Who is responsible for any wrongs done by a salesperson while acting within the scope of the agency agreement?
The broker is liable for the wrongdoing of his or her salespersons. The principal is liable for any wrongs committed by the broker while acting within the scope of the agency agreement.
what is the distinction between sales contracts and option contracts?
One characteristic of sales contracts is mutual obligation. Option contracts lack mutual obligation. The buyer in an option contract is not obligated to buy.
A listing agreement must contain:
a standard street address is sufficient.
If the commission investigates a complaint and determines that an individual's real estate license should be suspended or revoked, the licensee is entitled to a hearing before the commission within how many days after the commission reaches its decision?
A licensee who faces suspension or revocation of their license is entitled to a hearing within 30 days of the commission reaching their decision.
Which of the licensed entities does not fall under the regulatory authority of the Texas Real Estate Commission?
The Texas Appraiser Licensing and Certification Board has jurisdiction over state licensed and certified appraisers. In addition to licensing brokers and salespersons, the Texas Real Estate Commission is responsible for licensing real estate inspectors an
A licensee in Texas may not practice law, unless licensed and authorized to do so in Texas. Practicing law includes altering contracts, or drawing up:
a deed, deed of trust, will, or other written instrument that may transfer or affect the title to land.
What penalties may a licensee who breaches the agency relationship face?
A licensee who breaches the agency relationship may be sued for damages, termination of the contract, and/or non-payment of the commission.
Undisclosed dual agency is:
a violation of the TRELA.
What is the composition of the Broker-Lawyer Committee?
Six broker members are appointed by the Texas Real Estate Commission; six attorney members are appointed by the President of the State Bar of Texas. The appointees serve a term of six years with one-third of them being appointed every two years.
A licensee must disclose any existing agency relationships to a new client. This disclosure:
may be done orally or in writing.
A broker may do which of the following for an individual without actually representing the individual?
A broker may obtain financing, assist in locating a property, and prepare a contract or lease for an individual without representing the individual.
A real estate licensee must notify the real estate program manager if:
A licensee must notify the real estate program manager within 20 days of receiving any criminal complaint, information, indictment, or conviction in which the licensee is named as a defendant; or entry of a civil court order, verdict, or judgment, against
Pamela, who lives in a suburb in which many homes are rented, decides to open a rental agency in order to assist her friends in finding suitable renters. Pamela's conduct is
unacceptable because it involves an activity for which a real estate license is required.
The sole broker of a brokerage firm has his or her real estate license suspended for two years. What would happen to the licenses of the salespersons affiliated with this broker?
If the broker's license is suspended or revoked, the salespersons' licenses are made inactive and must be returned to the commission. A salesperson's license may be made active when the salesperson is sponsored by a new broker.
Which agency is responsible for the contract forms used by Texas licensees?
The Texas Real Estate Commission
A community property with rights of survivorship agreement must:
doesn't need to go through probate, must be signed by both spouses, must include the property description, be in writing, contain wording that makes evident the intent of survivorship, and be recorded in the county courthouse.
Generally, the most important responsibility of an agent is to:
represent the financial interests of the client.
Broker Bea recently entered into a listing contract with Seller Sally. Broker Bea just learned that Sally is actually 17 years old and not married. The listing contract is:
voidable at the option of the minor.
Which of the following people would need to obtain a real estate license if they were involved in a real estate activity?
A. the executor of an estate
B. a court-appointed guardian
C. a trustee of the bankruptcy court
D. one who sells lots in a mobile hom
D. The sale of land/lots is an act of brokerage and requires that one have a license if he or she is not the owner of the lot. The other three answers are listed as people who do not need a license in Section 3 of the Texas Real Estate License Act.
An agency relationship may be terminated by
expiration of time, agreement, rescission, abandonment, or by the death of either party.
A property owner may claim a homeowner's exemption in Texas on a residence that is both owned and occupied. The exemption reduces the assessed value of the residence by
$7,000 dollars
A broker must maintain a place of business in the state of Texas. If the location changes, the broker has how long to notify the commission?
The broker must notify the commission of any change of address within 10 days.
What happens when an applicant for licensure has failed to pass the competency examination within the prescribed six-month period?
The applicant must submit a new application meeting all current requirements.
The written disclosure of agency relationships is not required if the:
proposed transaction is for a residential lease for not more than one year and no sale is being considered. Disclosure is also not required if the licensee meets with a party who is represented by another licensee.
