and we are off ready got it okay let's start with this one what do you think that's when value is all right yeah and just say the word when we write it - we're gonna put it up there so this one's Advil or iam Abba Lauren okay yes what does that mean is that mean went like basically there is wearing like the value of the house goes up no that's just Latin for according to value okay okay it's Latin for according to value according to body yes and another Latin word Novation no no Batian that's for like new right yes good Latin for new excellent it ok joint tenancy joint tenancy it's right of survivorship okay what else makes it joint tenancy joint tenancy joint tenancy makes it I've joined tenancy because both owners have the same type of interest and everyone title good to remember time title interests and possession right okay you gotta remember that time title interests in possession okay okay and the other thing is the right or survivorship good Chatto real that's personal property excellent good hold you 3 560 square feet good it's an acre 4560 good it's cheap it's cheat it it's the it's the method of the government basically taking the property when there's no well good essentials of a valid contract such as a valid contract it needs to be there needs to be a legal type of way basically there's more essentials for essentials I know this one it needs to be there needs to be a mutual consent made for consent it needs to be basically there needs to be like a legal type of basically it like the four needs to be legal lawful object yeah look logic and I like black down right now okay so you got your a mutual consent lawful a direct consideration in cable suit hearties there you go here just say that back capable parties goods one mutual consent good Lajo object good and consideration excellent good well what's the consideration part anything of value anything about it right like money and hug whatever right yeah anything anything so many considers a value I don't got it okay protection period clause protection clause that's a protection for a broker and if during the listing here found a buyer and the buyer doesn't actually put an offer in but on to like listing expires okay good so basically the broker get paid if somebody who they put in off with during the term of listing or it doesn't have to put an offer they could prove they found them during term listing and then deal closes after the listing they still get paid right right okay okay remember say the word when you see it general liens good general liens it's an encumbrance I believe it's when something is affecting the property or title okay what makes this different specific lis ah generally see isn't it like taxes and something yeah it's anything that goes against all property so depends what kind of taxes income tax goes against all your property property taxes is specific okay okay redlining it's a that's a that's a method that lenders for me basically this method it's legal it's it's a method that lenders used to to not give loan to like a certain basically city or area okay good so it's a violation of federal housing right okay secondary mortgage market that's where houses like the like the mortgage gets sold there and it's usually at a higher interest rate right remember the words resale marketplace reso marketplace okay yeah there's opposed to the primary mortgage market why Morris market I mean that's that's that's like the first market where like like if you buy like to forget or like if you get like a mortgage that's like the primary one isn't it yeah it's like going to the bank right a net least that's when the let's see pays for a lot of stuff basically like the paper like the taxes and stuff like that yeah so tax insurance and maintenance right non-conforming use that's like a like grandfather I guess you could think isn't it that's a way to get non-conforming use but non-conforming use itself is just the type of use that is different than the zoning in the area non confirm used that's when like if like they'd say like if there was like like a specific type of law before it's not I think if the law change its in at that yeah so you got grandfathered in so you get to use the property in a way that is not similar to the rest of the area got okay I didn't know how to say that caveat emptor hey that sounds really I don't know this one to be honest with you that just means buyer beware all by a real we're okay yeah sounded familiar but I can remember okay good inverse condemnation that's when inverters collimation that's when like the owners was like the government good when he's like fighting for for compensation when they took his property something like that isn't it yeah it's under eminent domain they didn't pay just compensation right okay mechanic's lien that's a type of lien they basically a contractor does when he's not getting paid or when he doesn't get paid good Soviet general lien are specifically did that will be a specifically good prepayment class that's a that's something that the borrower needs to pay if he pays the loan before the due date okay this should be easier one right real property yes basically anything that it's a movable by law okay good hold harmless clause um isn't it this when when it's like a protection for the broker if he's getting wrong information from the seller good you haven't studied good job thank you coast replacement approach this is for like new property okay good it's not new property it's like special property okay because that's like four line new construction - isn't it yeah you can use it for that okay listening that an employment contract from I mean it doesn't put a contract between the broker and the seller and the