RE - Set 09

Question 1

AGENT

Answer 1

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.

Question 2

SUBLEASE

Answer 2

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

Question 3

CUSTOMER

Answer 3

A prospective buyer of real estate.

Question 4

FIDUCIARY

Answer 4

A relationship that implies a position of trust or confidence.

Question 5

GRANT DEED

Answer 5

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.

Question 6

IMPLIED CONTRACT

Answer 6

Agreement shown by acts and conduct rather than words.

Question 7

VESTED

Answer 7

Owned by.

Question 8

ENCROACHMENT

Answer 8

The placement of permanent improvements on adjacent property owned by another.

Question 9

TREATY OF GUADALUPE HIDALGO

Answer 9

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

Question 10

CONTRACT

Answer 10

An agreement to do or not do a certain thing.

Question 11

BILATERAL CONTRACT

Answer 11

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.

Question 12

EXECUTED CONTRACT

Answer 12

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

Question 13

ARM’S LENGTH TRANSACTION

Answer 13

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.

Question 14

COMMINGLING

Answer 14

To deposit client funds in the broker’s personal account.

Question 15

DUAL AGENT

Answer 15

An agent who represents both parties in a transaction.

Question 16

EQUAL CREDIT OPPORTUNITY ACT

Answer 16

A federal law that requires lenders to assure that credit is available with fairness, impartiality, and without discrimination.

Question 17

SOLDIERS’ AND SAILORS’ RELIEF ACT

Answer 17

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.

Question 18

RELEASE CLAUSE

Answer 18

A provision found in many blanket loans enabling the borrower to obtain a partial release of specific parcels from the loan.

Question 19

ALIENATION CLAUSE

Answer 19

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.

Question 20

AGREEMENT OF SALE

Answer 20

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.

Question 21

UNDIVIDED INTEREST

Answer 21

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.

Question 22

EXPRESS CONTRACT

Answer 22

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

Question 23

UNILATERAL CONTRACT

Answer 23

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.

Question 24

EXECUTE

Answer 24

To perform or complete; to sign.

Question 25

EXECUTORY CONTRACT

Answer 25

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

Question 26

ESCROW INSTRUCTIONS

Answer 26

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.