Legal Aspects Flashcards
(146 cards)
1
Q
Mutual Consent
A
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract
2
Q
Section
A
Area of land, used in the US Public Land Survey method of land description; a land area of 1 square mile or 640 acres; 1/36 of a township
3
Q
Real Estate Association Licensee
A
Person with a real estate license who is employed or sponsored by a real estate broker
4
Q
Accession
A
Acquisition of title to additional land or to improvements as a result of the annexation of fixtures or as a result of alluvial deposits along the banks of streams by accretion
5
Q
Riparian Right
A
Rights of the landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property
6
Q
Conversion
A
Appropriation of property belonging to another
7
Q
Ratified
A
Approved
8
Q
Grant Deed
A
Grantor warrants that they have not previously conveyed the property being granted, that they have not encumbered the property except disclosed, and that they will convey to the grantee any title to the property acquired later
9
Q
Reliction
A
occurs when land that has been covered by water is exposed by the receding of the water
10
Q
Client
A
person who employs an agent to perform a service for a fee
11
Q
Property
A
rights or interests an owner has in something owned
12
Q
Tender
A
offer by one of the parties to a contract to carry out their part of the contract
13
Q
Attorney in Fact
A
competent and disinterested person who is authorized by another person to act in their place in legal matters
14
Q
Encroachment
A
placement of permanent improvements on adjacent property owner by another
15
Q
Ingress
A
way to enter property; AKA access
16
Q
Contractual Intent
A
Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts
17
Q
Real Estate Salesperson
A
someone holding a real estate license and employed be a licensed real estate broker - in some states, the salesperson is called a sales agent or sales associate
18
Q
Linear Foot
A
measurement meaning 1 foot or 12 inches in length as contrasted to a square foot or a cubic foot
19
Q
Consideration
A
something of value, such as money, a promise, property or personal services
20
Q
Parol Evidence
A
oral or written negotiations mar prior to a dispute about an executed contract
21
Q
Agency
A
relationship in which one party (principal) authorizes another party (agent) to act as the principal’s representative in dealing with third parties
22
Q
Estate in Fee (aka fee, fee simple, or fee simple absolute)
A
freehold estate that is the most complete form of ownership of real property; estate of inheritance
23
Q
Partition Action
A
court action to divide a property held by co-owners
24
Q
Valid
A
Legall binding
25
Listing
contract by which a principal employs an agent to do certain things for the principal
26
Assignee
person to whom a claim, benefit, or right in the property is made
27
Acceptance
unqualified agreement to the terms of an offer
28
Real Estate Broker
person licensed by the state to negotiate and arrange real estate transactions
29
Easement in Gross
easement that is not appurtenant to any one parcel (example - public utilities)
30
Specific Performance
action brought in a court to compel a party to carry out the terms of a contract
31
Bundle of Rights
ownership concept describing all the legal rights that attach to the ownership of real property
32
Sublease
transfer less than the entire leasehold, with the original lessee being primarily liable
33
Executory Contract
A contract in which an obligation to perform exists on one or both sides of the contract
34
Personal Property
anything movable that is not real property
35
Commingling
to deposit client funds in the broker's personal account
36
Freehold Estate
an estate in real property which continues for an indefinite period of time
37
Meridian
survey line running north and south, used as a reference when mapping land
38
Police Power
power of the state to pass laws, within lawful limits, that promote order, safety, health, morals and general welfare of its citizens
39
Valuable Consideration
each party to a contract must give up something to make the agreement binding
40
Emblements
annual crops produced for sale by a tenant using or occupying the property
41
Revoke
recall and make void
42
Revocation
the canceling of an offer to contract by the person making the original offer
43
Chattel Real
Item of personal property which is connected to real estate (example - a lease)
44
Void
agreement which is totally absent of legal effect
45
Patents
deeds used by the US government when confirming or transferring ownership to private parties
46
Misrepresentation
innocent or negligent misstatement of a material fact which causes someone loss or harm
47
Fee Simple Defeasible or Fee Simple Qualified
estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
48
Unenforceable
contract that was valid when made, but either cannot be proved or will not be enforced by a court
49
Possessory Interest
present right to physically occupy land and to exclude others from that same land
50
Recission
legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract
51
Ethics
Set of principles or values by which an individual guides their behavior and judges that of others
52
Arm's Length Transaction
transaction, such as a sale of property, in which all parties involved are acting in their own self-interest and are under no undue influence or pressure from the other parties
53
Fee Simple Qualified
estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs
54
Chattel
personal property
55
Execute
to perform or complete; to sign
56
Action
lawsuit brought to court
57
Puffing
exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentation
58
Trade Fixture
an article of personal property affixed to leased property by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of lease
59
Egress
way to exit property
60
Future Interest
interest in real property that cannot be exercised today; but that might be exercised in the future
61
Township
land description used in the US Public Land Survey System consisting of 6 by 6 mile areas containing 36 sections, each 1 square mile
62
Assignor
person transferring a claim, benefit, or right in property to another
63
Instrument
written legal doc setting forth the rights and liabilities of the parties involved
64
Metes and Bounds
method of land description in which the dimensions of the real property are measured by distance and direction
65
Alluvial Deposit
sand or mud carried by water and deposited on land
66
Natural Person
individual; private person, as distinguished from an artificial entity such as a corporation or partnership
67
Patent Deed
deed given by the government to a private individual as evidence of transfer of title from government to the public persons
68
Less than Freehold Estate
leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination
69
Counteroffer
rejection of an original offer that becomes a new offer
70
Dual Agent
agent who represents both parties in a transaction
71
Statute of Limitations
statute limiting the period of time during which legal action may be taken on a certain issue
72
Adverse Possession
acquiring title to property by continued possession and payment of taxes
73
Alienate
transfer ownership or sell
74
Estoppel
legal doctrine which prevents a person from denying something to be true or a fact, if the denial is contrary to previous statements or actions made by that same person
75
Erosion
gradual wearing away of land by natural process
76
Conveyance
transfer of title to land from one person to another by use of a written instrument
77
Lis Pendens
recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership
78
Judgement
final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute
79
Public Dedication
when private property is intended for public use, it may be required in this manner
80
Suspend
temporarily make ineffective
81
Condition Subsequent
condition which, if it occurs at some point in the future, can cause a property to revert to the grantor
82
A requirement in a grant deed that a buyer must never use the property for anything other than a private residence is an example of what?
