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Real estate Law > Voc > Flashcards

Voc Flashcards

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1
Q

Seisin

A

Possession of land by freehold ; ownership of land

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2
Q

Acknowledgment clause

A

Formal declaration made before a notary by signing document

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3
Q

Grantor

A

Seller

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4
Q

Grantee

A

Buyer

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5
Q

Consideration

A

Seller has received some form of payment- usually money.

As a gift- love and affection would be consideration

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6
Q

Granting clause

A

Words of conveyance; convey and warrant, states sellers intentions

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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

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8
Q

Exceptions and reservations

A

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

Zoning, population density ,

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9
Q

Covenant of quiet enjoyment

A

Can take possession and will not interfere with use of property

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10
Q

Equitable title

A

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

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11
Q

Unenforceable contract

A

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

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12
Q

Escrow agreement

A

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

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13
Q

Implied contract or agreement

A

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

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14
Q

Executors

A

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

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15
Q

Oral contract

A

Is unenforceable

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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

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17
Q

Voidable contract

A

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

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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

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19
Q

Land sell contract

A

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

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20
Q

Ground lease

A

Lease of land only; tenet usually owns building

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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

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22
Q

Percentage lease

A

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

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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)

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