▪ Prescription is a term usually applied to easements. We refer to easements by prescription[->0]. ▪ The nominal rate of interest is the: ⁃ rate set forth in the note. ▪ Study aid: "TTIP"
TIME: That the co-owners became such at the same time.
TITLE: Created by a single will or transfer.
INTEREST: Equal shares.
POSSESSION: A right to use the whole and share in the profits and costs. Foreclosure[->1] breaks two of the unities: Time and Title. ▪ If economic conditions are rapidly changing, it is difficult to make the adjustments to the price of comparable properties[->2]. ▪ Rental payments are $80 per day ($2,400 / 30). The seller will be debited for 16 days or $1,280 ($80 x 16). Prorations[->3] typically assume that the buyer's rights and obligations begin on the day of closing. ▪ Subagent[->4]" means a person to whom an agent delegates agency powers. However, "subagent" does not include an associate licensee who is acting under the supervision of an agent in a real property transaction. The marketing of real property by real estate agents is often a cooperative effort. The listing broker usually makes an offer of compensation to a cooperating broker (subagent) by placing the property on the Multiple Listing Service[->5]. Some MLS's make the offer of subagency automatic, while for others, the offer of subagency is optional and requires an affirmative act by the listing broker. If the principal (seller) specifically authorizes his/her broker to appoint a subagent and thus establishes a new contractual and fiduciary[->6] relationship, the subagent represents the principal in the same manner as the listing broker ▪ Limited partners[->7] are usually passive investors that share in the profits, but do not actively participate in its management or operation. ▪ A valid deed must have a granting clause[->8] or some words to indicate that the grantor wishes to