owner of the purchasing of the house to do what to find a buyer it's a bilateral unilateral that's our lateral they sure yes because I'm giving you a promise and I'm a fine a buyer and you gave me the promise to pay me basically what if it's an open listing it's an open listing it's a owner at all because there you go yeah so careful of that one yes yeah but you see kind of tricked you there right right you do you do so I guess the answer that when does it depend on the type of listing right right okay a Konami Oxford and that's when that's basically anything that happens around the property good encumbrances it's something affecting the property for title property they were doing great thank you constructive notice um constructive notice man this one's I don't know why this one it's real with me anything this way like constructive with it I have problems with it just means you're not actually confronting the person okay it's more roundabout way of notifying somebody okay okay less than three hold the state you're different yeah I understand what you're getting on with this that has to do with timeframes but what's the moment itself lease itself it's personal property excellent that's how I was looking for good all right okay sandwiches I haven't studied this one I don't know how I did you know the subleases yes it's like but okay alright that's all this it's just another way of saying a sublease just think that person in the middle he's a lessor and Alesi got it so he's on the middle like a sandwich okay building codes that's forming basically it's it's like the minimum requirement for like a building stuff like that right yeah it's a police power okay government powers Pete right good man alone Pete police power has cheat taxation and eminent domain nice good job thank you exclusive agency listing that's that's a type of listing that you need to be the recurring costs Wow because I mean either you need to be the recurring cost for the buyer but basically the yeah but the seller has the right to find their own buyer right which is why you need to be the pro current cause right so if you're not the seller could say I owe you nothing right right good negative amortization that's when you you keep making payments but loan doesn't go down basically right right because your parents are not covering the interest so it goes up right so straight knows when you're just covering the the interest so it's the same right yeah you know ghost lease that's the opposite of net lease it's basically that's when the one the owner pays for some for some payments of the of the lease the tenant pays a set amount right this is your tank or residential lease okay Sherman Antitrust Act it's in this for that's an act for like brokers to for kickbacks right isn't it no no that's RESPA so this is bigger than real estate this just has to do with free market competition all right I might stops things such as like price-fixing things of that nature okay okay like like a set Commission interest rate right we're saying like I'll take the south side of town you take the north side you don't come to my area I don't go to yours that kind of size okay that short rate um that's for like an insurance right good it just means that the pawza gets cancelled you don't get the full amount back okay okay okay a specific leads well as specifically it's basically like a mechanic's team right like Florida yes so that's an example of one but what they are is when they go after one thing specifically which alter property okay amortisation that's that's a way of making like installments or payments for Oakland isn't it yes it's yeah exactly this it's just a method of paying down the loan got it principle of regression that's when the value of property goes down right why I mean something affecting the area or like houses went down yeah the other robber is an area or lesser value right right good narrative appraisal that's the most detailed appraisal there is bang nice job thank you it has the statement of purpose right up there right market data cooperation approach dice like comparing to sold properties good you do it every day you go to the mall and you buy shoes right right right yeah so I learnt forgetting is you want to keep things simple while these concepts are not as common case people think right right yeah market date approach saying you know those Nikes are 100 hours on the store next door they're 90 I mean the one they're 90 you know that's all right basically duration that's warming that's simple basically that's when like the like the physical aspect of the property is going down good so it's one of the three forts of depreciation what are the other two depreciation that's that's the other one is absolute right yeah economic obsolescence and functional obsolescence function allowances 1031 tax the free exchange that's when you that's that's that's something that like investors use right when they want necessarily you and I could use it to that's like basically for you to from the money that you invested to get another property excellent good so you take the money you made from one property you put it into another you don't get taxed right okay and there's time frames your products to know for your exam that you want to look up okay time frame support that yeah like you can't just sell a property have the money and hold the money for like ten years oh I'll get you okay it's a little more complicated at and in fact in real life there's lawyer she's specialized in this okay okay but the gist of it to your point to keep it simple for now you take the money and you put it into another property right okay the simplicity that's the that's the that's the that guess that's like the