Pink Flash Cards
Sets in advance specified amount of money as a penalty in the event of a breach of contract
Liquidated damages
The person transferring a claim, benefit or right in property to another
Assignor
Each party to a contract must give up something to make the agreement binding
Valuable consideration
Primary document used to present an offer on real property; also known as a sales contract
Deposit receipt
A failure to perform on part or all of the terms and conditions of the contract
Breach of contract
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract
Mutual consent
Legal action taken to repeal a contract by one party when the other party has breached a contract
Unilateral rescission
Something of value such as money, a promise, property or personal services
Consideration
Acquiring title to property by continued possession and payment of taxes
Adverse possession
Occurs when land that has been covered by water is exposed by the receding of the water
Reliction
To perform or complete; to sign
Execute
Land grants recorded by the Mexican government in California
Expedientes
The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding
Ratification
A buildup of soil by natural causes on property bordering a river, lake, or ocean
Accretion
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.
Unilateral contract
An agent who represents both parties in a transaction
Dual agent
To transfer ownership of title
Convey
Ownership of real property by one person or entity
Severally
The parties declare the terms and put their intentions in words, either oral or written
Express contract
To deposit client funds in the broker’s personal account
Commingling
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
Grant deed
The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute
Judgment
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-owner
Undivided interest
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 of pressure from the other parties
Arms length transaction
A deed given by the government to a private individual as evidence of transfer of title from government to the public person
Patent deed
The sudden washing or tearing away of the land by action of water
Avulsion
A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed
Executed contract
A relationship that implies a position of trust or confidence
Fiduciary
An agent of a person who is already acting as an agent for a principal
Sub agent
The gradual wearing away of land by natural process
Erosion
A contract in which an obligation to perform exists on one or both sides of the contract
Executory contract
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
Estoppel
The granting of private property to other private persons
Private grant
An easement that is not appurtenant to any one parcel, for example, public utilities
Easement in gross
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
Bilateral contract
A prospective buyer of real estate
Customer
A way to enter property, access
Ingress
The recorded document that protects a homeowner from foreclosure by certain judgment creditors
Declaration of Homestead
Agreement shown by acts and conduct rather than words
Implied contract
The appropriation of property belonging to another
Conversion
Transfer ownership or sell
Alienate
Deeds used by the US government when confirming or transferring ownership to private parties
Patents
An agreement to do or not do a certain thing
Contract
Transfer less than the entire leasehold, with the original leasee being primarily liable
Sublease
The legal transfer of a person’s interest in real property under the law of descent and distribution
Succession
A court action to divide a property held by co-owners
Partition action
Owned by
Vested
The person who employs an agent to perform a service for a fee
Client
Sand or mud carried by water and deposited on land
Alluvial Deposit
A written legal document setting forth the rights and liabilities of the parties involved
Instrument
Ended the war with Mexico in 1848, and California became a possession of the United States
Treaty of Guadalupe Hidalgo
A person who acts for and in the place of another, called a principal, for the purpose of affecting the principals legal relationship with third persons
Agent
The acquisition of title to additional land or to improvements as a result of the annexation nof fixtures or as a result of alluvial deposits along the banks of streams by accretion
Accession
The measurement meaning one foot or 12 inches in length as contrasted to a square foot for a cubic foot
Linear foot
An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
Fee simple qualified
A method of land description in which the dimensions of the property are measured by distance and direction
Metes and bounds
A survey line running north and south used as a reference when mapping land
Meridian
Annual crops produced for sale, by a tenant using or occupying the prop
Emblements
An estate in real property which continues for an indefinite period of time
Freehold estate
The most complete form of ownership of real property; also known as an estate of inheritance
Estate in fee
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 finance
Condition precedent
An ownership concept describing all the legal rights that attach to the ownership of real property
Bundle of rights
A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination
Less than freehold estate
The most complete form of ownership of real property; also known as fee simple or fee
Fee simple absolute
The largest most complete ownership recognized by law; also known as a fee simple absolute or fee
Fee simple
Land bordering a lake, ocean or sea as opposed to a land bordering a stream or river (running water)
Littoral
Personal property that has become affixed to real estate
Fixture
An estate that is limited in duration to life of its owner or the life of some other chosen person
Life estate
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
Fee simple defeasible
Someone holding a real estate license and employed by a real estate broker, for pay, to perform any of the activities of a real estate broker
Real estate salesperson
Someone permitted by law to employ persons holding a salespersons license and who may also negotiate sales
Real estate broker
Those rights privileges and improvements that belong to and pass with the transfer of real property, butbare not necessarily a part of the actual property
Appurtenance
The same as a real estate salesperson, holding a real estate license, employed by a broker
Real estate sales associate
An act must be performed within certain time limits as described in a contract
Timely manner
The use of force to get agreement in accepting a contract
Duress
An act meant to deceive in order to get someone to part with something of value
Fraud
Intention to be bound by an agreement thus preventing jokes and jests from becoming valid contract
Contractual intent
The party receiving an offer
Offeree
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
Rescission
Using unfair advantage to get agreement in accepting a contract
Undue influence
The rejection of an original offer that becomes a new offer
Counteroffer
Precise acts to be performed are to be clearly stated
Definite and certain
Using a threat of violence to get agreement in accepting a contract
Menace
A presentation or proposal for acceptance to form a contract
Offer
An innocent or negligent misstatement of a material fact which causes someone loss or harm
Misrepresentation
An unqualified agreement to the terms of an offer
Acceptance
The party making an offer
Offeror
A competent and dis-interested person who is authorized by another person to act in his or her place in legal matters
Attorney-in-fact
A written instrument giving a person legal authority to act on behalf of another person
Power of attorney
Someone under 18 years of age
Minor
Someone who is legally set free from parental control/supervision
Emancipated minor
An agreement which is valid and enforceable on its face, but may be rejected by one or more of the party
Voidable
Legal and binding
Valid
An agreement which is totally absent of legal effect
Void
Someone licensed by the Department of real estate, holding either a broker or salesperson license, who negotiates sales for other people
Real estate agent
Exaggerated comments or opinions not made as representations or facts and thus not grounds for misrepresentations
Puffing
A lawsuit brought to court
Action
Oral or written negotiations made prior to a dispute about an executed contract
Parole evidence
An action brought in a court to compel a party to carry out the terms of the contract
Specific performance
Refraining from action by a creditor against the debt owed by a borrower after the debt has become
Forbearance
A grant of public lands by the government usually for roads, railroads or agricultural colleges
Land grant
An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership
Natural person
An offer by one of the parties to a contract to carry out his or her part of the contract
Tender
The person to whom a claim, benefit or right in property is made
Assignee
A right, given for consideration, to a party (optioned) by a property owner (optionor)
Option
The substitution by agreement of a new obligation for an existing one
Novation
Hey statute limiting the period of time during which legal action may be taken on a certain issue
Statute of limitations
A contract by which a principal employees an agent to do certain things for the principal
Listing
Soil that builds up as a result of accretion
Alluvium
The transfer of a claim, benefit or right in property from one person to another person
Assignment
The person transferring a claim, benefit or right in property to another
Assignor
Temporarily make ineffective
Suspend
The power of the state to pass laws within lawful limits that promote order, safety, health, morals and general welfare of its citizens
Police power
The law that affects the licensing and conduct of real estate agent
Real estate law
Recall and make void
Revoke
A set of principles or values by which an individual guides his or her own behavior and judges that of others
Ethics
A way to exit proper
Egress
The canceling of an offer to contract by the person making the original offer
Revocation
A contract that was valid when made that either cannot be proved or will not be enforced by a court
Unenforceable
Approved
Ratified
The survey line running east to west, and used as a reference when mapping land
Base line
A state law which requires that certain contracts must be in writing contain certain essential elements in order to be enforceable
Statute of frauds
The placement of permanent improvements on adjacent property owned by another
Encroachment
A relationship in which one party (principal) authorizes another party (agent) to act as the principals representative in dealing with third parties
Agency
Permission to use a property which may be revoked at any time
License
A legal interest in land that defines the nature, degree, extent and duration of a person’s ownership in land
Estate
Owners may use only a reasonable amount of the total water supply for beneficial use
Doctrine of correlative user
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
Riparian rights
The transfer of title to land from one person to another by use of a written instrument
Conveyances
An item of personal property which is connected to real estate. For example, a lease
Chattel real
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
Condition subsequent
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
Trade fixture
A land description used in the US government survey system consisting of a 6 x 6 mile area containing 36 sections, each 1-mile Square
Township
A written agreement used to transfer ownership in personal property
Bill of sale
Personal property
Chattel
Land, any thing affixed to the land, anything appurtenant to the land, anything immovable by law
Real property
The rights or interests and owner has in something owned
Property
A freehold estate can be passed by descent or by will after the owner’s death
Estate of inheritance
The largest and most complete ownership recognized by law; an estate in fee with no restrictions on its use; also known as a fee simple
Fee
The right to use another’s land for a specified purpose; sometimes known as right-of-way
Easement
Anything movable that is not real property
Personal property
A land description used in the US government survey system consisting of a strip of land located every 6 miles east of each principle meridian
Range
An area of land used in the government survey method of land description: a land area of one square mile, or 640 acres; 1/36 of a township
Section
A recorded notice indicating pending litigation on a property that prevents a conveyance or any other transfer of ownership until the lawsuit is settled
Lis pendens
A fixed landmark used in any metes and bounds land description
Monument
