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Real Estate - Acronyms Flashcards COLD + ACSix Common-law fudiciary duties - Care, Obedience, Loyalty, Disclosure, Accounting, Confidentiality PITIMonthly mortgage - Principle, Interest, Tax, Insurance ACTORFour alternative risk management techniques - Avoid, Control, Transfer, Or Retain PETEFour government powers - Police power, Eminent Domain, Taxation, Escheat PITTFour unities necessary to create joint tenancy - Possession, Interest, Time, Title DUSTTo have value, property must have following characteristics
- Demand, Utility, Scarcity, Transferability
DEEP + CBundle of Legal Rights - Disposition, Enjoyment, Exclusion, Possession, Controls SCARI + MSpecial, Commercial, Agricultural, Residential, Industrial, Mixed-use LLOCCEssential elements of a valid contract - Legal purpose, Legally competent parties, Offer and Acceptance, Consideration, Consent
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