most absolute state that you can hold right good yes exactly also knows fee simple absolute is it free of all encumbrances I know because uh because of me just because it's be simple stators I mean that a it's it's not real income business because there's always taxes right right Lee spenders that's when there's something pending good what spending like a court action that's like good right fit yeah it's literally Latin with a lawsuit pending okay fee simple the feasible arm that basically that that's like like if you own title but if you do something it goes back to the original owner good executor a contract that's when there's there needs to there's that's when performance needs to be made still excellent good so there's a lot of words here so we're going to try and answer them really quickly so try use one word like boom and then we'll move on all right got it yeah and if also that'll be a good skill for you to develop to really keep it simple okay you probably heard my videos before I'm always like keep it simple keep it right yeah puppy exaggerating excellent that was perfect I mean one of the things people like to say is if you could explain it in an elevator you truly understand it okay like into Lord towards yeah because you know when people don't understand stuff they'll say yeah it's like this and kind of whale sort up you know and right if you say like puffing yeah that means exaggerating BAM next what else gets you and that's also a good practice for selling real estate too I mean when you got clients who know nothing you want to explain things in a concise quick manner right okay without rambling and sound of confusing what's that thing if you use confusing words to explain confusing concepts you're just making it confusing you are mad or time real quickly basically that's quick attack quick title action ah release clause clearing title I'll clean tire off yeah but releasing well that works that works one owner boom perfect what's really fun you're gonna have only this one so that's just things that affect the value of the property things that need to be disclosed Oh like a leaky roof or something like that right right okay that those special effects always needs to be disclosed yeah there's things that need to be disclosed that are obvious that effective value the property like the best example is like a leaky roof okay got it so surprised but is rent yep price to buy my rent excellent it's a gross rent multiplier it's a good contract basically contractor it's ready to be signed no it's being performed it's being performed exactly all right that listing when you pay when you get paid any amount above anything like that you gave already two thoughts celery well it's above a set price okay value what the property is worth good so what I'm ready will enable buyer pays for it right okay it's the tricky thing here it's not what the appraiser says that's an estimate of value okay all right people mess that up a lot so careful that one write songs you know absolutes that's basically when there's three rooms in one garage I mean I'm in three rooms in the one bathroom good they make sure that title is clear pairing raise River personal property attached to real property right so first of all it becomes real property what's the lady's name we want you to remember Maria good what does that stand for I know it's allocation method adaptability relationship intention agreement say that right method adaptability relationship agreement intent on agreement intention agreement take kern estates to owners or three origins matter okay give me two examples of them tenancy incoming and and can I seen come in and the other owner you went over before Rob we did we do with it Tennessee coming in joint tenancy both nice the central elements are value essential elements of value I got back down on this woman I'm a stud stud there you go stud dust the stuff right yeah so was this if scarce ability your thing is called scarcity it's a scarcity try bill defines durability Tilly and Amit utility and Annette yeah say that as our city or scarcity and scarcity transferability utility in the mint excellent nice good job in pounds I'm gonna say about this one it's when the lender collects taxes and insurance okay in an impound account okay okay judgment lien ah justice mean that's a lien against the property from a court isn't it general or specific lien that's a specifically nope that's a general lien generally okay I mean they come after everything okay okay give me an example of a voluntary lien mortgage good excellent okay tenant improvement allowances that's what tenon makes when when he fixed this up the property basically good usually for commercial when they allocate certain amount of money to the tenant to make it more applicable to them right right okay what would make a contract void now having a legal purpose good that's a good example okay what's a dual agent one broker or representing buyer and seller are the same transaction good what's an appraisal it's a it's an estimated value good a balloon a balloon loan it's a a payoff of the loan but there still needs to be one last payment to be made isn't good so once you remember it's partially amortize alone okay okay okay Vol'jin avulsion when the land becomes separate when it's like a two-hour wait okay just tearing away the land by water good life estate it's an estate based on someone's life good eminent domain it's a government power when there is no will and they take it I won't it doesn't do it wills oh no no sorry sorry yeah um eminent domain that's when when they take the property and they pay you for it for a public reason good if they don't they thought inverse condemnation right and