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Comprehensive exam Study Guide
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agent - ANSworks for a client giving advice and with a customer giving information agency - ANScondition which legally exists when a principal contracts with an agent to perform on his behalf. universal agency - ANSauthorizes an agent to handle matters of all types for the principal. Requires power of attorney general agent - ANSauthorizes an agent to transact matters concerning a specific area of business for the principal. example: managing several investment properties specific agent - ANSrepresents the principal for a specific act only, such as the sale of a house express agency - ANSbased on a formal agreement between parties in which the parties express the establishment of an agency and state the terms and conditions EX. listing agreement implied agency - ANSoccurs when parties act in such a was as to indicate that they have agreed to an agency fiduciary relationship - ANSbased on trust and confidence EX giving power of attorney fiduciary responsibilities - ANSOLD CAR obedience, loyalty, disclosure, confidentiality, accountability, reasonable care duties owed to the customer - ANSthe person you do not represent, owe them honesty and fairness termination of agency - ANSdeath or incapacity of either party destruction or condemnation of property expiration of terms by mutual agreement renunciation by the agent (fire each other) bankruptcy of the principal fulfillment of purpose designated agent - ANSperson authorized by the broker to act as the agent of a specific principal sub agency - ANS(not in La) salespersons are general agents of the broker, and therefore owe fiduciary duties to the broker. a cooperating broker may also be a subagent of a listing broker dual agency - ANSthe act of representing 2 principals to a transaction at the same time and require equal loyalty to both. undisclosed dual agency - ANS(illegal in La) may occur unintentionally by either carelessness or misunderstanding disclosed dual agency - ANSrepresenting both the buyer and seller in the same transaction with the informed consent of both
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agency disclosure brochure - ANSmust be signed by the client and agent before an agent may show a property Pertinent material facts and defects - ANSan agent must fully disclose that he knows to be present in the property he is showing latent defect - ANSa hidden structural defect that would not be discovered by ordinary inspection fraud - ANSthe intentional misrepresentation of a material fact negligent misrepresentation - ANSoccurs when the agent should have known that a statement about a material fact was false negligent omission - ANSthe agent accidently fails to perform some act, such as delivering a counter offer puffing - ANSexaggerating a property's benefits such as views or landscaping. an opinion agent may be - ANSemployee of a broker or an independent contractor exempt from licensing - ANSfor sale by owner executors, administrators, guardians attorney lending institution city, state, federal appraisers, trustees (la) appraisers must have license environmental hazards - ANShazards you must disclose. option (unilateral contract) - ANSa right extended to purchase real property for a specified amount within a specified period of time. If the second party accepts, the offerer is obligated. Must be signed by one. void contract (La null) - ANSno contract at all. does not conform with law voidable contract (La relatively null) - ANSa contract that is still binding, but is flawed offer and acceptance - ANS"meeting of the minds" offerer makes and offer and offeree accepts or rejects constructive communication - ANSwhen an offerer specifies the means by which he wants his offer accepted. legally binding as soon as the offeree follows offerers directions actual communication - ANSwhen the offerer receives written or oral communication of acceptance Valid contract in La must have - ANScause, even if money is involved. promise is considered to be sufficient cause lesion beyond moiety (la) - ANSif property is sold for less than 1/2 of the market value at the time of sale
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installment sale, land contract, contract for deed - ANStype of owner financing in which the owner retains title to property until paid for. buyer receives equitable title to the property (la bond for deed) lease - ANSboth a contract and a conveyance notice of offer and acceptance - ANSby signing the purchase agreement, he is accepting the offer and the contract is valid equitable title - ANStitle transfers upon delivery and acceptance of a deed. after both buyer and seller have executed a sales contract, the buyer's interest in the property civil rights act of 1866 - ANSprohibits any type of discrimination based on race fair housing act of 1968 - ANSforbade discrimination of sale, rental and financing of housing and in provisions of brokerage services on the basis of race, color, religion or nationality. sex was added in 1974 equal opportunity poster - ANS1972 amendment to the fair housing act familial status - ANSone or more individuals