RE - Set 09 Flashcards
AGENT
A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons.
SUBLEASE
Transfer less than the entire leasehold, with the original lessee being primarily liable.
CUSTOMER
A prospective buyer of real estate.
FIDUCIARY
A relationship that implies a position of trust or confidence.
GRANT DEED
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.
IMPLIED CONTRACT
Agreement shown by acts and conduct rather than words.
VESTED
Owned by.
ENCROACHMENT
The placement of permanent improvements on adjacent property owned by another.
TREATY OF GUADALUPE HIDALGO
Ended the war with Mexico in 1848, and California became a possession of the United States.
CONTRACT
An agreement to do or not do a certain thing.
BILATERAL CONTRACT
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.
EXECUTED CONTRACT
A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed.
ARM’S LENGTH TRANSACTION
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 or pressure from the other parties.
COMMINGLING
To deposit client funds in the broker’s personal account.
DUAL AGENT
An agent who represents both parties in a transaction.
EQUAL CREDIT OPPORTUNITY ACT
A federal law that requires lenders to assure that credit is available with fairness, impartiality, and without discrimination.
SOLDIERS’ AND SAILORS’ RELIEF ACT
A federal law designed to protect persons in military service from loss of property when their ability to make the payment has been affected by their entering military service.
RELEASE CLAUSE
A provision found in many blanket loans enabling the borrower to obtain a partial release of specific parcels from the loan.
ALIENATION CLAUSE
A clause in the loan document that allows the lender to call the entire loan due upon the sale of the property; a type of acceleration clause.
AGREEMENT OF SALE
A contract for the sale of real property in which the seller gives up possession but retains the title until the purchase price is paid in full; also known as a contract of sale or land contract.
UNDIVIDED INTEREST
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-owners.
EXPRESS CONTRACT
The parties declare the terms and put their intentions in words, either oral or written.
UNILATERAL CONTRACT
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.
EXECUTE
To perform or complete; to sign.
EXECUTORY CONTRACT
A contract in which an obligation to perform exists on one or both sides of the contract.
ESCROW INSTRUCTIONS
Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed.
