The International Comparative Legal Guide To: Real Estate 2019
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Financial and Tax Planning for Real Estate Agents 4 Easy Ways to Maximize Your Income and Simplify Your Taxes
A HURDLR QUICK GUIDE Financial and Tax Planning for Real Estate Agents 4 Easy Ways to Maximize Your Income and Simplify Your Taxes © 2019 Hurdlr, Inc. All Rights Reserved. LET’S TALK FINANCES We’ve put together some helpful tips to keep in mind when managing your finances. So let’s get started. DID YOU Most real estate agents don’t track all of their business expenses, ef- KNOW? fectively lowering their net income. As we’re sure you understand all too well, it’s not uncommon for busy real estate agents (REAs) such as yourself to let financial management for your business fall by the wayside. You are constantly responding to the needs of clients, colleagues, brokerages, and of course, devoting a good deal of time and attention to developing new leads. Amongst all of these demands, figuring out how to do SEPARATE ACCOUNTS your accounting or learning your way around cumbersome financial software can seem like a daunt- ing and overwhelming task. Certainly, it takes a lot of time to track expense deductions, and you may not be sure how to do the accounting yourself; the software you’re using may be complicated, BOOKKEEPING and you may not have the time or energy to push through the learning curve. And even if you’re just keeping all of your receipts in a folder or using Microsoft Excel or Google Docs as your primary tool for financial planning — we call that “Spreadsheet Accounting” — all of these take a significant DEDUCTIONS amount of time and effort to maintain and stay organized. -
Real Estate Brokers and Salespeople Consumer Fact Sheet
Real Estate Brokers and Salespeople Consumer Fact Sheet By the Division of Professional Licensure Agency Disclosure Types of Agent Relationships Licensed Brokers and Salespersons Things Buyers Should Know when Dealing with a Real Estate Agent Things Sellers Should Know when Dealing with a Real Estate Agent Things Renters Should Know when Dealing with a Real Estate Agent Your Responsibility as a Consumer Filing a Complaint Agency Disclosure A real estate broker or salesperson must tell you who he or she represents in a prospective transaction. This disclosure of the relationship the agent has with you or another party must be made in writing at the time of your first personal meeting to discuss a specific property or properties. Types of Agent Relationships Sellers Agent If you engage the services of a listing broker to sell your property, you become the broker's client. That broker represents you, the seller, and owes you undivided loyalty, confidentiality and accountability. In negotiating for the best price and terms, he must put your interests first. Buyer's Agent You may engage the services of a broker to represent you exclusively as a buyer of real property. In this case, the broker represents you and is accountable to you. She must obey your instructions and keep confidential anything you tell her that may affect your purchase of real property. In negotiating for the best prices and terms, she must put your interests first. Disclosed Dual Agent A broker can work for both the buyer and the seller on the same property provided the broker gets the consent of both parties and provides each with a written notice of the relationship. -
Fixed Commissions and Social Waste in the Real Estate Industry