An agency relationship may be created in all of the following ways except:
A. by ratification.
B. by estoppel.
C. by apparent authority
D. by assumed authority
D. An agency relationship may be created in all of these ways except for by assumed authority.
Dave defaulted on his mortgage loan and the property was ordered to be sold at a foreclosure sale. Dave may redeem his property:
A property owner in default may redeem his or her property up until the property is sold, under the equitable right of redemption.
What should a real estate broker do with licenses coming into his or her possession?
prominently display them in his or her place of business
If a broker is working as an intermediary to both parties in a transaction, the broker may collect commissions from both parties if:
each party knows exactly how much commission is collected from the other party and receives full disclosure of all facts.
A contract may be terminated by:
default, performance, mutual agreement, rescission, or by the fact that it is impossible to perform.
Who is credited with actually securing a written offer?
Procuring cause
Each commissioner must be:
both qualified voters and residents of Texas. Only six of the members must be licensed real estate brokers.
A salesperson may split his or her commission with:
anyone that is not a licensed salesperson or broker in Texas.
An exclusive-right-to-sell agreement must include:
a definite termination date not subject to prior notice.
A licensee avoids mentioning negative important facts that he or she knows to be true in his or her presentation to a potential purchaser of real property. The licensee:
may be charged with misrepresentation by omission.
Each TREC member is appointed for a minimum term of ____ .
6 years, or until a successor is appointed.
For a two-year lease, a landlord may record, instead of the actual lease, a:
Memorandum of lease. For more then one year lease
Seller Sam enters into a listing agreement with Broker Barb on January 5 that was to last 4 months. In early March, Sam decides that he doesn't want to sell his house after all. What applies to the broker?
The broker no longer has the authority to sell the house and the seller may be subject to a penalty. However, the broker is not entitled to any commission.
Full disclosure of material facts by a licensee falls under which of the obligations of a licensee?
Duty of Integrity
What is a counteroffer?
A rejection of an offer and a presentation of new terms and/or conditions. It is not valid until both parties have signed it.
Parties can be compelled to take a dispute to mediation prior to being able to initiate litigation by
A judge. Under the 1987 Alternative Dispute Resolution Act, only a judge can compel parties to take a dispute to mediation. Others can encourage parties to submit voluntarily to mediation prior to resorting to litigation but only a judge can compel.
What is true of a mechanic's and materialman's (M&M) lien?
Homesteads are not protected against M&M liens, the lien is valid as of the first day work began on the property, and all owners of the property must sign before work is begun.
A broker has a duty to provide what two things to his sponsoring agents?
Supervision and evaluation
Once a licensee has obtained a listing, he or she must:
provide the seller with a legible, signed, true, and correct copy of the listing agreement.
Six of the members of the Broker-Lawyer Committee are selected from:
The State Bar of Texas.
Responding to or facilitating inquiries about the ancestry or familial status would put the licensee in the position of violating
Federal and state laws as well as the Texas Real Estate Commission rules. Facilitating such inquiries could result in suspension or revocation of one's license.
Which type of listing agreement allows the broker to keep all proceeds from the sale that exceeds a certain amount?
A net listing.
Karen's application for licensing was approved on June 30, 2004. What is the latest date on which she may pass the Texas state licensing exam?
12/30/2004
A homestead sold for delinquent taxes may be redeemed within ______ of the sale.
2 years. Other properties may be redeemed within six months.
Which of the Texas Real Estate Commission addenda contains the words "time is of the essence?
They are The Addendum for Sale of Other Property by Buyer, The Back-Up Addendum, and the Third-Party Financing Condition Addendum. An option clause is always interpreted under the ""time is of the essence"" rule. Texas courts will favor upholding the term
An agency relationship cannot be created by:
inherent authority
What is true of listing contracts?
The salesperson is not allowed to accept listings in their own names; they must be in the broker's name. The contract should show the broker as the agent and owner of the listing. However, the salesperson may sign the listing contract for the broker.
Within how many days may an applicant appeal the ruling, if the commission declines an application?
the licensee can appeal the ruling within ten days, and request a hearing before the commission.
