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Charter comm > contracts > Flashcards

contracts Flashcards

1
Q

Contracts

A

Consideration, Offer and Acceptance, Legal purpose & capacity, Agreement

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2
Q

Addendum

A

Something added to printed contract – Page listing other things buyer wants

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3
Q

Option contract

A

Agreement to allow a buyer to purchase or not, at a future date

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4
Q

Lease/ Purchase

A

two contracts – lease for a period and option or sale contract

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5
Q

Consideration

A

something for something - promise to give money for title

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6
Q

Contingency

A

Provision in contract that requires a certain act be done before contract becomes binding

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7
Q

Offer

A

One party offers to do something for something in return

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8
Q

Counteroffer

A

response to offer with another offer

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9
Q

Unilateral

A

one sided – offer

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10
Q

Bilateral

A

Promises made by two parties - two sided - sales contract

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11
Q

Duress

A

contract signed under threat

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12
Q

Express contract

A

Contract in writing

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13
Q

Implied contract

A

an agreement based on the actions of the parties

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14
Q

Executory contract

A

contract in which something remains to be done (closing)

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15
Q

Executed contract

A

closed

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16
Q

Execute

A

Sign contract

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17
Q

Listing agreement

A

between broker and principle to pay commission if broker sells property

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18
Q

Assignment

A

transferring interest in instrument to another

Mortgages are assigned to secondary market

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19
Q

Conveyance

A

Transference or refers to any document that transfers title to real property

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20
Q

Acknowledgement

A

Notorized for recording

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21
Q

Offer and acceptance

A

“meeting of the minds”

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22
Q

Void contract

A

one that did not meet the requirements of a valid contract (forged name)

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23
Q

Voidable contract

A

one that appears to be valid , but may be voided (minor signed)

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24
Q

Minor

A

Alabama must be 19 or 18 and married to sign contract

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25
Q

Rescission

A

canceling of contract

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26
Q

Novation

A

substituting another contract

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27
Q

Breach of Contract

A

violation of contract without excuse

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28
Q

Earnest Money

A

good faith money to prove intention - not required for valid contract

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29
Q

Liquidated damages

A

– an amount predetermined as the total damages for breach of contract (earnest)

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30
Q

Specific performance

A

– legal action to compel a party to carry out terms of contract

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31
Q

Statute of Frauds

A

–law that requires instruments involving real estate to be in writing to be enforceable

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32
Q

Statute of Limitation

A

– law that puts time limits on bringing action in court

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33
Q

Time is of the essence

A

– clause in contract that requires performance within a certain time

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34
Q

Laches

A

Loss of rights due to delay in asserting claim (property inspection)

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35
Q

Building permit

A

written government permission to construct or alter a structure

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36
Q

Certificate of Occupancy

A

– government permission to use structure – all inspections passed

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37
Q

Conditional Use Permit

A

Permission to allow use that conflicts with zoning (day care in residential)

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38
Q

Brokerage

A

Bringing together sellers and buyers for a fee

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39
Q

Agent

A

person employed to act on behalf of another

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40
Q

Broker

A

Qualifying Broker- Responsible for all acts of all agents

Primary business, supervision of all agents, signor on escrow accounts, place of business

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41
Q

Transaction Broker

A

Relationship begins as TB, assisting parties until agency agreement is signed

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42
Q

Single agent

A

agent working for one party in a transaction – must be in writing

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43
Q

Dual agent

A

agent working for both sides of transaction – must be in writing and signed by all

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44
Q

Branch office

A

different locations must have a qualifying broker

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45
Q

Independent contractor

A
  • responsible for end results, not subject to employee controls
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46
Q

Procuring cause

A

person who’s efforts acquire a ready, willing and able buyer

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47
Q

RECAD

A

Real Estate Consumer Agency Disclosure –

Must be given to consumer at first contact before confidential information is disclosed to another

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48
Q

Land

A

earth’s surface, including below and above & anything permanently attached to it

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49
Q

Situs

A

Personal preference for one area over another

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50
Q

Real property / Real Estate

A

interest, rights, and benefits inherent in real estate ownership

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51
Q

Appurtenant

A

– right, privilege, or improvement belonging to and passing with property

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52
Q

Tangible

A

physical – the property

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53
Q

Intangible

A

Non –physical – rights that go with property

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54
Q

Appurtenant Easement

A

– easement that attaches to one property that allows use by adjacent landowner

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55
Q

Annexation

A

– Process of converting personal property to real property (planting a tree)

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56
Q

Severance

A

Process of converting real property to personal property (cutting down a tree)

