6 Must Know Real Estate Exam Acronyms Flashcards

MARIA(Test of a Fixture)MethodAdaptabilityRelationshipIntentionAgreement TTIP(4 Elements of a Joint Tenancy)TimeTitleInterestPossession---Right of Survivorship CLOC(4 Essentials of a Valid Contract)Capable partiesLawful objectOffer and acceptanceConsideration---Writing only essential when transferring title (some contracts are implied) CHAO(Adverse Possession-claiming legal title to land without paying for it)Continuous Use - regular uninterupped useHostile - use is in conflict with true ownerActual and Exclusive - must not occupy land with true ownerOpen and Notorious - in public view DUST(4 Elements of Real Property Value)DemandUtilityScarcityTransferability UPTEE(Bundle of Rights as Real Property Owner)UsePossessionTransferExclusionEncumbrance OLD CAR(Essentials of Agency to Client (Fiduciary Duties))ObedienceLoyaltyDisclosureConfidentialAccountin gResponsibility---These change when discussing a customer and not a client FRSH CRN(Protected Classes Under the Fair Housing Act)Familial StatusRaceSexHandicapColorReligionNational Origin PETE(Powers of Government)Police PowerEminent DomainTaxationEscheat