RE - Set 13 Flashcards
LOVE AND AFFECTION
The consideration used in a gift deed.
BENEFICIARY STATEMENT
A statement of the unpaid balance of a loan and the condition of the debt.
QUITCLAIM DEED
Transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title.
GRANTEE
The person receiving the property or to whom it is being conveyed.
FUNCTIONAL UTILITY
The combined factors of usefulness with desirability.
ACCEPTANCE
An unqualified agreement to the terms of an offer.
MIS-REPRESENTATION
An innocent or negligent mis-statement of a material fact which causes someone loss or harm.
DEFINITE AND CERTAIN
Precise acts to be performed are to be clearly stated.
OFFEREE
The party receiving an offer.
FRAUD
An act meant to deceive in order to get someone to part with something of value.
DURESS
The use of force to get agreement in accepting a contract.
TIMELY MANNER
An act must be performed within certain time limits as described in a contract.
DIVIDED INTEREST
An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage.
STEERING
The illegal practice of only showing clients property in certain areas.
COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs)
Restrictions are placed on certain types of real property and limit the activities of owners.
ALTA
American Land Title Association
GOODWILL
An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage.
PROBATE SALE
A court approved sale of the property of a deceased person.
BROKERAGE
The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for commission.
WORKING CAPITAL
Liquid assets available for the conduct of daily business.
ACKNOWLEDGEMENT
A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will.
ACTUAL NOTICE
Notice given by possession of property.
ABSTRACT OF TITLE
A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate.
USURY
The act of charging a rate of interest in excess of that permitted by law.
MENACE
Using a threat of violence to get agreement in accepting a contract.
PRINCIPAL
Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller.
