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Real Estate > Legal Aspects > Flashcards

Legal Aspects Flashcards

1
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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2
Q

Section

A

Area of land, used in the US Public Land Survey method of land description; a land area of 1 square mile or 640 acres; 1/36 of a township

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3
Q

Real Estate Association Licensee

A

Person with a real estate license who is employed or sponsored by a real estate broker

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4
Q

Accession

A

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

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5
Q

Riparian Right

A

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

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6
Q

Conversion

A

Appropriation of property belonging to another

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7
Q

Ratified

A

Approved

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8
Q

Grant Deed

A

Grantor warrants that they have not previously conveyed the property being granted, that they have not encumbered the property except disclosed, and that they will convey to the grantee any title to the property acquired later

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9
Q

Reliction

A

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

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10
Q

Client

A

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

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11
Q

Property

A

rights or interests an owner has in something owned

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12
Q

Tender

A

offer by one of the parties to a contract to carry out their part of the contract

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13
Q

Attorney in Fact

A

competent and disinterested person who is authorized by another person to act in their place in legal matters

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14
Q

Encroachment

A

placement of permanent improvements on adjacent property owner by another

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15
Q

Ingress

A

way to enter property; AKA access

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16
Q

Contractual Intent

A

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

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17
Q

Real Estate Salesperson

A

someone holding a real estate license and employed be a licensed real estate broker - in some states, the salesperson is called a sales agent or sales associate

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18
Q

Linear Foot

A

measurement meaning 1 foot or 12 inches in length as contrasted to a square foot or a cubic foot

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19
Q

Consideration

A

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

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20
Q

Parol Evidence

A

oral or written negotiations mar prior to a dispute about an executed contract

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21
Q

Agency

A

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

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22
Q

Estate in Fee (aka fee, fee simple, or fee simple absolute)

A

freehold estate that is the most complete form of ownership of real property; estate of inheritance

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23
Q

Partition Action

A

court action to divide a property held by co-owners

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24
Q

Valid

A

Legall binding

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25
Q

Listing

A

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

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26
Q

Assignee

A

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

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27
Q

Acceptance

A

unqualified agreement to the terms of an offer

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28
Q

Real Estate Broker

A

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

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29
Q

Easement in Gross

A

easement that is not appurtenant to any one parcel (example - public utilities)

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30
Q

Specific Performance

A

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

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31
Q

Bundle of Rights

A

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

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32
Q

Sublease

A

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

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33
Q

Executory Contract

A

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

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34
Q

Personal Property

A

anything movable that is not real property

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35
Q

Commingling

A

to deposit client funds in the broker’s personal account

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36
Q

Freehold Estate

A

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

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37
Q

Meridian

A

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

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38
Q

Police Power

A

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

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39
Q

Valuable Consideration

A

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

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40
Q

Emblements

A

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

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41
Q

Revoke

A

recall and make void

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42
Q

Revocation

A

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

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43
Q

Chattel Real

A

Item of personal property which is connected to real estate (example - a lease)

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44
Q

Void

A

agreement which is totally absent of legal effect

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45
Q

Patents

A

deeds used by the US government when confirming or transferring ownership to private parties

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46
Q

Misrepresentation

A

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

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47
Q

Fee Simple Defeasible or Fee Simple Qualified

A

estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

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48
Q

Unenforceable

A

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

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49
Q

Possessory Interest

A

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

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50
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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51
Q

Ethics

A

Set of principles or values by which an individual guides their behavior and judges that of others

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52
Q

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

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53
Q

Fee Simple Qualified

A

estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

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54
Q

Chattel

A

personal property

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55
Q

Execute

A

to perform or complete; to sign

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56
Q

Action

A

lawsuit brought to court

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57
Q

Puffing

A

exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentation

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58
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 lease

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59
Q

Egress

A

way to exit property

60
Q

Future Interest

A

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

61
Q

Township

A

land description used in the US Public Land Survey System consisting of 6 by 6 mile areas containing 36 sections, each 1 square mile

62
Q

Assignor

A

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

63
Q

Instrument

A

written legal doc setting forth the rights and liabilities of the parties involved

64
Q

Metes and Bounds

A

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

65
Q

Alluvial Deposit

A

sand or mud carried by water and deposited on land

66
Q

Natural Person

A

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

67
Q

Patent Deed

A

deed given by the government to a private individual as evidence of transfer of title from government to the public persons