who have not reached 18 being domiciled with a parent or another person who has or is seeking legal custody. housing for older persons - ANSoccupied solely by persons age 62 or older or occupied by at least on person 55 or older per unit is exempt from familial status 7 protected classes - ANSFRESH CORN familial status, race, e, sex, handicapped, color, o, religion, national origin blockbusting - ANSinducing panic selling for financial gain by insinuation that a minority group is moving into the area steering - ANSchanneling home seekers to or away from a particular area based on race, color, religion, sex or nationality redlining - ANSrefusing to make loans or issue insurance policies within certain areas that are considered to be had risk areas HUD - ANSdepartment of housing and urban development. exemptions to fair housing act - ANSsale or rental of single family home, when home is owned by an individual who does not own more than 3. a broker or salesperson is not used. fair housing act remedies - ANScivil penalties not exceeding $11,000 for first offence may include actual damages, injunctive relief and other equitable relief 3 components of real estate - ANSland improvements plants, trees and crops physical characteristics of land - ANSpermanence or indestructibility, its mobility, its complexity and its uniqueness real property - ANSresidential, agricultural, commercial, special purpose (church,school), industrial
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economic characteristic that influence the value of land as an investment - ANSscarcity, modification, fixity of investment, situs fixity of investment - ANSimprovements on the land represent capital invested on the land (long term investments) situs - ANSpositive factors may include safety, low traffic volume, accessibility, schools, stores etc mineral rights - ANSowner's rights to things below the surface of the property (la ten years is the maximum amount of time that you may retain, if there has been no activity.) riparian rights - ANSrights that apply to land adjacent to running water. allow owner to use and enjoy, within reasonable limits, navigable waterways - ANSthose accessible to commercial boat traffic are publically owned. the land adjacent, ownership stops at waters edge non navigable waterways - ANSdoes not stop at waters edge own up to midpoint or from bank to bank, if the waterway runs through property Doctrine of prior appropriation - ANSthe right to use water for any purpose other than limited domestic use. (where scarce water is) littoral rights - ANSownership usually extends to the point of high tide. owners may not infringe the natural movement of the waterway improvements - ANSany permanent, man made attachments or additions to the land (la) separate immovable or movables - ANSimprovements which are not owned by the land owner of the and are known as ex. walgreens, dollar general fixture (la component of attachment) - ANSan item of personal property which has been permanently attached to real property such that it is considered part of the real property. ex. faucet disagreement over fixtures - ANSagreement between parties, method of attachment, intention of the party doing the attachment, adaptability of the attached object to the property severance - ANSan item of real property may become personal property by severance ex. a tree is real property until it is cut down by the owner, at which time it becomes personal property. annexation - ANSwhen something changes from personal property to real property ex. plants trade fixtures - ANSthings attached to real property for the purpose of carrying on a business ex. barber chair fructus naturales - ANSfruits of nature, naturally growing things are considered real property fructus industriales - ANSfruits of industry or emblements, ex farm crops (la crops will be considered movable or immovable) bundle of rights (la usus, fructus, and abusus - ANSright to build, sell, lease, mine for minerals, plant and harvest crops
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time share - ANSowner has fee simple ownership for a specific period of time trusts - ANSan ownership arrangement in which property is held by one party for the benefit of another. Trustor - ANSconveys title to trustee trustee - ANSowns the property for one or more people beneficiary - ANSOne who benefits from something; a person who is left money or other property in a will or the like right of disposition - ANSbasic rights to freehold ownership valid deed - ANSmust be in writing, grantor must be identified by name and marital status, must be competent, legally of age, grantee must be identified by name and marital status and capable of holding title, statement of some consideration, property must be accurately described (la) amount must be included in deed - ANSto avoid suit of lesion beyond moiety, because of forced heirship laws types of deeds - ANSwarranty deed, quitclaim deed, bargain and sale deed warranty deed - ANScontains covenants (promises) of warranty. it guarantees that the title it conveys is good general warranty deed - ANSgrantor certifies that the title he is conveying is free of defects which may have arisen either before or during the