Module 11 Flashcards
The person appointed by the court to handle the estate of someone who died without a will
Administrator
The causing of harm by disrupting something that belongs to someone else – for example, interfering with a contractual relationship
Tortious interference
The basic evidence of debt showing in writing who owes how much to whom
Promissory note
The intentional or negligent misrepresentation or concealment of a material fact
Correct
The agent who finds a buyer in a real estate transaction
Selling agent
Increase in the value of a property due to changes in market conditions, inflation, or other causes
Appreciation
An unexpected failure to perform according to the terms of a contract
Breach
An interest created in property upon the execution of a valid sales contract, whereby actual title will be transferred by deed at a future closing date
Equitable title
The legal ability to enter into a contract
Contractual capacity
A land use that does not comply with the general zoning rules for the zone in which it’s located, but is permitted there because it benefits the public
Condition use
Possession of property by a holdover tenant
Tenancy at sufferance
Anyone who is authorized to act on behalf of someone else
Agent
When a contract is terminated and each party gives anything acquired and the contract back to the other party
Rescission
An easement that benefits a person instead of a piece of land
Easement in gross
When something outside the control of the property makes it less desireable
Economic obsolescence
The loss of a right through undue delay or failure to assert
Laches
The antitrust violation that occurs when two or more competitors agree on what they will charge
Price fixing
A financial encumbrance on the owner’s title
lien
An appraisal method which estimates the value of real estate by analyzing the amount of revenue it does or could generate
Income approach
To make property security for a loan without giving up possession of it
Hypothecate
A transaction that occurs under typical conditions with each party acting in his or her own best interest
Arm’s length
The name of one party to a contract is substituted with a new name
Assignment
A person who grants another person authority to represent him or her in dealings with third parties
Principal
Lease for which the landlord pays all property taxes, insurance, etc.
Gross lease
A new contract is created replacing the original contract. Both parties must give their consent
Novation
An agent authorized to do everything that can be lawfully delegated to a representative
Universal agent
Characteristic of real estate that says there is a limited supply
Scarcity
