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17 Cards in this Set
- Front
- Back
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Specific Lien
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A claim or charge against a specific piece of property to provide security for a debt or security.
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Lien
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Claim or charge against a property as security for a payment of a debt or obligation.
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General Lien
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Lien against all of a person's property
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Mechanic's Lien
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A claim against real property by suppliers of goods or services to the real estate. It must be filled within 120 days of completion of work and the priority reverts back to the day the work began.
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Exclusive Right to Sell
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Type of listing where the broker gets paid commission regardless of who sell the property. Includes safety clause.
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Lis Pendens
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A notice in the public records of a lawsuit involving a particular property that may result in a claim against the property.
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Net Listing
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Type of listing where the seller does not set a sale price and allows the broker to keep anything over the net amount the seller wants.
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Open Listing
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Seller may give the listing to many brokers, only the broker who lists and sells will be paid a commission.
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Lienor
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The party holding the lien
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Lienee
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The party who has property encumbered.
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Special Assessments
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Tax levied on specific parcels of real estate to pay for local improvements
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Listing Contract
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Agreement between seller and broker. The broker is hired as listing agent to find a buyer. Required to be in writing.
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Open Listing
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No commission if the seller sells the property without the brokers help.
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Exclusive Agency Listing
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Employs only one broker. No commission if seller sells the property.
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Safety Clause
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Clause in a listing contract protecting the commission for the broker.
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Net and Open Listings
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Which listing are not included in the MLS?
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Guaranteed Sales Listing
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Broker agrees to buy if doesn't sell.
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