| A | B |
|---|
| Joint Tenancy | requires one title for all tenants; right of survivorship |
| A Fee simple estate is: | an estate of inheritance |
| Tenancy in common | each of the co-owners interests may be conveyed separately. |
| Tenant in Common | each owns a defined share; passes down via will or testate |
| the deed of trust | secures the promissory note |
| Acceptable termination date for enforceable EXCLUSIVE listing is: | 90 days after it is signed |
| An encumbrance | A claim or liability attached to a property is called: |
| What are the 5 requirements of Easement by Prescription: | (requires five (5) years of open, notorious, hostile, and continuous use). |
| The easement can be terminated by the dominant tenement if they record a: | quitclaim deed |
| Who usually sets deed restrictions on a subdivision development? | the developer |
| short-rate refers to | homeowner's insurance |
| What is the time frame in which a supplier must file a notice in the public record of a mechanic's lien for materials supplied? | 90 days after the material is supplied |
| The seizure of property prior to a judgment is known as: | an attachment |
| tenancy in common | requires all tenants to share the unity of possession, which means all tenants have a common right to use and possess the property |
| the remainder(man): | is the future interest conveyed in the deed. |
| TTIP | unity of time, title, interest and possession. |
| reversion | interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. |
| Maria | (Method Adaptability Relationship Intention Agreement) |
| A test for a fixture is: | MARIA |
| acceptable termination date for an enforceable exclusive listing of residential real property: | 90 days after listing agreement is signed |
| Legal Purpose: | contract that has no legal effectiveness. For example, a contract that has an illegal purpose is simply Void, NOT Voidable |
| assigning a contract means: | means to transfer it to another. |
| A contract is considered "Executed" once: | both parties have completely fulfilled each of their obligations under the contract. |
| illegal purpose | A contract that has no legal effectiveness |
| voidable contract | a contract that that may be rejected by one of the parties to the contract. |
| The four essentials of a valid contract | Meeting of the minds, Capable parties, Lawful object and Consideration |
| If a buyer defaults and the liquidated damages clause is initialed | the deposit should be used to cover damages for both the seller and the listing agent (after expenses are paid) |
| a "liquidated damages" clause in a contract is: | a clause that specifies a certain dollar amount that will be paid in "damages" if a party breaches a contract. It is legal. |
| The deed of trust | secures the promissory note and the property |
| A right rising out of a written contract must be pursued in court within | 4 years |
| A Residential Listing Agreement Seller Reserved is | a type of exclusive agency agreement that gives the signed broker exclusive rights to market a property, while allowing the seller to find their own buyer without paying a commission fee. |
| An option is a contract | to keep an offer to sell or lease real property open for a set period of time. |
| a net listing is | an employment contract in which the broker receives, as commission, all excess monies over and above the minimum sales price agreed on by broker and seller. |
