What is the difference between conversion and commingling?
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What is the difference between conversion and commingling?
Conversion is the practice of mixing a client’s money with the agent’s personal funds. Commingling is the practice of mixing a client’s money with the agent’s personal funds. Conversion is the unlawful misappropriation and use of a client’s funds by a licensee. Conversion is the more serious violation.
What is a co brokerage?
You’ve probably heard it before, but here it is defined: “Co-broking” occurs when two agents work together—one representing the buyer, and the other for the seller (or, in the case of a rental, the landlord)—to complete (i.e. co-broker) a deal. The commission is split between the two agents.
Can you do whatever you want on your property?
When you own a property, you own a “bundle of rights.” You have these rights whether you own the property free and clear or have a mortgage. Among these is the right to do whatever you want to do on your property, subject to federal and local laws.
What is the most complete bundle of ownership rights?
Fee Simple—the largest, most complete bundle of rights one can hold in land, the most complete kind of ownership.
Who is the legal owner of a house?
The legal owner of a property is the person who owns the legal title of the land, whereas the beneficial owner is the person who is entitled to the benefits of the property. Read this guide to have a clear understanding of the distinction between legal and beneficial interest.
What can a person not do with his her complete bundle of rights?
What can a person NOT do with his/her complete bundle of rights? A: Condemn.
Is mutation proof of ownership?
It is important as mutation is a proof of ownership and may act as a tax record. It only enables the person in whose name mutation is recorded, to pay the revenue/property tax,” explained Chopra. While registration of property is mandatory in India, mutation is not a legally binding process.
Which boundary is mine?
There is no general rule about whether you are responsible for the boundary fence on the left or right or rear of the property. If your property is registered at the Land Registry you can obtain what is called an ‘office copy’ comprising a title plan and register details.
Does a Neighbour have to fix their fence?
You should be aware that they are not legally obliged to put up a garden fence on their boundary at all. Unless the existing fence is causing a safety hazard on your side, there’s very little you can do to force your neighbour to repair or replace it if they don’t want to.