http://wiki.reidsherman.com/ 2026-04-12T23:01:01+00:00 http://wiki.reidsherman.com/ http://wiki.reidsherman.com/_media/wiki:dokuwiki.svg text/html 2025-12-16T18:23:54+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/amenities?rev=1765909434&do=diff Amenities Amenities are features or services that enhance the desirability, comfort, or convenience of real property. Key Characteristics * Add appeal and value * May be natural or man-made * Can influence market value and rent * Often used as a marketing factor text/html 2025-12-16T18:27:49+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/amortization?rev=1765909669&do=diff Amortization Amortization is the process of gradually paying off a loan through regular payments that cover both interest and principal, so the loan is fully paid at the end of the term. Key Characteristics * Each payment includes interest + principal text/html 2025-12-17T17:47:28+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/appraisal_report?rev=1765993648&do=diff Appraisal Report An appraisal report is a written document prepared by a licensed appraiser that explains the opinion of value of real property and the methods used to reach that conclusion. Key Characteristics * Required for most lender-financed text/html 2025-12-17T17:19:37+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/appraisal?rev=1765991977&do=diff Appraisal An appraisal is a professional opinion of value of real property, prepared by a licensed appraiser, based on analysis of market data and property characteristics. Key Characteristics * Estimates market value * Used primarily by lenders * Reflects value at a text/html 2025-12-17T17:47:10+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/appraiser?rev=1765993630&do=diff Appraiser An appraiser is a licensed professional who provides an opinion of value for real property based on analysis of market data and property characteristics. Key Characteristics * Determines market value, not price * Must be impartial and independent text/html 2025-12-17T17:20:39+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/appreciation?rev=1765992039&do=diff Appreciation (Real Estate) Appreciation is an increase in the value of real property over time due to economic, physical, or market-related factors. Key Characteristics * Refers to an increase in market value * Can be natural (market-driven) or text/html 2025-12-16T18:13:15+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/assignment?rev=1765908795&do=diff Assignment An assignment is the transfer of rights or interests in a contract from one party to another, without releasing the original party from liability. Key Characteristics * Transfers rights, not obligations * Original party remains liable text/html 2025-12-17T17:39:55+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/attorney-in-fact?rev=1765993195&do=diff Attorney-in-Fact An attorney-in-fact is a person authorized to act on behalf of another under a power of attorney. Key Characteristics * Authority is granted by a power of attorney * May act in legal and financial matters * Does not need to be an attorney text/html 2025-12-17T17:07:48+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/bay_area_focused_brokerages?rev=1765991268&do=diff Bay Area Real Estate Brokerages Brokerage / Firm Type Bay Area Notes Redfin Tech-driven brokerage Big Bay Area footprint; strong online search + salaried-agent model Compass Tech-driven / agent-centric Very large SF + Bay Area presence; many top-producing teams text/html 2025-12-16T18:35:22+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/bill_of_sale?rev=1765910122&do=diff Bill of Sale A bill of sale is a written instrument used to transfer ownership of personal property from one party to another. Key Characteristics * Transfers personal property, not real property * Identifies buyer and seller * Describes the items being transferred * States consideration (price) text/html 2025-12-13T22:14:48+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/broker?rev=1765664088&do=diff Broker A real estate broker is a licensed professional authorized to represent others in real estate transactions for compensation. Key Characteristics * Acts as an agent for clients * May represent buyers, sellers, landlords, or tenants * Owes text/html 2025-12-17T22:21:00+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/bundle_of_legal_rights?rev=1766010060&do=diff Bundle of Legal Rights The bundle of legal rights refers to the set of ownership rights that come with owning real property. The Five Rights * Possession – the right to occupy the property * Control – the right to use the property within the law * Enjoyment text/html 2025-12-17T17:26:55+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/cap_rate?rev=1765992415&do=diff Cap Rate See Capitalization Rate. text/html 2025-12-16T18:08:52+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/capitalization_rate?rev=1765908532&do=diff Capitalization Rate (Cap Rate) The capitalization rate (cap