Vocabulary Flashcards
One who represents the principal in dealings with third parties.
Agent
The _______ agent represents a principal in a particular business or specified range of ongoing business matters.
general
The ________ agent represents a principal in all matters that can be delegated by a principal to an agent.
universal
The _________ agent has limited and specific authority, usually to represent a principal in a single transaction.
special
Another method used to appoint an agent is a legal document known as a
Power of Attorney
A ___-_____ is an agent of the agent for the principal.
sub-agent
A ____ _____ _____ is an agent of their principal broker and a sub-agent of the principal broker’s client.
real estate broker
A ____ party is a person an agent deals with as a representative of the principal.
third
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.
Implied
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 negotiable Instrument
______ ____is the body of rules consisting of common law and statutory law that regulate the formation, interpretation, and enforcement of promises.
Contract Law
______ ____ is the term used to define written laws, usually enacted by a legislative body.
Statutory Law
______ ______ ___ is the collection of legal concepts that the colonists brought with them to North America from England.
English common law
_________ _________ 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.
Mutual assent
________ 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.
Consideration
a purposeful misstatement of a material fact that is designed intentionally to deceive.
Intentional Misrepresentation
a purposeful concealment of a material fact.
Intentional Concealment
an unintended misstatement that the agent should have known to be a misstatement.
Negligent Misrepresentation
an unintended omission that the agent should have known not to omit.
Negligent Omission
licensee boasting about property’s benefits
Puffing
misstatement or concealment of fact.
Misrepresentation
is the act of hiding something. In general, concealment of a material fact is actionable against the concealing party.
Concealment
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.
Duress
______ is a contract (or another thing) that is legally void.
Nullity
A ______ contract is a contract that never existed as a valid contract; it is a nullity.
void
A ________ is an event that is uncertain to happen.
contingency
_________: The party attempting to assign rights to another.
Assignor
__________: The party to whom the rights are assigned.
Assignee
_______: The party attempting to transfer duties to another.
Delegor
__________: The party to whom the duties to perform are transferred.
Delegee
continue with….
affirm
void
disaffirm
________ refers to something that belongs to, goes with, something else. For example, “the easement of right of way goes with the land.”
Appurtenant
Realty, real estate, land, and immovable property all mean…
“real property.”
An item permanently attached to the land is called an…
appurtenance
A _______ appurtenance can be seen, felt, and touched.
tangible
Tangible appurtenances that have a physical, material existence, such as a house, are known as …..
corporeal.
Appurtenances that do not have a physical, material existence, such as an easement, are known as…..
incorporeal.
_______are property other than real estate; trade fixtures (used to conduct business); emblements (plants and crops); lease agreements.
Chattels
Chattel ______ is an interest in real property where there is no ownership interest, like a lease.
real
Chattel _______ is property that is movable, like a car or a cow.
personal
Personal property is also referred to as personalty or ______
chattel.
_____ property is any property that is owned by a private entity for the owner’s exclusive use; property that is not public property.
Private
_______ 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.
Public
