Acronyms FL Real Estate Principals Flashcards

Acronyms FL Real Estate Principals Flashcards Essentials of a contractCapable partiesLegal objectOffer and acceptanceConsideration

DELLTo remember Private Restrictions:D Deed restrictionsE

EasementsL LeasesL Liens ACOLDAccountabilityCareObedienceLoyaltyDisclosure DAD SOLDDeal honestly and FairlyAccount for all fundsDisclosureSkill, care, diligenceOffers and counter offers presentationLimited confidentialityDisclosures

DUSTElements of Value:DemandUtilityScarcityTransferability

WILD CARDTo remember Ways an Offer is Terminated :W Withdrawal

by the offerorI InsanityL Lapse of timeD DeathC CounterofferA AcceptanceR RejectionD Destruction of property.DAD SO COLDDeal honesty and FairlyAccount for all fundsDisclosureSkill, care, diligenceOffers and counteroffers presentationConfidentialityObedienceLoyaltyFull Disclosure

MARIAAcronym to remember Fixture:Method of

attachmentAdaptionRelationshipIntentAgreement

DEEP CTo remember Bundle of Legal Rights:D DispositionE

EnjoymentE ExclusionP PossessionC Control COLICTo remember Elements of a Valid & Enforceable Real

Estate Sale Contract :C Competent partiesO Offer &

acceptance (meeting of the minds)L Legal purposeI In writing and signed (statute of frauds)C Consideration (valuable and good)

PETETo remember Government Restrictions:P Police powerE

Eminent domainT TaxationE Escheat

IRVDirect Capitalization Relationships: IRVFormulasI

Income=Rate x Value II=Net Operating Income NOIRRate=Income/Value RR=Capitalization RateV Value=Income/Rate VV=Value (sale price) My brother is a STUDly agent and wants to make money selling land=Economic characteristics of property (scarcity, transferability, utility, demand). U and I need to be more physically active=Physical characteristics of land (indestructible, immobile, uniqueness).

FRESHCORN

CBS vs. CIAAppraisal Adjustments (unit

15):CompBetterSubtractCompInferiorAdd

A BAR SALETo remember Real Estate Services:A Advertise real estate

servicesB BuyA Appraise {non-federally related transactions}R Rent/provide rental info. or listsS SellA

AuctionL easeExchange

DADNo brokerage agreement:Deal honestly and FairlyAccount

for all fundsDisclosure

Fiduciary Duty = Truth and LoyaltyOLD CAR Old CarObedienceLoyaltyDisclosureConfidentialityAccountabilit yReasonable Care HOT CANTo remember Conditions for Alienation by Adverse

Possession:H Hostile possession of prop. (w/0 owner's

permission) to exclusion of true owner or any who contests itO Open possession w/ no attempt to conceal occupancyT Taxes paid by adverse possessor during all years of adverse possessionC Claim of title; creates a reasonable basis for actionA Adverse possession must continue for 7+ consecutive years w/o consent of ownerN Notorious & flagrant public possession of prop.

SINTo remember Attentions and Functions:S Stamps on deed

$.70 per $100I Intangible on new mortgages $.002 per $1 of debtN Note, stamps on notes $.35 per $100

ACOLDDuties of a fiduciary relationship:accountablecare and

skillobedienceloyaltydisclosure of all information

BBILMPWithdraw from contract:performance, mutual rescission,

impossibility of performance, lapse of time, bankruptcy, and breach.

MALETo remember Four Settlement Procedures:M Mediation

(nonbinding)A Arbitration (binding)L LitigationE Escrow disbursement order (EDO)

PITTTo remember Four Unities of a Joint Tenancy:P

PossessionI InterestT TitleT TimeS Survivorship

CEDDINGTo remember Elements of a Deed:C Consideration

(valuable or good)E Execution (signed by competent grantor & 2 witnesses)D Description of prop.D Delivery & acceptance (voluntary)I Interest or estate being conveyed (habendum clause)N Names of a grantee & a grantorG Granting & other appropriate clause Fe-PENDS (like my fee "depends" on this written agreement)

Written Listing Agreement:F fee or commissioneP price

and termsE definite expiration dateN no automatic renewalD Description of propertyS Signature of principal Agency - ACOLDAccountabilityConfidentialityObedienceLoyaltyDisclosure