Condition Subsequent
83
Condition Precedent
requires something to occur before a transaction becomes absolute and enforceable
84
Sale that is contingent on the buyer obtaining financing is an example of what?
Condition Precedent
85
Real Estate Law
law that affects the licensing and conduct of real estate agents
86
Private Grant
granting of private property to other private persons
87
Emancipated Minor
someone who is legally set free from parental control/supervision
88
Offer
presentation or proposal for acceptable to form a contract
89
Undivided Interest
that interest a co-owner has in property, which carries with it the right to possession and use of the whole property, along with the co-owners
90
License Holder
someone who holds a real estate license issued by a state licensing agency
91
Convey
to transfer ownership of title
92
Customer
prospective buyer of real estate
93
Novation
the substitution by agreement of a new obligation for an existing one
94
Real Property
land; anything affixed to the land; anything appurtenant to the land; anything immovable by law
95
Duress
use of force to get agreement in accepting a contract
96
Definite and Certain
precise acts to be performed are to be clearly stated
97
Fraud
act meant to deceive in order to get someone to part with something of value
98
Breach of Contract
failure to perform on part or all of the terms and conditions of a contract
99
Power of Attorney
written instrument giving a person legal authority to act on behalf of another person
100
Homestead
status provided to a homeowner's principal residence that protects the home against judgements
101
Monument
fixed landmark used in a metes and bounds land description
102
Life Estate
estate that is limited in duration to life of its owner or the life of some other chosen person
103
Liquid Damages
sets in advance a specified amount of money as a penalty in the event of a breach of contract
104
Offeror
party making an offer
105
Abrogation
the revocation, rescission, or annulling of a contract by mutual consent of the parties to the contract or for cause by either to the contract
106
Executed Contract
contract in which the obligation have been performed on both sides of the contract and nothing is left to be competed
107
Present Interest
interest in real property that can be exercised today
108
Littoral
land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)
109
Ratification
approval of a previously unauthorized act, performed on behalf of a person, which makes the act valid and legally binding
110
Unilateral Recission
legal action taken to repeal a contract by one party when the other party has breached a contract
111
Appurtenance
those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property
112
Bilateral Contract
each party to the contract promises to perform some act or duty in exchange for the promise of other other party
113
Unilateral Contract
one party promises to pay consideration for the performance of an act by another party. The party promising to pay consideration is not legally obligated to act unless the party promising to perform does so
114
Subagent
agent of a person who is already acting as an agent for a principal
115
Forbearance
refraining from action by a creditor against the debt owed by a borrower after the debt has become due
116
Sales Contract aka Purchase Offer
primary doc used to present an offer on real property
117
Bill of Sale
written agreement used to transfer ownership in personal property
118
Vested
owned by
119
Minor
someone under 18 years old
120
Assignment
transfer of a claim, benefit, or right in property from one person to another person
121
Accretion
build up of soil by natural causes on property bordering a river, lake or ocean
122
Implied Contract
agreement shown by acts and conducts rather than words
123
Fixture
personal property that has become affixed to real estate
124
Statue of Frauds
state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable
125
Express Contract
parties declare the terms and put their intentions in words, either oral or written
126
Option
right, given for consideration, to a party (optionee) by a property owner (optionor)
127
Alluvium
soil that builds up as a result of accretion
128
Land Grant
grant of public lands by the government usually for roads, railroads, or agricultural college
129
Timely Manner
act must be performed within certain time limits as described in a contract
130
License
permission to use a property which may be revoked at any time
131
Easement
right to use another's land for a specified purpose (right of way)
132
Agent
person who acts for and in the place of another, called a principal, for the purpose of affecting the principals legal relationship with third persons
133
Severalty
ownership of real property by one person or entity
134
Avulsion
sudden washing or tearing away of the land by action of water
135
Estate
legal interest in land that defines the nature, degree, extent and duration of a person's ownership in land
136
Life Tenant
person to whom a life estate conveys
137
Voidable
agreement which is valid and enforceable in its face, but may be rejected by one or more of the parties
138
Range
land description used in the US Public Land Survey System (PLSS) consisting of a strip of land located every 6 miles east of each principle meridian
139
Succession
legal transfer of a person's interest in real property under the law of descent and distribution
140
Menace
using a threat of violence to get agreement in accepting a contract
141
Fiduciary
relationship that implies a position of trust or confidence
142
Baseline
survey line running east to west, and used as a reference when mapping land
143
Undue Influence
using unfair advantage to get agreement in accepting a contract
144
Doctrine of Correlative User
owners may use only a reasonable amount of the total water supply for beneficial use
145
Contract
agreement to do or not do a certain thing
146
Offeree
party receiving an offer
