About This Chapter
Laws, Rules & Contracts for Real Estate - Chapter Summary
This comprehensive chapter contains bite-sized lessons that explain real estate laws, rules and contracts in an easy-to-understand and engaging manner. Follow along with our expert instructors to explore important topics, such as novation, the Habendum clause, real estate annexation, lien theory state, constructive notices and much more. Following each lesson is a short quiz to help you retain the terms and concepts you've studied. Access the chapter whenever it fits your schedule, and feel free to reach out to our instructors if you have any questions. When you're finished with the chapter, you should be equipped to:
- Explain the abstract of judgment in real estate
- Differentiate between lien theory state and title theory state
- Understand various real estate annexation methods
- Define the Habendum clause
- Know the purpose of fixtures and the bundle of rights in property law
- Evaluate the role of police power in real estate
- Summarize the concepts of novation, the right of rescission and defeasance in real estate
- Compare constructive notices and actual notices
- Identify the differences between the chain of title and the abstract of title
- Outline the five essential elements of enforceable contracts
1. Abstract of Judgement in Real Estate
This lesson will provide a definition of abstract judgment in real estate. Additionally, examples will be provided that will give the reader a firm grasp on what abstract judgment in real estate really is.
2. Lien Theory State vs. Title Theory State
Depending on what state you choose to buy a home in, there are two theories that will affect your rights as a homeowner. In this lesson, we will explore the differences between lien theory and title theory in real estate.
3. Annexation in Real Estate: Definition, Methods & Laws
This lesson will define annexation in real estate, including both land annexation and chattel annexation. Additionally, the methods of annexation and laws regulating it will be discussed.
4. Habendum Clause in Real Estate: Definition & Example
Any clause in real estate rules and contracts can be complex and difficult to understand; this lesson explains the habendum clause and makes it easy for anyone to grasp.
5. Fixtures in Property Law - Definition & Examples
Learn about the difference between fixtures, trade fixtures, and chattels and why these legal distinctions are important real estate concepts to understand. Explore methods to determine the legal status of these real estate items.
6. Police Power in Real Estate: Definition & Examples
In this lesson, we'll define and provide examples of police power in real estate. Upon completion, you should have a firm grasp of this power and how it affects real estate.
7. What is Novation in Real Estate?
There are many different legal terms in real estate, each with its own meaning. In this lesson, we'll define novation, how it relates to real estate, and provide some examples.
8. What is Right of Rescission in Real Estate?
Canceling an appointment or a magazine subscription is easy, but how does it work if you want to cancel a real estate contract? In this lesson, we will explore how rescission works in real estate.
9. Constructive Notice in Real Estate
This lesson will define constructive notice in real estate and provide examples. Additionally, actual notice in real estate will be discussed and compared with constructive notice to give the reader a better understanding of the types of notice in real estate.
10. Actual Notice in Real Estate
This lesson will define actual notice as it pertains to real estate and provide examples to help the reader understand the term. Additionally, actual notice will be compared with constructive notice in real estate.
11. Defeasance in Real Estate: Equity & Mortgage Clauses
In this lesson, we will look at how commercial real estate investors can use defeasance clauses to offer more options for financing or refinancing properties.
12. Bundle of Rights in Property Law: Definition & History
This lesson will discuss the bundle of rights in property law and will provide a summary of how these rights came to be in America. Upon completion, the reader should have knowledge of the bundle of rights and the history behind it.
13. Chain of Title & Abstract of Title in Real Estate
If you want to know the names of everyone who has ever owned a specific property, you would have to conduct a chain of title search. In this lesson, we will look into how to search a chain of title and how to create an abstract of title in real estate.
14. Five Essential Elements of an Enforceable Contract
In this lesson, the reader will learn about the five essential elements of an enforceable contract. Upon completion, the reader should be able to use this knowledge to determine whether or not contracts under a variety of scenarios are enforceable.
15. Forfeiture Clause in Real Estate
This lesson will define the forfeiture clause in real estate. Additionally, it will provide examples of forfeiture clauses in real estate so that the reader will understand the impact forfeiture clauses can have on consumers.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Real Estate Training course