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GENERAL PARTNER - A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership. ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payment...

Which of the following is NOT true about a sale and leaseback of a commercial property? (a) Seller frees up funds (b) Ownership does not actually transfer (c) Buyer can deduct depreciation from his taxes (d) Seller is able to deduct rent payments from his gross income - Ownership does not actual...

A licensee has ________ _______ to notify the division in a signed statement of a felony, misdemeanors involving moral turpitude ---- this is not a DUI - 10 Business days A ___________ involving fraud, misrepresentation, theft, or dishonesty that resulted in a convistion or incarceration with in ...

at duties does an agent owe a cleint - Fiduciary duties (loyalty, obedience, confidentiality, full diclosure, accountings, and safe holding of property and reasonable care and diligence What must agents disclose to the principal - All material information about the property and the clients abilit...

Establish the Validity of a deed: acknowledgment - (Notarized/witnessed) does not have to be recorded; signature of the grantor is being notarized Elements of a deed: delivery: 3 ways - 1. Actual delivery 2. Constructive (recorded) 3. 3rd party (hold in escrow or trust) Elements of a deed: cons...

In a condominium subdivision, who owns the supporting structure of each individual unit? (a) It is owned by the developer. (b) All owners own it in joint tenancy (c) The owner of each individual unit. (d) All tenants own it as tenants in common. - All tenants own it as tenants in common A copy ...

Alison Gray held fee simple tile to a vacant lot adjacent to a hospital. She was persuaded to make a gift of the lot to the hospital. She wanted to have some control over its use, so her attorney prepared her deed to convey ownership of the lot "as long as it is used for hospital purposes." Afte...

A broker found a ready willing and able buyer to purchase seller bonds house at the listing terms before agreeing to the sale seller bond introduced a new restriction stating that the sale could only be completed if the buyer agreed not to build a tennis court on the property the buyer refused and...

ADJUSTABLE RATE MORTGAGE (ARM) - A loan where the interest rate is periodically adjusted based on a specific economic indicator (or financial index). ACCELERATION CLAUSE - Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining...