Midterm notes Flashcards
1
Q
When do fixtures (used for business) change from personal property to real property?
A
When the lease expires.
2
Q
To assign a contract for the sale of real estate means to:
A
Transfer ones rights under the contract.
3
Q
When a life estate passes the secondary owner this is known as being in _____.
A
Remainder
4
Q
Granting clause (p197)
A
Part of a valid deed. Words of conveyance, together with any words of limitation).
5
Q
An exercise of police power would be:
A
Environmental protection laws
6
Q
A contract that is missing one or more of the essential elements is considered to be:
A
Void
7
Q
The type of buyer’s agency agreement that would best protect the buyer is:
A
The open buyer agency agreement.
8
Q
What percentage of a home value does basic insurance cover?
A
80%
