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California Real Estate Principles > Pink Flash Cards > Flashcards

Pink Flash Cards

0
Q

Sets in advance specified amount of money as a penalty in the event of a breach of contract

A

Liquidated damages

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1
Q

The person transferring a claim, benefit or right in property to another

A

Assignor

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2
Q

Each party to a contract must give up something to make the agreement binding

A

Valuable consideration

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3
Q

Primary document used to present an offer on real property; also known as a sales contract

A

Deposit receipt

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4
Q

A failure to perform on part or all of the terms and conditions of the contract

A

Breach of contract

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5
Q

Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract

A

Mutual consent

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6
Q

Legal action taken to repeal a contract by one party when the other party has breached a contract

A

Unilateral rescission

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7
Q

Something of value such as money, a promise, property or personal services

A

Consideration

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8
Q

Acquiring title to property by continued possession and payment of taxes

A

Adverse possession

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9
Q

Occurs when land that has been covered by water is exposed by the receding of the water

A

Reliction

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10
Q

To perform or complete; to sign

A

Execute

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11
Q

Land grants recorded by the Mexican government in California

A

Expedientes

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12
Q

The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding

A

Ratification

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13
Q

A buildup of soil by natural causes on property bordering a river, lake, or ocean

A

Accretion

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14
Q

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.

A

Unilateral contract

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15
Q

An agent who represents both parties in a transaction

A

Dual agent

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16
Q

To transfer ownership of title

A

Convey

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17
Q

Ownership of real property by one person or entity

A

Severally

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18
Q

The parties declare the terms and put their intentions in words, either oral or written

A

Express contract

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19
Q

To deposit client funds in the broker’s personal account

A

Commingling

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20
Q

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

A

Grant deed

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21
Q

The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute

A

Judgment

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22
Q

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

A

Undivided interest

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23
Q

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

A

Arms length transaction

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24
Q

A deed given by the government to a private individual as evidence of transfer of title from government to the public person

A

Patent deed

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25
Q

The sudden washing or tearing away of the land by action of water

A

Avulsion

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26
Q

A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed

A

Executed contract

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27
Q

A relationship that implies a position of trust or confidence

A

Fiduciary

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28
Q

An agent of a person who is already acting as an agent for a principal

A

Sub agent

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29
Q

The gradual wearing away of land by natural process

A

Erosion

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30
Q

A contract in which an obligation to perform exists on one or both sides of the contract

A

Executory contract

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31
Q

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

A

Estoppel

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32
Q

The granting of private property to other private persons

A

Private grant

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33
Q

An easement that is not appurtenant to any one parcel, for example, public utilities

A

Easement in gross

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34
Q

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

A

Bilateral contract

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35
Q

A prospective buyer of real estate

A

Customer

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36
Q

A way to enter property, access

A

Ingress

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37
Q

The recorded document that protects a homeowner from foreclosure by certain judgment creditors

A

Declaration of Homestead

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38
Q

Agreement shown by acts and conduct rather than words

A

Implied contract

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39
Q

The appropriation of property belonging to another

A

Conversion

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40
Q

Transfer ownership or sell

A

Alienate

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41
Q

Deeds used by the US government when confirming or transferring ownership to private parties

A

Patents

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42
Q

An agreement to do or not do a certain thing

A

Contract

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43
Q

Transfer less than the entire leasehold, with the original leasee being primarily liable

A

Sublease

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44
Q

The legal transfer of a person’s interest in real property under the law of descent and distribution

A

Succession

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45
Q

A court action to divide a property held by co-owners

A

Partition action

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46
Q

Owned by

A

Vested

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47
Q

The person who employs an agent to perform a service for a fee

A

Client

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48
Q

Sand or mud carried by water and deposited on land

A

Alluvial Deposit

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49
Q

A written legal document setting forth the rights and liabilities of the parties involved

A

Instrument

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50
Q

Ended the war with Mexico in 1848, and California became a possession of the United States

A

Treaty of Guadalupe Hidalgo

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51
Q

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

A

Agent

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52
Q

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

A

Accession

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53
Q

The measurement meaning one foot or 12 inches in length as contrasted to a square foot for a cubic foot

A

Linear foot

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54
Q

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

A

Fee simple qualified

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55
Q

A method of land description in which the dimensions of the property are measured by distance and direction

A

Metes and bounds

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56
Q

A survey line running north and south used as a reference when mapping land

A

Meridian

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57
Q

Annual crops produced for sale, by a tenant using or occupying the prop

A

Emblements

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58
Q

An estate in real property which continues for an indefinite period of time

A

Freehold estate

59
Q

The most complete form of ownership of real property; also known as an estate of inheritance

A

Estate in fee

60
Q

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

A

Condition precedent

61
Q

An ownership concept describing all the legal rights that attach to the ownership of real property

A

Bundle of rights

62
Q

A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination

A

Less than freehold estate

63
Q

The most complete form of ownership of real property; also known as fee simple or fee

A

Fee simple absolute

64
Q

The largest most complete ownership recognized by law; also known as a fee simple absolute or fee

A

Fee simple

65
Q

Land bordering a lake, ocean or sea as opposed to a land bordering a stream or river (running water)

A

Littoral

66
Q

Personal property that has become affixed to real estate

A

Fixture

67
Q

An estate that is limited in duration to life of its owner or the life of some other chosen person

A

Life estate

68
Q

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

A

Fee simple defeasible

69
Q

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

A

Real estate salesperson

70
Q

Someone permitted by law to employ persons holding a salespersons license and who may also negotiate sales

A

Real estate broker

71
Q

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

A

Appurtenance

72
Q

The same as a real estate salesperson, holding a real estate license, employed by a broker

