What do government entities regulate real estate quizlet?
Federal government regulations control the broad standards of real property usage, natural disaster, land description, and discrimination.
At what level of government is the real estate business primarily regulated?
Chp 4 Unit 12
|At what level of government is the real estate business primarily regulated?||The state legislature|
|What purpose is served by recording a deed?||It gives constructive notice of ownership.|
|Conditions and covenants differ in that||conditions can be created only at the time of transferring ownership.|
Is the real estate industry regulated?
In conclusion, real estate professionals are held to high standards under which they must conduct their business. The real estate commission enforces its license laws, while members of a REALTOR® association must agree to follow the NAR Code of Ethics.
What level of government actually levies real estate taxes?
The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property. Because many properties are subject to tax by more than one local jurisdiction, some states provide a method by which values are made uniform among such jurisdictions.
How does the state government affect real estate quizlet?
State government affects real estate through the licensing of real estate professionals, establishment of statewide building codes, the creation of fair housing and disclosure laws, and through numerous housing related subsides for low and moderate income households.
What are the two general types of characteristics for real property?
Real estate possesses seven basic characteristics that define its nature and affect its use. These characteristics fall into two general categories: Economic and Physical. Economic and Physical.
Can you remove deed restrictions?
A deed restriction can also be removed by a court order in some rare circumstances. If the deed restriction is discriminatory or illegal in other ways, a court will order it to be removed. In some situations, a judge can also find a deed restriction to be unfair and have it removed.
What are the three primary areas of disclosure?
Angela covers the final three primary areas of disclosures for public companies: significant judgments, contract balances, and cost to obtain or fulfill a contract.
What type of property is ownership of anything that is not real estate and the rights associated with owning the item?
Personal property is ownership of anything which is not real estate, and the rights associated with owning the personal property item. Items of personal property are also called chattels or personalty.
Who oversees the real estate industry?
The Real Estate Institute of New South Wales is the peak industry body for real estate agents and property professionals in NSW. The largest and most influential association of its kind in NSW, REINSW represents thousands of agents across the state.
What has the greatest impact on the value of a property?
A home’s size has a major influence on its value, with some prospective homebuyers looking specifically at price per square foot to filter out this effect and determine value. Bigger houses tend to sell for higher prices, of course.
What is secret profit in real estate?
A financial benefit an agent takesfrom a transaction without authorization fromthe principal, nor informing the principal of thebenefit retained.