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Exam (elaborations)

LAW OF CONTRACTS - CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND VERIFIED ANSWERS

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LAW OF CONTRACTS - CHAMPIONS SCHOOL OF REAL ESTATE QUESTIONS AND VERIFIED ANSWERS

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Riparian rights


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- the rights an owner has to use water from a river or a stream on or next to
a property




Environmental Site Assessment (ESA)


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, Phase 1
- Site Inspection
- Review of regulatory records
- Interviews with former or current owners and are locals who may have
information about the history of the property


Phase 2
- Samples of soil, surface water, and groundwater are collected from the
flagged areas and tested for contamination. The specific cause of the
contamination will be determined. The assessment will recommend
remediation to clean the property of hazardous materials

Phase 3
- The remediation phase
- Clean-up phase
- Soil excavation, soil washing, air stripping, pump and treat, and chemical
oxidation




Listing Agreement


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- employment agreement for listing broker




Statutory law


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- the body of laws and regulations enacted by federal and state
legislatures

, Fixture


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- personal property that has become attached to the land in such a way as
to become real property

Annexation - the process of attaching personal property so that it
becomes real property

Severance - removing fixtures to create personal property




Prior appropriation


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- First in time is first in right (water law)




Broker Bernardo has signed a sales contract that has not yet gone to the closing
table. Therefore, Bernardo has a(n) ______________ contract


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- Executory




Personal property


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