real estate 3-16-10

DUFFY
tuesday real estate 3-16-10
zoning laws
cc&r's
covenants and conditions
breach of conditions harsh forfeit property
certain restrictions unlawful based on race natl origin
encroachments
tree
homesteading
ch 3 wrap up

encroachment is a violation, it is unlawful
settle terms of adverse possession
homestead
creditors
protects but not against liens

judgement liens
homeowner get the home
insurance
liability 30,000 per person killed (joke)
more than the minimum better is 300, 000
one million or two million dollar limits
CA's homestead exemption
50, 000 single
married/head of household 75, 000
dependent child or elderly parent

live together you'll get a better exemption

reinvest homestead exemption
1st time buyers
p.65
often dont know about homestead exemption
if violates deed of sale
banks and mortgages can close on yr home
only judgements

insurance breaks fail
force sale
writ of execution
sherriff forces the sale.
only for house over yr head not bus property

owner occupied homestead exemption
there is  apiece of paper called deed of abandonment---file declaration of abandonment.
ideal time  to file it is when you aquire property
when you have yr trust deed recorded
in relation to homestead, a probate homestead
leave chapter 3

probability that they will be on the exam
know the terms
lis pendens
lot of material
another topic
agency

chapter 4
restraint on alienation (sale of property)
CC&R okay
as long as it is not illegal

agency for a year
covers topic for half a semester

(seller) principal designates, labeled an agent(agent) on principal's behalf for a third party.
agent now on behalf of the third party (buyer)

subagent
agent reps buyer and seller
dual agency
reps any two principals with a potential conflict of interest

agency agreement
listing contract
agency created by express oral or verbal conduct.
ostensible suthority.
authority that is thought to be had

listing contracts have a fixed termination date.
no actual suthoty.
warning listing expires.
authority
express written contract
old department store sellers were agents
page 74
above bold faced dept of real estate.

agent i the broker
subagent
implied agency.
no words express, oral expressed okay for some things
agency by estoppel

doctrine which the courts invent to prevent
twin as agent.  mone dhsnged
sat there and ler a person reoying in cjacter

created tio prevent unfar
to ednymust come from the court

agency by ratification
antique store owner off to the emergeny.
friend has ratification
ostensible---cash till, customer responsiblr held on
after the fact.
ostensible.  no actual.
when owner sys you did the right thing you  dd it  the fact
principle aftre the fact
fiduciary trust
special duties for buyer seller---but once in the realtionship of trust flow of duties.
duties and responsibilities
CA CIVIL CODE
CA dept. of real estate
fiduciary relationship is with the principal
some duties to the third party
sometimes the duty is to  a non-principle
owe  duty of honesty to principle
material facts disclosure---any important facts
owe duty of confidentiality
reasonable care
diff than utmost
duty of skill
care and skill

loyalty and duty not to make a secret profit
owe this to third party duty of fair dealing as well
transfer after escrow closes
no secret profits
no duty of good faith
duty of ordinary good faith
highest good faith to the principal
kickbacks from escrow companies

rep the buyer not the seller
for residential owner occupied one to four units federal law
owner law
agricultural
people who buy residential property
generally
dont expect them to be so sophisticated
trademark registered is the world realtor
CAR is a registered name of CAr affiliated with NAR and they own the world realtor.
you could be a broker.
trade associations are illegal.

car form 1004
new fiduciary duties
utmost care honesty loyalty
sellers and selling agent

not utmost loyalty
CAR different treatment than the courts
a decade ago NAR's ethics prohibited dual agency
seller's agent and buyer's agent, a dual agency
different questions and buyers's agency
dual agency
knowledge but not consent
informed consent
never would have given consent as such
exclusive listing contract
sellers agent is the co-op agent.
agent of neither.

sue principal for the leaky roof.
if agent failed, and then innocent third party got hurt
seller pays commission but not have them as agent.

did you fully understand???
no
informed consent