Can Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry Chang-Tai Hsieh Princeton University and National Bureau of Economic Research Enrico Moretti University of California, Los Angeles and National Bureau of Economic Research Real estate agents typically charge a 6 percent commission, regardless of the price of the house sold. As a consequence, the commission fee from selling a house will differ dramatically across cities depending on the average price of housing, although the effort necessary to match buyers and sellers may not be that different. We use a simple economic model to show that if barriers to entry are low, the entry of real estate agents in cities with high housing prices is socially in- efficient. Consistent with our model, we find that when the average price of land in a city increases, (1) the fraction of real estate brokers in a city increases, (2) the productivity of an average real estate agent (houses sold per hour worked) falls, and (3) the real wage of a typical real estate agent remains unchanged. We cannot completely rule out the alternative explanation that these results reflect unmeasured dif- ferences in the quality of broker services. However, we present evi- dence that as the average price of housing in a city increases, there is only a small increase in the amount of time a buyer spends searching We thank Ben Bernanke, David Card, Angus Deaton, Harold Demsetz, William Easterly, Ray Fisman, Gene Grossman, Karla Hoff, Peter Klenow, Phillip Leslie, Steve Levitt, Darren Lubotsky, Chris Redfearn, Scott Susin, John Wallis, and a referee for useful comments. -
Read the Full Issue of the Real Estate Gazette As A
ISSUE 34 Real Estate Gazette FOCUS ON: FOREIGN INVESTMENTS www.dlapiperrealworld.com Australia Australia’s foreign investment approval regime Poland Foreign real estate Brazil investment in Poland Foreign investment in Brazil (and in Brazilian farmlands) Portugal Portugal and foreign investors Germany Foreign real estate investments in Singapore Germany — unlimited opportunities? Private education in Southeast Asia — investment plays and regulatory hurdles Morocco Real estate foreign investments in Morocco United Kingdom Taxing non-UK resident Netherlands investors in UK property The 2019 Dutch tax plan — key takeaways for inbound real estate investments WWW.DLAPIPERREALWORLD.COM A note from the Editor A very warm welcome to all our readers to DLA Piper’s first Real Estate Gazette of the year. In this issue, we focus on foreign investment. Olaf Schmidt There are many rewards to be that its legal system contains some Co-Chair of the Global Cross- had from investing in real estate unique features, such as perpetual Practice Real Estate Sector overseas, including the opportunity usufruct, which any foreign investor to diversify and the potential for would need to consider (page 22), stable and safe returns, among while our UK article focuses on the others. However, in addition to tax implications for non-UK resident such advantages, prudent investors investors in UK property (page should also be aware of the pitfalls, 32). However, it is not all doom including unfamiliar tax regimes and and gloom. Many of the articles a completely alien legal framework stress the opportunities available governing the purchasing process. for foreign investors, citing, for example, the growth in city dwellers, In our Australian article (page increasing rent levels, and the 6), the authors describe the potential for significant, long-term country’s foreign investment returns. -
Kindred Terms Quiz
KINDRED TERMS QUIZ 1. Gift a. Township 2. Binder b. Nonflowing water 3. Void c. Riparian 4. Fiduciary d. General warranty deed 5. Principal e. Trust and confidence 6. Trust account f. Cloud on title 7. Littoral rights g. Freehold estate 8. Chattel h. Preferred location 9. Defect in title i. Land contract 10. Estate for years j. Dedication 11. Fee simple estate k. Mixing of funds 12. Granting clause l. Escrow account 13. Proprietary lease m. Cooperative 14. Mutual assent n. Meeting of the minds 15. Water rights along a flowing waterway o. Net income ÷ cap rate 16. Principal meridian p. Mortgage lender 17. Tier q. Leasehold estate 18. Quiet enjoyment r. Single agency buyer or seller 19. Present value s. Revoked 20. Situs t. Deposit 21. Contract for deed u. Equity 22. Commingle v. Personal property 23. Non-depository primary lender w. Government survey system 24. Capital invested x. Premises section 06/18/2020 ACRONYMS QUIZ 1. Services of real estate a. DEEP "C" 2. Test for fixtures b. DUST 3. Bundle of legal rights c. A BAR SALE 4. Four unities of a joint tenancy d. PITT 5. Governmen restrictions e. IRV 6. Duties in all brokerage relationships f. DELL 7. Private restrictions of ownership g. ADD 8. Elements of a real estate contract h. COLIC 9. Characteristics of value i. PET 10. Income capitalization formula j. IRMA 11. Ways an offer is terminated k. CBS vs CIA (or "if it's 'nice you slice' and 'bad you add'") 12. Alienation by adverse possession l. MALE 13. -
