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ilene
cards
independent contractors | brokers are independent contractors they work under a principal broker |
Principal broker | authorizes another to act on his behalf/ responsible for professional real estate activity |
agent | authorized to act on the behalf of another |
licensed transfer | transferring from one office to another |
broker | authorized to engage in professional real estate activity under a professional real estate broker |
tenancy for years | set time period |
periodic tenancy | rental payment are equal to revenue % |
gross lease | fixed rate |
triple net lease | leaser pays expenses |
graduated lease | increase rent |
percentage lease | monthly rent plus percentage |
ground lease | bare land rents ground ...owns building |
acceleration clause | demands the entire balance |
due on sale | demand in full |
subordination clause | subordinate to another clause |
extender clause | pays commission if sold at the expiration date |
contract under seal | no consideration required |
flat lease / fixed lease | stays the same |
creating a contract | offer, acceptance, consideration |
consideration | any legal thing of value exchanged for the promise made in the contract |
illusory | not enough consideration |
rescinded | as if never created |
novation | substitution of a party for another/ assuming another's mortgage |
assignment | transferring contract to another/ someone else takes over |
lock in clause | monthly payments certain amount only remedies |