a. Until it is accepted by a seller, the document remains simply a purchase offer.
b. A lease that is not for more than one year does not come under the Statute of Frauds.
a. Salespersons may only receive compensation from their principal broker. Gifts of merchandise, use of luxury cars, trips, and outings are also compensation and may only be given to a broker who disposes of them in accord with the company policy.
c. A lease defines the period of time during which the tenant has the right to occupy and enjoy a property. At the end of that period, the right reverts to the owner.
b. The tenant has the right of “quiet enjoyment†and the landlord must give proper notice prior to accessing the premises.
a. Assessors set the value at which real estate will be taxed.
d. The Landlord-Tenant Act in most states clearly establishes specific court procedures with strict timelines.
a. A defeasible/indefeasible fee is associated with a deed.
b. The term “alienation†means transfer of title. The lender reserves the right to call in the loan if the property is sold.
d. $5,000 + $93,000 = $98,000 total dollar expenses of closing. Convert 7% to a decimal and multiply. $125,000 × .07 = $8,750 commission; $125,000 – $98,000 – $8,750 = $18,250 net proceeds to seller.
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