Legal Aspects Flashcards
1
Q
Fraud
A
An act meant to deceive in order to get someone to part with something of value
2
Q
Contractual Intent
A
Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts
3
Q
Suspend
A
Temporarily make ineffective
4
Q
Sublease
A
Transfer less than the entire leasehold, with the original lessee being primarily liable
5
Q
Recission
A
Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract
6
Q
Offeror
A
The party making an offer
7
Q
Reliction
A
Occurs when land that has been covered by water is exposed by the receding of the water
8
Q
Valid
A
Legally binding
9
Q
Appurtenance
A
Those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property
10
Q
Novation
A
The substitution by agreement of a new obligation for an existing one
11
Q
License holder
A
Someone who holds a real estate license issued by a state licensing agency.
12
Q
Offer
A
A presentation or proposal for acceptance to form a contract
13
Q
Range
A
A land description used in the U.S. Public Land Survey System (PLSS) consisting of a strip of land located every six miles east of each principle meridian
14
Q
Patent Deed
A
A deed given by the government to a private individual as evidence of transfer of title from government to the public person
15
Q
Private Grant
A
The granting of private property to other private persons
16
Q
Easement in Gross
A
An easement that is not appurtenant to any one parcel, for example, public utilities
17
Q
Accretion
A
A build-up of soil by natural causes on property bordering a river, lake, or ocean
18
Q
Customer
A
A prospective buyer of real estate
19
Q
Dual Agent
A
An agent who represents both parties in a transaction
20
Q
Monument
A
A fixed landmark used in a metes and bounds land description
21
Q
Undue Infliuence
A
Using unfair advantage to get agreement in accepting a contract
22
Q
Life Estate
A
An estate that is limited in duration to life of its owner or the life of some other chosen person
23
Q
Condition Subsequent
A
A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: for example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence
24
Q
Ingress
A
A way to enter property; access
25
Land Grant
A grant of public lands by the government usually for roads, railroads, or agricultural colleges
26
Arm's Length Transaction
A transaction, such as a sale of property, in which all parties involved are acting in their own self-interest and are under no undue influence or pressure from the other parties
27
Bundle of Rights
An ownership concept describing all the legal rights that attach to the ownership of real property
28
License
Permission to use a property which may be revoked at any time
29
Alienate
Transfer ownership or sell
30
Riparian Rights
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
31
Fiduciary
A relationship that implies a position of trust or confidence
32
Unilateral Contract
An agreement in which one party promises to pay consideration for the performance of an act by another party. The party promising to pay consideration is not legally obligated to act unless the party promising to perform does so.
33
Encroachment
The placement of permanent improvements on adjacent property owned by another
34
Vested
Owned by
35
Valuable Consideration
Each party to a contract must give up something to make the agreement binding
36
Patents
Deeds used by the U.S. government when confirming or transferring ownership to private parties
37
Revoke
Recall and make void
38
Breach of Contract
A failure to perform on part or all of the terms and conditions of a contract
39
Real Estate Salesperson
Someone holding a real estate license and employed by a licensed real estate broker. In some states, the salesperson is called a sales agent or sales associate.
40
Grant Deed
A type of deed in which the grantor warrants that he or she has not previously conveyed the property being granted, that he or she has not encumbered the property except disclosed, and that he or she will convey to the grantee any title to the property acquired later
41
Consideration
Something of value, such as money, a promise, property, or personal services
42
Egress
A way to exit property
43
Implied Contract
Agreement shown by acts and conduct rather than words
44
Condition Precedent
A condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing
45
Alluvial Deposit
Sand or mud carried by water and deposited on land
46
Township
A land description used in the U.S. Public Land Survey System consisting of a six-by-six mile area containing 36 sections, each one mile square
47
Meridian
A survey line running north and south, used as a reference when mapping land
48
Real Estate Broker
A person licensed by the state to negotiate and arrange real estate transactions.
49
Commingling
To deposit client funds in the broker’s personal account
50
Contract
An agreement to do or not do a certain thing
51
Metes and Bounds
A method of land description in which the dimensions of the property are measured by distance and direction
52
Listing
A contract by which a principal employs an agent to do certain things for the principal
53
Section
An area of land, used in the U.S. Public Land Survey method of land description; a land area of one square mile, or 640 acres; 1/36 of a township
54
Mutual Consent
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract
55
Abrogation
The revocation, rescission, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract.
56
Public Dedication
When private property is intended for public use, it may be acquired in this manner
57
Option
A right, given for consideration, to a party (optionee) by a property owner (optionor)
58
Client
The person who employs an agent to perform a service for a fee
59
Life Tenant
A person to whom a life estate conveys
60
Power of Attorney
A written instrument giving a person legal authority to act on behalf of another person
61
Executed Contract
A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed
62
Liquid Demages
Sets in advance a specified amount of money as a penalty in the event of a breach of contract
63
Freehold Estate
An estate in real property which continues for an indefinite period of time
64
Menace
Using a threat of violence to get agreement in accepting a contract
65
Estate
A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land
66
Police Power
The power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens
67
Convey
To transfer ownership of title
68
Real Estate Associate Licensee
A person with a real estate license who is employed or sponsored by a real estate broker.
