. 04/21/2014

   #3664 Because drapes are so important when considering the treament of a window they are considered real property. Is this true or false ? Take your time on this tough question. The solution is posted below the wildlife photo. A. False The drapes are personal property. The commode in the bath or the sink in the kitchen would be considered part of the real estate. 04/21/2014

#2663 If there's one thing that we can compare real estate to it's personal property. Is this true or false ? Take your time. The solution is posted below the wildlife photo.   A. False Real property consists of everything that's appurtenant and attached to the land. Personal property is usually property which has been severed from the land, and there are even specific legal tests which are carried out to substantiate this fact. 04/21/2014