Real Estate Law - Test 2014 - 3

Front 1

CO-OWNERSHIP - OWN W/ DIFFERENT FRACTIONAL INTERESTS

Back 1

TENANTS IN COMMON

Front 2

CO-OWNERSHIP - ONE DIES / OTHER INTEREST STAYS THE SAME

Back 2

TENANTS IN COMMON

Front 3

CO-OOWNERSHIP - 1 IS DECEASED - SURVIVOR IS OWNER

Back 3

JOINT TENANT

Front 4

STATUTORY LIEN CREATED IN FAVOR OF CONTRACTORS, LABORERS, AND MATERIALMEN
WHO HAVE PERFORMED WORK OR FURNISHED MATERIALS IN THE ERECTION OR REPAIR OF A BUILDING

Back 4

MECHANIC'S LIEN

Front 5

A LEGAL ACTION TO COMPEL A PARTY TO CARRY OUT THE TERMS OF THE CONTRACT - SUCH AS MAKING A SELLER SELL HIS PROPERTY AFTER A BREACH OF CONTRACT

Back 5

SPECIFIC PERFORMANCE

Front 6

MONEY DEPOSITED BY THE BUYER TO SHOW HIS INTENT - FORFEITED IF THE BUYER DEFAULT AND APPLIED TO PURCHASE PRICE IF SALE GOES THRU

Back 6

EARNEST MONEY

Front 7

THAT PART OF A STATE LAW THAT REQUIRES CERTAIN INSTRUMENTS, SUCH AS DEEDS, REAL ESTATE SALES CONTRACTS, AND CERTAIN LEASES, TO BE IN WRITING TO BE LEGALLY ENFORCEABLE

Back 7

STATUTE OF FRAUDS

Front 8

LEASES GREATER THAN ONE YEAR

Back 8

WRITTEN TO BE ENFORCEABLE

Front 9

LEASES LESS THAN A YEAR

Back 9

CAN BE ORAL

Front 10

AN AGREEMENT TO KEEP OPEN FOR A SET PERIOD AN OFFER TO SELL OR PURCHASE PROPETY

Back 10

OPTION CONTRACT

Front 11

NOTICE GIVEN TO THE WORLD BY RECORDED DOCUMENTS

Back 11

CONSTRUCTIVE NOTICE

Front 12

2 IMPORTANT PARTS OF RECORDING

Back 12

CONSTRUCTIVE NOTICE
PRIORITY

Front 13

CHARGING INTEREST AT A HIGHER RATE THAN THE MAXIMUM RATE ESTABLISHED BY STATE LAW

Back 13

USURY