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57
Q

Fixture

A

Personal property (chattel) that has become real property Ceiling Fan

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58
Q

Improvement

A

any structure erected on a site to enhance the value of the property

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59
Q

Trade fixture

A

Personal property that does not become real property Restaurant equipment

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60
Q

Chattel

A

– personal property – personalty

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61
Q

Fructus Industriales

A

Emblements - Fruits of Industry / agricultural crops – personal property

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62
Q

Fructus Naturales

A

Trees & bushes – real property

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63
Q

Mineral Rights

A

Subsurface rights may be sold separately

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64
Q

Water rights

A

Adjacent lands have rights that water not be restricted or contaminated

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65
Q

Littoral rights

A

non-flowing – Lunar – to high water mark

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66
Q

Riparian rights

A

flowing water – River – right to access and use water

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67
Q

Title

A

Right to ownership of land, Evidence of ownership of land – Not a piece of paper

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68
Q

Eminent domain

A

Government right to take private property

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69
Q

Condemnation

A

– process of taking private property for public use through eminent domain

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70
Q

Dedication

A

voluntary transfer of private property to public use

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71
Q

Inverse Condemnation

A

Action taken by adjacent property owner for damages (airport expansion)

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72
Q

Manufactured Housing

A

Wheel Estate – Built offsite and trucked in on wheels Only 5% moved again

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73
Q

Modular Housing

A

Built offsite and trucked in, then placed with cranes (Legos)

74
Q

Equity

A

Current market value minus mortgage

75
Q

Demand

A

– Amount of goods people are willing and able to buy at a given price

76
Q

Supply

A

– Amount of goods producers are willing to offer at a given price
Absorption Rate - # of homes sold in 1 year divided by # of homes so

77
Q

Absorption Rate

A

of homes sold in 1 year divided by # of homes sold in previous month

78
Q

Demographics

A

Density & Distribution of people

79
Q

Capital gain

A

profit earned from the sale of an asset

80
Q

Short Term

A

held for less than 1 year & taxed at ordinary income rates

81
Q

Long Term

A

held for more than 1 year & taxed at capital gains rates (lower tax)

82
Q

Monetary policy

A
  • government regulation of the amount of money in circulation (Federal Reserve)
83
Q

Tax policy

A

government policy to support its goals

84
Q

Contracts-

A

Consideration, Offer and Acceptance, Legal purpose & capacity, Agreement

85
Q

Contract

A
  • legally enforceable set of promises that must be performed or breach occurs
86
Q

Addendum

A

Something added to printed contract – Page listing other things buyer wants

87
Q

Option contract

A

– Agreement to allow a buyer to purchase or not, at a future date

88
Q

Lease/ Purchase

A

two contracts – lease for a period and option or sale contract

89
Q

Consideration

A

something for something - promise to give money for title

90
Q

Contingency

A

– Provision in contract that requires a certain act be done before contract becomes binding

91
Q

Offer

A

– One party offers to do something for something in return

92
Q

Counteroffer

A

response to offer with another offer

93
Q

Unilateral

A

one sided – offer

94
Q

Bilateral

A

– Promises made by two parties - two sided - sales contract

95
Q

Duress-

A
  • contract signed under threat
96
Q

Express contract

A

– Contract in writing

97
Q

Implied contract

A

an agreement based on the actions of the parties

98
Q

Executory contract

A

contract in which something remains to be done (closing)

99
Q

Executed contract

A

– closed

100
Q

Execute

A

Sign contract

101
Q

Listing agreement

A

– between broker and principle to pay commission if broker sells property

102
Q

Assignment

A
  • transferring interest in instrument to another Mortgages are assigned to secondary market
103
Q

Conveyance

A

Transference or refers to any document that transfers title to real property

104
Q

Acknowledgement

A

Notorized for recording

105
Q

Offer and acceptance

A

“meeting of the minds”

106
Q

Void contract

A

one that did not meet the requirements of a valid contract (forged name)

107
Q

Voidable contract

A

one that appears to be valid , but may be voided (minor signed)

108
Q

Minor

A

– Alabama must be 19 or 18 and married to sign contract

109
Q

Rescission

A

canceling of contract

110
Q

Novation

A

substituting another contract

111
Q

Breach of Contract

A

violation of contract without excuse

112
Q

Earnest Money

A

good faith money to prove intention - not required for valid contract

113
Q

Liquidated damages

A

– an amount predetermined as the total damages for breach of contract (earnest)

114
Q

Specific performance

A

– legal action to compel a party to carry out terms of contract

115
Q

Statute of Frauds

A

–law that requires instruments involving real estate to be in writing to be enforceable

116
Q

Statute of Limitation

A

– law that puts time limits on bringing action in court

117
Q

Time is of the essence

A

clause in contract that requires performance within a certain time

118
Q

Laches

A

Loss of rights due to delay in asserting claim (property inspection)

119
Q

Building permit

A

written government permission to construct or alter a structure

120
Q

Certificate of Occupancy

A

– government permission to use structure – all inspections passed

121
Q

Conditional Use Permit

A
  • Permission to allow use that conflicts with zoning (day care in residential)
122
Q

Nonconforming Use

A

use of property may continue after zoning ordinance change (residential changes)