rate) is the rate of return used to estimate the value of income-producing real property based on its income. Key Characteristics * Used in the income approach to value * Expressed as a text/html 2025-12-17T17:42:32+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/capitalization?rev=1765993352&do=diff Capitalization Capitalization is the process of converting income into an estimate of value for income-producing real property. Key Characteristics * Used in the income approach to value * Relies on a rate of return * Based on net operating income (NOI) text/html 2025-12-23T18:01:42+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/classes_of_property?rev=1766512902&do=diff Classes of Property 1. Real Property (Real Estate) Real property includes land and all things permanently attached to it. * Land (surface, subsurface, and air rights) * Improvements (buildings, structures) * Fixtures (items permanently attached to the land or improvements) text/html 2025-12-16T18:18:34+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/collateral?rev=1765909114&do=diff Collateral Collateral is property pledged as security for the repayment of a debt or performance of an obligation. Key Characteristics * Protects the lender * Can be real or personal property * Allows lender to seize or foreclose if borrower defaults text/html 2025-12-23T18:18:16+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/commission_and_fees?rev=1766513896&do=diff Commission and Fees Real estate commissions are compensation paid for brokerage services. Nature of Commissions * Negotiable between broker and principal * Not fixed by law * Earned based on contract terms * Usually paid at close of escrow text/html 2025-12-23T18:15:42+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/creation_of_agency_and_agency_agreements?rev=1766513742&do=diff Creation of Agency and Agency Agreements Creation of Agency Agency is created when a principal authorizes an agent to act on their behalf. * Express Agreement * Clearly stated, written or oral * Most real estate agencies are created in writing text/html 2025-12-17T17:13:49+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/deed?rev=1765991629&do=diff Deed (Real Estate) A deed is a written legal instrument used to transfer ownership (title) of real property from one party to another. Key Characteristics * Transfers title, not possession * Identifies the grantor (seller) and grantee (buyer) text/html 2025-12-13T22:39:54+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/deeds?rev=1765665594&do=diff deed text/html 2025-12-17T17:21:33+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/depreciation?rev=1765992093&do=diff Depreciation Depreciation is the loss of value of real property due to all causes. Key Characteristics * Used in the cost approach to value * Refers to loss in market value, not tax depreciation * Applies to improvements, not land * May be text/html 2025-12-23T18:02:23+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/descriptions_of_property?rev=1766512943&do=diff Descriptions of Property Property must be described accurately in a legal document to identify its exact location and boundaries. 1. Legal Description A legal description precisely identifies real property and is required for deeds, mortgages, and title reports. text/html 2025-12-23T18:17:17+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/disclosure_of_acting_as_principal_or_other_interest?rev=1766513837&do=diff Disclosure of Acting as Principal or Other Interest Licensees must disclose when they have a personal interest in a transaction. Acting as Principal A licensee is acting as a principal when buying, selling, or leasing property for themselves. * text/html 2025-12-23T18:16:35+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/disclosure_of_agency?rev=1766513795&do=diff Disclosure of Agency California law requires real estate agents to disclose agency relationships in a timely manner. Purpose of Agency Disclosure * Inform parties whom the agent represents * Avoid confusion and conflicts of interest * Ensure informed consent text/html 2025-12-13T22:01:56+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/docker_path_test?rev=1765663316&do=diff test123 text/html 2025-12-16T18:39:51+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/easement?rev=1765910391&do=diff Easement An easement is a non-possessory right to use another person’s land for a specific purpose. Key Characteristics * Does not transfer ownership * Grants a right of use, not possession * Runs with the land (usually) * Considered an encumbrance * May be text/html 2025-12-16T18:41:03+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/easements?rev=1765910463&do=diff Easements See easement. text/html 2025-12-18T18:19:04+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/eminent_domain?rev=1766081944&do=diff Eminent Domain Eminent domain is the power of the government to take private property for public use, with just compensation to the owner. Key Characteristics * Based on government authority * Property must be taken for public use * Owner must receive text/html 2025-12-18T18:18:36+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/encumbrances?rev=1766081916&do=diff Encumbrances An encumbrance is any claim, lien, charge, or restriction that affects the title, value, or use of real property. Key Characteristics * Does not prevent ownership, but may limit rights * Can affect value, marketability, or use * May be text/html 2025-12-23T18:05:07+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/environmental_hazards_and_regulations?rev=1766513107&do=diff Environmental Hazards and Regulations Environmental laws and natural conditions can restrict land use and affect value. 