Exclusive possession Study guides, Revision notes & Summaries

Abatement - Process of selling estate property to pay debts. Abatement of Rent - A deduction from the rent owed for the diminishment in value of the premises caused by the lack of maintenance. Abstract of Title - Chronological summary of all official records and recorded documents affecting the title to a parcel of land. Accord and Satisfaction - The payment of money, or other valuable consideration (usually less than the amount owed), in exchange for extinguishment of a debt. There must b...

Fairness/labor Theory - Property rights are a reward for labor spent in creating/improving property. Certainty - Property law should create a system in which purchasers can easily determine property ownership; property rules should be clear and easy to administrator. Personhood - Owning property allows people to express themselves through creative uses of property and serves important ends like privacy and security. Property often has sentimental value that is not accounted for by the mark...

PSI EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ Real estate taxes that are paid in advanced are prorated on the closing statement as. a. no entry to buyer; a credit to seller. b. no entry to buyer; a debit to seller. c. a credit to buyer; a debit to seller. d. a debit to buyer; a credit to seller. - -a debit to the buyer; credit to the seller Regulation Z requires the disclosure of which of following? A. Respa B. APR C. NAR D. CMA - -APR Two men own a parcel of land as joint ten...

PA Real Estate Practice Latest 2023 Already Passed Abstract of Title condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property Acceleration Clause clause in a mortgage or trust deed that can be enforced to make the entire debt due immediately if the mortgagor defaults on an installment payment Acceptance a promise by the offeree to be bound by he exact terms proposed b...

NYREI Test Exam With 100% Correct Answers 2023 Chapter 1 - Correct Answer-According to IRS, salespersons are independent contractors (earnings for 1099) Statutory Non-employees Keep records for 3 years Salesperson - 18 +, Broker - 20+ Receive commissions from supervising broker ONLY Broker cannot schedule them or require meetings - only regular supervision Chapter 2, 3, 4 - Correct Answer-Principal/ Client - hires agent While customer can see multiple brokers, clients can...

LEGL2700 Test 3 Epstein Exam Questions Complete Solutions Role of Scarcity - Answer -Need for resources outstrips supply of those resources. State Controlled/Communism - Answer -The government controls all resources and directs how they are divided up among citizens. How Private Property establishes necessary conditions for capitalism formation? - Answer -- Loan for a business (put up a house as collateral for example) - Can convert rights in one resource (house) into rights in differe...

acceleration clause - Answer- A provision in a written mortgage, note, bond, or conditional sales contract that in the even of default, the whole amount of the principal and the interest may be declared due and payable at once. accession - Answer- Title to improvements or additions to real property is acquired as a result of the accretion of alluvial deposits along the banks of streams or as a result of the annexation of fixtures. accretion - Answer- Increase or addition to land by the dep...

Indiana Real Estate Exam Questions and Answers 100% Pass The ____ is fully responsible for the actions preformed in the course of real estate business by all persons licensed under ______. - Answer- Broker, Broker The _____ can carry out ONLY those responsbilties assigned by employing ____. - Answer- Salesperson, broker A salesperson can receive ______ ONLY from that broker. - Answer- compensation A salesperson has _______ to make contracts with or ______ from any other party. - Answer- ...

WRA Chapter 7 Latest Update with Verified Solutions Probate Formal judicial proceedings to prove or confirm the validity of a will, to collect the assets of a decedent's estate, to pay debts and taxes, and to determine the persons to whom the remainder of the estate is to pass. Fixtures An article that was once personal property but has been so affixed to real estate that it has become real property. Lessee Tenant. Personal Property Property that is portable or unattached to the real estate....

Hawaii Real Estate Review Quiz 3 100% Correct Solved A professional Appraiser can render all but one of the following: A) An opinion of value B) A conclusion of value C) A judgement of value D) A determination of value - Correct Answer ️️ -D) A determination of value One of the distinguishing characteristics of joint tenancy is that the: A) Tenants possess separate estates B) Tenants may possess unequal interests in a single estate C) Interests of a deceased tenant pass to the remai...