exclusive agency

 broker gets at least a portion commission only if another broker sells

  Notice statutes

 earlier purchaser prevails if subsequent purchaser had notice

estoppel by deed

 if property is conveyed that grantor doesn’t own, grantor is estopped by that deed to claiming ownership

   Race statutes

 person who records first prevails

Wild deeds

1  record too early

2  record too late

Types of brokerage agreements

(1)      exclusive right to sell

(2)      exclusive agency

(3)      open or non exclusive

 Sales Contract requirements

a)        Agreement to convey title at a future date

b)        earnest money deposit

Essential terms of deeds

a)        Parties

b)        describe the property

c)        grantor’s signature

d)        intent of grantor to convey

a)        Race statutes

b)        Notice statutes

c)        Race-notice statutes

Chain of Title Problems

a)        estoppel by deed

b)        Wild deeds

Breach by  Fraudulent Nondisclosure

a)        false statement concerning material fact

b)        person making statement must know it is false

c)        statement must be made to induce action

d)        injury to induced party

Elements of  breach by Misrepresentation in real estate transactions

a)        must be false when made

b)        same elements as fraud

c)        must be of a fact and not of an opinion

open or non exclusive

broker gets commission only if the sell the property

exclusive right to sell

broker gets commission regardless of who sells property

 Race-notice statutes

earlier purchaser prevails if subsequent purchaser had notice of ownership and deed was recorded