1. Common Environmental Hazards * Asbestos: insulation and fireproofing in older buildings * Lead-based paint: residential properties built before 1978 text/html 2025-12-16T18:27:20+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/equity?rev=1765909640&do=diff Equity Equity is the owner’s financial interest in real property. It is the difference between the property’s current value (or sales price) and the total debts (liens) secured by the property. Core Formula * Equity = Market Value (or Sales Price) − Total Liens (loan balance + other liens) text/html 2025-12-16T18:17:21+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/escrow?rev=1765909041&do=diff Escrow Escrow is a neutral arrangement in which a disinterested third party holds funds, documents, and instructions until the conditions of a real estate transaction are fulfilled. Key Characteristics * Involves three parties: buyer, seller, and escrow holder text/html 2025-12-17T18:20:18+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/federal_fair_housing_law?rev=1765995618&do=diff Federal Fair Housing Law The Federal Fair Housing Law (Fair Housing Act of 1968) prohibits discrimination in housing-related activities based on certain protected classes. Protected Classes * Race or Color * Religion * Sex (including gender identity and sexual orientation) text/html 2025-12-16T18:10:25+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/fiduciary_relationship?rev=1765908625&do=diff Fiduciary Relationship A fiduciary relationship is a relationship of trust and confidence in which one party (the fiduciary) must act in the best interest of another (the principal). Key Characteristics * Requires utmost good faith * Fiduciary must put the text/html 2025-12-17T17:56:19+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/fixture?rev=1765994179&do=diff Fixture A fixture is an item of personal property that has become real property by being permanently attached to land or a building. Key Characteristics * Originally personal property * Becomes real property when attached * Transfers with the property unless excluded text/html 2026-01-23T18:54:00+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/government_agencies?rev=1769194440&do=diff Government & Quasi-Government Housing / Loan Agencies Fannie Mae (FNMA) Fannie Mae (Federal National Mortgage Association) is a government-sponsored enterprise (GSE) created to support the mortgage market by purchasing home loans from lenders. By buying these loans, Fannie Mae helps lenders free up money to issue more mortgages. Fannie Mae does not directly lend to consumers—instead, it operates in the secondary mortgage market and helps increase liquidity and stability in housing finance. text/html 2025-12-23T18:03:37+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/government_rights_in_land?rev=1766513017&do=diff Government Rights in Land Government has inherent powers that affect private property ownership. 1. Police Power Right of the government to regulate land use to protect public health, safety, morals, and welfare. * Zoning ordinances * Building codes text/html 2025-12-17T17:13:36+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/grant_deed?rev=1765991616&do=diff Grant Deed A grant deed is a deed used to transfer ownership of real property that provides limited implied warranties from the grantor to the grantee. Key Characteristics * Conveys title to real property * Provides implied warranties * Commonly used in text/html 2025-12-17T17:26:13+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/gross_multiplier?rev=1765992373&do=diff Gross Multiplier (Appraisal) A gross multiplier is a valuation tool used in the income approach to estimate the value of income-producing property based on gross income, not net income. Types of Gross Multipliers * Gross Rent Multiplier (GRM) * text/html 2025-12-17T22:52:17+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/home_equity_lines_of_credit?rev=1766011937&do=diff Home Equity Line of Credit (HELOC) A Home Equity Line of Credit (HELOC) is a form of open-end credit secured by the borrower’s equity in real property. Key Characteristics * Revolving line of credit * Secured by a deed of trust or mortgage * text/html 