Chapter 6 Objectives Objectives Define the types of listing agreements and buyer representation agreements Define the types of listing agreements and buyer representation agreements List the legal ways to terminate a listing or buyer representation agreement List the legal ways to terminate a listing or buyer representation agreement Be able to complete a comparative market analysis Be able to complete a comparative market analysis Explain the listing process and the process to obtain a signature on a buyer representation agreement Explain the listing process and the process to obtain a signature on a buyer representation agreement

Chapter 6 Types of Listing Agreements Types of Listing Agreements Exclusive right to sell Exclusive right to sell Exclusive-agency Exclusive-agency Open Open Net (Illegal) Net (Illegal)

Chapter 6 Role of MLS in listings Role of MLS in listings Termination of listings Termination of listings Mission accomplished Mission accomplished Expiration Expiration Destruction of property Destruction of property Transfer of title Mutual agreement Transfer of title Mutual agreement Death of one party Death of one party Breach of contract Breach of contract

Chapter 7 Objectives Objectives Describe the limitations on rights of ownership Describe the limitations on rights of ownership Explain the rights and limitations for all types of land estates Explain the rights and limitations for all types of land estates Define encumbrance, littoral and riparian rights Define encumbrance, littoral and riparian rights Describe the types of easements, how they may be created and terminated Describe the types of easements, how they may be created and terminated

Chapter 7 Limitations on Ownership Limitations on Ownership Police Powers Police Powers Eminent Domain Eminent Domain Taxation Taxation Escheat Escheat

Chapter 7 Estates in Land Estates in Land Freehold estates Freehold estates Fee simple absolute Fee simple absolute Fee simple defeasible Fee simple defeasible Condition subsequent – right of reentry Condition subsequent – right of reentry Special limitation – possibility of reverter Special limitation – possibility of reverter Life Estate Life Estate Dower – estate of a wife husband’s real estate Dower – estate of a wife husband’s real estate Curtesy – estate of husband is wife’s real estate Curtesy – estate of husband is wife’s real estate Homestead – estate in family home Homestead – estate in family home

Chapter 7 Encumbrances Encumbrances Liens are monetary encumbrances Liens are monetary encumbrances Deed restrictions (Covenants, conditions, etc.) Deed restrictions (Covenants, conditions, etc.) Easements Easements Types Types Appurtenant Easement Appurtenant Easement Easement in gross Easement in gross Party Wall Easement Party Wall Easement Creation of an easement Creation of an easement By necessity By necessity By prescription By prescription By Condemnation By Condemnation

Chapter 7 cont… Termination Termination Purpose is gone Purpose is gone By merger By merger Abandonment Abandonment Nonuse Nonuse Adverse possession Adverse possession Destruction of servient tenement Destruction of servient tenement Lawsuit Lawsuit Change of use Change of use Water Rights Water Rights Littoral Littoral Riparian Riparian Doctrine of prior appropriation Doctrine of prior appropriation

Chapter 7 cont… Terms Terms Accretion Accretion Erosion Erosion Avulsion Avulsion Spot Survey Spot Survey License License