68
Q

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

69
Q

Counteroffer

A

rejection of an original offer that becomes a new offer

70
Q

Dual Agent

A

agent who represents both parties in a transaction

71
Q

Statute of Limitations

A

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

72
Q

Adverse Possession

A

acquiring title to property by continued possession and payment of taxes

73
Q

Alienate

A

transfer ownership or sell

74
Q

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

75
Q

Erosion

A

gradual wearing away of land by natural process

76
Q

Conveyance

A

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

77
Q

Lis Pendens

A

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

78
Q

Judgement

A

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

79
Q

Public Dedication

A

when private property is intended for public use, it may be required in this manner

80
Q

Suspend

A

temporarily make ineffective

81
Q

Condition Subsequent

A

condition which, if it occurs at some point in the future, can cause a property to revert to the grantor

82
Q

A requirement in a grant deed that a buyer must never use the property for anything other than a private residence is an example of what?

A

Condition Subsequent

83
Q

Condition Precedent

A

requires something to occur before a transaction becomes absolute and enforceable

84
Q

Sale that is contingent on the buyer obtaining financing is an example of what?

A

Condition Precedent

85
Q

Real Estate Law

A

law that affects the licensing and conduct of real estate agents

86
Q

Private Grant

A

granting of private property to other private persons

87
Q

Emancipated Minor

A

someone who is legally set free from parental control/supervision

88
Q

Offer

A

presentation or proposal for acceptable to form a contract

89
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

90
Q

License Holder

A

someone who holds a real estate license issued by a state licensing agency

91
Q

Convey

A

to transfer ownership of title

92
Q

Customer

A

prospective buyer of real estate

93
Q

Novation

A

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

94
Q

Real Property

A

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

95
Q

Duress

A

use of force to get agreement in accepting a contract

96
Q

Definite and Certain

A

precise acts to be performed are to be clearly stated

97
Q

Fraud

A

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

98
Q

Breach of Contract

A

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

99
Q

Power of Attorney

A

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

100
Q

Homestead

A

status provided to a homeowner’s principal residence that protects the home against judgements

101
Q

Monument

A

fixed landmark used in a metes and bounds land description

102
Q

Life Estate

A

estate that is limited in duration to life of its owner or the life of some other chosen person

103
Q

Liquid Damages

A

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

104
Q

Offeror

A

party making an offer

105
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 to the contract

106
Q

Executed Contract

A

contract in which the obligation have been performed on both sides of the contract and nothing is left to be competed

107
Q

Present Interest

A

interest in real property that can be exercised today

108
Q

Littoral

A

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

109
Q

Ratification

A

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

110
Q

Unilateral Recission

A

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

111
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

112
Q

Bilateral Contract

A

each party to the contract promises to perform some act or duty in exchange for the promise of other other party

113
Q

Unilateral Contract

A

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

114
Q

Subagent

A

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

115
Q

Forbearance

A

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

116
Q

Sales Contract aka Purchase Offer

A

primary doc used to present an offer on real property

117
Q

Bill of Sale

A

written agreement used to transfer ownership in personal property

118
Q

Vested

A

owned by

119
Q

Minor

A

someone under 18 years old

120
Q

Assignment

A

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

121
Q

Accretion

A

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

122
Q

Implied Contract

A

agreement shown by acts and conducts rather than words

123
Q

Fixture

A

personal property that has become affixed to real estate

124
Q

Statue of Frauds

A

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

125
Q

Express Contract

A

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

126
Q

Option

A

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

127
Q

Alluvium

A

soil that builds up as a result of accretion

128
Q

Land Grant

A

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

129
Q

Timely Manner

A

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

130
Q

License

A

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

131
Q

Easement

A

right to use another’s land for a specified purpose (right of way)

132
Q

Agent

A

person who acts for and in the place of another, called a principal, for the purpose of affecting the principals legal relationship with third persons

133
Q

Severalty

A

ownership of real property by one person or entity

134
Q

Avulsion

A

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

135
Q

Estate

A

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

136
Q

Life Tenant

A

person to whom a life estate conveys

137
Q

Voidable

A

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

138
Q

Range

A

land description used in the US Public Land Survey System (PLSS) consisting of a strip of land located every 6 miles east of each principle meridian

139
Q

Succession

A

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

140
Q

Menace

A

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

141
Q

Fiduciary

A

relationship that implies a position of trust or confidence

142
Q

Baseline

A

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

143
Q

Undue Influence

A

using unfair advantage to get agreement in accepting a contract

144
Q

Doctrine of Correlative User

A

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

145
Q

Contract

A

agreement to do or not do a certain thing

146
Q

Offeree

A

party receiving an offer

Real Estate (19 decks)

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