2026-01-23T18:51:34+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/important_formulas?rev=1769194294&do=diff Important Real Estate Formulas (CA Exam) Valuation & Appraisal * Market Value (Income Approach) * Value = NOI ÷ Cap Rate * Cap Rate = NOI ÷ Value * NOI: Net Operating Income * Gross Rent Multiplier (GRM) * GRM = Sales Price ÷ Gross Rent text/html 2025-12-17T22:24:06+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/important_timeframes?rev=1766010246&do=diff Important Real Estate Timeframes (CA Exam) General * Fiscal Year is from July 1 to June 30, midnight Property Conversions (Tenant Protections) * Tenant notice for conversion to condominiums * Typically 180 days (local ordinances may require more) text/html 2025-12-23T18:14:58+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/law_definition_and_nature_of_agency_relationships_types_of_agencies_and_agents?rev=1766513698&do=diff Laws of Agency and Fiduciary Duties Law, Definition, and Nature of Agency Relationships Agency is a legal relationship in which one person (agent) represents another (principal) in dealings with third parties. * Created by agreement (written or oral) text/html 2025-12-13T22:09:57+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/lease?rev=1765663797&do=diff Lease A lease is a contract between a lessor (owner) and a lessee (tenant) that grants the tenant the right to possession and use of real property for a specified period of time in exchange for rent. Essential Elements * Competent parties * Mutual consent text/html 2025-12-13T22:16:28+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/lien?rev=1765664188&do=diff Liens A lien is a legal claim or encumbrance against real property that is used as security for the payment of a debt or obligation. Key Characteristics * Does not transfer title * Gives the lienholder the right to foreclose * Attaches to the text/html 2025-12-13T22:37:54+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/liens?rev=1765665474&do=diff Liens See lien. text/html 2025-12-17T17:35:25+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/metes_and_bounds?rev=1765992925&do=diff Metes and Bounds Metes and bounds is a legal land description method that describes property boundaries using measurements and directions, starting from a point of beginning (POB). Key Characteristics * Uses distance (metes) and direction (bounds) text/html 2025-12-17T17:34:33+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/monuments?rev=1765992873&do=diff Monuments Monuments are permanent physical markers used in land descriptions to identify property boundaries. Key Characteristics * Used in metes and bounds descriptions * Take priority over measurements * Can be natural or artificial * Considered the most reliable text/html 2025-12-13T22:41:17+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/mortgage?rev=1765665677&do=diff Mortgage A mortgage is a voluntary lien on real property given as security for a loan. Key Characteristics * Creates a lien, not ownership * Property is pledged as collateral * Borrower is the mortgagor * Lender is the mortgagee * Must be in writing to be enforceable text/html 2025-12-16T18:42:02+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/non-possessory_right?rev=1765910522&do=diff Non-Possessory Right A non-possessory right is a legal right to use or restrict the use of real property without having the right to occupy or possess the property. Key Characteristics * Does not grant possession * Does not transfer ownership text/html 2025-12-16T18:12:13+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/novation?rev=1765908733&do=diff Novation A novation is the substitution of a new contract or party for an existing one, with the intent to extinguish the original obligation. Key Characteristics * Replaces an existing contract * Requires mutual agreement of all parties * Discharges the text/html 2025-12-16T18:07:33+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/obsolescence?rev=1765908453&do=diff Obsolescence Obsolescence is a loss of property value caused by factors that make a property less desirable or less useful. Key Characteristics * A form of depreciation * Can be curable or incurable * May result from internal or external causes text/html 2025-12-17T22:52:05+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/open_end_mortgage?rev=1766011925&do=diff Open-End Mortgage An open-end mortgage is a mortgage that allows the borrower to borrow additional funds in the future under the same mortgage, up to a specified limit. Key Characteristics * Secures future advances * Maximum loan amount is stated in advance text/html 2025-12-16T18:36:09+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/personal_property?rev=1765910169&do=diff Personal Property Personal property is movable property that is not permanently attached to land or buildings. Key Characteristics * Movable and not fixed to real estate * Also called chattel * Ownership transfers by bill of sale, not a deed text/html 2025-12-17T17:22:10+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/physical_deterioration?rev=1765992130&do=diff Physical Deterioration Physical deterioration is the loss of property value caused by wear and tear, age, or use of the improvements. Key Characteristics * A form of depreciation * Results from physical wear * Affects improvements, not land * May be curable or incurable text/html 2025-12-23T18:05:51+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/private_controls?rev=1766513151&do=diff Private Controls Private controls are non-governmental restrictions that limit the use of real property. 