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Real Estate > National Section - Chapter 4 > Flashcards

National Section - Chapter 4 Flashcards

1
Q

Physical Characteristics of Land

A

immobility, indestructibility, heterogeneity

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2
Q

Economic characteristics of Land

A

demand, utility, scarcity, transferability, situs

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3
Q

Ownership of real estate and the bundle of rights associated with owning the real estate

A

real property

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4
Q

Ownership of anything that is not real estate, and the rights associated with owning the item (chattels or personalty)

A

personal property

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5
Q

Physical, visible and material

A

tangible property

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6
Q

abstract, having no physical existence in itself, other than as evidence of one’s ownership interest

A

intangible property

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7
Q

Types and uses of real property

A

residential, industrial, commercial and agricultural

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8
Q

Property that has a unique use for the persons who own and use it, such as churches, hospitals, schools and government buildings - public open space and rec areas

A

special purpose real estate

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9
Q

Land can be laterally severed into what?

A

surface, air and subsurface rights

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10
Q

Rights that concern properties that border bodies of water that are NOT moving

A

littoral

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11
Q

Rights that concern properties that border moving water (steams and rivers)

A

Riparian Rights

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12
Q

Personal property item that has been converted to real property by attachment to real estate

A

fixture

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13
Q

Federal land regulations primarily concern

A

broad standards of real property usage, natural disaster, land description and discrimination

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14
Q

State land regulations primarily concern

A

primary regulatory entities of real estate business, license laws and qualification

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15
Q

Local land regulations focus on

A

land use control, control of improvements, taxation - have the power to levy real estate taxes

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16
Q

Judicial land regulation primarily concerns

A

real estate ownership and use through decisions based on case law and common law, distinguished from statutory law

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17
Q

accurately locates and IDs the boundaries of the subject parcel to a degree acceptable by courts of law in the state where the property is located

A

legal description

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18
Q

What is a legal description required for

A

public recording, creating a valid deed of conveyance or lease, completing mortgage docs, executing and recording other legal docs

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19
Q

IDs the boundaries of a parcel of real estate using reference points, distances and angles

ALWAYS IDs an enclosed area by starting and retiring to the origin point (pob)

A

metes and bounds

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20
Q

Inadequate as a legal description method for irregular shapes

A

rectangular survey system

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21
Q

Single designated meridian for identifying townships in the geographical jurisdiction

A

principal meridian

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22
Q

every 24 miles east and west of a principal meridian

A

guide meridian

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23
Q

designated lien for identifying townships

A

base parallel

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24
Q

every 24 miles north and south of a base parallel

A

correction line

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25
Q

24x24 square created by the intersection of guide meridians and standard parallels

A

check or quadrangle

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26
Q

North and South area between meridians

A

range

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27
Q

East and West area between two parallels

A

tier or township strip

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28
Q

used to describe properties in residential, commercial and industrial subdivisions

A

recorded plat method

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29
Q

standard elevation reference points

A

datums

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30
Q

local elevation markers that provide elevations for nearby properties

A

benchmarks

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31
Q

ownership of any combo of the bundle of rights to real property, including the rights to possess, use, transfer, encumber and exclude

A

interest

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32
Q

owner’s interest in a property in which 2+ parties share ownership

A

undivided interest

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33
Q

if a private interest holder does not have the right to possess the interest is an __

A

encumbrance

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34
Q

if the interest holder is not private the interest is some form of

A

public interest - police power, eminent domain, or escheat

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35
Q

an estate limited to the life of the owner

A

life estate

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36
Q

freehold estate of potentially unlimited duration is a

A

fee simple estate

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37
Q

Perpetual estate that is NOT conditioned by stipulated or restricted uses - may be freely passed on to heirs

A

fee simple absolute

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38
Q

ownership can continue indefinitely, provided the use of the property conforms to certain stated conditions

