Acronyms Flashcards
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B
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S
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E
Acronym for Real Estate Services
Advertise real estate services
Buy
Appraise (non-federally related transactions)
Rent or provide rental information or lists
Sell
Auction
Lease
Exchange
A
D
D
Three duties required in all brokerage relationships
Account for all funds
Deal honestly and fairly
Disclose all known facts that affect value of residential property
B
L
I
M
P
Ways termination of contract occurs:
Breach
Lapse of time
Impossibility of performance
Mutual rescission
Performance
C
B
S
and
C
I
A
Appraisal Adjustments
Comparable
Better
Subtract
Comparable
Inferior
Add
C
O
L
D
Four unique duties of a single agent
Confidentiality
Obedience
Loyalty
Disclosure (full)
C
O
L
I
C
Elements of a valid and enforceable real estate contract
Competent parties
Offer and acceptance (meeting of the minds)
Legal purpose
In writing and signed (statue of frauds applies to real estate contracts)
Consideration (valuable and good)
C
P
V
Cost, price, and Value
Cost Create
Price Paid
Value Worth
D
E
E
P
C
Bundle of Legal Rights
Disposition
Enjoyment
Exclusion
Possession
Control
D
E
L
L
Private Restrictions
Deed Restrictions
Easements
Leases
Liens
D
U
S
T
Characteristics of Value
Demand
Utility
Scarcity
Transferability
H
O
T
C
A
N
Conditions for Alienation by Adverse Possession
Hostile possession of the property (without owner’s permission)
Open possession with no attempt to conceal occupancy
Taxes paid on the property by the adverse possessor during all the years of possession
Claim of title, even an imperfect one, exists (color of title), thus creating a reasonable
basis for the action
Adverse possession must continue for seven or more consecutive years without the
consent of the owner
Notorious and flagrant public possession of the property
I
R
M
A
Legal test for fixtures
Intent of the parties
Relationship or agreement of the parties
Method or degree of attachment
Adaptation of the item
M
A
L
E
Four Settlement Procedures
Mediation (negotiated settlement)
Arbitration (binding)
Litigation
Escrow disbursement order (letter to FREC in 15 days)
P
E
T
Government Restrictions
Police Power
Eminent Domain
Taxation
P
I
T
T
Four unities of a joint tenancy unit
Possession - joint tenants have the same rights of undivided possession
Interest - joint tenants have equal ownership interest
Title - joint tenants acquire title on the same instrument (deed)
Time - joint tenants acquire their interests in the property at the same time