69
Linear Foot
A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot
70
Trade Fixture
An article of personal property affixed to leased property by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of the lease
71
Instrument
A written legal document setting forth the rights and liabilities of the parties involved
72
Avulsion
The sudden washing or tearing away of the land by action of water
73
Property
The rights or interests an owner has in something owned
74
Voidable
An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties
75
Fee Simple Defeasible
An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs; also known as fee simple qualified
76
Baseline
A survey line running east to west, and used as a reference when mapping land
77
Chattel
Personal property
78
Duress
The use of force to get agreement in accepting a contract
79
Natural Person
An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership
80
Sales Contract
Primary document used to present an offer on real property; also known as a purchase offer
81
Void
An agreement which is totally absent of legal effect
82
Statue of Limitations
A statute limiting the period of time during which legal action may be taken on a certain issue
83
Agent
A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons
84
Personal Property
Anything movable that is not real property
85
Action
A lawsuit brought to court
86
Fee Simple Qualified
An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
87
Sucession
The legal transfer of a person’s interest in real property under the law of descent and distribution
88
Chattel Real
An item of personal property which is connected to real estate, for example, a lease
89
Assignment
The transfer of a claim, benefit, or right in property from one person to another person
90
Counteroffer
The rejection of an original offer that becomes a new offer
91
Conveyance
The transfer of title to land from one person to another by use of a written instrument
92
Subagent
An agent of a person who is already acting as an agent for a principal
93
Partition Action
A court action to divide a property held by co-owners
94
Agency
A relationship in which one party (principal) authorizes another party (agent) to act as the principal’s representative in dealing with third parties
95
Unenforceable
A contract that was valid when made, but either cannot be proved or will not be enforced by a court
96
Attorney-in-Fact
A competent and disinterested person who is authorized by another person to act in his or her place in legal matters
97
Future Interest
An interest in real property that cannot exercised today; but that might be exercised in the future.
98
Less-Than-Freehold Estate
A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination
99
Estoppel
A legal doctrine which prevents a person from denying something to be true or a fact, if the denial is contrary to previous statements or actions made by that same person
100
Specific Performance
An action brought in a court to compel a party to carry out the terms of a contract
101
Assignor
The person transferring a claim, benefit, or right in property to another
102
Severalty
Ownership of real property by one person or entity
103
Accession
The acquisition of title to additional land or to improvements as a result of the annexation of fixtures or as a result of alluvial deposits along the banks of streams by accretion
104
Assignee
The person to whom a claim, benefit, or right in property is made
105
Definite and Certain
Precise acts to be performed are to be clearly stated
106
Ratified
Approved
107
Undivided Interest
That interest a co-owner has in property, which carries with it the right to possession and use of the whole property, along with the co-owners
108
Present Interest
An interest in real property that can be exercised today.
109
Revocation
The canceling of an offer to contract by the person making the original offer
110
Real Estate Law
The law that affects the licensing and conduct of real estate agents
111
Conversion
To deposit client funds in the broker’s personal account
112
Real Property
Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law
113
Timely Manner
An act must be performed within certain time limits as described in a contract
114
Ratification
The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding
115
Erosion
The gradual wearing away of land by natural process
116
Fixture
Personal property that has become affixed to real estate
117
Forbearance
Refraining from action by a creditor against the debt owed by a borrower after the debt has become due
118
Emancipated Minor
Someone who is legally set free from parental control/supervision
119
Possessory Interest
Present right to physically occupy land and to exclude others from that same land
120
Estate in Fee
A freehold estate that is the most complete form of ownership of real property; also known as a fee, fee simple, or fee simple absolute. It is an estate of inheritance.
121
Judgement
The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute
122
Ethics
A set of principles or values by which an individual guides his or her own behavior and judges that of others
123
Unilateral Rescission
Legal action taken to repeal a contract by one party when the other party has breached a contract
124
Doctrine of Correlative User
Owners may use only a reasonable amount of the total water supply for beneficial use
125
Littoral
Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)
126
Tender
An offer by one of the parties to a contract to carry out his or her part of the contract
127
Easement
The right to use another’s land for a specified purpose; sometimes known as right-of-way
128
Minor
Someone under 18 years of age
129
Misrepresentation
An innocent or negligent misstatement of a material fact which causes someone loss or harm
130
Express Contract
The parties declare the terms and put their intentions in words, either oral or written
131
Bilateral Contract
A contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party
132
Puffing
Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations
133
Execute
To perform or complete; to sign
134
Parol Evidence
Oral or written negotiations made prior to a dispute about an executed contract
135
Lis Pendens
A recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership
136
Acceptance
An unqualified agreement to the terms of an offer
137
Executory Contracts
A contract in which an obligation to perform exists on one or both sides of the contract
138
Offeree
The party receiving an offer
139
Emblements
Annual crops produced for sale by a tenant using or occupying the property
140
Statute of Frauds
A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable
141
Bill of Sale
A written agreement used to transfer ownership in personal property
142
Adverse Possession
Acquiring title to property by continued possession and payment of taxes
143
Alluvium
Soil that builds up as a result of accretion
144
Homestead
Status provided to a homeowner’s principal residence that protects the home against judgments