A

fee simple defeasible

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39
Q

types of fee simple defeasible

A

determinable and condition subsequent

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40
Q

freehold estate that is limited in duration to the life of the owner or other named person - upon the death of the owner, the estate passes to the original owner or another named party

A

life estate

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41
Q

examples of legal life estate

A

homestead, dower, and curtesy and elective share

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42
Q

life tenant damages or misses the property

A

act of waste

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43
Q

Estate for years

A

has a definite beginning and ending date

does not require notice to terminate at the end of term

renewal is not automatic

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44
Q

Estate from Period to Period

A

No definite ending date

either party may terminate tenancy by giving proper notice to the other party

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45
Q

Estate at will

A

landlord lets you stay without a lease

notice can be given by either party without warning

death of either party immediately terminates tenancy

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46
Q

Estate at Sufferance

A

Holdover tenant is in unlawful possession of the property

Landlord must evict a tenant through the courts; cannot lock the tenant out, turn off utilities, or forcibly remove the tenant

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47
Q

Tenant acquires a _ interest

A

leasehold

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48
Q

Landlord acquires a _ _ estate

A

leased fee

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49
Q

buyers and creditors must take their respective interests subject to the terms of the lease

A

conveyance of leased property

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50
Q

if a single party owns the fee or life estate, the ownership is a tenancy in severalty

A

sole ownership

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51
Q
  1. 2+ owners
  2. identical rights
  3. interests individually owned
  4. electable ownerships shares
  5. no survivorship
  6. no unity of time
  7. partition suit
A

tenancy in common

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52
Q
  1. unity of ownership
  2. equal ownership
  3. transfer of interest
  4. survivorship
A

joint tenancy

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53
Q

types of co-ownership

A
  1. tenancy in common

2. joint tenancy

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54
Q

How to create a joint tenancy?

A

all owners must acquire the property at the same time, use the same deed, acquire equal interests, and share in equal rights of possession

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55
Q

sale of an interest, bankruptcy, foreclosure or partition suit

A

termination of joint tenancy

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56
Q
  1. survivorship
  2. equal, undivided interest
  3. no foreclosure for individual debts
A

tenancy by the entireties

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57
Q

termination of tenancy by the entireties happens when

A

death of either spouse, divorce, mutual agreement or foreclosure

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58
Q

property rights of legal spouses before, during and after marriage as well as after death of either spouse

A

community property

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59
Q

_ property belongs to one spouse, _ property belongs to both spouses

A

separate, community

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60
Q

a spouse may GAIN equitable interest in separate property it

A
  1. value of the separate property increases during the marriage
  2. community property funds were used to discharge any debt on the separate property
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61
Q

rules of the ups apply to partnership formation, asset ownership, fiduciary duties, dispute resolution and partnership termination

A

tenancy in partnership

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62
Q

fee owner transfers legal title to a fiduciary who manages the estate for the benefit of the beneficiary

A

estate in trust

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63
Q

_ has fiduciary duties to the _ and the _ to maintain the condition and value of the property

A

trustee, trustor and beneficiary

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64
Q

allows the trustor, during their lifetime, to convey title to a trustee for the benefit of a third party

A

living trust

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65
Q

structurally and mechanically the same as a living trust, except that it takes effect only when the trustor dies

A

testamentary trust

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66
Q

allows the trustor to convey the fee estate to the trustee and to name themselves the beneficiary - applies only to real property

A

land trust

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67
Q

beneficiary’s interest in a land trust is

A

personal property

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68
Q

co-op lease is called a _ lease because the tenant is an owner (proprietor) of the corporation that owns the property - lease has no stated or fixed rent

A

proprietary

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69
Q

fee or leasehold interest in a property whose owners or tenants agree to use the property on a periodic, non-overlapping basis

A

time share

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70
Q

tenant agrees to rent the property on a scheduled basis according to the terms of the lease

A

time share lease

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71
Q

another’s right to use or take possession of a legal owner’s property, or to prevent the legal owner from enjoying the full bundle of rights in the estate

