The Quick 101 to Real Estate and Law
How real estate interconnects with the law can be somewhat complex. It most often is found in administrative agencies, court opinions and statutes. In regards to constitutional law, real estate interacts in two ways. First, the federal government regulates interstate commerce and statutes such as the Sherman and Clayton Acts, the Real Estate Settlement Procedures Act and Truth-in-Lending. Second private property rights are protected by the state and federal constitutions. Thus, all people have access to their inalienable rights and cannot be deprived of their fair access to the law.
A more common use of real estate and law can be found in court opinions, or precedents, which are answers to legal questions found in prior cases. Court opinions are also considered common law. They are based on systems that are common to an area. Statutes, however, are becoming more important and more used than common law. They can be more comprehensive, focus on the entire problem, are effective more quickly, easier to understand and help increase uniformity in law. Nonetheless, court opinions still help to simplify interpretation by, for example, breaking down a broad issue into a smaller focus and looking at what is normal and custom in an area.
Where real estate really plays a roll is in the function as administrative or regulatory agencies. The Real Estate Commission is an example of an administrative agency makes rules and regulations that has the same effect as the law. These agencies use experts to help settle disputes in a less formal, faster, easier and cheaper way. Therefore, many real estate disputes can be handled outside of court.
Learn more about the Division of Real Estate and their regulations.
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