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REAL ESTATE > unit 6 unit test > Flashcards

unit 6 unit test Flashcards

1
Q

Fee simple

A

most common real estate
the absolute owner of the land
comes with bundle of rights (possession,use,enjoyment)

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2
Q

Leasehold

A

Agreement between owner and other party, grants interest in the land. Has right of possession and enjoyment but not the rights of control

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3
Q

Life estate

A

less common

interest in land for the duration of their lifetime

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4
Q

Spouse who has lived on the property during marriage but is not listed on title as owner

A

dower act

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5
Q

Binding promise made by one party to another , which courts will enforce.
May exist in verbal, exchanging letters

A

contract

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6
Q

bilateral contract

A

Parties to the contract are bound by their exchange of mutual promises.

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7
Q

unilateral contract

A

One party makes an obligation to perform an act or promise without receiving in return any express promise

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8
Q

excretory contract

A

Agreement where one or more obligations by the parties has yet to be completed or performed

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9
Q

executed contract

A

Agreement which all obligation that were required by the parties have been fulfilled

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10
Q

Offering party ——>

Accepting party—–>

A

offeror

offeree

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11
Q

Common mistake

A

All parties hold the same errors regarding a fact of the contract

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12
Q

Mutal mistake

A

Each party makes mistake, but mistake are different

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13
Q

Unilateral mistake

A

one party holds an error and other party knows but does not correct it

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14
Q

Absence of free will and at least one party is being pressured by threat or violence or force to enter into a contract

A

duress

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15
Q

valid
void
voidable

A

all essential elements are present
one or more of elements are not present
lack of elements

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16
Q

Conditions are presumed to be met by the deadline If no notice is provided to the contrary

A

conditions subsequent

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17
Q

Party needs to waive or remove conditions before timeline in order for contract to proceed

A

conditions precedent

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18
Q

Contract establishes the relationship between the parties as to the services & obligations to be performed by an industry member

A

brokerage service agreement

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19
Q

Real estate purchase contracts

A

creates legal binding obligation for the purchase and sale of Real property

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20
Q

what are the 5 p’s

A

property, parties,price, payment, possession date

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21
Q

Agreement formed between parties without the necessity of legal consideration

A

contract under seal

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22
Q

Agreement between a brokerage and a new hired real estate prof that specifies the duties and responsibilities of each party

A

brokerage employment contract

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23
Q

Listing agreement

A

service agreement between seller of real property and brokerage

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24
Q

Power of attorney

A

written, signed, dated and witnessed document that allows another person to act on their behalf on financial and legal affairs

25
Q

The person who appoints another to act on their behalf

A

donor

26
Q

General power of attorney

A

has no limits on the power of attorney to make decisions about the financial and legal affairs of donor.

27
Q

Special power of attorney

A

grants specific or limited powers to the attorney to make certain decisions or act on behalf of donor

28
Q

Immediate power of attorney

A

appoints an attorney to make fianical/legal decisions on behalf of donor

29
Q

Power to make non-finical decisions for the adult.

Court appointed individual for a represented adult

A

guardians

30
Q

Person who is appointed by legal agreement.

Hold assest such as cash, investments, or real property

A

trustee

31
Q

Executors

A

appointed to administer the distribution of the estate of a DECEASED individual

32
Q

Legal sales transaction where original buyer or property sells and transfers their interest & obligations under original contract to a new buyer

A

Assignment

33
Q

Corporate seal

A

official mark or signature of a corporation

34
Q

If corporate seal is not being used, it says what ?

A

“I have the authority to bind the corporation”

35
Q

protocol for mutual agreement

A

offer, acceptance, communication

36
Q

terms

A

essential details of the contract, can also specify work needs to be done

37
Q

certain contracts be in writing, and that such contracts be signed by all of the parties who will be bound by that contract

A

statute of fraud

38
Q

the nature, degree, extent and duration of a persons interest In land

A

estate

39
Q

bundle of rights

A

includes possession, use and enjoyment and sale of land

40
Q

regulations enacted by the various levels of government

A

statute law

41
Q

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

A

TRUE

42
Q

a contract that establishes the relationship between the parties as to the services and obligations to be performed by an industry member

A

service agreement

43
Q

appendices

A

most contracts lack space for all details, therefore forms are completed and included with a contract

44
Q

addenda

A

correct method used to modify, supplement, or add elements, avoids the need to rewrite contract

45
Q

person name in a will, appointed to administer the distribution of the estate of a deceased individual

A

executors

46
Q

real estate makes changes to a contract, specifies the changes, , add/remove any info

A

amendments

47
Q

Power of attorney (POA)

A

written, signed, dated and witnessed document that enables an individual to appoint another person to act on their behalf

48
Q

donor

attorney

A
  • person who appoints another to act on their behalf

- individual appointed to act on donors behalf

49
Q

court appointed individual for a represented adult , power to make non-financial personal decisions

A

guardian

50
Q

person appointed by a legal agreement to hold assets such cash, investments or real property.

A

trustee

51
Q

Under the land titles act the trustee is shown up as what?

A

absolute owner of the land, and shown on certificate of title.

52
Q

assignee

A

interest or right in real property is legally transferred

53
Q

assignor

A

person who transferred a right or interest in real property

54
Q

legal sales transaction whereby the original buyer of a property sells, transfers their interest/obligations under the original contract to a new buyer

A

assignment

55
Q

court prohibits certain acts to be carries out by one of the parties

A

injunction

56
Q

court compels the party that breached to still carry out the contract

A

specific performance

57
Q

an amount awarded by the courts for the contractual work done to date

A

quantum meruit

58
Q

compensation granted by the courts for damages caused by the breach

A

monetary damages

REAL ESTATE (13 decks)

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