time owned the property special warranty - ANSgrantor guarantees the condition of title only for the time he actually owned the property quitclaim (la sale without warranty) - ANSgrantor simply relinquishes any claim to title which he may or may not have had bargain and sale - ANSguarantees more than the quitclaim, but not as much as warranty deed. does not imply title is good vesting clause - ANSidentifies the grantor and grantee, may include their addresses habendum clause - ANSspecifies the type of estate being transferred, that is fee simple, life etc also lists any warrants, covenants or promises involuntary transfer - ANStitle to real property may be transferred involuntarily, or without the owner's consent examples of involuntary transfers - ANSeminent domain, expropriation(la), escheat, adverse possession condemnation (la expropriation) - ANSgovernments right of eminent domain is expressed through court action known as escheat - ANSwhen an owner dies without leaving a will, without heirs, his property title reverts to the state. state owns up to 20 years or until an heir claims it adverse possession (la acquisitive prescription) - ANSthe acquisition of title to property by possession of property for a statutory number of years. 5- 30 years or determined by state law
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testate - ANSperson who dies leaving a will legatee - ANSone who inherits property in a will statutory will - ANSformally prepared holographic will (la olographic) - ANStestor's handwriting probate (la succession) - ANScourt proceeding designed to establish the validity and authenticity of the will intestate - ANSperson dies without a will (la) forced heirship - ANSmust leave a certain portion of their estate to their children (forced portion) transfer by accession - ANSthe acquisition of real property interests through natural or artificial causes or acts of God accretion - ANSgradual, physical increase in the size of property as a result of a natural process alluvion - ANSaction of water,flood erosion - ANSloss of property attachment - ANSreal property interest may be gained, lost or transferred by artificial means (fixtures) constructive notice - ANSNotice given by recording a document or taking physical possession of the property. actual notice - ANSThe actual knowledge that a person has about the existence of a particular fact. abstract of title - ANSbrief summary of all recorded instruments which have affected the title chain of title - ANScontinuous linking of owners stretching back to the time when the land's first owner received it certificate of title - ANSafter abstract is done, given by attorney. attorney's written opinion, attached to abstract title insurance - ANSavailable to anyone. protects owner and lender against possible claims by third parties. only protects against the past not the future mortgagees or lender's policy - ANSprotects only the amount owed on the loan mortgagor's or borrower's policy - ANSgood for full amount of coverage, for as long as the owner or heirs have interest in the property encroachments - ANSUnauthorized physical intrusion that encumbers the land of another. An encroachment is a trespass if it encroaches on the land ( a fence, shed, or driveway) encumbrance - ANSanything that diminishes a person's rights of ownership. a burden police powers - ANSgovernments power to enact and enforce laws to protect general public types of zoning - ANSdirective zoning, protective zoning, nonconforming use, down zoning, building codes zoning regulations - ANScontrolling the use of land to protect property values
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easements - ANSgrants a designated person the right to use a portion of land of another for a specific purpose....grants right of way....grants only interest not rights servitude (la) - ANSgrants much broader rights than the common law easement. a charge or burden on something for the benefit of something else easement appurtenant - ANSAn easement which is annexed to the ownership of one parcel of land that allows one party the use of his or her neighbor's land and which runs with the land when the title is transferred to another party. easement in gross - ANSAn easement for the benefit of a person or utility company rather than for the benefit of adjacent landowners. personal servitude - ANScharge on a thing for the benefit of a person. three types. (1) usufruct, (2) rights of use, and (3) rights of habitation. termination of easements - ANSby merger (la confusion) license - ANSoral agreement granting the short term use of real property. license grants privilege, easement grants a right. land description - ANSmetes and bounds, rectangular survey, lot block and track metes - ANSrefers to the units of linear measure used to determine distances. starts a POB rectangular survey system (government) - ANSvertical lines (principal meridians)-36, horizontal lines (baselines) 32 property description - ANSstart with state, parish, etc irregularities of measurement - ANSare added to or subtracted from the dimensions of fractional sections. north and south irregularities - ANSabsorbed by north border fractional east and west irregularities - ANSabsorbed by