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RE Licensing Exam - Terms Study > Legal Aspects > Flashcards

Legal Aspects Flashcards

1
Q

Fraud

A

An act meant to deceive in order to get someone to part with something of value

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2
Q

Contractual Intent

A

Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts

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3
Q

Suspend

A

Temporarily make ineffective

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4
Q

Sublease

A

Transfer less than the entire leasehold, with the original lessee being primarily liable

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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

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6
Q

Offeror

A

The party making an offer

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7
Q

Reliction

A

Occurs when land that has been covered by water is exposed by the receding of the water

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8
Q

Valid

A

Legally binding

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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

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10
Q

Novation

A

The substitution by agreement of a new obligation for an existing one

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11
Q

License holder

A

Someone who holds a real estate license issued by a state licensing agency.

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12
Q

Offer

A

A presentation or proposal for acceptance to form a contract

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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

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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

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15
Q

Private Grant

A

The granting of private property to other private persons

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16
Q

Easement in Gross

A

An easement that is not appurtenant to any one parcel, for example, public utilities

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17
Q

Accretion

A

A build-up of soil by natural causes on property bordering a river, lake, or ocean

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18
Q

Customer

A

A prospective buyer of real estate

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19
Q

Dual Agent

A

An agent who represents both parties in a transaction

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20
Q

Monument

A

A fixed landmark used in a metes and bounds land description

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21
Q

Undue Infliuence

A

Using unfair advantage to get agreement in accepting a contract

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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

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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

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24
Q

Ingress

A

A way to enter property; access

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25
Q

Land Grant

A

A grant of public lands by the government usually for roads, railroads, or agricultural colleges

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26
Q

Arm’s Length Transaction

A

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

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27
Q

Bundle of Rights

A

An ownership concept describing all the legal rights that attach to the ownership of real property

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28
Q

License

A

Permission to use a property which may be revoked at any time

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29
Q

Alienate

A

Transfer ownership or sell

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30
Q

Riparian Rights

A

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property

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31
Q

Fiduciary

A

A relationship that implies a position of trust or confidence

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32
Q

Unilateral Contract

A

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.

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33
Q

Encroachment

A

The placement of permanent improvements on adjacent property owned by another

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34
Q

Vested

A

Owned by

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35
Q

Valuable Consideration

A

Each party to a contract must give up something to make the agreement binding

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36
Q

Patents

A

Deeds used by the U.S. government when confirming or transferring ownership to private parties

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37
Q

Revoke

A

Recall and make void

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38
Q

Breach of Contract

A

A failure to perform on part or all of the terms and conditions of a contract

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39
Q

Real Estate Salesperson

A

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.

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40
Q

Grant Deed

A

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

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41
Q

Consideration

A

Something of value, such as money, a promise, property, or personal services

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42
Q

Egress

A

A way to exit property

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43
Q

Implied Contract

A

Agreement shown by acts and conduct rather than words

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44
Q

Condition Precedent

A

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

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45
Q

Alluvial Deposit

A

Sand or mud carried by water and deposited on land

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46
Q

Township

A

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

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47
Q

Meridian

A

A survey line running north and south, used as a reference when mapping land

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48
Q

Real Estate Broker

A

A person licensed by the state to negotiate and arrange real estate transactions.

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49
Q

Commingling

A

To deposit client funds in the broker’s personal account

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50
Q

Contract

A

An agreement to do or not do a certain thing

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51
Q

Metes and Bounds

A

A method of land description in which the dimensions of the property are measured by distance and direction

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52
Q

Listing

A

A contract by which a principal employs an agent to do certain things for the principal

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53
Q

Section

A

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

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54
Q

Mutual Consent

A

Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract

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55
Q

Abrogation

A

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.

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56
Q

Public Dedication

A

When private property is intended for public use, it may be acquired in this manner

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57
Q

Option

A

A right, given for consideration, to a party (optionee) by a property owner (optionor)

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58
Q

Client

A

The person who employs an agent to perform a service for a fee

59
Q

Life Tenant

A

A person to whom a life estate conveys

60
Q

Power of Attorney

A

A written instrument giving a person legal authority to act on behalf of another person

61
Q

Executed Contract

A

A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed

62
Q

Liquid Demages

A

Sets in advance a specified amount of money as a penalty in the event of a breach of contract

63
Q

Freehold Estate

A

An estate in real property which continues for an indefinite period of time

64
Q

Menace

A

Using a threat of violence to get agreement in accepting a contract

65
Q

Estate

A

A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land

66
Q

Police Power

A

The power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens

67
Q

Convey

A

To transfer ownership of title

68
Q

Real Estate Associate Licensee

A

A person with a real estate license who is employed or sponsored by a real estate broker.

