IRV = Income divided by rate equals Value (You create the others)
CPR = Commission divided by Price equals Rate (You create the others)
PRT =  Part divided by rate equals total (You create the others)

To figure what the house should sell for if the Seller wants to net a particular amount  -
Add closing costs onto the Seller’s desired amount and then divide…
…by (100% - commission percentage)

To find the Gross Profit:
Current Value – Original Value = INCOME
INCOME divided by Original Value

If the percentage gross profit rate is given, divide current value by 100% + percentage given.

COALD = Fiduciary Duties (Care, Obedience, Accounting, Loyalty, Disclosure)

PCEEDE = Bundle of Rights
(Possession, Control, Enjoyment, Exclusion, Disposition, Encumbrance)

PETE = (Government Powers) Police Powers, Eminent Domain, Taxes, Escheat

Five Categories of Real Property
Residential
Commercial
Industrial
Agriculture
Special Purpose

Know the Difference
Land – from center of earth to infinite altitude and natural attachments of trees and/or water
Real Estate – Improvements by man or nature
Real Property – Real Estate plus Bundle of Rights

PITI (Principle, Interest, Taxes, Insurance)

PITT = Joint Tenancy Unities
Possession, Interest, Time, Title

Essentials of a valid lease:
Offer and acceptance Meeting of the minds
Consideration Rent/labor
Capacity Legally competent
Legal Intent of the contract must be legal

Foreclosure time for a Land Contract (Agreement for Sale)
10-20% 30 days
20-30% 60 days
30-40% 120 days
50+  9 months

Know Economic and Physical Characteristics of Land (SIPA AND I I U)

Economic Physical	Physical
Scarcity Immobility	Immobility
Improvements Indestructibility	Indestructibility
Permanence of Investment Unique	Unique
Area

Know Leasehold Estates (Leasehold Tenancy):

Know Risk Management (ACTR)
A - Avoid Remove source of risk
C - Control Preventative measures
T - Transfer Insurance policy
R - Retain Large deductible