What's in a Contract?
Legally enforceable agreement under which both parties promise to do something
What is a Bilateral Contract?
PITT is used in this form of ownership
What is Joint Tenancy?
Sales Assoicates are paid in a lump sum and who are personally responsible for paying their own taxes.
What is an Independent Contractor?
Personal property can be called
What is personalty?
Title is for personal property
as is for Real Estate
What is a deed?
I'd Like to buy your house. The owner says, Sure, and they agree on a price. This is what kind of contract
What is Unenforceable?
Spouse each have equal undivided interest in the property
What is Tenants by entirety?
Real Estate Broker was responsible for a chain of events that resulted in a sale of a clients property
What is Procuring Cause?
Landlord acquires personal property that becomes real property
What is Accession?
Homeowners James and Jackie are nervous that they can't find their deed to sell their home, is it lost
What is the county of home residence?
The period after a real estate sales contract is signed, but before title actually passes
What is Executory?
legal way to dissolve the relationship between co-owners of real estate when parties do not voluntarily agree to its termination
What is Partition?
Amount of commission paid to a sales associate is
What is negotiable?
Legal tests for fixture
What is Method of attachment
Adaptability
Relationship
intent
Agreement
Mortgage title policies protect lenders
What protects the buyers
What is title insurance?
Statue of frauds require contracts to be
Parcel of property was purchased by 2 friends, the deed received from the seller at closing transferred the property without stipulating a form of ownership The two friends took title as
What is Tenants in common?
Sales Associates can receive commissions in their own names and deposit the proceeds
What is no a Brokerage?
Trade fixtures are associated with
What is a business?
Every deed must be signed by
What is the grantor?
Client James is suffering from mental illness that causes delusions, hallucinations, and loss of memory, he signed a contract to purchase a home The contract is
What is Voidable?
A man owns 1 of 20 units in a fee simple, along with 5% ownership share in the parking facilities, rec center, pool, and grounds. What kind of property does he own
What is a Condominium?
Anti Trust laws include Price fixing, group boycott, allocation of customers or markets
What is Tie in agreements?
Economic Characteristics of Land include Scarcity, Improvements, Permanence of the investment
What is area preference?
Greatest protection deed for a buyer
General Warranty