Chapter 4 Flashcards
Caveat (გაფრთხილება)
A latin term that means “let him beware”.Caveat usually interpreted as a sort of warning or cautionary expression.
Caveat Emptor (მყიდველი)
Let the buyer beware.The buyer must examine the goods or property and buy at the buyer’s own risk.
Consideration
Anything given to include another to enter into a contract such as money or personal services.
Contingency (გაუთვალისწინებელი)
A provision in a contract that requires the occurrence ( შემთხვევა) of a specific event before the contract can be completed.
Earnest money deposit
Down payment made by a purchaser of real estate as evidence of good faith.
Implied contract
A legal substitute for a contract. An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken. This is a contract assumed to have been drawn.
Executory contract
A contract which has not yet been fully performed( fully executed)
Forbearance (შემწყნარებლობა)
A special agreement between the lender and the borrower to delay a foreclosure
Liquidated damages
A provision ( უზრუნველყოფა) in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach (დარღვევა) of contract.
Novation
Act of either:
1. Replacing an obligation to perform with a new obligation, or
2.Adding an obligation to perform, or
3. Replacing a party to an agreement with a new party.
Power of Attorney ( მინდობილობა)
A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument.
Reformation
A remedy whereby a court orders a change in a written document to reflect what is ought to have said in the first place
Rescission (შეწყვეტა)
The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement due to courts not recognizing the contract as legally binding. In many cases, rescission may be an option if there is a material error in the contract, among other reasons.
Statute of Frauds
State law which provides that certain contracts must be in writing in order to be enforceable at law
Statute of limitations ( ხსნდაზმულობის ვადა)
A statute barring ( აკრძალვა) all right of action after a certain period of time from the time when a cause of action first arises
Attorney review clause
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason
1.The method or manner by which a right or contract is transferred from one person to another is known as what…?
Assignment
3.The interest or estate which a lessee of real estate has therein by virtue ( ვიღაცის წყალობით) of the lessee’s lease is known as what…?
Leasehold Estate
A clause in a lease that outlines the terms for renewing or extending an original lease agreement is known as what…?
Option to Renew
A legal proceeding by a lessor landlord to recover possession of real property is known as what…?
Eviction
Also known as a tenancy from year to year, month to month, or week to week, this is an estate that exists for some period of time determined by the term of the payment of rent…?
Periodic Lease
- An arrangement in which the lessee (tenant) in a lease assigns the lease to a third party, thereby making the old lessee the sublessor, and the new lessee the sublessee, or subtenant is known as what…?
Sublease
- A latin term that means “let him beware” is also known as what…?
Caveat (გაფრთხილება) [kavia]
- A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract is known as what…?
Liquidated Damages
A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument is known as what…?
Power of Attorney
The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement, due to courts not recognizing the contract as legally binding is known as what…?
Rescission
Which of the following is also known as an addendum…?
Rider
In this type of leasehold estate, either the tenant or landlord can cancel and withdraw at any time…?
Estate at Will
A lease of property whereby the lessor ( გამქირავებელი) is to meet all property charges regularly incurred through ownership is known as what…?
Gross Lease
Which of the following is NOT a standard requirement found in a lease agreement…?
The tenant must have a high school diploma
What is the landlord required to do with a security deposit if the building is greater than 6 units…?
Keep the deposit in a separate bank account
Which of the following is NOT an essential element of a valid contract…?
Must be a US citizen
Which of the following is NOT considered an essential element of a valid contract…?
All signatures must be notarized
Which of the following is an essential element of a valid contract…?
Lawful objective
This means “let the buyer beware”…?
o Caveat Emptor
- A provision in a contract that requires the occurrence of a specific event before the contract can be completed is known as what…?
Contingency ( გაუთვალისწინებელი)
A type of offer made in response to another offer, which was seen as unacceptable is known as what…?
Counteroffer
A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument is known as what…?
Power of Attorney
- The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement, due to courts not recognizing the contract as legally binding is known as what…?
Rescission
- A statute barring all right of action after a certain period of time from the time when a cause of action first arises is known as what…?
Statute of Limitation
This type of leasehold estate lasts for a specified period of time and does NOT renew automatically…?
Estate for Years
This type of leasehold estate automatically renews…?
Periodic Estate
A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership is known as what…?
Gross Lease
Which of the following is NOT a standard requirement found in a lease agreement…?
The tenant must have a high school diploma
What is the landlord required to do with a security deposit if the building is greater than 6 units…?
Keep the deposit in a separate bank account
Who must provide consent ( თანხმობა) when a tenant assigns his/her lease….?
The landlord
Which of the following is a tenant NOT entitled to in a typical lease…?
One month of free rent
Which of the following is an illegal means of eviction in New York State…?
Self-help eviction
Use provisions are typically found in what type of leases…?
Commercial leases
Which of the following is NOT an essential element of a valid contract…?
Must be a US citizen
Which of the following is NOT considered an essential element of a valid contract…?
