Definition Flashcards
Acceptance of Ratification
The acceptance of lease terms that occurs when a tenant takes possession of the property but does not sign a lease. This form of acceptance is recognizable by the courts.
Accord and satisfaction
When all parties have agreed to a change in one or more of the terms of the contract.
Actual evection
Court action initiated by the lesser to have a tenant removed from the premises
Administrative law judge
A judge who hears complaints and considers evidence regarding violations of the fair housing act
Agency
The legal relationship created when one person represents another
Air Rights
Rights to use the space above the surface of land upward into the sky
Air space
The space above the surface extending to infinity
Americans with disabilities act of 1990
A comprehensive civil rights law for the protection of persons with physical and mental disabilities. This law mandates equal access to jobs public accommodations government services public transportation and telecommunications.
Assignment
The active one party to a contract allowing someone else to assume all of his or her rights under the contract
Bilateral contract blockbusting
Inducing an Owner to sell or rent a dwelling by making representations regarding entry of persons of a protected class also referred to as a panic peddling
Breach of contract
The action or lack of action of one party to a contract which violates the terms of the agreement
Brokerage agreement
The relationship created between a sponsoring broker and any member of the public who is receiving real estate services through the sponsoring broker or the broker sponsored licensees
Chattel
Personal property or objects which are not permanently affixed to the land
Civil rights act of 1866
Guaranteed property rights to all citizens regardless of race. This act specifically provides that all citizens shall have the same right to inherit purchase sell or lease real and personal property
Client
A person who is being represented by a licensee
Commingling
Depositing personal funds and a special escrow account established a whole funds belonging to others
Compensation
Anything of value that is given an exchange for real estate services
Compensatory damages
Money paid with the intent to return the injured party of A defaulted contract to the financial condition they were in before the breach occurred
Competent parties
Parties to a contract to her of legal age sane and sober
Concurrent ownership
Ownership of property by two or more individuals or entities
Condemnation action
The court action used to exercise the power of eminent domain allowing the government to purchase property against the wishes of the owner
Confidential information
Information that could harm the clients negotiating position
Consideration
The promise offered an exchange for an action something of value or another promise
Constructive evection
A defense used by the leasee to avoid paying rent and vacate the property when the lessor allows the premises to become uninhabitable for an unreasonable amount of time in violation of the lease agreement
Consumer
A person or entity seeking or receiving real estate brokerage services
Contract
A legally binding promise or set up promises generally setting the terms of a business arrangement like an apartment lease
Customer
A consumer who is not being represented by a licensee
Designated agency
Representation of either the purchaser/lessee or the seller/lessor as a sign by the license is sponsoring broker
Designated managing broker
We managing broker who has supervisory responsibilities for licensees who has been appointed as such by the sponsoring broker
Destruction clause
At least clause that describes what rights and responsibilities the lessor unless he have if the promises is partially or completely destroyed
Discharge contract
A contract in which all of the terms of have been fulfilled also called an executed contract
Dual agency
The practice of representing both the buyer/lessee and the seller/lessor in a real estate transaction
Duress
The use of force to induce another to act against his or her will
Eminent domain
Government police power that allows taking a private property to public purpose
Exclusive brokerage agreement
A written agreement between a sponsoring broker and a client who receive exclusive representation
Executed contract
A contract in which all the terms have been fulfilled
Executory contract
A contract in which all of the terms have not been fulfilled
Express contract
Specific oral or written agreements of two or more parties
Fair housing act
Civil rights act of 1968 title VIII. This act vans discrimination on the basis of race, color, sex, religion, national origin, disability and familiar status
Fair housing amendments act of 1988
Enacted to expand coverage of the fair housing act into enhance its enforcement. The two major additions to the act include the protection of families with children and handicap person’s in real estate activities. This act Also modified HUD complaint procedure, remove the cap for punitive damages and increasing available damages and civil penalties penalties
Fraud
When one party intentionally misrepresents or conceals fax relevant to the contract. When fraud is committed, the contractors enforceable or voidable by only the injured party
Hold over tenancy
At least that is created when I lessor except for rent from a tenant who’s lease Has terminated
IDFPR
The Illinois Department of financial and professional regulation
Implied contract
A contract that is formed by the actions of the parties and has not written
Improvement clause
At least clause that states which rights to lessor will have to enter the premises to make improvements. It will also say what the tenant is allowed to do with regard to improve it to the property
Improvements
Man-made objects directly attached to the land
Injunction
A court order that force someone to stop during a specific act
Involuntary termination
The cancellation of the lease against the tenants wishes through actually evection, constructive evection, eminent domain, mortgage foreclosure or bankruptcy proceedings
Joint Tenacy
A form of co-owenership in which ownership interests of a deceased owner become the property of the surviving owners.
