unit 6 unit test Flashcards
Fee simple
most common real estate
the absolute owner of the land
comes with bundle of rights (possession,use,enjoyment)
Leasehold
Agreement between owner and other party, grants interest in the land. Has right of possession and enjoyment but not the rights of control
Life estate
less common
interest in land for the duration of their lifetime
Spouse who has lived on the property during marriage but is not listed on title as owner
dower act
Binding promise made by one party to another , which courts will enforce.
May exist in verbal, exchanging letters
contract
bilateral contract
Parties to the contract are bound by their exchange of mutual promises.
unilateral contract
One party makes an obligation to perform an act or promise without receiving in return any express promise
excretory contract
Agreement where one or more obligations by the parties has yet to be completed or performed
executed contract
Agreement which all obligation that were required by the parties have been fulfilled
Offering party ——>
Accepting party—–>
offeror
offeree
Common mistake
All parties hold the same errors regarding a fact of the contract
Mutal mistake
Each party makes mistake, but mistake are different
Unilateral mistake
one party holds an error and other party knows but does not correct it
Absence of free will and at least one party is being pressured by threat or violence or force to enter into a contract
duress
valid
void
voidable
all essential elements are present
one or more of elements are not present
lack of elements
Conditions are presumed to be met by the deadline If no notice is provided to the contrary
conditions subsequent
Party needs to waive or remove conditions before timeline in order for contract to proceed
conditions precedent
Contract establishes the relationship between the parties as to the services & obligations to be performed by an industry member
brokerage service agreement
Real estate purchase contracts
creates legal binding obligation for the purchase and sale of Real property
what are the 5 p’s
property, parties,price, payment, possession date
Agreement formed between parties without the necessity of legal consideration
contract under seal
Agreement between a brokerage and a new hired real estate prof that specifies the duties and responsibilities of each party
brokerage employment contract
Listing agreement
service agreement between seller of real property and brokerage
Power of attorney
written, signed, dated and witnessed document that allows another person to act on their behalf on financial and legal affairs
The person who appoints another to act on their behalf
donor
General power of attorney
has no limits on the power of attorney to make decisions about the financial and legal affairs of donor.
Special power of attorney
grants specific or limited powers to the attorney to make certain decisions or act on behalf of donor
Immediate power of attorney
appoints an attorney to make fianical/legal decisions on behalf of donor
Power to make non-finical decisions for the adult.
Court appointed individual for a represented adult
guardians
Person who is appointed by legal agreement.
Hold assest such as cash, investments, or real property
trustee
Executors
appointed to administer the distribution of the estate of a DECEASED individual
Legal sales transaction where original buyer or property sells and transfers their interest & obligations under original contract to a new buyer
Assignment
Corporate seal
official mark or signature of a corporation
If corporate seal is not being used, it says what ?
“I have the authority to bind the corporation”
protocol for mutual agreement
offer, acceptance, communication
terms
essential details of the contract, can also specify work needs to be done
certain contracts be in writing, and that such contracts be signed by all of the parties who will be bound by that contract
statute of fraud
the nature, degree, extent and duration of a persons interest In land
estate
bundle of rights
includes possession, use and enjoyment and sale of land
regulations enacted by the various levels of government
statute law
T/F a condition is an impediment to the complete of a contract and has a specified time line after which it expires, in ab we use conditions precedent
TRUE
a contract that establishes the relationship between the parties as to the services and obligations to be performed by an industry member
service agreement
appendices
most contracts lack space for all details, therefore forms are completed and included with a contract
addenda
correct method used to modify, supplement, or add elements, avoids the need to rewrite contract
person name in a will, appointed to administer the distribution of the estate of a deceased individual
executors
real estate makes changes to a contract, specifies the changes, , add/remove any info
amendments
Power of attorney (POA)
written, signed, dated and witnessed document that enables an individual to appoint another person to act on their behalf
donor
attorney
- person who appoints another to act on their behalf
- individual appointed to act on donors behalf
court appointed individual for a represented adult , power to make non-financial personal decisions
guardian
person appointed by a legal agreement to hold assets such cash, investments or real property.
trustee
Under the land titles act the trustee is shown up as what?
absolute owner of the land, and shown on certificate of title.
assignee
interest or right in real property is legally transferred
assignor
person who transferred a right or interest in real property
legal sales transaction whereby the original buyer of a property sells, transfers their interest/obligations under the original contract to a new buyer
assignment
court prohibits certain acts to be carries out by one of the parties
injunction
court compels the party that breached to still carry out the contract
specific performance
an amount awarded by the courts for the contractual work done to date
quantum meruit
compensation granted by the courts for damages caused by the breach
monetary damages
