Acronyms

Question 1

Agency - Principles of

Answer 1

C - Compensation
R - Reimbursement
I - Indemnification
P - Performance

Question 2

Agency Law Duties To Client

Answer 2

P - Personal Performance
O - Obedience to legal instructions
L - Loyalty (promote, protect client)
A - Accountability - Funds
N - Notice - Written, Informed
D - Due Care/Diligence, competence

Question 3

Agency Termination

Answer 3

R - Revocation/Renunciation
E - Expiration of Agreement
A - Agreement - Parties to terminate
D - Death of entire party
I -   Incapacity
E - Extinction of purpose
S - Subject of law, illegality

Question 4

Agent - What is owed to customer

Answer 4

H - Honesty
A - Accountability
D- Disclosure

Question 5

Agent must have a license to…

Answer 5

B - Buy
A - Appraise
R - Rent
S - Sell
A - Auction
L - Lease
E - Exchange

Question 6

Easement - Creating

Answer 6

P - Private Grant
O - On agreement
P - Prescription
C - Condemnation
O - Operation of law
R - Reservation
N - Necessity

Question 7

Easement - Termination

Answer 7

R - Release
E - Expiration
P - Prescription
M - Merger
A - Abandonment
N - Necessity

Question 8

Contract - Essential Elements of

Answer 8

C - Competent parties
O - Objective
M - Mutual Agreement
I   - In writing
C - Consideration

Question 9

Fair Housing Act

Answer 9

F - Familial Status
R - Race
E - Equal Opportunity
S - Sex
H - Handicap
C - Color
O - Origin of birth
R - Religion
N - Nationality

Question 10

Fixtures Test of

Answer 10

M - Method of attachment
A - Adaptation
R - Relation of parties
I   - Intention of annexor
A - Agreement in writing

Question 11

Government Rights

Answer 11

P - Police power - Zoning
E - Escheat - No will, no heirs
T - Taxation - Past Due
E - Eminent Domain - Condemnation

Question 12

Lease - Termination

Answer 12

D - Death of tenant
E - Eviction of tenant
C - Condemnation of unit
A - Agreement to termination
F - Foreclosure of bankruptcy

Question 13

Listing Termination

Answer 13

D - Death
E - Expiration of listing contract
A - Agreement - Mutual/Written
R - Revocation
I  - Incapacity - Legally incompetent
E - Eminent Domain - State takes property

Question 14

Counting days @ closing time

Answer 14

B - Buyer
A - Add a
D - Day

S - Seller
A - Accrual
C - Closing date (belongs to seller)

Question 15

Property - Bundle of rights

Answer 15

W- Will
E - Enjoy
E - Encumber
D - Do nothing
S - Sell
U - Use
P - Possess

       ***OR***
PO - Possession
CO - Control
EN - Enjoy
DI  -  Dispose

Question 16

Property - Adverse possession

Answer 16

DR - Doctor
C   - Continuous
O   - Open
H   - Hostile
E   -  Exclusive Adverse
N  -   Notorious

Question 17

Property - Physical characteristics

Answer 17

I - Immobility
N - Non-homogeneity
I - Indestructibility

Question 18

Tenancy - Joint (surviviorship)

Answer 18

P - Possession - Undivided, Whole
I  - Interest - 1 interest, same rights
T - Time - Acquired same time
T - Title -  Acquired same source
S - Survivorship clause

Question 19

Value of Land, Characteristics

Answer 19

D - Demand - Need or desire
U - Utility - Fill a need/usefulness
S - Scarcity
T - Transferability to another