A

encumbrance

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72
Q

interest in real property that gives the holder the right to use portions of the legal owner’s real property in a defined way

A

easements

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73
Q

gives a property owner a right of usage to portions of an adjoining property owned by another party

A

easement appurtenant

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74
Q

granted because of a circumstance of necessity, most commonly the need for access to a property

A

easement by necessity

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75
Q

generally provide for severalty ownership of half of the wall by each owner, or at least some fraction of the width of the wall

A

party wall agreements

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76
Q

personal right that one party grants to another to use the grantor’s real property - can be commercial or personal

A

easement in gross

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77
Q

Easements may be created by

A
  1. voluntary action
  2. necessity
  3. prescriptive operation of law
  4. grant or reservation
  5. implication
  6. government power of eminent domain (condemnation)
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78
Q

Easements are terminated by

A
  1. express release of the right by the easement holder
  2. purposeful abandonment by the dominant tenement
  3. condemnation through eminent domain
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79
Q

unauthorized, physical intrusion of one owner’s real property into that of another - may diminish property’s value, particularly when being sold

A

encroachments

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80
Q

personal right that a property owner grants to another to use the property for a specific purpose - not transferrable, do not attach to the land - cease on death of either party or sale of property

A

license

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81
Q

limitation imposed on a buyer’s use of a property by stipulation in the deed of conveyance or recorded subdivision plat - are covenants or conditions

A

deed restrictions

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82
Q

if a property is being sold, all liens should be paid in full before the property transfers ownership

A

lien effect on title

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83
Q

if statutory law imposes an involuntary lien

A

statutory lien

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84
Q

if a court action imposes an involuntary lien

A

equitable lien

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85
Q

receive first payment from the proceeds of a foreclosure

A

superior liens

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86
Q

examples of junior liens

A

ad valorem, assessment, estate tax

federal income tax, state corporate income tax, state intangible tax, state corporation franchise tax

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87
Q

debtor may obtain a writ of execution if

A

proceeds from foreclosure does not cover all debt

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88
Q

which estates are exempt from judgement liens?

A

homestead and joint tenancy

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89
Q

secures a purchase money mortgage, a seller’s loan to a buyer to finance the sale of a property

A

vendor’s lien

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90
Q

may be placed by a buyer when the seller has not delivered the title after all other terms of the contract have been satisfied

A

vendee’s lien

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91
Q

recorded if the owner can prove that they have a net worth of at least 2x the amount of the bail - homesteads cannot be levied against

A

surety bail bond lien

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92
Q

if an employer owes back wages to an employee

A

wage lien

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93
Q

secures the cost of labor, materials and supplied incurred in the repaid or construction of real property improvements

A

mechanic’s lien

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94
Q

someone who possesses all ownership interests owns _ _

A

legal title

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95
Q

right to obtain legal title to a property in accordance with a contract between the legal owner and a buyer

A

equitable title

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96
Q

learning something through direct experience or communication

A

actual notice

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97
Q

knowledge of a fact that a person could have or should have obtained - recordation of ownership docs in public records

A

constructive notice or legal notice

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98
Q

types of title transfers

A

voluntary alienation and involuntary alienation

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99
Q

public/private grant - a living owner makes a private grant by means of a deed of conveyance

A

voluntary alienation

100
Q

transfer by will

A

private grant that occurs when the owner dies

101
Q

transfer without the owners consent - occurs by the processes of descent and distribution, escheat, foreclosure, eminent domain, adverse possession and estoppel

A

involuntary alienation

102
Q

In the Torrens System, title passes only when

A

the deed has been registered on the certificate of title and a transfer certificate has been issued to the new owner

