Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real estate Law > Voc > Flashcards

Voc Flashcards

You may prefer our related Brainscape-certified flashcards:
Civil Procedure 1L flashcards MBE flashcards MPRE flashcards
1
Q

Seisin

A

Possession of land by freehold ; ownership of land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Acknowledgment clause

A

Formal declaration made before a notary by signing document

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Grantor

A

Seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Grantee

A

Buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Consideration

A

Seller has received some form of payment- usually money.

As a gift- love and affection would be consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Granting clause

A

Words of conveyance; convey and warrant, states sellers intentions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Habendum

A

To have and to hold and specify owner’s rights. As in time share or life estate… duration of natural life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Exceptions and reservations

A

Notes encumbrances, reservations, limitations or easements, restrictions….

Zoning, population density ,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Covenant of quiet enjoyment

A

Can take possession and will not interfere with use of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Equitable title

A

After seller and buyer have signed contract, buyer has equitable title before acceptance of deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Unenforceable contract

A

A contract w all elements of valid contract yet neither party can sue for preformance. Unsigned contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Escrow agreement

A

Closing transaction through 3 rd party; escrow holder sets rights and responsibilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Implied contract or agreement

A

A contract under which the agreement of parties is demonstrated by actions and conduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Executors

A

During the period after contract is signed but before the title passes. Working toward execution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Oral contract

A

Is unenforceable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Unilateral contract

A

One sided contract where one party makes a promise as to induce a second party to do something. 2nd party is not bound to preform. However, I’d 2nd party complies, the 1st is obligated to keep promise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Voidable contract

A

Contract that seems valid on the surface but may be rejected by one or booth parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Specific preformance

A

Legal action to compel a party to carry out terms of the contract. Buyers wants the seller to convey property as contract states

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Land sell contract

A

Installment contract; deed is given to buyer when all payments are completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Ground lease

A

Lease of land only; tenet usually owns building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Gross lease

A

Landlord pays all property charges normally associated with ownership. Repairs, taxes, insurance, operating expenses…. Residential leases are gross lease usually

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Percentage lease

A

Commercial lease based on gross sales ; usually a base plus percentage of gross

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Net lease

A

Lease w rent and maintenance… ie taxes insurance, utilities and repairs

24
Q

Sherman Anti Trust

A

Bans Price fixing, or fixed fees or prices w other firms

Fees and commissions are always negotiable

Licensees may not discuss commissions outside the firm.

Each brokerage sets own rates.

25
Q

Commission

A

No set commission. Broker can set fees.

Negotiation between listing broker and seller

Market will determine the commission price.

26
Q

Sherman Antibtrust prohibition

A

Can’t Collude to boycott certain business

Establish rates paid to associates

Assign specific territory or price ranges

27
Q

BPO

A

Broker Price Opinion

28
Q

CMA

A

Competitive Market Analysis

29
Q

CRSP

A

Circle formula for commission. Commission, rate, selling price

30
Q

TAR

A

Circle formula for assessed value.
T tax
A assessed value
R rate

31
Q

Teneancy at Will

A

No lease, willing to allow lease without a specific end date. Can be terminated at Will or death

32
Q

FRESH CORN

A 
Familial status
Race
Sex
Handicap
Color
Religion
National origin
33
Q

Exclusive agency

A

Allows the seller to sell property himself w/o paying the brokerage any commission

34
Q

In an open listing, where any brokerage can sell the property and get paid, the broker must be the _______ of the sale in order to receive a commission

A

Procuring cause

35
Q

The buyer defaulted on a purchase contract, and the sellers only remedy is to keep the Ernest money. Seller’s remedy is know as___

A

Liquidated damages.

36
Q

Lease contract that specifies an end date fir tenancy and does NOT require advanced notice of termination

A

Estate for years, a definite termination date defines an estate fir years

37
Q

Attached to the land and automatically convey w property with deed without being listed

A

Fixtures are appurtenances

38
Q

Must be listed on a bill of sale in order to be included in sale

A

Personal property

39
Q

The government’s right to take private land for public uses.

A

Eminent Domain

40
Q

The PROCESS by which government takes private land for public use

A

Condemnation

41
Q

Mortgage title insurance

A

Lenders policy or loan policy. Requires Borrower purchases policy

42
Q

Fiduciary relationship created by express written agency agreement between a person and a brokerage authorizing brokerage to work as agent for real estate services

A

Agency relationship

43
Q

The brokerage authorized by express written consent to act as fiduciary; also associate broker authorized to act on behalf of qualifying brokerage

A

Agent

44
Q

Associate broker

A

Engaged under qualifying broker . List, sells, managing property, leases, rents, advertises as being engaged in real estate, charges a fee

45
Q

Brokerage

A

Licensed qualifying broker and real estate business and its affiliated licensees

46
Q

Contractual relationship between a person and brokerage

A

Brokerage relationship

47
Q

Client

A

Person who enter into express written agreement for real estate services subject to ann commission

48
Q

Customer

A

Person who uses RE services w/o express written agreement w brokerage

49
Q

Transaction broker

A

Qualifying broker, associate broker, or brokerage provides RE services w/o agency relationship

50
Q

NM Real estate commission

A

5 members, residents of NM for 3 consecutive years, appointed by the governor.

4 associate brokers or qualifying brokers, 1 member of public whose never been a RE agent. One per county, 5 yr appt, Gov May remove for cause.

51
Q

NM continuing Ed

A

30 hours every 3 yrs

Specialities as per NM RE commission

Exempted prior to July 1 2011

52
Q

LTV

A

Loan to Value … find sale price or appraised value, whichever is less

53
Q

Point

A

1% of loan value… after down payment

54
Q

Defeasance Clause

A

In financing document , lender is required to release or satisfaction of mortgage when note is paid in full.

55
Q

Deed of reconveyance

A

Release of deed when real estate loan secured by deed of trust has been completely repaid

Real estate Law (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions