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7 Cards in this Set

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What are the four legal tests of a fixture?
1)Permance: Is is Physically attached? 2) Adaption: Has it been adapted to the premises? 3) Intention: What is the intention of the installer? 4) Agreement: Was there an agreement or was it listed in the offer to purchase? MOST IMPORTANT!
Name 6 basic criteria that must be met to prove adverse possession
Open, Notorious, Exclusive, Actual, Continuous, Hostile
O.N. E.A.C.H.
List at least three features of tenancy in common.
1) No survivorship rights. Title passes to heirs. 2)Ownership is undivided. 3) There can be unequal ownership.
4) Any tenant in common can dispose of without permission. 5)Right to partition exists. 6) Seperate legal title in the same property through unity of possession.
Never give your heirs a joint.
Name 4 requirements of Joint tenancy (which has the right of survivorship).
1) Unity of time: acquired at the same time. 2) Unity of title: acquired from the same source 3) Unity of Interest: all must own equal shares. 4)Unity of possession: Ownership is undivided, each has equal right of access.
List 3 types of partnerships.
1) General Partnership: All partners participate in day to day management and in the financial liability. 2) Limited partnership: Partners can't particpate in the activity of business and are only liable to the extent they have invested. 3) Joint Venture: Partnership formed to carry out a single business venture.
What 5 responsibilities are created by a Fiduciary relationship? (COALD)
Care, Obedience, Accountability, Loyalty, Disclosure
COALD
Name 3 types of agency and describe them.
1) Universal Agency: Power to represent in all matters. (power of attorney) 2) General Agency: Power to represent in a range of matters. (Broker-Salesperson employee) 3) Specific or Special Agency: Power to represent in one specific transaction. (Broker-Principal)