103
Q

Validity of deeds of conveyance

A
  1. delivered and accepted
  2. competent grantor and legitimate grantee
  3. be in writing
  4. contain a legal description
  5. contain a granting clause
  6. include consideration
  7. be signed by the grantor
  8. be acknowledgeable
104
Q

describe the details of the transfer

A

conveyance clauses

105
Q

present the grantor’s assurances to the grantee

A

covenant clauses

106
Q

covenants are defined in law and do not need to be fully stated in the deed

A

statutory deeds

107
Q

“I own, but won’t defend”

A

bargain and sale deed

108
Q

“I own and will defend”

A

general warranty deed

109
Q

“I own and will defend against my acts only”

A

special warranty deed

110
Q

“I may or may not own, and I won’t defend”

A

quitclaim deed

111
Q

deed tailored to the requirements of specific parties, properties and purposes

A

special purpose deed

112
Q

examples of special purpose deeds

A

personal representative’s deed, guardian’s deed, sheriff’s deed, deed of trust, deed in trust, master deed, partition deed, patent deed, tax deed

113
Q

state law usually requires payment of a documentary stamp _ on a conveyance of real property

A

tax

114
Q

include transfers within the immediate family or between government entities

A

exemptions

115
Q

takes effect only after the testator’s death

A

last will and testament

116
Q

amendatory

A

can be charged at any time during the maker’s lifetime

117
Q

Types of wills

A

witnessed, holographic, approved, nuncupative

118
Q

to be valid, wills must

A
  1. testator of legal age and mentally competent
  2. testator indicates that the will is the “last will and testament”
  3. signed
  4. completion of the will be witnessed and signed by the witnesses
  5. will be completed voluntarily, without duress or coercion
119
Q

settles a dependent’s estate, whether they died testate or intestate

A

probate

120
Q

having left a valid will

A

testate

121
Q

not having left a valid will

A

intestate

122
Q

someone who uses another’s property without the knowledge of the owner, or with the knowledge of an owner who fails to take any action over a statutory period of time

A

adverse possession

123
Q

to claim legal title, the adverse possessor must:

A
  1. be able to show a claim of right or color title as reason for the possession
  2. have notorious possession
  3. maintain a consistent claim of hostile possession
  4. occupy the property continuously for a statutory period of time
  5. in some states, pay taxes
124
Q

perfects a person from claiming an interest that is inconsistent with the person’s previous statements or actions

A

estoppel

125
Q

contain history of every parcel of real estate in the county

A

title records

126
Q

refers to the succession of property owners of record dating back to the original grant of title from the state to a private party

A

chain of title

127
Q

To remove a clouded title, the owner may need to initiate what to clear the title record of any unrecorded claims

A

suit to quiet title

128
Q

written, chronological summary of the property’s title records, and other public records affecting rights and interests in the property

A

abstract of title

129
Q

each state prescribes procedures for recording in public title records: forms, proper execution, acknowledgement, and witnessing

A

recording system

130
Q

title passes only when the conveyance has been duly registered on the title certificate itself - encumbrances likewise have no legal effect until they are recorded

A

Torrens System

131
Q

to demonstrate marketable title to a buyer, seller must show that the title is free

A

title evidence

132
Q

the seller must show that the title is free of

A
  1. doubts about the identity of the current owner
  2. defects
  3. claims that could affect value
  4. undisclosed or unacceptable encumbrances
133
Q

What are the principal forms of evidence the owner can use to support title evidence?

A

Torrens certificate, title insurance policy, attorney’s opinion of the title abstract, title certificate

134
Q

also acts as a deed of conveyance, title and encumbrances are recorded on the certificate

A

Torrens certificate

135
Q

indemnifying the policy holder against losses from title defects; the insurer’s “guaranty”

A

title insurance policy

136
Q

a written statement from an attorney stating an opinion of marketability based on examination of the title abstract

A

attorney’s opinion

137
Q

statement of the condition of title as of the date of the certificate

A

title certificate

138
Q

legal process by which a defaulting borrower loses their interest in the property used as collateral for a mortgage loan or deed of trust

A

foreclosure

139
Q

what happens when a borrower loses a home to foreclosure?

