ACRONYMS

Question 1

NABPOP

Answer 1

N- National 
A- Association of 
B- Broker 
P- Price 
O- Opinion 
P- Professionals

Question 2

5 ways to tell if an item qualifies as a fixture:

MARIA

Answer 2

M- Method of attachment (nails, screws, paint)
A- Adaptability (ex: a pool cover that goes with that specific pool in the backyard)
R- Relationship of the item to the parties attaching it
I- Intention of party when item was attached
A- Agreement between the parties (usually a clause in the purchase on which items are included in the sale. Any agreement between the two parties will override all the other factors when determining whether or not an item is a fixture)

Question 3

Government Powers

PETE

Answer 3

P- Police (Preserve order, Protect public health/safety, Promote general welfare)
E- Eminent Domain (Right for government to acquire privately owned real estate for public use)
T- Taxation (A charge on real estate to raise funds to finance the operation of government facilities & services)
E- Escheat (Ownership transfer to the state when an owner dies without a Will)

Question 4

Joint Tenancy

PITT

Answer 4

P- Unity of Possession (All joint tenants hold an undivided right to possession)
I- Unity of Interest (All joint tenants hold an equal ownership interest)
T- Unity of Time (All joint tenants acquired their interests at the same time)
T- Unity of Title (All joint tenants acquired their interests by the same document)

Question 5

Essentials of a Valid Contract

CLOC

Answer 5

C- Consent
L- Legal Purpose
O- Offer
C- Consideration

Question 6

Value

DUST

Answer 6

D- Demand
U- Utility
S- Scarcity
T- Transferability

Question 7

Fair Housing

FRSHCRN (think of fresh corn)

Answer 7

F- Familial Status
R- Race
S- Sex
H- Handicap
C- Color
R- Religion
N- National Origin

Question 8

Fiduciary Responsibilities of an agent

COLDAC (think just like it says cold AC)

Answer 8

C- Care
O- Obedience
L-  Loyalty
D- Disclosure
A- Accounting
C- Confidentiality

Question 9

Bundle of Rights

DEEPC (think like deep-sea fishing)

Answer 9

D- The right of Disposition/transfer
E-  The right of Enjoyment
E-  The right of Exclusion
P-  The right of Possession
C-  The right of Control

Question 10

AIDA

A time-tested method for writing a good advertising using the AIDA standard

Answer 10

A- Attention
I- Interest
D- Desire
A- Action