Salesperson Judy Jones has found the perfect house for herself. She learns that the owner may be interested in selling, so she introduces herself and is allowed to make a listing presentation. She gets the listing for her brokerage after presenting a CMA
Judy's conduct is prohibited for many reasons. She has not only violated her fiduciary duties by failing to act in her client's best interests, she has acted secretly for her own personal gain. She has also violated Section 15 of the Texas Real Estate Lic
If the seller disclosure statement is delivered to the buyer after the purchase agreement has been signed, the buyer may cancel the agreement within _____ of receiving the disclosure.
7 days
what type of relationship exists between the broker and sales associates?
General agency
To obtain a real estate salesperson license, an applicant must:
be a Texas resident at the time of application. He or she must also be at least 18 years of age, be a US citizen or legally admitted alien, show proof of completion of the educational requirements, be sponsored by a broker, and have passed the state real
what is the best way to extend the closing date on a contract?
use the Texas Real Estate Commission 39-4 "Amendment" and have the buyers and sellers sign
In Texas, real estate licenses expire:
on the last day of the anniversary month of issuance,
A real estate salesperson may accept compensation from?
The salesperson's sponsoring broker only
The official effective date of a sales contract is:
the date the last party signs the contract.
What is required to obtain a broker's license in Texas?
license must be at least 18 years of age, have been actively engaged as a licensed salesperson for at least 2 years, and complete 900 hours of approved coursework
For what is there NO promulgated form?
contract for deed
A contract contains a clause stating that "time is of the essence". This clause indicates that:
any time limitations indicated in the contract must be strictly met.
If Broker Bob, the listing agent, negotiates an offer that is presented by Broker Bill, who works for another company and represents a buyer, the brokers will be acting as:
single agents since they both have agreements with their respective principals.
What penalties may be imposed on an unlicensed individual for a single act of brokerage for which a license is required?
$4,000 fine plus other penalties provided by law
Brokers and salespeople in Texas who are not lawyers may:
Fill in the blanks on a preprinted form contract promulgated by TREC
Three members of the TREC must be:
representatives of the general public who are not licensed and do not have a financial interest in the practice of a real estate office.
Which of the following is true of a licensee purchasing or selling his or her own property?
It is legal as long as full disclosure is made.
Earnest money must be deposited in an escrow account in a "timely manner." TREC considers a "timely manner" to be:
by the close of business on the second business day after the parties execute the contract.
The commission will investigate complaints submitted up to how long after the alleged incident?
4 years
what is true of an assumed name?
A broker must file an assumed name with the county clerk in the county where the broker conducts business. He or she must re-file an assumed name every 10 years, and only advertising that does not readily identify the broker as a real estate agent must co
what is NOT listed as included in the property to be conveyed in paragraph 2 of the Texas Real Estate Commission form 20-6?
a self-contained spa with cover and heater
Buyer Betty gives Broker Bob an earnest money deposit. According to Texas law, Broker Bob should:
hold the earnest money deposit in a secure place in the broker's office until the offer is accepted and the contract is signed. He or she then must deposit the funds in a separate escrow account by the end of the second business day after the contract is
The total value of all personal homestead property may not exceed $________ for a single adult or $_______ for a family.
15,000/30,000
what individuals are exempt from the real estate license requirement?
An employee who rents their employer's property
An intermediary appoints associates in a transaction. Who must receive written notification of the appointments?
All parties to the transaction
Sam is preparing an offer for the purchase of the property located at 4615 Pleasant Boulevard and is not sure of the legal description of the property. To complete paragraph 2 of the 20-6 contract form, he should
obtain the description from the county appraisal district, making certain that he obtains the lot, block, and section numbers as well as the correctly spelled name of the subdivision.
A broker is obligated by law to treat his or her client:
honestly
A real estate broker who is convicted of making false, deceptive, and misleading statements may face:
a financial penalty up to three times the amount of the actual damages. Under Section 15 of TRELA, the licensee may also have his or her license revoked or suspended.
Agency disclosure is required:
in writing
The commission has the authority to revoke a salesperson's license if he or she:
deposits a buyer's earnest money into his or her bank account.
A broker who places earnest monies in the company's operating account is guilty of what?
commingling
If a salesperson's license is revoked, to whom may he or she appeal the decision?
The district court
Who may revoke or suspend a Texas real estate license?
Texas Real Estate Commission (TREC)
A single act of brokerage for compensation without a license is considered:
a misdemeanor.
Separate property is:
property owned before marriage, settlement from a personal injury suit, gifts and inheritance after marriage, and property agreed in writing to be separate
what would be exempt from the seller disclosure requirements of Section 5.008 of the Texas Property Code?
Property that has never been occupied, property acquired by a lender as a result of borrower default, and property being sold by a duly appointed/approved administrator or executor of an estate are specifically listed in the list of eleven exemptions
When a broker decides to terminate his or her sponsorship of a salesperson, the broker must?
Notify the commission in writing of the termination and return the salesperson's license to the commission
The nature of the relationship between a principal and agent can be described as:
fiduciary.
How many classroom hours are required to apply for a salesperson license?
180 hours
Real estate commissions in Texas are:
always negotiable between a client and the broker.
An open or non-exclusive listing agreement allows a seller to employ:
an unlimited number of brokers.
A claim from the recovery fund is paid only if:
the licensee has no assets that can be used to satisfy a judgment.
No one seems to own the vacant lot next to Henry's house, so he has used it for a garden for many years now. He may have a good chance of going to court and obtaining ownership by
adverse possession.
what may render a contract void?
one or both of the parties to the transaction is mentally incompetent, if the contract was for an illegal purpose, or if fraud was involved.
What form do brokers display in each place of business he or she maintains.
Consumer Information Form 1-1
If a tenant has not paid the rent on time, how much written notice must a landlord give the tenant to pay the rent before the landlord may file an action to evict?
three days after giving written notice of rent due.
what is true of homesteaded property?
Homestead property may be taken to satisfy tax debt, some mechanic's liens, foreclosed purchase-money mortgages, and some homeowners' association liens. Texas law does not require a formal declaration in writing to create a homestead property.
Repair or remodeling of a property generally adds to its worth. In recognition of the role contractors and suppliers play in increasing the value of a property, in many states they are assured payment for their goods and services by being able to file a/a
mechanic's lien against the property.
Which type of listing agreement is now prohibited under Section 15 of the TRELA?
Open listing
Before entering into any substantive discussions about a property with a potential buyer, a real estate licensee should:
provide the buyer with a Statutory Information Statement, containing information on brokerage services.
In Texas, a salesperson's license may be revoked if:
the salesperson deposits escrow money into his or her personal checking account, and the salesperson advertises in a newspaper that she is the broker or the agent
To be legally binding, a contract for real estate must have
competent parties, mutual agreement, a lawful objective, consideration, and been reduced to writing.
The most accurate way to uniquely locate and bound a parcel of real property is to use
a metes and bounds survey.
If a broker agrees to represent a buyer, but does so without a written agreement, the broker is known as a(n):
volunteer agent.
A number of young people have been injured in skateboarding accidents within the city park, so the city council has passed a resolution prohibiting skateboarding within public areas. The action is taken in accordance with the city's:
police powers. Local governments may enact laws that protect the public health, safety, or welfare.
The Residential Lead Base Paint Hazard Reduction Act allows tenants to have prospective residential lease property inspected by certified professionals if the property was constructed prior to which year?
1978
Under eminent domain, if the parties cannot agree to property value, which type of lawsuit will be filed by a city to take the property for public use?
condemnation
Anyone wishing to obtain a mortgage loan for the purchase of a home today who is qualified may obtain any of the following types of loans
A Conventional 15-year loan, FHA insured 30-year loan, or a VA guaranteed 30-year loan (if purchaser is a veteran).
If an agent fails to deposit money received from the buyer as earnest money into an escrow account in a reasonable amount of time, what may occur?
Suspension or revocation of the agent's license
125. To be legally entitled to a commission related to a real estate transaction, agent Richard Rock must be all of the following EXCEPT
A. licensed.
B. authorized to be involved in the marketing effort.
C. the procuring cause of the transaction.
D. under
under contract to either the buyer or seller.
what is true of a broker who acts as an intermediary in a transaction?
The broker may not disclose that the owner will accept a price less than the asking price.
Under a (n) ____________ agreement, only the specified broker has the right to produce a buyer. The seller is even precluded from selling his or her own property.
exclusive-right-to-sell listing
What is true of dual agency?
there is no longer a statutory provision for dual agency in the TRELA. However, common law permits a broker to represent both a buyer and a seller in the same transaction.
The members of TREC are appointed by
The Texas governor
The agreement signed by the owners of House A and House B to share a common driveway is a form of
an easement.
An encumbrance that states a monetary interest in someone's property is called
a lien
An article of personal property that is permanently attached and becomes part of the real estate is known as
a fixture.
Riparian and littoral rights belong to owners of
land bordering bodies of water. (Riparian rights apply to owners of land bordering rivers and streams, littoral rights to those owning land on lakes and oceans.)
Man-made additions to real estate are known as
Improvements, which become part of the real property, include man-made additions like sewers, roads, and buildings.
A legal description that includes phrases such as "starting at the intersection of Smith and Baird roads and proceeding westerly 150 feet to a stream" is referred to as
metes and bounds
When construction of a new building has been completed in a satisfactory manner, the local building inspector issues
a certificate of occupancy.
Accretions or soil deposits added to property adjoining a river may also be referred to as
alluvion
Alluvion is an
addition of land to an owner along rivers and streams. An example of this addition would be a sand bar developing on a river bed
Deed restrictions are the creation of a
previous property owner.
Which of the following is a government right in land?
eminent domain by a public utility company
In comparing a competitive market analysis to a comparative market analysis, what is the differing factor?
properties currently for sale in the same market area.
A competitive market analysis includes both sold comparables and the sales price of current properties on the market to determine value. A comparative market analysis evaluates only sold comparables i
what approaches would an appraiser most likely use to appraise a church?
cost approach. (Unique property that does not produce income is appraised by estimating reproduction or replacement cost.)
A competitive market analysis usually contains
average price per square foot, closing date of sold com parables, and days on market of comparables.
The applicant for a mortgage may NOT be asked about his or her
national origin.
The Equal Credit Opportunity Act prohibits discrimination in credit lending based on
dependence on public assistance, marital status, sex, and age to those already existing of race, color, religion, and national origin as protected classes for loan applicants.
Under the Truth-in-Lending Act, the cost of credit extended must be expressed as
the annual percentage rate.
Credit lenders may not discriminate on the basis of age unless the prospective borrowers are
minors.
The Webers own three pieces of real estate: their house, a lakeside cottage, and a tract of woodland. What expense may be deducted for all three properties on the Weber's income tax return?
property taxes
The Hansons' home was listed with a broker, but they ended up locating a buyer at Mr. Hanson's place of employment and sold the property themselves. They were still obligated, however, to pay a brokerage fee. What kind of listing had they agreed to?
an exclusive right to sell
In which of the following types of agency might you see the termination of the agency relationship immediately after closing?
special agency (is typically a single purpose, short term agency relationship.)
If a contract ends with the sale of the property,
the agency relationship of the seller and the listing broker ends at that time.
what best describes the role of an agent who seeks a particular type of property for a client?
special agent
When a buyer is your customer, which of the following services would you NOT provide him/her?
loyalty. While a buyer customer is entitled to honest business dealings, he does not get the same undivided loyalty that is owed to a buyer client
When describing the particulars about a property, the agent does not disclose that a capital improvement project has been approved that will result in a special assessment to the owner in the near future. The broker has
failed to provide proper disclosure as required by law. the sellers have the same obligations.
The furnace at 39 State Street doesn't work properly. However, because the prospective buyers inspect the house in July, there is no indication of this. The condition of the furnace is known as
a latent defect.
a latent defect are
those that cannot be seen by a normal prudent inspection.
If a material fact concerning the condition of a residential property is known by the listing broker but intentionally not disclosed to the buyer, the broker may be
guilty of fraud, subject to litigation, and subject to license revocation.
a comprehensive buyer representation agreement would address the
duties of the agent, termination date, and compensation agreement.
The statute of frauds requires that
offers, acceptances, land contracts, and other real estate documents to be in writing to be enforceable.
Richard Rock wants to buy Craig Johnson's house, but Craig doesn't want to turn over title until he receives the purchase price. They could use either a lease option or a land contract. Richard would prefer a lease option because
he will be free to change his mind about buying.
Anna Jamison rents a small building for her boutique. In addition to rent, she also pays property taxes, utility bills, and insurance on the property. She must have a/an:
net lease
What are the buyer's choices upon presentation of a counter-offer?
accept, reject, consider, or counter-offer
The buyer gives the owner a $5,000 payment and a written agreement stating that, on July 1 of the following year, the buyer will purchase the property for $150,000 cash or the owner may keep the money. This transaction is known as
an option agreement.
In an option contract,
the buyer purchases the right to buy a property at fixed terms within a defined period of time. If the option is not executed, the owner gets to keep the deposit.
A broker may define the sponsored agent's general duties and authority, but not
how the agent does his business.
The earnest money accompanying a purchase offer
is not necessary to establish a valid contract. its main use is to reassure the seller and prove the buyer's good faith.
A contract which was signed by a minor is
voidable by the minor, but not by the other party.
An owner of property conveys interest in that property to a private school with the stipulation that the land only be used as a playground. Several years later, the school trustees announce that the school is going to expand by building an addition onto t
wait, and then demand that the addition be torn down.
An accrued charge on a closing statement is paid
in arrears.
The entity that loses ownership through a deed of trust mortgage foreclosure is the
mortgagor (borrower)
An abstract of title contains
the summary of a title search
A deed is the instrument used to convey ownership of
real property.
At a closing, items such as property taxes and water bills are divided between buyer and seller by the process known as
proration
The Civil Rights Act of 1866 prohibits discrimination in real estate based on
race.
what actions by a landlord is NOT discriminatory under the Federal Fair Housing Act?
if the prospective tenant has a pet. Pets and pet owners are not protected under Fair Housing Laws.
Which form or action of discrimination was NOT in violation of the Federal Fair Housing Act when established in 1968?
sex
Which phrase in a lender advertisement to secure borrowers would be in violation of the Equal Credit Opportunity Act?
must be under 60 years of age for 30 year term loans (Age discrimination is protected)
In a real estate office, salespersons are generally considered the principal broker's
subagents
A listing agent would NOT be required to disclose
that the sellers are facing bankruptcy if the house does not sell quickly.(Material defects must be disclosed. Relationship to the client must be disclosed. Personal confidential information must never be disclosed.)
If a property generates a negative cash flow, in order to be an attractive investment to a prospective purchaser
there must be a substantial increase in property value.
what investment opportunities would involve the greatest risk even though it would likely produce the highest rate of return?
before construction is started
A real estate salesperson may receive compensation from
only the employing broker.
When an agent does not fulfill the fiduciary duties and perform as promised, how may the client end the relationship?
unilateral rescission in writing
Can a salesperson function as an intermediary?
no. (Only the designated broker of the firm can function as an intermediary.)
Your seller says that he doesn't want to accept any offers from buyers who are represented by a buyer's agent. As the listing agent, what should you do when a buyer's agent brings an offer on the listing on behalf of his client?
present it to the seller ( The listing agent has the duty to present all offers to the seller unless instructed otherwise by written instruction from the seller.)
What is required in order for a salesperson, who has been appointed and assigned to one of the parties, to be able to convey confidential information about the other party to the party to whom he or she has been appointed?
written permission of the other party
what agreement is NOT an agreement that must be reduced to writing to be enforceable?
multiple listing
A seller received an offer last evening and is considering how to respond to it. While the seller is still thinking about the first offer, another offer is given to the listing agent. What should the listing agent do?
present the second offer immediately
Sam and Sally are occupying an apartment on a month-to-month lease with rent due and payable on the 15th day of each month. How much notice must they give their landlord to terminate their tenancy-at-will?
30 days unless otherwise stipulated in the rental agreement
All of the following are approaches that an appraiser may use to establish value EXCEPT
A. market approach.
B. cost approach.
C. income approach.
D. tax assessment approach.
D. tax assessment approach.
what do appraiser take into consideration?
analyzes physical, political, and social conditions in the neighborhood of the subject property.
A loan in which the borrower pays interest only over the life of the loan and then pays the entire principal at maturity of the loan is called?
a term loan
The provisions of the Real Estate Settlement Procedures Act (RESPA) apply to
one- to four-family mortgage loans, including equity loans.
If a seller's agent shares his commission with a buyer's agent
this is not necessarily an indication of agency representation.
If a broker negotiates on behalf of both the buyer and the seller, this would indicate some form of
dual agency.
If a seller receives multiple offers
he may accept any one of them regardless of when it was received "in time.
Administration of ____________ would best be handled by a property manager?
a shopping center ( complex details of commercial property are best administered by a professional property manager.)
The Sinclair's needed two different loans to buy their first home. The loan that will have first claim on the value of the house in case of foreclosure is the one that was first
recorded.
What is a recording?
The noting in the registrar's office of the details of a properly executed legal document, such as deed, mortgage note, satisfaction of mortgage, or extension of mortgage, thereby making it a part of the public record