A

any equity which existed is most likely lost, foreclosure becomes public record, borrower’s credit is damaged

140
Q

what are the types of foreclosure?

A

judicial and non-judicial

141
Q

allows the sale of the mortgaged property under the supervision of the court, with the proceeds going first to satisfy the mortgage, then other lien holders, and finally the borrower if any proceeds are left

A

judicial foreclosure

142
Q

lacking the “power of sale” provision, the lender must file what suit and undertake a court proceeding to enforce the lien?

A

foreclosure suit

143
Q

foreclosure suit asks the court to

A
  1. terminate the defendant’s interests in the property
  2. order the property sold publicly to the highest bidder
  3. order the proceeds applied to the debt
144
Q

if a borrower has filed to meet the loan obligations, the lender can _ the loan

A

accelerate

145
Q

gives public notice that the mortgaged property may soon have a judgement issued against it

A

lis pendens

146
Q

only legal notice of a pending action that involves the title to, or possession of, a specific piece of real estate - can not be used in a suit to cover attorney fees or broker commissions

A

notice of pendency

147
Q

right to reclaim a property that has been foreclosed by paying off amounts owed to credits

A

borrower’s right of redemption

148
Q

right to redeem property between the time of the default and the foreclosure sale

A

equitable right of redemption

149
Q

statutory periods of up to 1 year following the sale for the owner of a foreclosed property to redeem the estate

A

statutory right of redemption

150
Q

authorize’s an official to seize and sell the foreclosed property

A

writ of execution

151
Q

steps of a judicial sale

A
  1. all parties are notified in writing of the sale
  2. the sale is advertised in a newspaper with general circulation
  3. property is sold to the highest bidder
152
Q

winning bidder receives a _, not a deed

A

certificate of sale

153
Q

the person holding the certificate will receive a _ deed only after the sale has been confirmed

A

sheriff’s

154
Q

Sale proceeds, in order of payment

A
  1. cost of the sale
  2. any special assessment taxes and general (or ad valorem) taxes
  3. first mortgage
  4. whatever is recorded next
155
Q

enables the lender to attach and foreclose a judgement lien on other real or personal property the borrower owns

A

deficiency judgement

156
Q

when there is a “power of sale” provisions in the mortgage or trust deed document - can force the sale of the liened property without a foreclosure suit

A

non-judicial foreclosure

157
Q

if the borrower fails to cure the default or use other legal means to stop the sale, the lender may conduct

A

public auction

158
Q

a court proceeding that gives the lender title directly instead of giving cash proceeds from a public sale

A

strict foreclosure

159
Q

steps in a strict foreclosure

A
  1. lender must give appropriate notice to the delinquent borrower
  2. lender preps and records paperwork
  3. lender files suit in court
  4. court orders the borrower to pay the mortgage debt by a certain date
160
Q

2 alternatives for foreclosure

A

deed in lieu of foreclosure and short sale

161
Q

transfers legal title to the lienholder

A

deed in lieu of foreclosure

162
Q

occurs when a lender allows a borrower in default on mortgage loan payments to sell the mortgaged property for less money than necessary to satisfy the loan in order to avoid the delay and expense of a foreclosure suit

A

short sale

163
Q

what are the goals of land use control

A
  1. preservation of property value
  2. promotion of the highest and best use of property
  3. balance between individual property rights and public good
  4. control of growth to remain within infrastructure capabilities
  5. incorporation of community consensus into regulatory and planning activities
164
Q

overall guideline for creating and enforcing zones, building codes and development requirements

A

master plan

165
Q

what are the objectives of planning?

A

amount of growth, growth patterns, and accommodating demand

166
Q

sets specific guidelines on how much growth the jurisdiction will allow - too much growth can overwhelm services and infrastructure

A

amount of growth

167
Q

defines what type of growth will occur and where

A

growth patterns

168
Q

make plans for accommodating expanding or contracting demand for services and infrastructure

A

accommodating demand

169
Q

responsible for long term implementation of the master plan, creating rules that support policies and administering land use regulation on an everyday basis

A

planning departments

170
Q

what is the planning commission responsible for?

