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Statutory law {Ans: Statutory law is the body of laws and regulations enacted by federal and state legislatures. Much of what was once embodied in common law is now codified in statutes passed at the state and federal levels.}Government rights in land (PETE) {Ans: Police Power Eminent Domain Taxation Escheat}Finance laws - ECOA {Ans: The Equal Credit Opportunity Act (ECOA), originally passed in 1974, ensures that all consumers are given an equal chance to obtain credit. The ECOA covers all creditors who regularly extend credit and impacts professionals, such as mortgage originators who are involved in granting credit.}Statute of Frauds - rules and exceptions {Ans: Competent parties Offer and acceptance legal purpose In writing Consideration}Five elements of a valid and enforceable contract {Ans: -Competent parties -Offer and acceptance (mutual agreement) -Legal purpose -In writing (when required by law) -Consideration}Types of leasehold estates {Ans: -Estate for years -Periodic tenancy or periodic estate -Tenancy at sufferance -Tenancy at will or estate at will}