Term
| Riparian Rights in Detail |
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Definition
The right of access to water includes:
1) being able to reach navigable portions of adajecent navigable waters,
2)the ability to warf onto the water,
3) the right to build a structure to access the water,
4) the right to fill, the right to continued waterflow,
5) right to preservation of view of water,
6) right to continued flow of waters |
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Term
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Definition
| the requirements that certain contracts be in writing to be enforceable in a court of low |
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Term
| What are the meanings of real estate? |
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Definition
| Real estate has multiple meanings. It is used to describe real property or land, and it is used to describe the real estate industry- residential, commerical, and industrial. |
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Term
| What is the real estate industry? |
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Definition
| The real estate industry includes the residential market for housing the commerical market for office and retail space. In some states to work in real estate sales, inspection, title examination, or financing, an indivudal must be licensed. |
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Term
| Legal Professionals and their role in the real estate industry |
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Definition
| Virtually every general law practice firm will have some portion of its practice devoted to real estate matters. Some law firms limit there practice to transactional real estate law, while other firms handle the litigation aspects of real estate law. |
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Term
| Real Estate Professionals and their role in the real estate industry/ requirements |
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Definition
| In many states properly licensed real estate professionals are authorized by state statute to perform many of the tasks that the legal team performs, such as drafting documents and performing title searches |
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Term
| Real Estate Brokerage and Sales- what do they involve? |
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Definition
| Involves the marketing and sale of real estate |
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Term
| Ethical Concerns for the Real Estate Team |
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Definition
| Like members of other professions, real estate professionals have a national association that requires adherence to a code of ethics for its members |
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Term
| Real Estate Rental Management |
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Definition
| Involves the marketing of rental property, including obtaining and qualifying tenants; collecting rents; supervising work, maintenance, and repairs, and resolving tenant complaints. |
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Term
| Real Estate Finance- what does it involve? |
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Definition
| Involves reviewing applications and approving financing for the purchase, development, and construction of real property |
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Term
| Real Estate Development- what does it involve? |
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Definition
| Involves acquiring raw, undeveloped land; developing a plan to improve the land for residential, commerical, or industrial use; an implementing that plan through the development and construction process and, ultimately, by selling the individual unites |
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Term
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Definition
| Involves determining the value of real property, independent of any existing agreement of sale or loan application related to it. |
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Term
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Definition
| Involves inspection services to determine whetehr any deficiencies or defects exist with the structrual and mechanical components of real estate. In many state, there are licensing requirements |
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Term
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Definition
| Involves determining ownership of real estate by conducting searches and examinations, issuing title reports and title insurance and conducint insured real estate closings. |
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Term
| Real Estate Custom and Procedure |
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Definition
| The real estate industry is highly localized. It is important to understand the state law and industry custom and procedure in each state and in each locality where the real estate is located |
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Term
| Unauthorized practice of law and statutes |
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Definition
| These statutes are designed with consumer protection in mind, to protect the public from having their legal right impacted by those who are not licensed attorneys. Under their licensing statutes, real estate professionals may perform certain activites without committing the unauthorized practice law |
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Term
| Real Property- what is it and what is it not? |
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Definition
| Real property is anything that is not personal property. Simply, real property is land, which is not movable in the way personal property is. |
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Term
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Definition
| Real property that includes thel and itself, anything affixed to the land, and the rights that accompany the ownership of the land |
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