west border fractional lot, block, and tract (subdivision method) - ANSA type of property description using approved subdivision maps. 1 acre = - ANS43,560 square feet 1 section= - ANS1 square mile arpent - ANS192 feet x 192 feet or 5/6 acre certified market analysis CMA - ANShelp salesperson determine a listing price for the seller. not a formal appraisal but it uses the same principle. market value - ANSalways refers to future, most probable price in terms of money which a property should bring in a competitive and open market market price - ANSamount that is actually paid or about to be paid market cost (cost to build) - ANSrefers to the past DUST - ANSdemand, utility, scarcity, transferability demand - ANSdesire to purchase along with the ability utility - ANSIs it useful? does it satisfy a need? transferability - ANScan it be conveyed or transferred from one person to another
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basic principles of value - ANSanticipation, balance, change, competition, conformity, contribution, substitution anticipation - ANSperception that value is created by the expectation of benefits to be derived in the future balance - ANSproperty values are maximized when all of the factors of production are in balance or proper proportion. capital, management, labor and land change - ANSchanges in physical, social, economic and government forces. continuously effect the value of property conformity - ANSmanner and character of structures are in harmony with one another (subdivision restrictions) contribution - ANSvalue of a particular component is measured in terms of its contribution to the value of the property. ex swimming pool substitution (sales comparison approach) - ANSwhen several similar commodities, goods or services are available agents of productivity - ANSlabor, management, capital, land DUST creates value - ANSdemand, utility, scarcity, transferability influence value - ANSsocial trends, economic and financial factors, gov control, env conditions assemblage - ANScombining 2 or more lots into one large parcel plottage increment - ANSincrease in value. the result of assemblage cost approach - ANSestimate value by adding the depreciated replacement cost or reproduction cost o the improvements to the value of the land if vacant reproduction cost - ANScost at current prices t produce an exact duplicate replacement cost - ANScost at current prices to replace a building with one of equivalent value. replacement is usually lower curable - ANSamount of money spent on repairing is equal to or less than the resulting increase in value incurable - ANSamount of money spent on repairing is more than the resulting increase in value physical - ANSalways curable, wear and tear, structural defects functional - ANSchange in what people want, sometimes curable ex. shotgun house external - ANSnever curable. loss in value caused by unfavorable economic influences sales comparison approach - ANSbased on principle of substitution. the value of the subject property is relative to the cost of acquiring an existing property with similar utility income approach (investors) - ANSseeks to estimate the present worth of a property's expected future income and is used for appraising income producing properties property's value is expressed - ANSIRV formula Net annual income/capitalization rate x value
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deed in lieu of foreclosure (la dation en paiement) - ANSborrower sells the property to the lender in return for lender cancelling note conventional loan - ANSnon government government loan - ANSbacked loans underwriting or loan qualification - ANSdetermine the risk a lender is incurring by lending a sum of money 3 areas to look at when underwriting - ANSborrower, property, location of property evaluation of property - ANSappraisal and title report evaluation of location - ANSadequate utilities, street paving and proximity of schools, churches, shopping and rec facilities. loan to value ratio - ANSrelationship between he amount of down payment and amount of loan LTVR - ANSdivide amount of loan by either appraised value or the selling price, which ever is less conventional loan ins - ANSany loan approved for more than 80% LTVR must have PMI mutual mortgage ins fund (fha) - ANSMMI insure private lenders against losses caused by borrower defaults FHA and VA - ANSnot really loans, they are loan ins Veterans - ANSpay no insurance premium and do not require a down payment entitlement - ANSloan guarantee amount interest - ANScalculated on a yearly basis monthly interest - ANSmultiply the interest rate by the principle balance and divide by 12 discount points - ANSDollar amount of points = Points % X Loan Amount blanket mortgage - ANScovers several properties but each may be released from the mortgage separately package mortgage - ANSsecured by both real and personal property. wrap around mortgage - ANSused for owner financing and is originated by a second lender combining equity and money owed into a second mortgage straight loan or term loan - ANSpayments of interest only for the term of the loan. entire principle due at end fully amortized loan (direct reduction loan) - ANSfeatures a schedule of equal payments consisting of both principle and interest adjustable rate mortgage (variable rate) - ANSinterest rate fluctuates according to some external index, such as open market interest rate. reverse mortgage - ANSborrow equity without taking a second mortgage 62 years or older mortgage brokers - ANSdo not use their own funds, find money to lend, intermediaries between borrower and lender, does not service the loan
