Legal Aspects Flashcards
Mutual Consent
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract
Section
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
Real Estate Association Licensee
Person with a real estate license who is employed or sponsored by a real estate broker
Accession
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
Riparian Right
Rights of the landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
Conversion
Appropriation of property belonging to another
Ratified
Approved
Grant Deed
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
Reliction
occurs when land that has been covered by water is exposed by the receding of the water
Client
person who employs an agent to perform a service for a fee
Property
rights or interests an owner has in something owned
Tender
offer by one of the parties to a contract to carry out their part of the contract
Attorney in Fact
competent and disinterested person who is authorized by another person to act in their place in legal matters
Encroachment
placement of permanent improvements on adjacent property owner by another
Ingress
way to enter property; AKA access
Contractual Intent
Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts
Real Estate Salesperson
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
Linear Foot
measurement meaning 1 foot or 12 inches in length as contrasted to a square foot or a cubic foot
Consideration
something of value, such as money, a promise, property or personal services
Parol Evidence
oral or written negotiations mar prior to a dispute about an executed contract
Agency
relationship in which one party (principal) authorizes another party (agent) to act as the principal’s representative in dealing with third parties
Estate in Fee (aka fee, fee simple, or fee simple absolute)
freehold estate that is the most complete form of ownership of real property; estate of inheritance
Partition Action
court action to divide a property held by co-owners
Valid
Legall binding
Listing
contract by which a principal employs an agent to do certain things for the principal
Assignee
person to whom a claim, benefit, or right in the property is made
Acceptance
unqualified agreement to the terms of an offer
Real Estate Broker
person licensed by the state to negotiate and arrange real estate transactions
Easement in Gross
easement that is not appurtenant to any one parcel (example - public utilities)
Specific Performance
action brought in a court to compel a party to carry out the terms of a contract
Bundle of Rights
ownership concept describing all the legal rights that attach to the ownership of real property
Sublease
transfer less than the entire leasehold, with the original lessee being primarily liable
Executory Contract
A contract in which an obligation to perform exists on one or both sides of the contract
Personal Property
anything movable that is not real property
Commingling
to deposit client funds in the broker’s personal account
Freehold Estate
an estate in real property which continues for an indefinite period of time
Meridian
survey line running north and south, used as a reference when mapping land
Police Power
power of the state to pass laws, within lawful limits, that promote order, safety, health, morals and general welfare of its citizens
Valuable Consideration
each party to a contract must give up something to make the agreement binding
Emblements
annual crops produced for sale by a tenant using or occupying the property
Revoke
recall and make void
Revocation
the canceling of an offer to contract by the person making the original offer
Chattel Real
Item of personal property which is connected to real estate (example - a lease)
Void
agreement which is totally absent of legal effect
Patents
deeds used by the US government when confirming or transferring ownership to private parties
Misrepresentation
innocent or negligent misstatement of a material fact which causes someone loss or harm
Fee Simple Defeasible or Fee Simple Qualified
estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
Unenforceable
contract that was valid when made, but either cannot be proved or will not be enforced by a court
Possessory Interest
present right to physically occupy land and to exclude others from that same land
Recission
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
Ethics
Set of principles or values by which an individual guides their behavior and judges that of others
Arm’s Length Transaction
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
Fee Simple Qualified
estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
Chattel
personal property
Execute
to perform or complete; to sign
Action
lawsuit brought to court
Puffing
exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentation
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 lease
Egress
way to exit property
Future Interest
interest in real property that cannot be exercised today; but that might be exercised in the future
Township
land description used in the US Public Land Survey System consisting of 6 by 6 mile areas containing 36 sections, each 1 square mile
Assignor
person transferring a claim, benefit, or right in property to another
Instrument
written legal doc setting forth the rights and liabilities of the parties involved
Metes and Bounds
method of land description in which the dimensions of the real property are measured by distance and direction
Alluvial Deposit
sand or mud carried by water and deposited on land
Natural Person
individual; private person, as distinguished from an artificial entity such as a corporation or partnership
Patent Deed
deed given by the government to a private individual as evidence of transfer of title from government to the public persons
Less than Freehold Estate
leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination
Counteroffer
rejection of an original offer that becomes a new offer
Dual Agent
agent who represents both parties in a transaction
Statute of Limitations
statute limiting the period of time during which legal action may be taken on a certain issue
Adverse Possession
acquiring title to property by continued possession and payment of taxes
Alienate
transfer ownership or sell
Estoppel
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
Erosion
gradual wearing away of land by natural process
Conveyance
transfer of title to land from one person to another by use of a written instrument
Lis Pendens
recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership
Judgement
final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute
Public Dedication
when private property is intended for public use, it may be required in this manner
Suspend
temporarily make ineffective
Condition Subsequent
condition which, if it occurs at some point in the future, can cause a property to revert to the grantor
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?
Condition Subsequent
Condition Precedent
requires something to occur before a transaction becomes absolute and enforceable
Sale that is contingent on the buyer obtaining financing is an example of what?
Condition Precedent
Real Estate Law
law that affects the licensing and conduct of real estate agents
Private Grant
granting of private property to other private persons
Emancipated Minor
someone who is legally set free from parental control/supervision
Offer
presentation or proposal for acceptable to form a contract
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
License Holder
someone who holds a real estate license issued by a state licensing agency
Convey
to transfer ownership of title
Customer
prospective buyer of real estate
Novation
the substitution by agreement of a new obligation for an existing one
Real Property
land; anything affixed to the land; anything appurtenant to the land; anything immovable by law
Duress
use of force to get agreement in accepting a contract
Definite and Certain
precise acts to be performed are to be clearly stated
Fraud
act meant to deceive in order to get someone to part with something of value
Breach of Contract
failure to perform on part or all of the terms and conditions of a contract
Power of Attorney
written instrument giving a person legal authority to act on behalf of another person
Homestead
status provided to a homeowner’s principal residence that protects the home against judgements
Monument
fixed landmark used in a metes and bounds land description
Life Estate
estate that is limited in duration to life of its owner or the life of some other chosen person
Liquid Damages
sets in advance a specified amount of money as a penalty in the event of a breach of contract
Offeror
party making an offer
Abrogation
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
Executed Contract
contract in which the obligation have been performed on both sides of the contract and nothing is left to be competed
Present Interest
interest in real property that can be exercised today
Littoral
land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)
Ratification
approval of a previously unauthorized act, performed on behalf of a person, which makes the act valid and legally binding
Unilateral Recission
legal action taken to repeal a contract by one party when the other party has breached a contract
Appurtenance
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
Bilateral Contract
each party to the contract promises to perform some act or duty in exchange for the promise of other other party
Unilateral Contract
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
Subagent
agent of a person who is already acting as an agent for a principal
Forbearance
refraining from action by a creditor against the debt owed by a borrower after the debt has become due
Sales Contract aka Purchase Offer
primary doc used to present an offer on real property
Bill of Sale
written agreement used to transfer ownership in personal property
Vested
owned by
Minor
someone under 18 years old
Assignment
transfer of a claim, benefit, or right in property from one person to another person
Accretion
build up of soil by natural causes on property bordering a river, lake or ocean
Implied Contract
agreement shown by acts and conducts rather than words
Fixture
personal property that has become affixed to real estate
Statue of Frauds
state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable
Express Contract
parties declare the terms and put their intentions in words, either oral or written
Option
right, given for consideration, to a party (optionee) by a property owner (optionor)
Alluvium
soil that builds up as a result of accretion
Land Grant
grant of public lands by the government usually for roads, railroads, or agricultural college
Timely Manner
act must be performed within certain time limits as described in a contract
License
permission to use a property which may be revoked at any time
Easement
right to use another’s land for a specified purpose (right of way)
Agent
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
Severalty
ownership of real property by one person or entity
Avulsion
sudden washing or tearing away of the land by action of water
Estate
legal interest in land that defines the nature, degree, extent and duration of a person’s ownership in land
Life Tenant
person to whom a life estate conveys
Voidable
agreement which is valid and enforceable in its face, but may be rejected by one or more of the parties
Range
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
Succession
legal transfer of a person’s interest in real property under the law of descent and distribution
Menace
using a threat of violence to get agreement in accepting a contract
Fiduciary
relationship that implies a position of trust or confidence
Baseline
survey line running east to west, and used as a reference when mapping land
Undue Influence
using unfair advantage to get agreement in accepting a contract
Doctrine of Correlative User
owners may use only a reasonable amount of the total water supply for beneficial use
Contract
agreement to do or not do a certain thing
Offeree
party receiving an offer