Land
The surface, subsurface, and airspace, along with that which is permanently attached.
Lease
A bilateral contract in which the lessor (landlord) promises to provide exclusive possession of the property in return for the leesee’s (tenants) promise to pay rent
Leasehold Estate or interest
The rights a tenant acquires in the lessors property, also known as a “tenacy”
Legal Purpose
An act or use that is allowed by law
Lessee
The person receiving the lease, also known as the tenant
Lessor
The owner or landlord providing the lease
Menace
The threat to use force to induce another to act against his/her will
Misrepresentation
The omission or distortion of facts
Monetary Damages
Money Awarded to the injured party of a breached contract by the court system
Novation
All parties to the contract agree to a substitution of one of the parties to the contract by creating a new agreement
Offer and Acceptance
The parties agreement to the terms of a contract. A “meeting of the minds”
Offeree
A person receiving the offer
Offeror
A person making an offer
Option
A contract to hold an offer open for a specified period of time
Ownership in Severalty
Individual ownership of property by one person or entity with no co-owners
Panic Peddling
Inducing an owner to sell or rent a dwelling by making representations regarding entry of persons of a protected class. Also referred to as “blockbusting”
Parol evidence Rule
The legal rule that prohibits courts from allowing oral evidence to change the terms of a written contract
Periodic Tenancy
A lease that has no specific ending date, will automatically renew itself, and goes from period to period, as in month-to-month.
Personal Property
Property not permanently affixed to the land, also called “chattel” or “personality”
Place of Public Accommodation
A privately owned business or facility that affects commerce and falls within atleast one of several specified categories from the Americans with disabilities Act
Protected Class
A group of individuals protected under the fair housing act
Provisions of Law
Statements required by local, state and federal laws. Fair housing and human rights provisions would be part of these laws.
Punitive Damages
Money Awarded by the court to an injured party of a breached contract to punish the party who caused the breach
Purchase option
A lease clause that gives the lessee the right to purchase the property under certain conditions
Real Estate
Land and All leaseholds and other interest in land
Real Property
Land and improvements that are permanently attached to the land
Renewal Option
A lease clause that gives the lessee the right to extend the lease term under certain conditions
Rent
Money Paid for use of leased property
Repair and maintenance
a lease clause that clearly states which repairs and maintenance tasks are the responsibility of the lessor and of the lessee
Rescind
An agreement between parties that a contract is to be cancelled and treated as if it never existed
Security Deposit
Money deposited for or by the tenant with the lessor to be forfeited if the lessee defaults or damages the property
Specific Performance
Legal remedy for breach of contract that forces the party who defaulted on the contract o perform as originally agreed
Statute of Fauds
Law requiring that all real estate contracts be in writing in order to be enforceable by the courts. In Illinois, leases of one year or less are an exception to this law and can be enforced through the courts even if oral
Statute of Limitations
A law limiting the amount of time a party can wait before bringing action against another party who has committed fraud or violated the terms of the contract
Steering
The action of an agent/licensee to direct a prospective toward or away from specific neighborhoods and units within a housing complex or building
