RE - Set 01

Question 1

STATUTE OF FRAUDS

Answer 1

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

Question 2

ASSIGNEE

Answer 2

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

Question 3

ACTION

Answer 3

A lawsuit brought to court.

Question 4

PAROLE EVIDENCE

Answer 4

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

Question 5

FORBEARANCE

Answer 5

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

Question 6

BILL OF SALE

Answer 6

A written agreement used to transfer ownership in personal property.

Question 7

CHATTEL REAL

Answer 7

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

Question 8

DOCTRINE OF CORRELATIVE USER

Answer 8

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

Question 9

ESTATE OF INHERITANCE

Answer 9

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

Question 10

ESTATE

Answer 10

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

Question 11

CONDITION SUBSEQUENT

Answer 11

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.

Question 12

CHATTEL

Answer 12

Personal property.

Question 13

CONDITION PRECEDENT

Answer 13

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 financing.

Question 14

FEE

Answer 14

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.

Question 15

ALLUVIUM

Answer 15

Soil that builds up as a result of accretion.

Question 16

PUFFING

Answer 16

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

Question 17

TENDER

Answer 17

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

Question 18

JUDICIAL FORECLOSURE

Answer 18

Foreclosure by court action.

Question 19

SPECIFIC PERFORMANCE

Answer 19

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

Question 20

BENEFICIARY

Answer 20

The lender under a deed of trust.

Question 21

APPRAISAL REPORT

Answer 21

A written report setting forth an appraiser’s estimates of value of a subject property.

Question 22

SECOND TRUST DEED

Answer 22

The evidence of a debt that is recorded after a first trust deed; a junior trust deed.

Question 23

PRICE

Answer 23

What is paid for something.

Question 24

ADJUSTABLE-RATE MORTGAGE

Answer 24

A note whose interest rate is tied to a flexible index.

Question 25

FAIR MARKET VALUE

Answer 25

The price the property would bring if freely offered on the open market with both a willing buyer and willing seller.