Word-of-the-Week: Trust accounts
Trust accounts – Separate accounts apart and physically segregated from a broker’s own funds, into which the broker is required by law to deposit all funds received for clients.
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firsttuesday Video
Office Hours with Professor Bill: Episode 1
An audio/visual presentation of fundamental real estate concepts. Episode 01: Getting started in real estate and more.
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Environmental Hazards and Annoyances
Noxious or annoying man-made hazards which are injurious to health or interfere with an individual’s sensitivities.
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Word-of-the-Week: Lis pendens
Lis pendens – Latin for “pending litigation.” A recorded lis pendens puts all persons on constructive notice that the title or right to the possession of real estate is in litigation.
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Obtaining a Deficiency Judgment
Award of a money judgment for a deficiency in a property’s value at a fair value hearing following a judicial foreclosure sale
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Redemption Follows Judicial Foreclosure
An owner’s one year redemption period after a judicial foreclosure sale on recourse debt.
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Word-of-the-Week: Usury
Usury – A limit on the lender’s interest rate yield on nonexempt real estate loans.
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Word-of-the-Week: Dual Agent
Dual agent – A broker who simultaneously represents the best interest of opposing parties in a transaction, such as both the buyer and the seller.
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The Borrower and Mortgage Broker Relationship
The disclosure of essential mortgage terms to a borrower by the broker soliciting or arranging a mortgage
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Word-of-the-Week: Slander of Title
Slander of title – False and malicious statements disparaging an owner’s title to property resulting in money losses to the owner.
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Highest Bidder Acquires the Property
Issuance of a certificate of sale to the successful bidder on the completion of a judicial foreclosure sale.
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Word-of-the-Week: Exclusive-right-to-sell and right-to-buy listings
Exclusive-right-to-sell and right-to-buy listings – A written employment agreement by a broker and a prospective buyer of real estate employing and entitling the broker to a fee when property is purchased during the listing period.
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The Notice of Judicial Sale
Off to the races – proper handling of the notice of judicial sale at least 20 days before the sale.
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Word-of-the-Week: Grant deeds
Grant deed – A document used to pass a fee simple interest in real estate from the grantor to another individual, unless a lesser interest is stated, such as an easement, life estate or leasehold interest.
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The Foreclosure Decree and Notice of Levy
Introducing the foreclosure decree, court-appointed levying officer and writ of sale.
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Word-of-the-Week: Lead-based paint hazard
Lead-based paint hazard – Any condition that causes exposure to lead from lead-contaminated dust, soil or paint which has deteriorated to the point of causing adverse human health effects.
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Suing to Foreclose
Initiating the judicial foreclosure process by filing a complaint in the Superior Court of the county where the property is located
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Word-of-the-Week: Installment Notes
Installment note – A note calling for periodic payments of principal and interest, or interest only, until the principal is paid in full by amortization or a final/balloon payment.
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Judicial Foreclosure and Pursuit of the Deficiency
Pursuit of a money judgment against a property owner under a judicial foreclosure.
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Word-of-the-Week: Due diligence
Due diligence – the efforts of an agent employed to meet the objectives of their client in exchange for a fee.
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