if they do they do something called condemnation right and equation right that's the payment oh good exclusive listing because listing isn't it the famous exclusive the agent listing does simply oh I'm sorry so you have you have listings you have exclusive listings and there's two types of exclusive listings exclusive a interesting exclusive right to sell right so what is exclusive mean exclusive it means one broker good that's it oh then you have under those exclusive right to sell an exclusive agency options this one exclusive authorization a right to sell right that means yes that means that the broker does not need to be the cost because for the house to to be so basically right if it sells you get paid no matter what and that's the standard one you're gonna sign okay okay principle progression principle of progression that's when the value of the house goes up or isn't it yes because it's surrounded by other nice houses right voidable contract ballet but can be buoyed good why give me an example like if like if I like it basically ie I put a gun and your head and tell you to buy it this property right because you're threatening me and putting me on a duress right good okay trade fixture for businesses a pertinent easement I benefit from you from basically going over your property well the easement goes with the property when it's sold okay okay you just described like an easement that's a type of reason that goes with the property okay subleases subleases i i i give my lease to someone else but I'm still responsible for it okay remember this the lessee is also a lessor okay you see right because he gives it to someone else right right and here's another thing you want to remember you transfer possession but not responsibility okay okay if you transferred responsibility it would be assignment an assignment okay okay which would be subject or right isn't it well no we're talking my lease is now we're not talking about all right okay loans taxation is one of the government powers what are the other three [Music] eminent domain is cheat and police power good panic peddling that's me telling the the like the owners of a home to sell their homes because there's like people coming in in in their City all right I say the example like you better sell because those people are moving to town right okay all right commingling mixing broke response way to clients money good RESPA it's a method of closing basically isn't it slower events kickbacks kickbacks okay all right accretion a Christian is the method of obtaining land okay test eight when someone leaves it will good as opposed to what interstate interstate it says that one there what's a deed a deed is a document that proves there's a transfer boom nice evidence to transfer great job the grant deed I grant deed it's like if I basically grind you something in it right so the word you want to remember it has won't implied warranties meaning it's implied that you have the right to sell the property okay okay as opposed to a quitclaim deed what's that how quickly indeed is release from the seller isn't it well it implies nothing as opposed to a grant deed replies you the right quitclaim deed is just signing something over okay that's why you do with like close friends or family things of that nature okay and uh quickly indeed will be used for what for like I sell up a house don't like that or just transferring ownership should not necessary sale but like a father putting the property in the son's name okay all right and there's many examples because thing you have to remember it's just immediate transfer okay okay compensation income approach that's when you try a new I got stuck with this one when you try to get the value of the house from compensation isn't it converts income into value okay State for years as an estate that Google from the safe from May to like September good fixed period of time all right title title is ownership good cloud on title you're something wrong with the title right it's not clear ruins it good right leverage it's the method of borrowing money and increasing yours using other people's money okay steering steering is do that's when you direct purchasers to like in specific area good it's another for discrimination what you guys you're one of those people you should live here right right America with Disabilities Act that's a act to not discriminate against people that have disability good until you see it in public buildings with ramps and handrails and elevators and whatnot right right fair housing that's a act who to basically give fair estimates to everyone to the US okay what year did it come into play 1986 1968 1968 oh my god I mixed up the master numbers yeah don't worry unilateral contract when there's one promise only excellent a lot of people say one person but you know you said it great about to my promises because if there's one person you wouldn't need a contract it at all right right by prescription that's that's the right to go over someone's property good but you got it by doing it for a certain amount of time that's important part it's the time right it's for five years in it yeah and each state is different but the important part is the time okay okay all right so you did great with that blockbusting blockbusting is me telling the sellers to sell their house because there's a specific race moving into the area good same as panic palette right statute of frauds that's four contracts to be in writing nice even and gross that's for like our utility company good construction loan that's a short-term loan isn't it yep also known as a and interim loan oh yes give me an example the involuntarily taxes and stuff like that yeah good give me two examples of