This lesson is designed to introduce students to the methods by which real estate brokers are compensated. Before beginning this lesson, you should complete Real Estate Brokerage Relationships.
This lesson focuses upon the purpose, interpretation, and application of recording statutes. The lesson should help students understand the following: what a recording act is and what functions a recording act serves; what kinds of interests are covered by recording acts, and what types of persons may claim the protection of a recording act; the three types of recording acts used in American jurisdictions and the differences between them; how to interpret the language of a typical recording act (and to distinguish between the three basic types); and how to apply a recording act to resolve conflicting claims to the same land.
This lesson explores the concepts of notice and knowledge. These are important concepts in many areas of law, e.g., contracts, property, constitutional law, criminal procedure and civil procedure.
This lesson tries to explain Coasean irrelevance (which is often known as the "Coase Theorem").