1. Deed Restrictions Limitations placed in a deed by a grantor. * Restrict use, occupancy, or improvements * Bind future owners * Enforceable by injured parties or courts text/html 2025-12-16T18:19:41+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/promissory_note?rev=1765909181&do=diff Promissory Note A promissory note is a written promise by a borrower to repay a loan according to specified terms. Key Characteristics * Evidence of the debt * Contains the borrower’s promise to pay * Specifies loan terms (amount, interest, repayment schedule) text/html 2025-12-23T18:01:06+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/property_characteristics?rev=1766512866&do=diff Property Characteristics 1. Physical Characteristics * Immobility: land cannot be moved * Indestructibility: land is permanent (improvements may depreciate) * Non-homogeneity (uniqueness): no two parcels are exactly alike 2. Economic Characteristics text/html 2025-12-23T18:04:20+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/public_controls?rev=1766513060&do=diff Public Controls Public controls are governmental restrictions that regulate the use and development of land. 1. Zoning Local laws that regulate land use and development. * Permitted uses (residential, commercial, industrial) * Density and lot coverage text/html 2025-12-17T17:13:12+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/quitclaim_deed?rev=1765991592&do=diff Quitclaim Deed A quitclaim deed is a deed that conveys whatever interest the grantor may have in real property, without any warranties. Key Characteristics * Provides no guarantees of title * Conveys only the interest the grantor has (if any) text/html 2025-12-17T17:23:41+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/real_estate_company?rev=1765992221&do=diff Real Estate Company (Income & Commissions) A real estate company earns income primarily through commissions and fees for services performed in real estate transactions. Gross Income * Gross income is the total income received before any expenses are deducted text/html 2025-12-18T19:40:32+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/real_estate_settlement_procedures_act?rev=1766086832&do=diff Real Estate Settlement Procedures Act (RESPA) RESPA is a federal law designed to protect consumers in real estate transactions by requiring disclosures and prohibiting abusive practices in the settlement process. Key Purposes * Ensure buyers receive text/html 2025-12-16T18:33:04+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/real_estate?rev=1765909984&do=diff Real Estate Real estate is land and anything permanently attached to the land, including natural and man-made improvements. Key Characteristics * Includes land, improvements, and appurtenances * Is immovable * Considered real property when combined with ownership rights text/html 2025-12-16T18:36:56+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/real_property?rev=1765910216&do=diff Real Property Real estate plus the bundle of legal rights text/html 2025-12-18T18:25:58+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/regulation_z?rev=1766082358&do=diff Regulation Z Regulation Z is the federal regulation that implements the Truth in Lending Act (TILA) and governs disclosure requirements for consumer credit transactions. Purpose * Promote informed use of credit * Ensure clear and uniform disclosure of loan terms text/html 2025-12-17T22:28:27+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/rescission?rev=1766010507&do=diff Rescission Rescission is the legal right to cancel a contract and restore the parties to their original positions as if the contract never existed. Key Characteristics * Voids the contract * Returns money and property to original owners * Must be exercised within a text/html 2025-12-18T19:40:06+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/respa?rev=1766086806&do=diff RESPA () Real Estate Settlement Procedures Act RESPA is a federal law designed to protect consumers in real estate transactions by requiring disclosures and prohibiting abusive practices in the settlement process. Key Purposes * Ensure buyers receive clear disclosure of settlement costs text/html 2025-12-23T18:18:44+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/responsibilities_of_agent_to_non-client_third_parties?rev=1766513924&do=diff Responsibilities of Agent to Non-Client Third Parties Real estate agents owe limited duties to