Fidelity National Title Ins. Co. V. Woody Creek Ventures
FIDELITY NATIONAL TITLE INSURANCE COMPANY v. WOODY CREEK VENT ... Page 1 of 8 FIDELITY NATIONAL TITLE INSURANCE COMPANY, a California corporation, Plaintiff Counter Defendant-Appellee, v. WOODY CREEK VENTURES, LLC, a Colorado limited liability company, Defendant Counterclaimant-Appellant, and PITKIN COUNTY TITLE, INC., a Colorado corporation, Defendant. No. 14-1274. United States Court of Appeals, Tenth Circuit. July 26, 2016. Appeal from the United States District Court for the District of Colorado; (D.C. No. 1:13-CV-01289-RBJ). Eric E. Torgersen (Dennis B. Polk, and Melissa R. Liff, with him on the briefs), Holley, Albertson & Polk, P.C., Lakewood, Colorado, for Defendant Counterclaimant-Appellant. Adam P. O'Brien (Marilyn S. Chappell, with him on the brief), Wells, Anderson & Race, LLC, Denver, Colorado, for Plaintiff Counter Defendant-Appellee. Before HARTZ, PHILLIPS, and MORITZ, Circuit Judges. MORITZ, Circuit Judge. This suit requires us to interpret two provisions of a title insurance policy underwritten by Fidelity National Title Insurance Company—one provision insures against unmarketability of title and the other insures against a lack of access to property. The owner of the policy, Woody Creek Ventures, LLC, contends that both provisions covered losses it sustained when it learned, after purchasing two parcels of land, that one parcel lacked permanent access. And although Fidelity obtained a 30-year right-of-way grant to that parcel, Woody Creek maintains Fidelity failed to cure the lack of access and the title remained unmarketable. Because we agree with the district court's conclusions that (1) the policy doesn't insure a permanent right of access, (2) the right-of-way cured the lack of access to the parcel, and (3) the lack of permanent access doesn't render Woody Creek's title unmarketable, we affirm. -
Violations of Zoning Ordinances, the Covenant Against Encumbrances, and Marketability of Title: How Purchasers Can Be Better Protected
VIOLATIONS OF ZONING ORDINANCES, THE COVENANT AGAINST ENCUMBRANCES, AND MARKETABILITY OF TITLE: HOW PURCHASERS CAN BE BETTER PROTECTED Jessica P. Wilde∗ I. INTRODUCTION Zoning ordinances function as an exercise of the government’s general police power, sustaining the enjoyment, health, and safety of the public. They are important in order to maintain property values and protect a neighborhood’s quality and environment.1 Zoning ordinances prevent people from using their property in a way that would make a neighborhood less enjoyable.2 State statutes often provide civil and criminal penalties for failing to comply with zoning ordinances.3 Noncompliance with existing ordinances may be of concern to a buyer who buys a parcel of land ∗ J.D. candidate, Touro Law Center, May 2007; B.S., Brigham Young University, May 2004. 1 See ROBERT H. NELSON, ZONING AND PROPERTY RIGHTS: AN ANALYSIS OF THE AMERICAN SYSTEM OF LAND USE REGULATION 11-12 (1977). 2 Id. They are often enacted for safety purposes; for example, a zoning ordinance prevents commercial use in a residential neighborhood or may require a permit or certificate of occupancy before a building is occupied. In addition, a zoning ordinance may be in the form of a building code, requiring that the building maintain certain requirements for fire code purposes. Ordinances serve an array of important functions in order to maintain the value and enjoyment of a neighborhood, as well as facilitate the safety and health of the public. 3 Adam Forman, Comment, What You Can’t See Can Hurt You: Do Latent Violations of a Restrictive Land Use Ordinance, Existing Upon Conveyance, Constitute a Breach of the Covenant Against Encumbrances? 64 ALB. -