123
Q

Zoning

A

– Power given to local governments by state police power to regulate use of land

124
Q

PETE

A

government powers – Police, Eminent Domain, Taxation, Escheat

125
Q

Density Zoning

A

– Restriction on maximum number of housing units per acre

126
Q

Bulk zoning

A

establishes restrictions in bulk – downtown Birmingham buildings are < 34 floors (airport)

127
Q

Setback line

A

– bulk zoning that establishes distance from structure to property lines

128
Q

Variance

A

permission to build a structure that is prohibited by zoning

129
Q

Restrictive covenants

A

– Private restriction on land use

130
Q

Clustering

A

Grouping housing on smaller lots with larger common areas

131
Q

Gridiron

A

– Placing housing in rows on a grid

132
Q

Subdivider

A

improving land by dividing into lots then putting in streets and utilities

133
Q

Subdivision

A

planned community of similar homes

134
Q

Developer

A
  • improving land (building structures)
135
Q

Master Plan

A

Long term plan for land use

136
Q

PUD

A

Planned Unit Development ( Riverchase)

137
Q

MUD

A

– Multi Use Development – High rise with retail on street floor, offices above, residence above that

138
Q

Brokerage

A

Bringing together sellers and buyers for a fee

139
Q

Agent

A

– person employed to act on behalf of another

140
Q

Antitrust

A

Price fixing, Group boycotting, Allocation of Customers, Allocation of markets, Tie-in agreements

141
Q

Broker

A
  • Qualifying Broker- Responsible for all acts of all agents

Primary business, supervision of all agents, signor on escrow accounts, place of business

142
Q

Transaction Broker

A

– Relationship begins as TB, assisting parties until agency agreement is signed

143
Q

Single agent

A

– agent working for one party in a transaction – must be in writing

144
Q

Dual agent

A

agent working for both sides of transaction – must be in writing and signed by all

145
Q

Branch office

A

different locations must have a qualifying broker

146
Q

Independent contractor

A

responsible for end results, not subject to employee controls

147
Q

Procuring cause

A

person who’s efforts acquire a ready, willing and able buyer

148
Q

RECAD

A

Real Estate Consumer Agency Disclosure –

Must be given to consumer at first contact before confidential information is disclosed to another

149
Q

Escrow Accounts

A

Commingling

Conversion

150
Q

Commingling

A

– placing other’s money (held in trust) into account other than escrow (trust ) account

151
Q

Conversion

A

using other’s money held in trust for any reason

Money must be held in FDIC bank with branch in Alabama

152
Q

Risk management

A

ACT Avoid, Control, Transfer

153
Q

Property Disclosure

A

required for Health & Safety – known structural defects, Lead Paint

154
Q

Caveat Emptor

A

“Let the buyer beware” does not apply to:

Health and safety issues, Assumption of Duty, New Construction, Direct question

155
Q

Latent defect

A

Hidden structural defect that could not be discovered by ordinary inspection

156
Q

Concealment

A

– illegal failure to disclose a material fact

157
Q

Fraud

A

When agent conceals Knowledge of , duty to disclose, harm comes to party

158
Q

Ad Valorem tax

A

tax according to value (tax assessed)

159
Q

Mill

A

one- thousandths 1/1000 tax rate of 6 mills is $6 per $1000 of taxable value

160
Q

Millage rate

A

tax rate applied to tax assessed value to compute tax owed for year October 1st

161
Q

Special assessment

A

– tax charge applied for improvements (adding sidewalks)

162
Q

Involuntary Lien

A

Placed on property without consent of owner (Tax)

163
Q

Voluntary Lien

A

Placed on property with owners consent (Mortgage)

164
Q

Statutory Lien

A

– lien imposed by statue (law) (tax lien)

165
Q

Equitable Lien

A

From common law – mechanics or material man

166
Q

General Lien

A

– lien on all creditor’s property both personal and real (judgment)

167
Q

Specific Lien

A

– Lien on one property (mortgage)

168
Q

Judgment

A

court order to attach lien on property of defendant

169
Q

First Lien

A

First recorded lien against property gets first funds from foreclosure

170
Q

Junior lien

A

– second recorded or later in line to collect money in foreclosure

171
Q

Subordination

A

giving right to be first in line to collect to a junior position holder

172
Q

Property taxes

A

are unrecorded liens that are paid before first lien in a foreclosure sale

173
Q

Mechanics or Material man lien

A

filed by creditor for nonpayment of debt for services or material

174
Q

Mortgage lien

A

Death Note paid until note dies Voluntary, Specific

175
Q

Tax lien

A

– Charge against property for ad valorem taxes

176
Q

Tax certificate sale

A

sale of tax debt on a property for non a payment of valorem taxes

177
Q

Foreclosure

A

sale of property for non payment of debt

178
Q

Equitable right of redemption

A

pay off debt before sale

179
Q

Statutory right of redemption

A
  • Alabama - redeem property up to one year after foreclosure sale
180
Q

1031

A

Tax deferred exchange of like property

Charter comm (11 decks)

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