Corporation
Business organized as a distinct legal entity with ownership evidenced by shares of stock. To form a corporation, "articles of incorporation" must be filed with the state. When approved, the state issues to the real estate company a "certificate of incorporation". The two documents in combination are referred to as the "corporate charter". each founding stockholder receives a certain number of shares of stock. A stockholder may sell his or her shares to others. A corporation is a legal entity separate from its owners. Advantages of the corporate form are unlimited life, limited liability of owners, ease to transferring stock, ability to obtain significant funds through public issuance of securities, and professional management.
Popular Real Estate Terms
Document that must accompany a new issue of securities for a real estate company or partnership. It includes the same information in the registration statement, such as a list of directors ...
Sections of a homeowner policy. Section I relates to the home, contents, and accompanying structures. Section II provides comprehensive coverage for personal liability and the medical ...
one having physical existence and a life exceeding one year. It is not kept for resale in the ordinary course of business. An example is a building. ...
Process of conferring and consulting with clients concerning real estate investments and developmental projects. See also American Society of Real Estate Counselors (ASREC). ...
Property description contained in a title deed. A deed description is intended to inform a reasonable person where property is located. It can be described by metes and bounds, by ...
Wondering what is a quitclaim deed? Well, the best quitclaim deed definition is something like a legal document used when someone is transferring a real estate property to another person. ...
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 ...
Determines the ability of soil to absorb and draw down water. A percolation test is essential to determine the location of a drainage field for waste disposal. ...
Unintentional error. An example is a house that the seller wants $1,000,000 for but it is mistyped as $100,000. An error may be unilateral or mutual. Some types of errors are the basis to ...
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