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Word of the day

Fee SImple

The maximum possible estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land; it is of indefinite duration, freely transferable, and inheritable. Fee simple title is sometimes referred to as “the fee.” All other estates may be created from it, which means that all other estates must be something less than fee simple (such as life estates or leaseholds). Any limitations that exist on the control and use of the land held in fee do not result from the nature of the estate itself but are founded on public or private controls governing the use of the land (zoning ordinances and building codes or restrictions and conditions). The fee may also be encumbered, either by voluntary (e.g., mortgage) or involuntary (e.g., tax lien) encumbrances. Such encumbrances tend to reduce the value of the fee interest. 

Association of the day

Ann Arbor Association of REALTORS®

I always enjoyed visiting my Michigan REALTOR® friends. My dad was born and raised in Michigan, so I have a soft spot in my heart for the state. Buildings help create culture, loyalty, and belonging. When is the last time you visited your association?

Quote of the day

What happens is not as important as how you react to what happens

How do you react to adversity? Life is full of stops and starts, frustrations and distractions. But don't let these daily confusions divert you from the excellent potential that is available to you every day. When you do encounter adversity, remember that keeping a cool head is always the right way to go. There's a solution to every problem, but's impossible to see it if you blow your top. 

Question of the day

Under an exclusive agency arrangement, the broker has a fiduciary arrangement with?

(A) The seller (B)The buyer (C)The seller and buyer (D)The seller primarily and secondarily to the buyer
 



Answer:  (A)  The listing agreement creates an agency relationship between the broker and seller, referred to as a fiduciary relationship.
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