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mortgage banker - ANSset up loan, transactions using their own capital, and also service the loan Fannie Mae (federal national mortgage association) - ANSFNMA conventional and FHA and VA back loans Ginnie Mae (Government national mortgage association) - ANSGNMA acquires loans for urban renewal projects, housing for elderly, assist with low and moderate income households Freddie Mac (Federal Home Mortgage Corp) - ANSbuys mortgages from institutions and supplies them with cash to originate new mortgages. government owned Maggie Mae (Mortgage guaranty mortgage corp) - ANSMGMC private organization which specializes in buying and selling mortgages and is financed by private funds truth in lending law is - ANSenforced by regulation z regulation z establishes - ANS3 aspects of the lending process: disclosure of loan cost (within 3 days of app), borrowers rights of rescission, fair advertising practice Respa - ANSreal estate settlement procedures act respa covers - ANSdisclosure of settlement costs, the expenses a buyer must pay at closing before he receives actual possession of the property respa requirements - ANSlender must prepare good faith estimate of closing costs within three days of loan app, borrower must be given a copy of HUD's uniform settlement statement, no kickbacks or fees for services not performed during the sale closing Not tax deductible - ANShome owners ins, improvements tax deductions - ANSmortgage interest on 1 and 2nd homes, real estate taxes, loan discount points, loan prepayment penalties capital gain - ANSthe profit realized from the sale or exchange of an asset penalties for non compliance - ANS$10,000 fine for each day the violation continues RESPA regulations - ANSapply only to transactions involving new first mortgage referral loans for one family to four family dwellings allocation of customers or markets - ANSagreement among brokers to divide their markets and refrain from competing for each others business price fixing - ANSconspiracy among brokers o set prices for their services, rather than negotiate such fees boycotting - ANStwo or more businesses conspire against other businesses to reduce competition sherman antitrust act violation - ANSmaximum $100,000 fine and three years in prison duties of a property manager - ANSto produce best possible net operating income, to maintain and increase the value of the principals investment lessee - ANScontracts to pay rent to the lessor, lessor conveys an interest in the property to the lessee Gross lease - ANSknown as the fixed lease, straight lease and flat lease
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Regulation Z dictates - ANSDisclosure Requirements in Credit Transactions, including the disclosure of the Annual Percentage Rate (APR) Regulation Z applies to: - ANSALL REAL ESTATE credit transactions except for commercial loans. For non-real estate transactions, it covers up to $25,000. The Cooling Off Period is a condition of: - ANSRegulation Z. It gives the customer the right to rescind the transaction for up to 3 business days following the transaction for liens placed on a principal residence. RESPA stands for - ANSReal Estate Settlement Procedures Act RESPA requirements include: - ANS1) Lenders must give borrowers a good faith estimate of closing costs.
- Lenders must give borrowers a HUD booklet describing closing costs, settlement procedures & borrowers rights.
- Closing agent must prepare a HUD stmt detailing how much was paid to what companies for what services
- Borrower must be given right to inspect HUD stmt 1 day before close.
- Lenders & other parties must give full disclosure of all business relationships.
- Lender must disclose to borrower if the loan is likely to be sold to another investor. RESPA prohibits: - ANS1) Kickbacks & fees for services not performed in connection w/ the closing
- It limits the amount of escrow reserves a lender can hold
- The sale may not be on the condition on the use of a certain title co or escrow co. chosen by the seller. Annexation is - ANSthe act of bringing something or putting something on the land. When determining annexation, value of the item is RARELY considered. The RELATIONSHIP if the parties is more important. Doctrine of Emblements - ANSsays that a TENANT farmer may return to pick the 1st crop after the land has been sold. Fixtures - ANSMan made attachments Bundle of Rights - ANS1) Right of use
- Right of enjoyment
- Right of disposal Riparian Rights - ANSRights of the landowner ADJACENT to a river Remember "R" - riparian/river Littoral Rights - ANSrights of a landowner adjacent to a lake Remember "L" - Littoral/Lake Appurtenances are rights that go along with real estate and include: - ANSAir Rights, Water Rights, & Mineral rights to name a few.