Course 1 – Overview: the Real Estate Business Course 1 – Part 1 SLIDE 1 – COVER PAGE SLIDE 2 – TOPICS in This Section We’Ll Briefly Introduce the Following Topics: 1
Course 1 – Overview: The Real Estate Business Course 1 – Part 1 SLIDE 1 – COVER PAGE SLIDE 2 – TOPICS In this section we’ll briefly introduce the following topics: 1. Introduction to the Real Estate Business 2. Real Estate Brokerage 3. Development and Construction 4. The Role of Government 5. Professional Organizations SLIDE 3 - LEARNING OBJECTIVES Upon completion of this lesson, you should be able to: • Describe the various activities of real estate brokerage • Distinguish among the five major sales specialties • Identify the role of property managers • Explain the appraisal process and the role of the appraiser • Understand the mortgage process and the role of mortgage loan originator • Explain the three phases of development and construction • Distinguish among the three categories of residential construction SLIDE 4 – Key Terms As a Real Estate Salesperson, these are some of the key terms you will run into during your sales activities: • Absentee owner - An individual who owns a piece of real estate but does not live in it, usually for the purpose of earning income from that property. • Appraisal - Appraisal is a valuation of property (ie. real estate, a business, an antique) by the estimate of an authorized person. For the appraisal to be valid, the appraiser must maintain an approval from the regulatory body having jurisdiction where he/she operates. SLIDE 5 - • Appraiser - Someone who has the knowledge and expertise to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Appraiser should always act independently of buying and selling parties, so they can arrive at the fair value of an asset without bias. -
Chapter 2– Property Ownership
Chapter 2– Property Ownership Learning Goals: • Define and describe land, real estate, and real property. • Identify and explain the concept of the bundle of legal rights in the ownership of real property. • Define and describe surface rights, subsurface rights, and air rights. • Describe the differences between real property and personal property. • Define and describe the differences between a fixture and a trade fixture. • Identify and apply the legal tests of a fixture. • List and explain the economic and physical characteristics of real property. Chapter 2 VOCABULARY Characteristics of Real Property include: A. Physical characteristics 1. Immobility—the land can be changed, but it cannot be moved 2. Indestructibility—the land can be changed, but it cannot be destroyed 3. Nonhomogeneity—all parcels of land are unique B. Economic characteristics 1. Relative scarcity—land in the imme diate areas may be limited or unavailable 2. Improvements—one property can affect the uses and values of many properties 3. Permanence of investment—real estate investments tend to be long-term and relatively stable 4. Area preference (situs)—refers to people’s preferences and choices in an area C. Real estate characteristics define land use 1. Contour and elevation of the parcel 2. Prevailing winds 3. Transportation 4. Public improvements 5. Availability of natural resources, such as minerals and water ABC Real Estate School 3st ed National Workbook August 2010 Page 19 Land: the surface of the earth plus the subsurface rights, extending downward to the center of the earth and upward infinitely into space; including things permanently attached by nature - such as trees and water. -
Title Examinations and Title Issues
