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| rules and regulations that governs ones conduct within a society |
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| written law (legislative) |
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| precedent/interpretation (judicial) |
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| supreme law of the land; living document (one for federal on for each state) |
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| Legislative, Executive, and Judicial |
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| make law (congress- house of representative, senate) |
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| interpret law (supreme court) |
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| enforce the law (president, vice president, and cabinet) |
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| entities that have an interest in the matter (plaintiff v defendant) |
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| delta; against whom the suit is filed |
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| cannot go to court without dispute |
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| request for higher court to renew decision of lower level court |
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| state constitution, determines court structure in specific state; must have 2 or more levels of court |
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| US District Court (94); original jurisdiction (testimony, evidence, record is made) |
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| Dual jurisdiction; can serve as original jurisdiction or can delegate down; only one in country |
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| dissatisfied, filed appeal |
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| to whom the suit was filed against |
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| What district is Philadelphia in? |
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| Eastern District of PA>3rd Circuit>Supreme Court |
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| Possible ways to dissolve dispute |
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| Settle, mediation, or arbitration |
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| Liquidated Damages Clause |
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| clause in contract in which parties agree in advance the outcome of the dispute or how to reach the outcome |
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| To go before one person or panel, after hearing the dispute will issue a resolution |
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| parties agree to abide the decision of the arbitrator |
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| do not have to abide the decision of the arbitrator |
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| the mediator does not issue a decision, just brings the parties together to come to agreement |
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| What does the Appellate Court consider? |
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| Brief, Record, Oral Argument |
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| persuasive report saying why their side should win |
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| evidence and testimonies from lower court |
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| attorneys argue case before appellate court |
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| How can a case go straight to Federal Court? |
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| Must have a federal question/ statute (constitution) or diversity |
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| being from different states and amount in question must be greater than 75,000 |
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| Petitioner v Respondent (petitioner files suit) |
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| Parties in Appellate Court |
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| True or False: Party terms in courts are interchangeable into regards the level they are of |
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| Supreme Court justices do NOT have to accept your appeal |
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| Legal form filed with Supreme Court asking court to hear case with reason and why |
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| Considerations in Filing an Appeal |
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| Action of Appellate Court |
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| agree- affirm; disagree-reverse; or send back down- remand with lower courts decision |
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| Clarification or New Evidence |
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| similar set of facts, same jurisdiction, raises same question of law, at lower level must apply law of previous case |
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| new case must use other cases as guide if not under same jurisdiction |
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| person who actually was what happened dealing with the dispute |
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| provides opinion testimony |
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| a relationship of trust, relationship between principal and agent |
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| Universal, General, Special/Specific |
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| broadest; principal gives agent power to transact all types of business (general power of attorney) |
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| gives agent power to bind principal in particular trade or business; broker(prin) and salesperson(agent) |
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| principal empowers agent to perform only specific acts and no others ie broker seller listing agreement; broker(agent)and seller (prin) |
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| represents interest of someone ie principal |
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| individual or entity represented by agent |
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| (K)voluntary exchange of a promise for a voluntary promise or act that is enforceable in a court of law |
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| employee(withheld taxes by broker) independent contract(broker controls what you do not how you do it) |
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| statutes that require a contract has to be in writing to be enforceable |
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| Statute of Frauds for Employment |
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| 90% of income must based from commission |
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| the one to whom the offer is made |
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| can accept offer, can reject offer, can counter offer |
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| True or False: In Counter Offer the offeror stays as offeror |
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| False; offeror becomes offeree |
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| Damages, specific performance( require party to carry out terms and conditions) and compensatory |
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| broker is employed to find a buyer for the real estate on the owners terms for a fee or commission |
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| Elements to Compose VALID Contract |
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| offer + acceptance + consideration(mutual inducement) + capacity + legality = valid |
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| one of the parties can get out of (disaffirm) the contract |
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| Types of Listing Contracts |
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| Exclusive right to sell, exclusive agency listing, open listing, net listing, advanced fee listing, advanced cost listing, multiple listing |
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| Exclusive Right to Sell Listing |
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| Seller agrees to pay broker regardless of who sells it |
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| Seller does not pay commission if sold himself |
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| seller has the right to hire any number of brokers and commission is only owed to broker that brings in ready and willing buyer or procuring cause |
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| still entitled to commission if property sells in specified time frame after listing has expired EXCEPTION: if seller lists property with other broker |
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| No set commission, agreement specifies amount broker will receive |
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| Broker gets advanced deposit from owner and subtracts on an hourly basis (time spent & cost) |
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| broker only charges for out of pocket costs and commission |
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| broker participates in a marketing service that makes listings available to other brokers; have to turn over all listings; if property is listed by 1 and sold by 2 both brokers will get paid |
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| Finders Agreement/Buyers Agreement/Exclusive Authority to Purchase |
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| parties are buyer(prin) and broker(agent); broker represents the buyer |
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| California first state to require real estate license (unconstitutional) |
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| first licensing statute, passed |
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| beginning of testing technical abilities |
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| specific number of hours were needed to practice |
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| Any person who, for another and for a fee, commission or other valuable consideration |
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| A broker employed by another broker |
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| A relationship whereby the broker or licensees in the employ of the broker act as fiduciaries for a consumer of real estate services by the express authority of the consumer of real estate services |
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| Any licensee who has entered into an agency relationship with a consumer buyer of real estate |
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| Comparative market analysis |
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| A written analysis, opinion or conclusion by a contracted buyer's agent, transactional licensee, or an actual or potential seller's agent relating to the probable sale price of a specified piece of real estate in an identified real estate market at a specified time |
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| A broker, not in the employ of the listing broker, who is engaged to act for, or cooperate with, the listing broker in selling property as an agent of the seller. A subagent is deemed to have an agency reationship with the seller. |
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| A consumer of real estate services who has entered into an agency relationship with a broker |
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