University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
Views:

17

Pages:

2
Author:

bratrochanter

Key Concepts in Property Law: Adverse Possession, Fair Housing, and Real Estate Transactions 1. Adverse Possession Adverse possession allows a trespasser to gain legal title to land by meeting specific conditions over a statutory period. Requirements for a claim of adverse possession generally include:      Open and Notorious: The possessor’s actions must be visible and apparent, notifying the true owner of the trespass. Actual Possession: The possessor must physically use the land as an owner would. Continuous: The possession must be maintained without interruption for the statutory period, which varies by state. Exclusive: The possessor must occupy the land independently, not sharing it with the owner or public. Hostile: The possession must be without the true owner’s permission, and inconsistent with the owner’s rights. In the Schlichting v. Cotter case, Schlichting successfully claimed adverse possession by proving that she maintained, cultivated, and occupied the disputed area for 27 years, with actions that were open, visible, and exclusive. This included planting, maintaining landscaping, and consistently treating the property as her own, which demonstrated "hostile" possession by denying any title to the actual owner. The court ruled in favor of Schlichting, requiring the Cotters to restore the property and remove encroachments. 2. Fair Housing Act (FHA) The FHA, initially passed in 1968 and expanded in 1988, aims to prevent discrimination in housing transactions based on race, color, religion, sex, national origin, disability, or familial status. Key provisions under the FHA include:    Sale and Rental Protections: Prohibits refusals to sell or rent, misrepresenting availability, and imposing discriminatory terms. Broker and Financial Discrimination: Protects against discrimination in brokerage services, appraisals, and financing. Accessibility for Disabilities: Requires reasonable modifications and accommodations for disabled individuals, as well as accessible design in multi-family housing. Notably, the FHA also applies to online platforms, where posts must not indicate discriminatory preferences. In Craigslist, Inc. v. Chicago Lawyers’ Committee and Fair Housing Council v. Roommate.com, courts held that Section 230 of the Communications Decency Act shields websites from liability for discriminatory content posted by users. However, in cases where websites create discriminatory criteria themselves, they may not be protected by Section 230. 3. Real Estate Transactions and Types of Deeds The process of transferring property includes contracting with a broker, negotiating a sale contract, securing financing, closing the sale, and recording the deed. The following are common types of listing agreements and deeds involved in real estate transactions:   Listing Contracts: o Open Listing: Non-exclusive; broker earns commission only if they are the first to find a buyer. o Exclusive Agency: Broker earns commission if any broker finds a buyer, but not if the seller finds one independently. o Exclusive Right to Sell: Broker is entitled to commission regardless of who finds the buyer. Types of Deeds: o Quitclaim Deed: Conveys