Category: Real Estate

A real estate contract is a legally binding document between parties that specifies the terms and conditions for the sale, lease, or transfer of property. It details key components such as the identities of involved parties, property description, purchase price, and contingencies. Additionally, various types of contracts exist, including purchase agreements and lease agreements, each…

Severance in real estate is the legal process of dividing property into distinct parcels or separating specific ownership rights from their original holder. This process allows for creating independent interests in a property, which can improve its value and usability. Types of severance include physical, legal, and economic, each serving different purposes and impacting property…

In real estate, a Single-Family Home (SFH) is a standalone residential property meant for one household. It typically includes its own entrance, yard, and utilities. SFHs are distinct from multi-family units, such as duplexes or apartments, providing improved privacy and individual space. They are highly favored by families for the freedom to personalize and modify…

Constructive notice in real estate refers to the legal presumption that individuals are aware of property-related information that is publicly recorded. This principle emphasizes the responsibility to be informed about deeds, mortgages, and liens, which serve as notice to all interested parties. Constructive notice protects the rights of those who record their interests and helps…

A kick out clause in real estate is a provision enabling the seller to terminate a contract if a more favorable offer from another buyer arises. This clause is particularly useful in competitive markets, allowing sellers to maintain flexibility and potentially achieve a higher selling price. Upon receiving a competing offer, the original buyer typically…

Avulsion in real estate refers to the abrupt removal or alteration of land caused by natural phenomena such as floods, storms, or landslides. This sudden change can greatly affect property boundaries and ownership rights, often leading to legal disputes. Unlike erosion, which occurs gradually, avulsion results in immediate shifts, creating uncertainty in property ownership. The…

Reconciliation in real estate refers to the systematic process of verifying the accuracy and integrity of financial records related to property management. This process is essential for aligning property valuations with current market conditions and ensuring compliance with regulatory standards. It involves collecting and reviewing data, identifying discrepancies, and adjusting records to maintain financial transparency.…

To obtain a real estate license in Idaho, candidates must complete 90 hours of pre-licensing education from an approved provider, which includes 60 hours in Real Estate Principles and 30 hours in Real Estate Law. After finishing the coursework, candidates must pass the Idaho Real Estate Salesperson Examination with a score of at least 75%.…

The four main types of real estate are residential, commercial, industrial, and land. Residential real estate includes properties such as single-family homes, apartments, and condominiums intended for living purposes. Commercial real estate includes spaces used for business activities like offices and retail locations. Industrial real estate focuses on properties needed for manufacturing and logistics operations…

Situs in real estate refers to the specific physical location of a property and its associated legal consequences. This concept is essential as it influences property rights, jurisdictional authority, and the laws that govern transactions. Situs affects property valuation markedly, as a desirable location can improve market value based on proximity to amenities, financial opportunities,…