Your company is considering making an investment in an apartment building. You will not use any debt (i.e
The building has 45 one-bed room apartments and 25 two-bed room apartments. You assume that the mon
The building has 85 parking spaces. The charge fo
1. What is the present value of an offer of $700,000 five years from now if the opportunity
cost of capital is 13% compounded annually?
2. What is the effective annual rate of 9% nominal annual rate comp
Exam One Review Sheet
Appraisal- an impartial estimate of value based on market evidence; narrower terms then valuation.
Generally it will provide an independent, third party estimate of value under a proscribed set of
12/20/10 6:16 PM
1. Involuntary Transfers
o Acquisition of title to a real property by means of wrongful
occupancy (squatter) for an established period of time
! Possession must be open, hostile, continuous,
Real Estate Law
Your Name: Alex Neubauer
This Assignment is due no later than Tuesday, October 19, 2010 though you are certainly
welcome to turn it in earlier. The first Assignment counted as 10 points for the semester and this
Real Estate Law
The individuals named below each own real estate in the Middleton-Cross Plains School
District, all of which lies in Dane County. The table shows, for each property, which local
government assesses the real estate an
RE 312 - Real Estate Law
Your Name: Alex Neubauer
This Assignment is due no later than Thursday, September 30, though you are certainly welcome to turn it
in earlier. If you turn in a hard copy, the deadline is your class period; if
o Higher court creates new precedent
o Distinction is found
o Thing old decision was wrong
o Legislature acts to change it
Burden of Proof
o Criminal Case- Beyond a reasonable doubt
o Special Civil Case- Clear and convincing evidence
Introduction to RE
Government Control- How RE is owned, how it can be transferred, control use, tax.
Constitutions- Provide the framework within which the federal and state governments
Court Made Law- Arises from judicial resolution of dispu
Real Estate Law
Your Name: Jordan Kovalsky
1. (10 points) Paul was living in Buffalo, NY, when a great job opportunity opened for him on the
other side of the state: New York City! He searched for a new home in the New York City are
1. It depends: ATCP 134.06(3) states This subsection does not authorize a landlord
to withhold a security deposit for normal wear and tear, or for other damages or losses
for which the tenant cannot reasonably be held r
Licenses and Easements
License- Merely permission to do something/be somewhere. It is revocable and nontransferable. It is not a real property right, but rather a non-possessory right, which is
created and transferred with or even without consent. Can be
A. Money Judgments
I. A money judgment would be considered a specific lien, because, "states'
laws usually give the holder of a Money Judgment a lien on the real
property of the judgment debtor." Since this lien
Financing Contingencies and Financing Revisited:
How do contracts typically deal with these issues? Consider the specificity of the financing
contingency in Wisconsins forms.
What kinds of considerations go into mortgage underwriting?
What is RESPA?
Discrimination (note: I am not going to ask you detailed questions about way the fair
housing laws are enforced or implemented [as Klayman discusses); I want you to
concentrate more on what kinds of behavior are prohibited by the laws):
How do federal, Wi
What distinguishes an Exclusive Agency Listing Agreement from an Exclusive Right to
Sell Listing Agreement?
How can an Exclusive Right to Sell Listing Agreement be modified to
How is a broker protected against a buyer and seller waiting until t
What is acceleration?
A judicial foreclosure is finished when a winning bid for the property is made at the
foreclosure auction, regardless of the amount offered. TRUE or FALSE? Explain:
What is a lis pendens? (Note: we discussed this in term
Involuntary Liens (including property taxes):
Why are some liens granted by law, while others require a contract?
What kinds of involuntary liens are commonly allowed?
Why are some involuntary liens specific to particular real property?
Give an example
How does a person establish (prove/win) ownership by Adverse Possession?
What kinds of activity must be shown?
How long must the activity go on?
o What happens if the ownership of one of the parcels of land (either the one being
What are the three basic requirements for the proper exercise of the power of Eminent
Every government can use the power of Eminent Domain to the full extent allowed by the
US Constitution. Why is this a False statement?
What is du
Licenses and Easements:
What is a license in real estate law (disregarding licenses for real estate professionals)?
Does a license constitute a real property right?
Be able to categorize easements as: Appurtenant, In Gross, Negative and Positive.
What happens to a persons property when he or she dies?
What is Probate?
What is a Will?
What is Intestate Succession?
What is an Heir? How is an Heir different from other Beneficiaries?
What benefits can come from the use of a living or r
Simultaneous Ownerships and Marriage
What is the customary default form of co-ownership if Abel and Baker, an unmarried pair of
owners, buy a piece of real estate? What if they were given the real estate?
If Abel were to die while he and Baker still own
What are the most common business entity types that can be used for real estate ventures?
What are the owners of each business entity type named?
Considering the manner of formation, income tax reporting, and the owners potential for
Divisions of Real Property Rights Over Time
Why do we say that our system of real estate ownership and use is allodial rather than
feudal? What features of our system of land tenure system (the way we hold, own and
use real estate) are remnants of feudali
The Extent of Real Estate
What rights come along with an owners rights in the horizontally described surface?
Subsurface use rights? Consider Subtropolis.
Can the subsurface use be sold separately?
Air rights? What about the rights of others in the ai
Land Divisions and Legal Descriptions (including a discussion of local governments)
Why are legal descriptions important?
Do we commonly use Global Positioning Satellites to help us describe land today?
What is a metes and bounds description? What is a mo
Foundation Legal Concepts for Real Estate
How is real property different from tangible personal property?
Why are the laws governing the two types of property different?
Be able to describe ways that the law of real property differs from the law of pe