All signatures must be notarized
Which of the following is an essential element of a valid contract…?
Lawful objective
Which of the following is an essential element of a valid contract…?
Must be in-writing
A lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent is known as what…?
Land Lease
A clause in a contract that states a mortgage must be obtained in order for the contract to be binding is known as what…?
Mortgage Contingency Clause
Which of the following is NOT a standard requirement found in a lease agreement…?
The tenant must have a minimum amount of money in the bank
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property is known as what…?
Covenant
The expression of an offer to contract on certain terms by one person to another person, and an indication by the offeree of its acceptance of those terms is known as what…?
Offer and Acceptance
A right given for a consideration to purchase or lease a property upon specified terms within a specified time is known as a/an…?
Option
A standard set of business laws that regulate financial contracts is known as what…?
Uniform Commercial Code
Which of the following is NOT a means by which one can terminate a lease…?
Self-help eviction
Use provisions are typically found in what type of leases…?
Commercial leases
Which of the following is NOT considered an essential element of a valid contract…?
All signatures must be notarized
Which of the following is an essential element of a valid contract…?
Competent parties
Which of the following is an essential element of a valid contract…?
Mutual agreement
A legal term used to disclaim some implied warranties for an item being sold is known as what…?
“As-is”
Anything given to induce another to enter into a contract such as money or personal services is known as what…?
Consideration
A provision in a contract that requires the occurrence of a specific event before the contract can be completed is known as what…?
Contingency
An order of a court which requires a party to perform a specific act, usually what is stated in a contract, is known as what…?
Specific Performance
A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will is known as what…?
Lease
A lease in which the tenant or lessee is responsible for paying a portion of or all of the common expenses related to real estate ownership, in addition to base rent, is known as what…?
Triple Net Lease
A contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into the transaction with a third party is known as what…?
Right of First Refusal
Prior to terminating an estate at will, what is the landlord or tenant required to provide to the other party…?
Notice
The warranty of habitability, offered in a standard lease, may be violated by this type of eviction..?
Constructive eviction
Which of the following is NOT an example of a valid contract…?
Letter of Intent
A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner is known as what…?
Net Lease
Which of the following expenses is NOT included in a net lease…?
Facade Maintenance
Which of the following is NOT an example of a contract that may affect agents or brokers…?
Inventory Agreements
In this type of leasehold estate, either the tenant or landlord can cancel and withdraw at any time…?
Estate at Will
Which of the following is an example of a contract that will most likely affect agents or brokers…?
Leases
A provision in certain legal contracts that allows for the payment of a specified sum should one of the parties be in breach of contract is known as what…?
Liquidated Damages
The act of either: 1) replacing an obligation to perform with a new obligation; or 2) adding an obligation to perform; or 3) replacing a party to an agreement with a new party is known as what…?
Novation
A phrase in a contract that means that performance by one party at or within the period specified in the contract is necessary to enable that party to require performance by the other party is referred to as what…?
“Time is of the essence”
A standard set of business laws that regulate financial contracts is known as what…?
Uniform Commercial Code
Which of the following is an essential element of a valid contract…?
Competent parties
Which of the following is NOT a document needed to prepare a contract…?
Property floor plans
The interest or estate which a lessee of real estate has therein by virtue ( ღირსება)of the lessee’s lease.
Leasehold estate
A
Also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent
Periodic lease
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property
Covenant
Any disturbance of the tenant’s possession of the leased premises by the landlord whereby the premises and rendered (გაწეული) unfit or unsuitable for the purpose for which they were leased
Constructive eviction
The right of an owner legally in possession to the use of property without interference of possessing
Quiet enjoyment
An agreement in which a tenant is permitted to develop a piece of property during the lease period, after which the land and all improvements are turned over to the property owner
Ground lease
A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid. Used largely in long term leases.
Graduated lease
A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership
Gross lease
A lease tied to an index such as the consumer Price Index
Index lease
Also called a ground lease— is a lease agreement that permits the tenant to use a piece of land owned by the landlord in exchange for rent.
Land lease
A lease that requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. These include expenses such as real estate taxes, insurance, maintenance, repairs, utilities and other items.
Net lease
A
A lease in which the tenant or lessee is responsible for paying a portion of or all of the common expenses related to real estate ownership, in addition to base rent.
Triple Net lease
The interest or estate which a lessee of real estate has therein by virtue of the lessee’s lease.
Leasehold estate
A
A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises, usually provides for minimal rental.
Percentage lease
A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building.
Proprietary ( საკუთრება) lease
The right of an owner or a person legally in possession to the use of property without interference of possession
Quiet enjoyment
A contract in which all elements of a contract are specifically stated and the terms are stated as compared to an “implied “ contract in which the existence of the contract is assumed by the circumstances
Express contract
A legal substitute for a contact .an implied contact is an agreement created by actions of the parties involved but it is not written or spoken.this is a contract assuming to have been drawn.
Implied contract
A special agreement between the lender and the borrower to delay a foreclosure
Executory contract