69
Q

Linear Foot

A

A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot

70
Q

Trade Fixture

A

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
Q

Instrument

A

A written legal document setting forth the rights and liabilities of the parties involved

72
Q

Avulsion

A

The sudden washing or tearing away of the land by action of water

73
Q

Property

A

The rights or interests an owner has in something owned

74
Q

Voidable

A

An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties

75
Q

Fee Simple Defeasible

A

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
Q

Baseline

A

A survey line running east to west, and used as a reference when mapping land

77
Q

Chattel

A

Personal property

78
Q

Duress

A

The use of force to get agreement in accepting a contract

79
Q

Natural Person

A

An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership

80
Q

Sales Contract

A

Primary document used to present an offer on real property; also known as a purchase offer

81
Q

Void

A

An agreement which is totally absent of legal effect

82
Q

Statue of Limitations

A

A statute limiting the period of time during which legal action may be taken on a certain issue

83
Q

Agent

A

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
Q

Personal Property

A

Anything movable that is not real property

85
Q

Action

A

A lawsuit brought to court

86
Q

Fee Simple Qualified

A

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
Q

Sucession

A

The legal transfer of a person’s interest in real property under the law of descent and distribution

88
Q

Chattel Real

A

An item of personal property which is connected to real estate, for example, a lease

89
Q

Assignment

A

The transfer of a claim, benefit, or right in property from one person to another person

90
Q

Counteroffer

A

The rejection of an original offer that becomes a new offer

91
Q

Conveyance

A

The transfer of title to land from one person to another by use of a written instrument

92
Q

Subagent

A

An agent of a person who is already acting as an agent for a principal

93
Q

Partition Action

A

A court action to divide a property held by co-owners

94
Q

Agency

A

A relationship in which one party (principal) authorizes another party (agent) to act as the principal’s representative in dealing with third parties

95
Q

Unenforceable

A

A contract that was valid when made, but either cannot be proved or will not be enforced by a court

96
Q

Attorney-in-Fact

A

A competent and disinterested person who is authorized by another person to act in his or her place in legal matters

97
Q

Future Interest

A

An interest in real property that cannot exercised today; but that might be exercised in the future.

98
Q

Less-Than-Freehold Estate

A

A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination

99
Q

Estoppel

A

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
Q

Specific Performance

A

An action brought in a court to compel a party to carry out the terms of a contract

101
Q

Assignor

A

The person transferring a claim, benefit, or right in property to another

102
Q

Severalty

A

Ownership of real property by one person or entity

103
Q

Accession

A

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
Q

Assignee

A

The person to whom a claim, benefit, or right in property is made

105
Q

Definite and Certain

A

Precise acts to be performed are to be clearly stated

106
Q

Ratified

A

Approved

107
Q

Undivided Interest

A

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
Q

Present Interest

A

An interest in real property that can be exercised today.

109
Q

Revocation

A

The canceling of an offer to contract by the person making the original offer

110
Q

Real Estate Law

A

The law that affects the licensing and conduct of real estate agents

111
Q

Conversion

A

To deposit client funds in the broker’s personal account

112
Q

Real Property

A

Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law

113
Q

Timely Manner

A

An act must be performed within certain time limits as described in a contract

114
Q

Ratification

A

The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding

115
Q

Erosion

A

The gradual wearing away of land by natural process

116
Q

Fixture

A

Personal property that has become affixed to real estate

117
Q

Forbearance

A

Refraining from action by a creditor against the debt owed by a borrower after the debt has become due

118
Q

Emancipated Minor

A

Someone who is legally set free from parental control/supervision

119
Q

Possessory Interest

A

Present right to physically occupy land and to exclude others from that same land

120
Q

Estate in Fee

A

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
Q

Judgement

A

The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute

122
Q

Ethics

A

A set of principles or values by which an individual guides his or her own behavior and judges that of others

123
Q

Unilateral Rescission

A

Legal action taken to repeal a contract by one party when the other party has breached a contract

124
Q

Doctrine of Correlative User

A

Owners may use only a reasonable amount of the total water supply for beneficial use

125
Q

Littoral

A

Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)

126
Q

Tender

A

An offer by one of the parties to a contract to carry out his or her part of the contract

127
Q

Easement

A

The right to use another’s land for a specified purpose; sometimes known as right-of-way

128
Q

Minor

A

Someone under 18 years of age

129
Q

Misrepresentation

A

An innocent or negligent misstatement of a material fact which causes someone loss or harm

130
Q

Express Contract

A

The parties declare the terms and put their intentions in words, either oral or written

131
Q

Bilateral Contract

A

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
Q

Puffing

A

Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations

133
Q

Execute

A

To perform or complete; to sign

134
Q

Parol Evidence

A

Oral or written negotiations made prior to a dispute about an executed contract

135
Q

Lis Pendens

A

A recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership

136
Q

Acceptance

A

An unqualified agreement to the terms of an offer

137
Q

Executory Contracts

A

A contract in which an obligation to perform exists on one or both sides of the contract

138
Q

Offeree

A

The party receiving an offer

139
Q

Emblements

A

Annual crops produced for sale by a tenant using or occupying the property

140
Q

Statute of Frauds

A

A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable

141
Q

Bill of Sale

A

A written agreement used to transfer ownership in personal property

142
Q

Adverse Possession

A

Acquiring title to property by continued possession and payment of taxes

143
Q

Alluvium

A

Soil that builds up as a result of accretion

144
Q

Homestead

A

Status provided to a homeowner’s principal residence that protects the home against judgments

RE Licensing Exam - Terms Study (5 decks)

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