Words I Know Flashcards
Dual agent
when a licensee works with both the seller and buyer
Material fact
a fact that a reasonable person would think was relevant to making a decision. If knowing something could cause a person to change their mind about the transaction
Buyer’s agent
a relationship between the broker and the buyer, with fiduciary duties owed to the buyer
Chattel
personal property; personalty
FEMA
Federal Emergency Management Agency - a government agency that sets program standards for flood insurance
Redlining
the illegal practice of a lending institution’s denying loans or restricting their number for certain areas of a community
Unilateral contract
an agreement in which one person makes a promise
Listing
employment contract between principal and broker where the broker is paid by the principal to find a buyer.
Fair Housing Act of 1968
the federal law that prevents discrimination is housing based on race, color, religion, or national origin; amended in 1974 to include sex and 1988 to include disability and familial status.
Community property
each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage
Value
what something is worth - either objective or subjective
Usury
charging interest at a rate higher than the maximum rate established by state law
Ready, willing, and able buyer
one who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction
Title
the right to or ownership of land. the evidence of ownership of land.
Deed
a signed legal document that transfers ownership of an asset from one party to another
Proration
to divide or distribute expenses, either prepaid or paid in arrears, between the buyer and seller at the closing (such as taxes, interest, and rents)
bilateral contract
a contract where both parties to the contract are legally bound to act as promised