A

approving site/subdivision plans and building permits and ruling on zoning issues

171
Q

at the local level, county and city governments control land use through what authority?

A

police power - zoning

172
Q

enacted by the local government to specify land usage for every parcel within jurisdiction

A

zoning ordinances

173
Q

zoning that regulates density and values and aesthetics - some areas adopt buffer zones

A

residential zoning

174
Q

zoning that regulates the location of office and retail land usage - density of usage

A

commercial zoning

175
Q

zoning the regulates intensity of usage, type of industrial activity and environmental consequences

A

industrial zoning

176
Q

zoning that restricts land use to farming, ranching, and other agricultural enterprises

A

agricultural zoning

177
Q

zoning that restricts land use to public services and recreation

A

public zoning

178
Q

zoning that restricts use to development of whole tracts that are designed to use space efficiently and max open space

A

planned unit development zoning

179
Q

clearly differs from current zoning

A

nonconforming use

180
Q

conflicts with ordinances that were in place before the use commenced

A

illegal nonconforming use

181
Q

allows a use that differs from the applicable ordinance for a variety of justifiable reasons

A

zoning variance

182
Q

grant authorizes a use that is not consistent with the zoning ordinance in a literal sense, yet is clearly beneficial or essential to the public welfare and does not materially impair other uses in the zone

A

special exception

183
Q

property owner may petition the zoning board for an outright change in the zoning of a particular property

A

amendment

184
Q

allow the county to protect the public against the hazards of unregulated construction

A

building codes

185
Q

places limits on the use of the property

A

deed restriction

186
Q

can terminate a private deed restriction

A

quitclaim deed

187
Q

may restrict certain uses of a property - if the condition is violated, ownership reverts back to the grantor

A

deed condition

188
Q

promises by those who purchase property in the subdivision to limit the use of their property in a way that is contrary to the recorded

A

restrictive covenants

189
Q

states that if a property owner is lax in protecting their rights, the property owner may lose those rights

A

doctrine of laches

190
Q

types of environmental controls

A

air quality, soil and water quality, other ambient and natural conditions

191
Q

air quality significant threats

A

asbestos, carbon monoxide, formaldehyde, lead, mold, radon

192
Q

soil and water quality - problems subject to controls

A

dioxins, lead and mercury, MTBE, PCB, USTs, wetlands

193
Q

Other ambient and natural conditions

A

EMTs, noise, earthquake and flood hazards

194
Q

for their own protection, licensees should

A
  1. be aware of potential hazards
  2. disclose known material facts
  3. distribute the HUD booklet
  4. know where to seek professional help
195
Q

there are NO federal taxes on _ property

A

real

196
Q

States may legally levy taxes on real property, but most delegate this power to

A

counties, cities, townships and local taxing districts

197
Q

property taxes are based on the _ of the property

A

assessed value

198
Q

county and local governments establish _ _ to collect funds for providing specific services

A

tax districts

199
Q

determined according to state law, usually by a county or township assessor or appraiser

A

assessed value

200
Q

how often are ad valorem taxes paid?

A

annually

201
Q

value may be adjusted by multiplying by a uniform percentage for the municipality

A

level of assessment

202
Q

what can a jurisdiction establish to level out the unevenness of valuations?

A

equalization factors

203
Q

Real property tax exemption criteria:

A
  1. use to which the property is put
  2. owner’s ability to pay taxes
  3. desire of the state and local governments to encourage certain economic or social activities
204
Q

how does a property owner generally qualify for a homestead exemption?

