Midterm notes Flashcards

1
Q

When do fixtures (used for business) change from personal property to real property?

A

When the lease expires.

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2
Q

To assign a contract for the sale of real estate means to:

A

Transfer ones rights under the contract.

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3
Q

When a life estate passes the secondary owner this is known as being in _____.

A

Remainder

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4
Q

Granting clause (p197)

A

Part of a valid deed. Words of conveyance, together with any words of limitation).

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5
Q

An exercise of police power would be:

A

Environmental protection laws

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6
Q

A contract that is missing one or more of the essential elements is considered to be:

A

Void

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7
Q

The type of buyer’s agency agreement that would best protect the buyer is:

A

The open buyer agency agreement.

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8
Q

What percentage of a home value does basic insurance cover?

A

80%

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