How Well Do You Know Real Estate Legality?

14 Replies

Real estate information can sometimes be a bit confusing, so we want you to take this quiz just to see how much you know :) 

This new quiz was brought to you by one of our members, and writers, Brian Davis.

He is a great contributor on our forums, and he writes as an author for our blog.

Take our new QUIZ!!

If you would like to read more about tenant screenings, rental information, and investing, please read these blog posts on our site:

3 Sneaky (But Legal) Ways to Screen Potential Tenants

How to Successfully (& Legally) Raise the Rent as a Landlord

3 Steps to Invest in Real Estate With a Lump Sum & No Prior Experience

Question 10 is incorrectly worded.

Instead of saying, "Net Operating Income (NOI) includes ..." it should say "Operating expenses include ...". The items listed are all expenses one way or another - though not necessarily "operating" expenses, not income.

    Thanks for posting the quiz as well as the articles. I enjoyed reading the part about raising rents as that is something I have been looking into based on my market. My tenants have been there for three years so raising rent may be an interesting conversation to have, but I really liked the advice in one of the article on how to smooth over rent raises. Obviously raising rents between tenancies make things much smoother, but by putting work into the property rent raises seem more justified.

     The current tenants have been asking for an improvement to the entrance and stairs leading up to the apartment and I think sprucing it up will be nice. By combining that task with a reasonable rent raise, I feel like I can kill two birds with one stone.

     Also, the final bonus question was fascinating.

Be humble, be hungry.

Joe

Joseph, careful with extortionist tactics, you're not reading a lawyer's opinion.

Not much law there concerning "legality" of RE, more like RE trivia......so, we're still at it with quizzes, getting better but there is an endless list of legal issues nationally that might be covered first.

I might suggest the basics of contract law, Statute of Frauds, might touch on Laws of Agency, Torts, duties of real property owners vs. tenants, how and when does equitable title and legal  title  transfer, advertising law, just to mention a few areas that members should really be familiar with. 

Accounting could be in another quiz, your NOI isn't a legal matter. All the best :)

Originally posted by @Bill Gulley :

Joseph, careful with extortionist tactics, you're not reading a lawyer's opinion.

Not much law there concerning "legality" of RE, more like RE trivia......so, we're still at it with quizzes, getting better but there is an endless list of legal issues nationally that might be covered first.

I might suggest the basics of contract law, Statute of Frauds, might touch on Laws of Agency, Torts, duties of real property owners vs. tenants, how and when does equitable title and legal  title  transfer, advertising law, just to mention a few areas that members should really be familiar with. 

Very good points! I too agree that a few of these questions are more trivia than law. Knowing the laws and following them SHOULD keep you out of trouble. The question about changing locks and calling up to 11PM is a perfect example. I personally don't know anyone that has made that mistake but can assure readers at least a few new landlords or BP contributors in general have suggested these tactics :)

Originally posted by @Quoc Tran :

What are good books to learn the legalities of being a landlord? 

You might want to post in the Landlord-Tenant forum to get more responses.  Any book would be just general in information as Landlord laws very greatly between the states.  I would Google the state you are interested in to find state specific information

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