police power Sony good and I would say taxation no dope okay building closets building codes there you go okay give me an example of a bilateral contract listing arm exclusive right to sell listing excellent call yourself there right thank you when the value of the house goes down okay good depreciation depreciation as opposed to appreciation Hausa appreciation when the value of the house goes up yep actual fraud what's another word for actual fraud actual fraud isn't it for like mister protection that's telling actual fried lying lying right you guys straight up you're just lying right right as opposed to miss orientation that it could be unintentional exactly so it's a big difference miss orientation you can better define by whoops right right my bad you know contingency clause there's a contingency like if I need to do something basically right isn't it yeah and get a loan can appraisal get inspection things of that nature okay littoral rights leak Emma it's not Lake forever those are memory techniques which are good it just has to do with body water moving versus body water sitting still okay okay so no property is movable is it always movable it could be a fixture yeah no it could be something that it's like attached to is it's a dentist's chair personal real property that's personal property is it movable no good I mean yes no mean yes so that's an example of personal property that's not movable does it bolt it down right okay just remember personal property goes to the person real property goes to the real estate okay the pregnant is I put into this opportunity like you take like an opportunity to say something isn't it like no there's things that go with the property remember that easement appurtenant right okay yeah yeah okay fiduciary that's the right to disclose to the buyers so it sounded basically anything it's just showing loyalty to the to your client okay it's not just real estate has to have lawyers other elements to okay I mean they're interested above your own essentially right right statute of limitations that's accessible issues is for like a creased something for like a specific way of time right good panic selling is similar to two other words we went over yeah it's basically utility like the sellers to sell which is close to like a steering and blood busting I was looking for blockbusting and panic peddling okay which are both violations of fair housing all right okay got it this stated sufferance the owners offering because because the tenant is staying longer than what the lease says good and it's a type of less than freehold estate which is for like a specific period of time good as opposed to a a freehold estate which is for indefinitely it for your time okay you're doing awesome Thank You Man appreciate hey liens liens money anything have to do with money good estate it well instead away like Amelia it could be terminated at any time good it's a type of at least less than free all the state okay right okay periodic tenancy a month-to-month just have two months and months ah when could it be weird week yeah yeah yeah yeah it could be like day-to-day to do something good like a hotel right okay yes the typical ones months month bundle right that's the right to sell and enjoy do anything whatever you want with the property basically good down zoning from commercial to residential good take out loan that's for like a construction right it's the long-term loan long-term loan also the construction ends okay got it interest interest is when you borrow money basically and you gotta pay someone for most of the money yeah it's like rent down money right abstract a title summary boom awesome plot edge when you combine two properties right I use the example of one plus one equals three right yeah okay okay in the the base example is if I want a parking lot and you own a store both of our areas are worth something but if we combine it'll be worth a lot more because you need to park a lot and I need a reason to people to park okay got a stencil is already okay that way yeah I have it on that's the same as a parent Authority it's just your actions you're given authority by your actions okay I can imply yes as opposed to actual Authority where it's signed okay I got it you give me an example of a credit to the seller one of property sells like prepaid taxes BAM they ain't even studying give me an example that debit to the buyer debit to the buyers to self it's a sales price good yeah the house itself right what's a holographic will holo graphic well I believe it'll well I mean of course it's a well I don't know what what holo replica is done it means in writing okay all right how long after we own writing okay variance it's a variance it's when you try to get something of proof but basically like like an exception good yep it's an exception to the rule right grandfather clause a non-conforming class well it just gives you the right to what to use the property or basically have the property how it would be good if you don't have to like you're like things whatever yeah okay injunction sorry you got stuck okay yeah and injunction um that's you that's like a like a portable process when you telling someone to not do something yeah it's a court order to stop right okay okay Aldrin acknowledgement that's you acknowledge to something that that's like in writing no like basically you telling like you you like that like acknowledge I don't know I don't know how to explain it I mean I know what it is I just know how to explain it okay it's been put in writing that you're aware okay chain of title that's a record of all the owners good that used to own title and that property good see actual notice that's she like him writing right