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Real Estate > Legal Aspects > Flashcards

Legal Aspects Flashcards

1
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

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2
Q

Ethics

A

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

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3
Q

License

A

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

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4
Q

Client

A

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

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5
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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6
Q

Easement

A

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

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7
Q

Void

A

An agreement which is totally absent of legal effect

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8
Q

Power of Attorney

A

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

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9
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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10
Q

Severalty

A

Ownership of real property by one person or entity

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11
Q

Conveyance

A

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

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12
Q

Doctrine of Correlative User

A

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

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13
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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14
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

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15
Q

Ingress

A

A way to enter property; access

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16
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

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17
Q

Offeree

A

The party receiving an offer

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18
Q

Assignment

A

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

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19
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

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20
Q

Alluvial Deposit

A

Sand or mud carried by water and deposited on land

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21
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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22
Q

Revoke

A

Recall and make void

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23
Q

Emancipated Minor

A

Someone who is legally set free from parental control/supervision

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24
Q

Private Grant

A

The granting of private property to other private persons

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25
Q

Property

A

The rights or interests an owner has in something owned

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26
Q

Suspend

A

Temporarily make ineffective

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27
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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28
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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29
Q

Real Estate Broker

A

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

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30
Q

Ratification

A

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

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31
Q

Accretion

A

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

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32
Q

Real Estate Law

A

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

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33
Q

Convey

A

To transfer ownership of title

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34
Q

Specific Performance

A

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

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35
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

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36
Q

Offer

A

A presentation or proposal for acceptance to form a contract

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37
Q

Emblements

A

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

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38
Q

Fixture

A

Personal property that has become affixed to real estate

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39
Q

Contractual Intent

A

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

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40
Q

License holder

A

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

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41
Q

Littoral

A

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

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42
Q

Menace

A

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

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43
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

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44
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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45
Q

Voidable

A

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

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46
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

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47
Q

Chattel Real

A

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

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48
Q

Valuable Consideration

A

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

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49
Q

Partition Action

A

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

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50
Q

Adverse Possession

A

Acquiring title to property by continued possession and payment of taxes

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51
Q

Assignee

A

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

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52
Q

Offeror

A

The party making an offer

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53
Q

Duress

A

The use of force to get agreement in accepting a contract

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54
Q

Egress

A

A way to exit property

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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

Fraud

A

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

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57
Q

Baseline

A

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

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58
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

59
Q

Sucession

A

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

60
Q

Ratified

A

Approved

61
Q

Future Interest

A

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

62
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.

63
Q

Tender

A

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

64
Q

Execute

A

To perform or complete; to sign

65
Q

Sales Contract

A

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

66
Q

Statute of Limitations

A

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

67
Q

Sublease

A

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

68
Q

Life Estate

A

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

69
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

70
Q

Reliction

A

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

71
Q

Real Property

A

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

72
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

73
Q

Option

A

A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price and terms. An option is irrevocable by the optionor and will not be extinguished by death or insanity of either party.

74
Q

Bundle of Rights

A

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

75
Q

Undue Influence

A

Using unfair advantage to get agreement in accepting a contract

76
Q

Easement in Gross

A

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

77
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

78
Q

Present Interest

A

An interest in real property that can be exercised today.

79
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

80
Q

Liquid Damages

A

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

81
Q

Linear Foot

A

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

82
Q

Lis Pendens

A

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

83
Q

Definite and Certain

A

Precise acts to be performed are to be clearly stated

84
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

85
Q

Minor

A

Someone under 18 years of age

86
Q

Avulsion

A

Avulsion

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

87
Q

Forbearance

A

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

88
Q

Homestead

A

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

89
Q

Public Dedication

A

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

90
Q

Erosion

A

The gradual wearing away of land by natural process

91
Q

Consideration

A

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

92
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

93
Q

Contract

A

An agreement to do or not do a certain thing

94
Q

Mutual Consent

A

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

95
Q

Chattel

A

Personal property

96
Q

Misrepresentation

A

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

97
Q

Life Tenant

A

A person to whom a life estate conveys

98
Q

Natural Person

A

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

99
Q

Dual Agent

A

An agent who represents both parties in a transaction

100
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

101
Q

Timely Manner

A

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

102
Q

Vested

A

Owned by

103
Q

Unenforceable

A

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

104
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

105
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

106
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

107
Q

Commingling

A

To deposit client funds in the broker’s personal account

108
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

109
Q

Monument

A

A fixed landmark used in a metes and bounds land description

110
Q

Express Contract

A

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

111
Q

Customer

A

A prospective buyer of real estate

112
Q

Land Grant

A

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

113
Q

Metes and Bounds

A

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

114
Q

Personal Property

A

Anything movable that is not real property

115
Q

Bill of Sale

A

A written agreement used to transfer ownership in personal property

116
Q

Patents

A

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

117
Q

Parol Evidence

A

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

118
Q

Alienate

A

Transfer ownership or sell

119
Q

Conversion

A

The appropriation of property belonging to another.

120
Q

Possessory Interest

A

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

121
Q

Estate

A

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

122
Q

Revocation

A

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

123
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.

124
Q

Encroachment

A

The placement of permanent improvements on adjacent property owned by another

125
Q

Puffing

A

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

126
Q

Fiduciary

A

A relationship that implies a position of trust or confidence

127
Q

Real Estate Associate Licensee

A

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

128
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

129
Q

Subagent

A

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

130
Q

Assignor

A

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

131
Q

Meridian

A

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

132
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

133
Q

Valid

A

Legally binding

134
Q

Unilateral Rescission

A

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

135
Q

Freehold Estate

A

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

136
Q

Alluvium

A

Soil that builds up as a result of accretion

137
Q

Counteroffer

A

The rejection of an original offer that becomes a new offer

138
Q

Implied Contract

A

Agreement shown by acts and conduct rather than words

139
Q

Acceptance

A

An unqualified agreement to the terms of an offer

140
Q

Listing

A

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

141
Q

Action

A

A lawsuit brought to court

142
Q

Instrument

A

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

143
Q

Novation

A

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

144
Q

Judgment

A

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

Real Estate (5 decks)

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