Course Review Part 6 Flashcards
In what file would you find P&L and cash flow reports?
Financial file
in what file would you find the mortgage and the management agreement?
Permanent property file
Who is responsible for the inside maintenance of a condo?
The owner
What type of tenancy is for a definite period or time with specific beginning and ending dates?
Tenancy or estate for years
If there is no term specified in the lease, the tenancy is automatically?
Month to month
The Real Estate Commission requires licenses trust accounts and education. Why?
To protect the public
What are the four parts of a valid contract?
Mutual assent, competent parties, legal intent, consideration
How can we terminate a lease?
Performance, breach by either party, surrender and acceptance impossibility etc.
What is the purpose of the escrow or trust account?
To protect funds belonging to others
Residential leases are most often what type of leases?
Gross leases