A

they are the head of a family or resides on the property to a required length of time

205
Q

uncles commercial, industrial and utility properties and some vacant land

A

non-homestead class

206
Q

other exemptions to real property taxes include

A

government owned properties and properties owned by non-profit organizations

207
Q

total of the appraised of assessed values of all real property within the area’s boundaries, excluding partially or totally exempt properties

A

tax base

208
Q

determines how much of a tax levy the tax base will receive

A

tax rate

209
Q

derived every year, since budget requirements and revenue tallies are performed on an annual cycle

A

tax levy

210
Q

tax levied against specific properties that will benefit for a public improvement - creates a specific lien against the property until it is paid

A

special assessment

211
Q

lien against a property for the failure to pay property taxes - when property is transferred, this should be paid first

A

tax lien

212
Q

one that is directed against a thing, rather than a person

A

in rem proceeding

213
Q

buyer of a _ _ agrees to pay the taxes due

A

tax certificate

214
Q

some type of auction usually conducted by the sheriff

A

tax sale

215
Q

contract that is legally enforceable by virtue of meeting certain requirements of contract law

A

valid contract

216
Q

enforceable within a statutory period

A

valid contract

217
Q

some contracts are enforceable only if they are in writing

A

valid by unenforceable

218
Q

does not meet the tests for validity, and therefore is no contract at all

A

void

219
Q

subject to rescission by a party to the contract who is deemed to have acted under some kind of a disability

A

voidable

220
Q

restricts the time period for which an injured party in a contract has the right to rescind or disaffirm the contract

A

statute of limitations

221
Q

requires that certain contracts must be in writing to be enforceable, it concerns the enforceability of a contract - not its validity

A

statute of frauds

222
Q

makes it illegal in many states to use electronic signatures in electronic transactions

A

uniform electronic transactions act

223
Q

expresses the offeror’s intention into a contract with an offeree to perform the terms of the agreement in exchange for the offeree’s performance

A

offer

224
Q

for an _ to be valid, the offeree must manifestly and unequivocally accept all terms of the offer without change and so indicate by signing the odder, preferably with a date of signing

A

acceptance

225
Q

created by changing any terms of the offer

A

counteroffer

226
Q

extinguishes the offer and the offeree’s right to accept it

A

revocation

227
Q

contract in which all the terms and covenants of the agreement have been manifestly stated and agreed to by all parties

A

express contract

228
Q

contract that is an unstated or unintentional agreement that may be deemed to exist when the actions of any of the parties suggest the existence of an agreement

A

implied contract

229
Q

contract in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party

A

bilateral contract

230
Q

contract in which only one party promises to do something, provided the other party does something

A

unilateral contract

231
Q

contract that has been fully performed and fulfilled; neither party bears any further obligations

A

executed contract

232
Q

contract in which performance is yet to be completed

A

executory contract

233
Q

contract is one that unduly favors the party with superior bargaining power

A

unconscionable contract

234
Q

contract is one dictated by the party who has the greater bargaining advantage

A

adhesion contract

235
Q

contract in one whose effects are triggered by the occurrence of a change event

A

aleatory contract

236
Q

failure to perform according to the terms of the agreement

A

breach of contract

237
Q

when the ground at a building site is level, the developer can use what type of foundation?

A

slab on grade

238
Q

first floor joists are completely covered with sub-flooring to form a platform upon which exterior walls and interior partitions are erected

A

platform frame construction

239
Q

exterior wall studs continue through the 1st and 2nd stories

A

balloon frame construction

240
Q

wider beams are spaced up to 8ft apart

A

post and beam construction

241
Q

consists of a system of sills, girders, joists or floor trusses and sub-flooring that provides support for floor loads and gives lateral support to exterior walls

A

floor framing

242
Q

wooden support member that is laid on top of and bolted to the foundation wall

A

sill plate

243
Q

categories of insulation

A

loose fill, batts, blankets, rigid board, spray and reflective

244
Q

most common type of heat pump

A

air-source

245
Q

amount of heat energy needed to raise the temperature of 1 pound of water by 1 degree F

A

British thermal unit (BTU)

Real Estate (19 decks)

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