CHAPTER 7 Title Examinations and Title Issues R. Prescott Jaunich, Esq. Downs Rachlin Martin PLLC, Burlington Timothy S. Sampson, Esq. Downs Rachlin Martin PLLC, Burlington § 7.1 Introduction ................................................................................. 7–1 § 7.2 Marketable Title .......................................................................... 7–4 § 7.2.1 Vermont Title Standards ............................................... 7–4 § 7.2.2 Common Law Marketable Title—Permits as Encumbrances ............................................................... 7–6 § 7.2.3 Vermont Marketable Record Title Act ........................ 7–10 (a) Person ................................................................ 7–11 (b) Unbroken Chain of Title .................................... 7–11 (c) Conveyance ....................................................... 7–12 (d) Preserved Claims Under the Act ........................ 7–13 § 7.3 Conveyancing Requirements .................................................... 7–15 § 7.3.1 Vermont Deed Customs .............................................. 7–15 § 7.3.2 Deeds by Trustees and Deeds to Trust ........................ 7–17 § 7.3.3 Deeds by Executors, Administrators and Guardians .. 7–17 § 7.3.4 Deeds by Divorce Judgment ....................................... 7–18 § 7.3.5 Probate Decree ............................................................ 7–18 § 7.4 Identifying the Real Estate and Property Descriptions .......... 7–18 § 7.4.1 Reference to Prior Deeds and Instruments -
2009 Title Standards Cover.Qxd
Revised October, 2013 NSBA Real Estate Practice Guidelines Committee Approved by NSBA House of Delegates, October, 2013 Revised October, 2013 NSBA Real Estate Practice Guidelines Committee Approved by NSBA House of Delegates, October, 2013 4.4 Identification Of Relationship Of Plural Grantees IV-4 4.5 Conveyances - Omission Of Date IV-5 4.6 Conveyance By A Conservator Under The Nebraska Probate Code IV-6 4.7 Documentary Stamps IV-7 4.8 Conveyances To A Fiduciary IV-8 CHAPTER V. HUSBAND AND WIFE 5.1 Land Not Homestead - Nonjoinder Of Wife In Conveyance – Dower V-1 5.2 Homestead - Dower Curtesy, & Inchoate Statutory Right Of Inheritance – Failure To Mention In Conveyance V-2 5.3 Marital Status - Designation As "Widow" Or "Widower” V-3 5.4 Spouse - Joinder Of In Action V-4 5.5 Conveyance Of Entire Estate Unless Qualified V-5 5.6 Effect Of Decree Of Divorce V-6 5.7 Spouse Need Not Join Conveyance By Non-domiciliary V-7 CHAPTER VI. JUDICIAL PROCEEDINGS 6.1 Failure To Release Lis Pendens VI-1 6.2 Failure To Appoint Guardian Ad Litem VI-2 6.3 Constructive Service On Defendant VI-3 6.4 Foreclosure - Lack of Certificate Of Satisfaction VI-4 6.5 Foreclosure - Death of Owner Of Equity Of Redemption VI-5 6.6 Constructive Service On Unknown Defendants And Unknown Heirs VI-6 6.7 Tax Foreclosure - Owner Unknown - Land Made A Party VI-7 6.8 Constructive Service - Fictitious Defendants VI-8 6.9 Proof Of Mailing Of Copy Of Published Notice VI-9 6.10 Affidavit Of Mailing Of Notice VI-10 6.11 Joinder Of Spouse In Action VI-11 CHAPTER VII. -
Uniform Marketable Title Act
UNIFORM MARKETABLE TITLE ACT Drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE MEETING IN ITS NINETY-NINTH YEAR IN MILWAUKEE, WISCONSIN July 13 - 20, 1990 WITH PREFATORY NOTE AND COMMENTS The conference changed the designation of the Marketable Title Act from Uniform to Model as approved by the Executive Committee on January 18, 1998. UNIFORM MARKETABLE TITLE ACT The Committee that acted for the National Conference of Commissioners on Uniform State Laws in preparing the Uniform Marketable Title Act was as follows: HAROLD E. READ, JR, 5631 East Desert Vista Trail, Cave Creek, AZ 85331, Chair MARION W. BENFIELD, JR., Wake Forest University, School of Law, P.O. Box 7206, Winston-Salem, NC 27109, ULC Reporter GRANT S. NELSON, University of Missouri-Columbia, School of Law, Columbia, MO 65211 WILLIS E. SULLIVAN, III, P.O. Box 359, Boise, ID 83701 LAWRENCE J. BUGGE, P.O. Box 1497, 1 South Pinckney Street, Madison, WI 53701, President (Member Ex Officio) WILLIAM J. PIERCE, 1505 Roxbury Road, Ann Arbor, MI 48104, Executive Director PETER K. MUNSON, P.O. Box 1949, Sherman, TX 75091, Chair, Division G (Member Ex Officio) Review Committee EDWARD I. CUTLER, P.O. Box 3239, Tampa, FL 33601, Chair CHARLES G. KEPLER, P.O. Box 490, Cody, WY 82414 CARL H. LISMAN, P.O. Box 728, Burlington, VT 05402 JOINT EDITORIAL BOARD FOR UNIFORM REAL PROPERTY ACTS National Conference Representatives: HAROLD E. READ, JR, 5631 East Desert Vista Trail, Cave Creek, AZ 85331, Co-Chair MARION W.