parties who are not their principals. General Duties to Third Parties * Honesty and fair dealing * No misrepresentation or fraud * Disclosure of known material facts affecting value or safety text/html 2025-12-23T18:16:07+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/responsibilities_of_agent_to_seller_buyer_as_principal?rev=1766513767&do=diff Responsibilities of Agent to Seller / Buyer as Principal Agents owe fiduciary duties to their principal, whether seller or buyer. General Fiduciary Duties (OLD CAR) * Obedience * Follow lawful instructions of the principal * Loyalty * Act solely in the principal’s best interest text/html 2025-12-16T18:42:17+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/restrictive_covenant?rev=1765910537&do=diff Restrictive Covenants (CC&Rs) Restrictive covenants, commonly called CC&Rs (Covenants, Conditions, and Restrictions), are private restrictions placed on real property that limit how the property may be used. Key Characteristics * Create private land-use controls text/html 2025-12-17T17:57:18+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/restrictive_covenants_cc_rs?rev=1765994238&do=diff Restrictive Covenants (CC&Rs) See Restrictive Covenant. text/html 2025-12-23T18:06:29+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/special_categories_of_land?rev=1766513189&do=diff Special Categories of Land Certain land types are subject to special legal rules and limitations. 1. Public Land Land owned by government entities. * Federal, state, or local ownership * Includes parks, roads, schools, and government facilities text/html 2026-01-23T18:53:34+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/start?rev=1769194414&do=diff Property Ownership and Land Use Controls and Regulations (approximately 15% of exam) * Classes of Property * Property Characteristics * Encumbrances * Types of Ownership * Descriptions of Property * Government Rights in Land * Public Controls * Environmental Hazards and Regulations * Private Controls * Water Rights * Special Categories of Land Laws of Agency and Fiduciary Duties (approximately 17% of exam) * Law, Definition and Nature of Agency Relationships, Types o… text/html 2025-12-23T18:17:46+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/termination_of_agency?rev=1766513866&do=diff Termination of Agency Agency relationships end by agreement, performance, or operation of law. Termination by Act of the Parties * Completion of purpose * Expiration of the agency agreement * Mutual agreement of principal and agent * Unilateral termination by principal (may result in liability) text/html 2025-12-12T20:23:51+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/test2?rev=1765571031&do=diff hello world test233333 text/html 2025-12-18T18:25:15+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/truth_in_lending_act?rev=1766082315&do=diff Truth in Lending Act (TILA) The Truth in Lending Act (TILA) is a federal law designed to promote informed consumer credit decisions by requiring clear disclosure of loan terms and costs. Key Purpose * Ensure consumers can compare credit offers * text/html 2025-12-23T18:00:21+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/types_of_ownership?rev=1766512821&do=diff Types of Ownership 1. Sole Ownership Ownership held by one individual or legal entity. * Also called severalty * Owner has full bundle of rights * Common with single buyers or entities (LLCs, corporations) 2. Co-Ownership Ownership shared by two or more persons or entities. text/html 2025-12-17T17:20:10+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/underwriting?rev=1765992010&do=diff Loan Underwriting Loan underwriting is the process by which a lender evaluates the risk of making a loan by reviewing the borrower, property, and loan terms. Key Characteristics * Determines whether a loan is approved, denied, or conditioned * text/html 2025-12-17T17:47:50+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/uspap?rev=1765993670&do=diff USPAP USPAP stands for the Uniform Standards of Professional Appraisal Practice and sets the ethical and performance standards for real estate appraisers. Purpose * Ensure credibility and consistency in appraisals * Protect the public trust * text/html 2025-12-17T17:14:29+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/warranty_deed?rev=1765991669&do=diff Warranty Deed A warranty deed is a deed that provides the highest level of protection to the grantee by guaranteeing clear title and defending against all title defects, past and present. Key Characteristics * Conveys title to real property * Includes text/html 2025-12-23T18:06:05+00:00 Anonymous (anonymous@undisclosed.example.com) http://wiki.reidsherman.com/water_rights?rev=1766513165&do=diff Water Rights Water rights regulate the use and ownership of water associated with land. 1. Riparian Rights Rights of landowners whose property borders a natural watercourse. * Water may be used for domestic and agricultural purposes * Must be reasonable and beneficial use