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Fee Simple (also called Fee Absolute) - ANSThe best interest in real estate recognized by law; it represents the most complete ownership. Life Estate - ANSThe estate CANNOT be passed on to the life estate holder's heirs. Pur Autre Vie - ANSA life estate that is dependent up the life of another. Estate for Years is a type of leasehold that: - ANSHas a specific expiration date or specific term. Period to Period is a type of leasehold that: - ANSHas no specific expiration but the length is specified (like a month to month lease) Joint Tenancy - ANS2 or more ownership holders own a fraction of UNDIVIDED interest. Rights of survivorship apply. The types of deeds are: - ANS1) Warranty Deed
- Special (or limited) Warranty Deed
- Quitclaim Deed
- Special Purpose Deed
- Transfer on Death Deed. Warranty Deed - ANSOffers the greatest protection that a deed can give. Special Warranty Deed (Limited warranty deed) - ANS1) Owner warrants only that he has not done harm to the title
- Covers only the period of time when the sellers owner the property. Quitclaim Deed - ANSThe seller agrees to convey whatever interest, IF ANY, they have in the property. The reason a deed is recorded is - ANSfor protection against a third party. Elements necessary to a valid deed: - ANS1) signed & acknowledged by grantor
- Lists marital status of the grantor
- Use words of conveyance - also called a granting clause
- Names & addresses of grantees
- Acknowledged by Grantor in front of Notary Public
- Signed in front of two witnesses (in most states)
- Legal description
- Delivery & acceptance of deed Lot & Block System - ANSSubdivision Alluvium (also Alluvion) - ANSThe soil on a shore or bank of a river Lis Pendens - ANSA pending notice of a lawsuit giving notice of a possible claim to the property Writ of Attachment - ANSA document filed during a lawsuit that prevents a debtor from conveying the property Market Price - ANSWhat the property actually sells for The 3 approaches to value are: - ANS1) Market Data Approach (single family homes)
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- Allocation of the market Exclusive Right to Sell Listing - ANS1) Only one broker is authorized to sell
- the broker receives a commission no matter who finds the buyer Open Listing - ANS1) Any # of brokers may be retained
- The broker who sells the property receives the commission. After a purchaser signs a sales contract, the salesperson must do which of the following? 1 Keep the original contract & give the purchaser a copy the next day.
- Give the purchaser a copy immediately
- Mail the purchaser a copy after the statutory 3 day cooling off period
- None of the above - ANSAnswer: 2, Give the purchaser a copy immediately Which one of the following is NOT real property? 1 Wall to wall carpeting installed over plywood subfloor 2 Built-in dishwasher 3 drapes 4 sump pump - ANSAnswer: 3, Drapes An unlicensed admin for a property manager can ONLY do which of the following tasks? 1 Collect rents 2 Publish a listing 3 Take a listing 4 Negotiate a contract - ANSAnswer: 1, collect rents All of the following are examples of a specific lien, except: 1 Property Taxes 2 Judgment 3 Mechanic's lien 4 Mortgage - ANSAnswer: 2, Judgment Baker conveys a life estate to her grandson & stipulates that upon her grandson's death the title will pass to her nephew. What is the nephew's interest called? 1 Estate in reversion 2 Estate for years 3 Estate in Remainder 4 Periodic estate - ANSAnswer: 3, Estate in Remainder If a spouse owns a parcel of land separately, the spouse is said to own it: 1 As a joint tenant 2 As a tenant in common 3 As a tenant by the entireties 4 in severalty - ANSAnswer: 4, in severalty Taxes are levied on a property owner to pay for improvements that benefit only that property are called:
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1 Fees 2 General Property Taxes 3 Special Excise Taxes 4 Special Assessments - ANSAnswer: 4, Special Assessments The market price of real estate is generally the same as: 1 Sales Price 2 Appraised Value 3 Highest and best use 4 Mortgage loan value - ANSAnswer: 1, Sales price A mortgage note must be: 1 a negotiable instrument 2 Signed by the mortgagor 3 Signed by the mortgagee 4 Recorded to be valid - ANSAnswer: 2, Signed by the mortgagor (the borrower) The Federal Truth in Lending Law: 1 Requires a lender to estimate a borrower's approximate loan closing costs before accepting a loan. 2 regulates advertising that contains information regarding mortgage terms 3 prevents brokers from using a phrase like "FHA financing available" in any ad 4 Dictates that mortgage applications be made on specific government forms - ANSAnswer: 2, regulates advertising that contains information regarding mortgage terms The rights of the owner with property abutting the bank of a stream are called: 1 Littoral rights 2 riparian rights 3 avulsion 4 dominant tenenments - ANSAnswer: 2, riparian rights What is the primary purpose of a deed? 1 Transfer of title 2 proof of ownership 3 recordation 4 legal evidence - ANSAnswer: 1, transfer of title Who would NOT need a real estate license? 1 An attorney selling real estate in an estate 2 a salesperson working on a commission for a builder 3 a property management company 4 a friend selling a neighbor's lot for $1,000 - ANSAnswer: 1, an attorney selling real estate in an estate The responsibility for recording a deed lies with the:
