David Saks: December 2010

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 950

                                                       #950

Sally defaulted on her mortgage and subsequently missed a few payments in the process.

He lender had to begin the foreclosure process.

Before the foreclosure slae took place Sally paid back the entire amount and cured the debt.

Sally has actually excercised her rights of statutory equitable limitation.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

wildlife

A. False

Sally exercised her 'equitable right of redemption' .

There's no such thing as a statutory equitable limitation.

The equitable right of redemption is the right of a debtor to to redeem his or her interest in a property before the foreclosure sale by paying the full amount of the debt.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • December 27 2010 03:09AM
Real Estate Practice : Lesson 950
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#950 Sally defaulted on her mortgage and subsequently missed a few payments in the process. He lender had to begin the foreclosure process. Before the foreclosure slae took… more
Real Estate Practice : Lesson 949
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#949 If a buyer gives a deposit check to a broker it can be held by the broker and retained contingent upon the rejection or acceptance of a buyer's offer. Is this fact true or… more
Real Estate Practice : Lesson 948
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#948 Money may be given to a broker to hold in trust or escrow for a buyer to pay for a home inspection. Is this true or false Take your time. The solution is posted below the… more
Real Estate Practice : Lesson 947
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#947 If the commission rate a listing broker has with a seller becomes a source of contention between the seller and the broker, the broker can change the commission structure at will… more
Real Estate Practice : Lesson 946
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#946 Any time a seller or buyer wants to create an agency relationship with a broker all the principal has to do is agree to the agency relationship orally. It actually doesn't have to… more
Real Estate Practice : Lesson 945
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#945 A house sits on top of a hill not far from the city landfill. You can see the dump trucks in the destance, but a nice forest is nearby. The agent says to the buyer,.. more
Real Estate Practice : Lesson 944
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#944 Any time a broker takes a listing the seller has given the broker the right to enter into a firm contract on behalf of the seller and decide the selling price if the seller can't decide. … more
Real Estate Practice : Lesson 943
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#943 When we talk about dual agency we're usually talking about a form of agency which is considered legal as long as the agent receives the same amount of money and compensation from both… more
Real Estate Practice : Lesson 942
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#942 Your company listed a home for seller A. B came to see you about the house and you told B that you couldn't give them any information about A's house until they signed a buyer's agency… more
Real Estate Practice : Lesson 941
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#941 An agent has an obligation to perform the duties in an agency relationship of confidence, obedience, accountability, loyalty, disclosure to both the principal who grants the agent the… more