MEMORY HELPERS

1. The EIGHT services of real estate include the following:
Remember: A BAR SALE

• Advertising
• Buying
• Appraising
• Renting
• Selling
• Auctioning
• Leasing
• Exchanging

2. Fiduciary Duties
Remember: COLD AC

• Confidentiality
• Obedience
• Loyalty
• Disclosure in full
• Accounting
• Care, skill and diligence

3. Fixture Determination
Remember: IRMA

• Intent of the parties
• Relationship
• Method of annexation
• Adaptation of the article

4. Owner Property Rights
Remember: DUPE

• Disposition
• Use
• Possession
• Exclusion

5. Methods of Acquiring Property
Remember: WEEDAD

• Will
• Eminent Domain
• Escheat
• Deed
• Adverse possession
• Descent

6.Private Restrictions to Ownership
Remember: DELL

• Deed Restrictions
• Easements
• Leases
• Liens

7. Government Restrictions to Ownership
Remember: PETE

• Police Power
• Eminent Domain
• Taxation
• Escheat

8. Investors Objectives
Remember: SPLIT

• Safety
• Protection against inflation
• Liquidity
• Increase income
• Tax Advantages

9.The Seven Essentials of a Deed
Remember: CEDDING

• Consideration
• Execution & 2 witnesses
• Description of Property
• Delivery and acceptance
• Interest or estate being conveyed
• Names of grantors and grantees
• Granting & other appropriate clauses

10. The Five Essentials of a Real Estate Contract
Remember: COLIC

• Competent parties
• Offer and acceptance
• Legality of the object
• In writing and signed
• Consideration

11. The Four Unities of a Joint Tenancy
Remember: PITT

• Possession
• Interest
• Title
• Time

12.The Four Characteristics of Value
Remember: DUST

• Demands
• Utility
• Scarcity
• Transferability

13. Conflicting Demands Escape Procedures
Remember: MEAL

• Mediation
• Escrow Disbursement Order
• Arbitration
• Litigation

14. Transfer Taxes to be Paid
Remember: SIN

• State Tax on Deed
• Intangible tax on New Money
• State tax on the Note

15. Ways to Terminate an Offer
Remember: WILD CARD

• Withdrawal by Offeror
• Insanity
• Lapse of time
• Death
• Counteroffer
• Acceptance
• Rejection
• Destruction of property

16. Acquiring Title by Adverse Possession
Remember: HOTCAN

• Hostile Possession
• Open Possession
• Taxes to be paid
• Color of Title
• Adverse Possession (7 years or more)
• Notorious public possession

17. Income Capitalization Formula
Remember: IRV

• Income
• Rate
• Value

18. Conflicting Demands/Good Faith Doubt "Escape Procedures"
Remember: MEAL

• Mediation
• Escrow disbursement order
• Arbitration
• Litigation

19. Way to terminate an offer
Remember: CAR WILD

• Counter offer
• Acceptance
• Rejection
• Withdrawal by offeror
• Insanity
• Lapse
• Death

20. The Ways to Terminate a Contract
Remember: PRRLABB

• Performance
• Renunciation
• Revocation
• Lapse of time
• Abandonment
• Breach
• Bankruptcy, death or incapacitation