Acronyms Flashcards
Agency - Principles of
C - Compensation
R - Reimbursement
I - Indemnification
P - Performance
Agency Law Duties To Client
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
Agency Termination
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
Agent - What is owed to customer
H - Honesty
A - Accountability
D- Disclosure
Agent must have a license to…
B - Buy A - Appraise R - Rent S - Sell A - Auction L - Lease E - Exchange
Easement - Creating
P - Private Grant O - On agreement P - Prescription C - Condemnation O - Operation of law R - Reservation N - Necessity
Easement - Termination
R - Release E - Expiration P - Prescription M - Merger A - Abandonment N - Necessity
Contract - Essential Elements of
C - Competent parties O - Objective M - Mutual Agreement I - In writing C - Consideration
Fair Housing Act
F - Familial Status R - Race E - Equal Opportunity S - Sex H - Handicap C - Color O - Origin of birth R - Religion N - Nationality
Fixtures Test of
M - Method of attachment A - Adaptation R - Relation of parties I - Intention of annexor A - Agreement in writing
Government Rights
P - Police power - Zoning
E - Escheat - No will, no heirs
T - Taxation - Past Due
E - Eminent Domain - Condemnation
Lease - Termination
D - Death of tenant E - Eviction of tenant C - Condemnation of unit A - Agreement to termination F - Foreclosure of bankruptcy
Listing Termination
D - Death E - Expiration of listing contract A - Agreement - Mutual/Written R - Revocation I - Incapacity - Legally incompetent E - Eminent Domain - State takes property
Counting days @ closing time
B - Buyer
A - Add a
D - Day
S - Seller
A - Accrual
C - Closing date (belongs to seller)
Property - Bundle of rights
W- Will E - Enjoy E - Encumber D - Do nothing S - Sell U - Use P - Possess
***OR*** PO - Possession CO - Control EN - Enjoy DI - Dispose
Property - Adverse possession
DR - Doctor C - Continuous O - Open H - Hostile E - Exclusive Adverse N - Notorious
Property - Physical characteristics
I - Immobility
N - Non-homogeneity
I - Indestructibility
Tenancy - Joint (surviviorship)
P - Possession - Undivided, Whole I - Interest - 1 interest, same rights T - Time - Acquired same time T - Title - Acquired same source S - Survivorship clause
Value of Land, Characteristics
D - Demand - Need or desire
U - Utility - Fill a need/usefulness
S - Scarcity
T - Transferability to another
