Definitions Flashcards
Expressed Agency
created through agreement btween a priciple and realtor
Master Plan includes…
demographics, infrastructure, and land use. Does NOT include gov’t organizational structure
How many acres in 1 square mile?
640 acres
How many sq. feet are in an acre?
43,560 square feet
Freehold Estate, give an example.
estate of undetermined duration.
Estate from Period to Period, give an example.
a leasehold estate or “estate for years”
Leasehold Estate
tenant’s interest in a rental property.
Estate at will, give an example.
leasehold type.
Escheat, give an example.
property turned over to the state (reversion) due to death with no heirs.
Estoppel, give an example.
bar against denial/allegation that contradicts waht one previously claimed to be true.
Eminent Domain, give an example.
right of gov’t to take property for public good/use.
Reccission, give an example.
cancellation of a contract.
Exclusive listing
seller agrees to give exclusive right to market property.
open listing
seller lists with a number of realtors at the same time
Multiple listing
propertu is open to any number of realtors
