Q& A From Class Flashcards
(19 cards)
Who is the offer or vs. the offered.
Offer or is the giver.
Offered is the receiver
What is mutual agreement?
Offer and Acceptance.
Legal Description of Land Court
Abstract. Thus A
What is an upset price
It’s a minimum bid
What is power of sale
It is for non judicial foreclosure sale
What is a deficiency sale
When proceeds from foreclosure sale are not enough to cover cost of debt
What is a graduated long lease term
When the lease payments are not fixed.
What is a step up lease
When the lease amount is fixed
What is an assignment of lease
Entire lease is accepted
What is sublease
It is a portion of the lease being rented.
How many days for acceptance is the lease disclosure?
10 calendar days after acceptance
What is proration?
A proportional dividing of costs between buyer and seller based on date of closing
What happens when first lien is forecloses?
All later liens are dismissed.
What are the 2 components of a condominium?
Invidualownership
An undivided common interest in common areS
When is a condo created
When the declaration is recorded
What do owners receive in a coop?
Proprietary lease and shares
Cancelling a timeshare
Mutual right to cancel after buyer signs contract or receives the disclosure
Statement
Why are bylaws 67% of owners
Because it is procedural
Why 67% of common interest to amend declaration
The effects are greater so those with more common interest have more say
