Entries for March, 2011

What is Defined as a Fixture?

Fixtures are objects that were personal property but have been permanently attached to or made part of real property and thus are now real property.      A bathtub was personal property in its container in a warehouse, but once permanently attached in a home, it became real property.    Items such as rugs, chandeliers, or curtains are [...]

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What is the Definition of Land?

Land refers not only to the surface of the earth but also to everything attached to it by nature, such as trees and lakes.  Land also includes products of nature beneath the surface, such as oil and limestone.  Land extends downward to the center of the earth and upward into the air to infinity.

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What are Surface Rights?

Surface rights include land and water rights.  Two types of water rights are: Riparian rights- Associated with land abutting the banks of a river, stream or other watercourse Littoral rights- Associated with land abutting tidal bodies of water such as an ocean, sea, or lake

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What are Subsurface Rights?

Subsurface rights consist of an owner’s right to underground minerals, petroleum, natural gas, and so forth

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What Are Air Rights?

Air rights involve that space above a tract, extending up to a height established by law (e.g., building rights, easments, aerial navigation)

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What is a HAFA Short Sale?

 HAFA stands for Home Affordable Foreclosure Alternatives Program If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA.   This program took effect April 5, 2010.   The benefit of a HAFA short sale is that you are no [...]

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What Does TCPA Stand For?

The Telephone Consumer Protection Act of 1991 (TCPA) is a federal law concerning telephone solicitations.  A telephone solicitation is defined as the initiation of a telephone call for the purpose of encouraging the purchase or, or investment in, property, goods, or services.  The TCPA established a National Do-Not-Call Registry for consumers who wish to avoid [...]

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What is a Single Agent?

The Florida state law defines a single agent as a broker who represents, as a fiduciary, either the buyer or the seller, but not both, in the same transaction.  In a single agent realtionship, the seller (or the buyer) is the principal and the real estae broker is the agent.  The term principal is used [...]

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What is a Transaction Broker?

A transaction broker is a broker who provides limited representation to a buyer, a seller, or both in a real estae transaction, but who does not respresent either party in a fiduciary capacity or as a single agent.   In this relationship, the seller (or the buyer) is considered to be a customer of the real [...]

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What is Reciprocity?

Reciprocity is an agreement between two states that allows a real estate licensee with a valid license in one of the states to practice real esate in both states.  (there is no reciprocity between Florida and any other state)

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