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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rescinded as if never created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