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Real estate > Liens > Flashcards

Liens Flashcards

1
Q

Liens

A

Money owed

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2
Q

General Lien

A

Lien against ALL person property

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3
Q

Specific Lien

A

Money owed on single property

Ex- mechanics lien

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4
Q

Voluntary Lien

A

Exists because of an action taken by a debtor

Ex - car loans, mortgages

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5
Q

Involuntary Lien

A

Liens imposed on a person

Ex - taxes

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6
Q

Mechanics Lien

A

Lien on behalf of someone who supplied labor and materials to improve property

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7
Q

Judgement Lien

A

Lien placed by the court

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8
Q

Lid Pendis

A

Lawsuit pending, involves either the title to a property or a claim ownership interest in it

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9
Q

Injunction

A

Court order that stops someone from doing something.

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10
Q

Escrow

A

Neutral third party holds money

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11
Q

Debit

A

Money owed

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12
Q

Credit

A

Money received

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13
Q

RESPA

A

Eliminating kickbacks and referral fees

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14
Q

TILA

A

“Truth in lending Act”

Protects you against inaccurate and unfair credit billing an credit card practices

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15
Q

Fair housing act

A

1968, act banning refusal to sell or rent due to a persons race, color, religion, sex or national origin

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16
Q

Jones vs mayer

A

Court case bared all racial discrimination, private as well as public in the sale or rental of property

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17
Q

Sherman anti-trust act

A

Bans anti competing discrimination

Ex - price fixing

18
Q

Americans with disabilities act

A

Prohibiting discrimination against people with disabilities in employment, transportation, public accommodation, communications and governmental activities

19
Q

Material fact

A

Something that if known may have caused a buyer or seller to make a different choice

20
Q

Steering

A

Buyers, influencing a buyer to choice a property based on info of the protected classes

21
Q

Blockbusting

A

Sellers, trying to force a sell because of one of the protected classes, race, religion, sex

22
Q

Redlining

A

Denying service such as a loan because of race

23
Q

Actual fraud

A

Fraud committed with actual intent to deceive an thereby injure another

24
Q

Constructive fraud

A

Person gained an unfair advantage over another, intent doesn’t need to be shown

25
Q

Caveat emptor

A

Buyer beware

26
Q

Commingling

A

Mixing funds

27
Q

Essentials of valid contract

A

Mutual consent, lawful object, consideration, capable parties

28
Q

Void contract

A

Lacks one of the 4 essential elements

29
Q

Voidable contract

A

Options to rescind

30
Q

Bilateral contract

A

Promise for a promise

Ex - exclusive listing

31
Q

Unilateral contract

A

Promise for an act

Ex - open listing it option contract

32
Q

Executed contract

A

Contract fully performed

33
Q

Executory contract

A

Contract not yet fully performed

34
Q

Statue of frauds

A

Contracts must be in writing

35
Q

Novation

A

New contract

36
Q

Fiduciary

A

Position of trust, good faith; and honesty

37
Q

Dual agent

A

Buyer an seller have the same broker

38
Q

General agent

A

Authorized to perform any an all acts associated with the job
Ex - a real estate licensee acting in the capacity of a property manger

39
Q

Special agent

A

Hired to perform one specific duty for a client

40
Q

Estoppel

A

Prevents asserting something contrary to what is implied by previous actions or statements

41
Q

Exclusive listing

A

One broker gets paid, don’t need to be procuring cause to be paid

Real estate (6 decks)

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