A

Real estate sales associate

73
Q

An act must be performed within certain time limits as described in a contract

A

Timely manner

74
Q

The use of force to get agreement in accepting a contract

A

Duress

75
Q

An act meant to deceive in order to get someone to part with something of value

A

Fraud

76
Q

Intention to be bound by an agreement thus preventing jokes and jests from becoming valid contract

A

Contractual intent

77
Q

The party receiving an offer

A

Offeree

78
Q

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

A

Rescission

79
Q

Using unfair advantage to get agreement in accepting a contract

A

Undue influence

80
Q

The rejection of an original offer that becomes a new offer

A

Counteroffer

81
Q

Precise acts to be performed are to be clearly stated

A

Definite and certain

82
Q

Using a threat of violence to get agreement in accepting a contract

A

Menace

83
Q

A presentation or proposal for acceptance to form a contract

A

Offer

84
Q

An innocent or negligent misstatement of a material fact which causes someone loss or harm

A

Misrepresentation

85
Q

An unqualified agreement to the terms of an offer

A

Acceptance

86
Q

The party making an offer

A

Offeror

87
Q

A competent and dis-interested person who is authorized by another person to act in his or her place in legal matters

A

Attorney-in-fact

88
Q

A written instrument giving a person legal authority to act on behalf of another person

A

Power of attorney

89
Q

Someone under 18 years of age

A

Minor

90
Q

Someone who is legally set free from parental control/supervision

A

Emancipated minor

91
Q

An agreement which is valid and enforceable on its face, but may be rejected by one or more of the party

A

Voidable

92
Q

Legal and binding

A

Valid

93
Q

An agreement which is totally absent of legal effect

A

Void

94
Q

Someone licensed by the Department of real estate, holding either a broker or salesperson license, who negotiates sales for other people

A

Real estate agent

95
Q

Exaggerated comments or opinions not made as representations or facts and thus not grounds for misrepresentations

A

Puffing

96
Q

A lawsuit brought to court

A

Action

97
Q

Oral or written negotiations made prior to a dispute about an executed contract

A

Parole evidence

98
Q

An action brought in a court to compel a party to carry out the terms of the contract

A

Specific performance

99
Q

Refraining from action by a creditor against the debt owed by a borrower after the debt has become

A

Forbearance

100
Q

A grant of public lands by the government usually for roads, railroads or agricultural colleges

A

Land grant

101
Q

An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership

A

Natural person

102
Q

An offer by one of the parties to a contract to carry out his or her part of the contract

A

Tender

103
Q

The person to whom a claim, benefit or right in property is made

A

Assignee

104
Q

A right, given for consideration, to a party (optioned) by a property owner (optionor)

A

Option

105
Q

The substitution by agreement of a new obligation for an existing one

A

Novation

106
Q

Hey statute limiting the period of time during which legal action may be taken on a certain issue

A

Statute of limitations

107
Q

A contract by which a principal employees an agent to do certain things for the principal

A

Listing

108
Q

Soil that builds up as a result of accretion

A

Alluvium

109
Q

The transfer of a claim, benefit or right in property from one person to another person

A

Assignment

110
Q

The person transferring a claim, benefit or right in property to another

A

Assignor

111
Q

Temporarily make ineffective

A

Suspend

112
Q

The power of the state to pass laws within lawful limits that promote order, safety, health, morals and general welfare of its citizens

A

Police power

113
Q

The law that affects the licensing and conduct of real estate agent

A

Real estate law

114
Q

Recall and make void

A

Revoke

115
Q

A set of principles or values by which an individual guides his or her own behavior and judges that of others

A

Ethics

116
Q

A way to exit proper

A

Egress

117
Q

The canceling of an offer to contract by the person making the original offer

A

Revocation

118
Q

A contract that was valid when made that either cannot be proved or will not be enforced by a court

A

Unenforceable

119
Q

Approved

A

Ratified

120
Q

The survey line running east to west, and used as a reference when mapping land

A

Base line

121
Q

A state law which requires that certain contracts must be in writing contain certain essential elements in order to be enforceable

A

Statute of frauds

122
Q

The placement of permanent improvements on adjacent property owned by another

A

Encroachment

123
Q

A relationship in which one party (principal) authorizes another party (agent) to act as the principals representative in dealing with third parties

A

Agency

124
Q

Permission to use a property which may be revoked at any time

A

License

125
Q

A legal interest in land that defines the nature, degree, extent and duration of a person’s ownership in land

A

Estate

126
Q

Owners may use only a reasonable amount of the total water supply for beneficial use

A

Doctrine of correlative user

127
Q

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property

A

Riparian rights

128
Q

The transfer of title to land from one person to another by use of a written instrument

A

Conveyances

129
Q

An item of personal property which is connected to real estate. For example, a lease

A

Chattel real

130
Q

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

A

Condition subsequent

131
Q

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

A

Trade fixture

132
Q

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

A

Township

133
Q

A written agreement used to transfer ownership in personal property

A

Bill of sale

134
Q

Personal property

A

Chattel

135
Q

Land, any thing affixed to the land, anything appurtenant to the land, anything immovable by law

A

Real property

136
Q

The rights or interests and owner has in something owned

A

Property

137
Q

A freehold estate can be passed by descent or by will after the owner’s death

A

Estate of inheritance

138
Q

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

A

Fee

139
Q

The right to use another’s land for a specified purpose; sometimes known as right-of-way

A

Easement

140
Q

Anything movable that is not real property

A

Personal property

141
Q

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

A

Range

142
Q

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

A

Section

143
Q

A recorded notice indicating pending litigation on a property that prevents a conveyance or any other transfer of ownership until the lawsuit is settled

A

Lis pendens

144
Q

A fixed landmark used in any metes and bounds land description

A

Monument

California Real Estate Principles (8 decks)

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