Vocabulary Flashcards

1
Q

One who represents the principal in dealings with third parties.

A

Agent

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2
Q

The _______ agent represents a principal in a particular business or specified range of ongoing business matters.

A

general

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3
Q

The ________ agent represents a principal in all matters that can be delegated by a principal to an agent.

A

universal

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4
Q

The _________ agent has limited and specific authority, usually to represent a principal in a single transaction.

A

special

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5
Q

Another method used to appoint an agent is a legal document known as a

A

Power of Attorney

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6
Q

A ___-_____ is an agent of the agent for the principal.

A

sub-agent

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7
Q

A ____ _____ _____ is an agent of their principal broker and a sub-agent of the principal broker’s client.

A

real estate broker

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8
Q

A ____ party is a person an agent deals with as a representative of the principal.

A

third

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9
Q

An _________ agency can be created by either intentional or unintentional implication. Implication means that the parties act as if they are in an agency agreement.

A

Implied

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10
Q

What is a document guaranteeing the payment of money, such as a promissory note given by a borrower to a lender to guarantee the repayment of a home loan?

A

A negotiable Instrument

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11
Q

______ ____is the body of rules consisting of common law and statutory law that regulate the formation, interpretation, and enforcement of promises.

A

Contract Law

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12
Q

______ ____ is the term used to define written laws, usually enacted by a legislative body.

A

Statutory Law

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13
Q

______ ______ ___ is the collection of legal concepts that the colonists brought with them to North America from England.

A

English common law

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14
Q

_________ _________ is demonstrated by the offeror making the offer and the offeree accepting the offer; it’s a clear and unequivocal offer and acceptance with an underlying meeting of the minds.

A

Mutual assent

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15
Q

________ must be present in every contract and can be an exchange of money, services, promises, negotiable instruments, personal property, the grants of rights, or the forbearance to act.

A

Consideration

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16
Q

a purposeful misstatement of a material fact that is designed intentionally to deceive.

A

Intentional Misrepresentation

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17
Q

a purposeful concealment of a material fact.

A

Intentional Concealment

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18
Q

an unintended misstatement that the agent should have known to be a misstatement.

A

Negligent Misrepresentation

19
Q

an unintended omission that the agent should have known not to omit.

A

Negligent Omission

20
Q

licensee boasting about property’s benefits

A

Puffing

21
Q

misstatement or concealment of fact.

A

Misrepresentation

22
Q

is the act of hiding something. In general, concealment of a material fact is actionable against the concealing party.

A

Concealment

23
Q

is the threat of economic or physical harm leading a person to enter into a contract. The threat of harm may be against the contracting party or against a third party.

A

Duress

24
Q

______ is a contract (or another thing) that is legally void.

A

Nullity

25
Q

A ______ contract is a contract that never existed as a valid contract; it is a nullity.

A

void

26
Q

A ________ is an event that is uncertain to happen.

A

contingency

27
Q

_________: The party attempting to assign rights to another.

A

Assignor

28
Q

__________: The party to whom the rights are assigned.

A

Assignee

29
Q

_______: The party attempting to transfer duties to another.

A

Delegor

30
Q

__________: The party to whom the duties to perform are transferred.

A

Delegee

31
Q

continue with….

A

affirm

32
Q

void

A

disaffirm

33
Q

________ refers to something that belongs to, goes with, something else. For example, “the easement of right of way goes with the land.”

A

Appurtenant

34
Q

Realty, real estate, land, and immovable property all mean…

A

“real property.”

35
Q

An item permanently attached to the land is called an…

A

appurtenance

36
Q

A _______ appurtenance can be seen, felt, and touched.

A

tangible

37
Q

Tangible appurtenances that have a physical, material existence, such as a house, are known as …..

A

corporeal.

38
Q

Appurtenances that do not have a physical, material existence, such as an easement, are known as…..

A

incorporeal.

39
Q

_______are property other than real estate; trade fixtures (used to conduct business); emblements (plants and crops); lease agreements.

A

Chattels

40
Q

Chattel ______ is an interest in real property where there is no ownership interest, like a lease.

A

real

41
Q

Chattel _______ is property that is movable, like a car or a cow.

A

personal

42
Q

Personal property is also referred to as personalty or ______

A

chattel.

43
Q

_____ property is any property that is owned by a private entity for the owner’s exclusive use; property that is not public property.

A

Private

44
Q

_______ Property is any property owned by a local, state, or federal government and includes property owned by a quasi-governmental agency, such as governmental corporations.

A

Public