Missed Questions Flashcards
Riparian
River or stream
Littoral
Lake or large static body of water
Formaldehyde
Gas emitted by building materials and household products
Transaction broker
No agency relationship but performs ministerial acts for one or both parties (paperwork and formalities)
Ministerial
Paperwork and other formalities involved in transferring ownership
Dual agency is legal if written consent is given by both parties
House built before when require disclosure of lead based paint
Jan ‘78
Blockbusting
Encouraging sale buy implying that a group of particular race/ethnicity is entering the neighborhood
Statute of Frauds
Designates types of documents that must be written to carry legal weight
Specific performance
Action brought in court to compel a party to carry out terms of a contract
Notation
Substituting new obligation or parties for an old one
Rescission
One party termination of contract resulting in both parties return to their state prior to contract
Valid contract
Competent parties, meeting of the minds, legal objective, consideration
4 elements needed for a valid contract
Competent parties
Mutual consent
Consideration
Legal object
Satisfaction of mortgage
Certificate issued by the lender certifying the mortgage has been paid and consents to release the lien
