Test Flashcards
DTPA considers brokerage to a be a
Service
_______is a body of law developed in England and based upon”common sense” and local custom.
Common Law
If personal property is being transferred along with real property a _____ is generally used to accomplish the transfer, which normally accompany the deed
Bill of Sale
The fact that value is affected by man-made changes to the land. These changes can be on the land itself or off-site
Modification
Can modification include improved transportation?
True, such as railroads or airports
Ownership of real estate by one individual or entiry
Estate in severalty
Doug, a single person, purchased a vacation condo, dough is interest in an estate
Estate in severalty
What is sole proprietorship?
Is a venture that is owned by one individual.
What is the advantage and disadvantage of sole proprietorship?
Advantage- owner has total control of the business
Disadvantage- the owner also has full liability for the financial and personal obligations of the business
Owners within a _____ do not own a specific unit
Cooperative
The owner has total control of the business, but the downside of this form is the owner also has full liability for the financial and personal obligation of the business. This is known as?
Sole proprietorship
owners within a _____do not on a specific unit. A corporation owns the entire complex
Cooperatives
Can the landlord refuse to use the unit to a pregnant woman if the neighborhood is 90% occupied by 55+ ages?
yes, because it’s a senior housing which means there’s a familial status exemption
what is a contract?
it is an agreement between two or more parties to do something or to refrain from doing something
only one party is obligated to perform. This contract is said to lack mutuality, this is known as?
Unilateral contract
what are the five essential elements must exist for a contract
Competent parties
Offer and acceptance (mutual agreement)
legal purpose
In writing
consideration
To be considered a competent party you must
Be sane
be 18 and older
be sober
Is defined as something given in exchange for promise
consideration
When the cell finally closes, the contract is
Fully executed
which of the following governmental rights is the right to regulate and control the way the line is used?
Police power
An area of land separating one land use from another, such as residential from commercial is known as?
Buffer zone
The court may award an easement to a property owner, who has no legal access to his or her land. Usually in the case of landlocked property.
Necessity
The government, under its power of eminent domain, takes an easement
Condemnation
if a buyer has concerns about possible, contamination of a potential property, the buyer, or the lender may opt to have an
Environmental Site Assessment (ESA)
Is perform on the property to determine if it is environmentally challenge
ESA
A contract may be discharged due to
The destruction of the property (fires, earthquakes, acts of war, and hurricanes)
Not-if the seller intentionally destroys the property, he or she is not discharged and is liable for damages if the sellers intentionally destroys the property, he or she is not discharge and is liable for damages
A lease that renews itself automatically for like periods. (month-to-month or week-to-week)
periodic Tenancy or periodic estate
obligate the tenant to pay a base rent and a percentage of the gross sales
Percentage lease
A tenant’s rights and liabilities are transferred to another
Assignment
I loves a tenant to buy the property at a preset price and terms for a given. It is also known as lease with an option to buy.
Lease option
An offer can be communicated by
phone, letter, fax, hand delivery, email
All offers must be presented?
Yes
The person who an offer is made has several options when responding to the offer, including
Do nothing, reject, accept, counteroffer
When an offer is accept, the contract must include full acceptance of the entire offer without change
True
when an offer is accepted, any change no matter how minor, becomes a counteroffer
True