like you're telling someone but you gave a notice like you actually give me notice good tanti in common no write-ups a brothers good principal contribution that's like if you add something to the properties in it good like a swimming pool that adds about you okay interim occupancy agreement like in landfills nope that just has to do with if closing in possession do not take place at the same time okay like if you tell like if you're selling the property and you tell and the buyer asks you to move in before the actual yeah exactly so you can form an agreement okay okay what makes a VA loan special there may be no about payment good what's Joe juris mayor and that to this close although that that's the court case that gave way to fair housing in 1968 okay so basically Jones was the rain is fair Carol yeah yeah it's the court case that gave birth to fair housing okay percentage lease that lease is used for businesses or like the sales percentage of the gross receipts right alienation of title alienation of title instead of when you like get possession of title no you get rid of it all the way around oh okay so it's like the opposite okay yeah radiation and scary okay prepayment penalty that's a penalty the borrow needs to pay when the day before the due date good FHA that's an insurance for lenders good that's a type of insurance isn't it no it's truth-in-lending it just makes sure it's honors disclosure about loans okay I don't think she's a win like all time was called no general agent general agent when you represent both I donate it's when it's when you have more than one responsibility and it's continuous like a property manager oh okay okay okay as opposed to a special agent which is more like a real estate agent right who does one thing specifically and after that things done they move on like a buyer's agent Lee's danijon right right they do whatever their contract did you do and then they're done okay principle substitution principle of something we're supposed to tradition um Matt I guess not with this one it's just when you can replace something of equivalent value all right right okay zoning that's SEP like separating like a gas station from like eight house right all right and it's a police power okay subordination Clause like your subordinate to something like right to do right so the second loan takes priority okay right okay probate man I know this one just selling the property of a deceased person when there's no heirs okay okay encroachment you you might what's that say it again like of your neighborhood um like if you neighbor a trespass you like property right good trespass good obligatory advances okay I've never seen that word that's just when you get different amounts given to you at different stages of construction so when you build the floor you get a certain amount when you build the roof you get a certain amount it's for a golf Junction okay escrow they're a party right it's a neutral third party good codicil I knew this one I started this one yesterday but I forgot already it's an amendment to a contract I meant meant to a contract let me do it will ya okay deposit it shows the seriousness of the buyer excellent surrender uh it's when you serve like surrett when you like give the property away or something like that good yeah you see a lot with leases just give it up right subject to some subject who means that you give it to someone else but you're still responsible for it yes whereas assume the new persons responsible right which is this one here good suit the buyers responsible okay easement each meant um that's a I mean isn't it like the right to use them as property still yeah the right to cross somebody's property to get your own okay there are types of easements where you don't need to get to another property [Music] yes even and gross Ringo's right okay okay constructive fraud constructive fraud um it's not when it's like when you don't know or you like try to like a boy something like if they'd ask you about the room and you don't ask about the room that's negative fraud or negative constructer fries when you make a mistake there's no intention okay so like okay negative fraud if they said what's going on the roof and you were like oh isn't it a nice day outside today okay okay constructive eviction likely they tell you but it's not like in writing or or always by like it's hard to make the property unlivable like actions is a good way to say it like I turn off the heat if you live like in a cold area okay all right you make it unlivable abandonment when you have blame cut yourself coming back okay good you leave estoppel statement stop it's not like when that's like something that prevents you from changing your mind basically isn't it exactly good okay in last release agency you can see that's the like the type of contract between you and and the buyer or seller isn't well it's more the relationship and you hear that term a cold accountability confidentiality obedient sleep loyalty and disclosure okay and that is also you have the right to represent somewhere right isn't it right then you get into dual agency especially in C but the word agency as a whole just means you know it's it's a form of a relationship okay and there's different types of agencies okay all right you did awesome if you don't pass I'll cry I hope somebody this is my third time a be studying more than I have ever before yeah you did you did great if you have any other questions let me no I gotta get to the next appointment now okay but we managed to get through all of it and a little over an hour so I was really good appreciate it okay good job all right don't thank you very much appreciate it you're welcome touch it in all right