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22 Cards in this Set
- Front
- Back
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Real Estate Commission consists of... |
8 members 5 brokers 2 members of the public 1 government employee |
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Four types of appurtenances |
Air RIghts Mineral Rights Water RIghts Improvements |
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Allodial |
the right to own full and complete property rights. |
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Riparian Rights |
The right of the landowner to use the water on or adjacent to his land. |
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Salesperson |
Individual, who for a comission, is employed to buy, sell, rent or negotiate the real estate of others. |
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Rescission Period |
Seven calendar days |
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Real Property is... |
conveyed by deed |
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Personal Property is... |
conveyed by a Bill of Sale |
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Duties of AGENT (Broker) to Principal (Client) |
O bedience L oyalty D isclosure C onfidentiality A ccount R easonable care/ diligence |
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BROKER SALESPERSON (principal) (agent) relationship is created via... |
Employment Agreement |
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CLIENT BROKER (principal) (agent) relationship is created via... |
Listing Agreement Buyer Agent Contract |
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Encumberance |
affects or limits title to property such as a claim, lein, charge, liability |
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Tenancy in Common |
NO rights of survivorship usually 2 or more unmarried people each holds own title but has unity of posession |
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Ownership in Severalty |
sole ownership 1 person |
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Joint Tenancy |
2 or more owners with *SURVIVORSHIP RIGHTS* P osession (equal ownership) I nterest (equal %) T itle (same title) T ime (same time) |
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Tenancy by Entirety |
Does not require PITT *SURVIVORSHIP RIGHTS* husband and wife |
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Prima Facie |
RECs ability to suspend a licence in 24 hours for "good and true" evidence of money offences ie: commingling or failure to pay |
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Augmented State |
a way to fight a will in court |
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Trusts |
testamentary (will) inter vivos (during life) |
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Abstract of Title |
condensed historical record of chain of title |
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Power of Attorney |
authorizes another person to act as an official agent of the grantor (document) |
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Attorney in Fact |
one who is authorized to perform certain acts for another person under a Power of Attorney (person) |
