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CONTRACTS Flashcards

1
Q

A federal law passed adding two new protected classes; Handicap and Familial Status

A

1988 AMENDMENTS TO THE FAIR HOUSING ACT

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2
Q

An addition made to an original contract; e.g., adding the requirement that a roof be repaired. Also, sometimes referred to as an amendment.

A

ADDENDUM

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3
Q

A change made to an original contract; e.g., extending closing date on contract; also referred to as an addendum

A

AMENDMENT

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4
Q

A transfer of rights in contract to another party

A

ASSIGNMENT

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5
Q

A contract containing a promise for a promise; e.g., buyer and seller in selling and buying a house

A

BI-LATERAL

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6
Q

The illegal act of making a profit by inducing owners to sell by telling them that persons of a protected class are moving into their neighborhood

A

BLOCKBUSTING

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7
Q

Markers in a Metes and Bounds description; e.g., stake, well, etc.

A

BOUNDS

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8
Q

Banned all racial discrimination

A

CIVIL RIGHTS ACT OF 1866

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9
Q

Banned discrimination in residential real estate on the basis of race, color, religion, national origin, sex, handicap, or familial status

A

CIVIL RIGHTS ACT OF 1968

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10
Q

Mixing escrow money with personal or business funds; illegal

A

COMMINGLING

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11
Q

An essential element of a contract; one must be of legal age and of sound mind

A

COMPETENT PARTIES

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12
Q

A type of syndication where owners can limit their liability; a corporation who purchases real estate takes title in severalty

A

CORPORATION

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13
Q

A rejected offer and a new offer made back to the other party

A

COUNTER-OFFER

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14
Q

Buyer backs out of a contract, is release from the contract but the seller keeps the earnest money is liquidated or pre-arranged damages

A

DECLARE CONTRACT FORFEITED

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15
Q

An essential element of a contract; must have an adequate description of the real estate; generally a legal description

A

DESCRIPTION

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16
Q

Good faith money

A

EARNEST MONEY

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17
Q

The phase in a contract where the promises have been completed; e.g. contract closing

A

EXECUTED

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18
Q

The phase in a contract where the promises have been made but not completed; e.g. contract pending

A

EXECUTORY

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19
Q

A person with a child under 18; a protected class under the 1988 Amendments to the Fair Housing Act

A

FAMILIAL STATUS

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20
Q

Linear (straight) feet along the street line; in essence, the width of your property along the street

A

FRONT FOOTAGE

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21
Q

A form of legal description that uses benchmarks to identify land

A

GEODETIC SURVEY SYSTEM

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22
Q

A form of legal description that describes land in America using meridians (north and south) and base (east and west) lines; every six miles range and tier lines are drawn to form townships; also referred to as the rectangular survey system

A

GOVERNMENT SURVEY SYSTEM

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23
Q

A physical or mental impairment; a protected class under the 1988 Amendments to the Fair Housing Act

A

HANDICAP

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24
Q

In 1968, the United States Supreme Court rules that one cannot discriminate racially under any circumstances

A

JONES VS MAYER

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25
An essential element of a contract; must be for a lawful purpose
LEGAL OBJECT
26
A way to structure a business that combines the benefits of a partnership with pass through profits and losses to owners along with the limited liability protection of a corporation
LIMITED LIABILITY COMPANY (LLC)
27
An arrangement where one can invest money with a general partnership; the limited partner is normally only liable for their investment; basically a financial backer; not involved in day to day running of business
LIMITED PARTNERSHIP
28
A clause in a contract allowing for the earnest money to be forfeited to the seller if a buyer backs out of a contract; also called pre-arranged damages
LIQUIDATED DAMAGES
29
A form of legal description which lists a lot #, block#, subdivision, county and state; recorded on a plat map; used primarily for new subdivisions
LOT AND BLOCK SYSTEM
30
Length measurements in a Metes and Bounds description; e.g., feet and inches
METES
31
A form of legal description that gives a physical description of the property
METES AND BOUNDS
32
False statement of a material fact
MISREPRESENTATION
33
A clause in a contract where the buyer is obligated to buy only if loan approval is obtained; usually buyer gets earnest money back if mortgage is denied
MORTGAGE CONTINGENCY CLAUSE
34
In a real estate transaction, the buyer makes the first offer
OFFER
35
An essential element of a contract; the parties must agree on the exact same terms
OFFER AND ACCEPTANCE
36
A possibility contract where one party is bound to perform but the other party is not
OPTION
37
Receiver of option (possible buyer)
OPTIONEE
38
Giver of option (seller)
OPTIONOR
39
A type of syndication where the partners have unlimited liability and generally share in profits, losses, taxes, etc.
PARTNERSHIP
40
A non-assignable contract; e.g., listing contracts
PERSONAL SERVICES CONTRACT
41
Used with the Lot and Block System, this map is a diagram of a subdivision
PLAT MAP
42
A clause in a contract allowing for the earnest money to be forfeited to the seller if a buyer backs out of a contract; also called liquidated damages
PRE-ARRANGED DAMAGES
43
Subjective opinion; e.g., this home has a beautiful view; not a law violation
PUFFING
44
(REIT) A type of syndication that is basically a giant mutual fund for real estate investments
REAL ESTATE INVESTMENT TRUST
45
A form of legal description that describes land in America using meridians (north and south) and base (east and west) lines; every six miles range and tier lines are drawn to form townships; also referred to as the government survey system
RECTANGULAR SURVEY SYSTEM
46
Lenders refusing to loan in certain areas based upon protected classes
REDLINING
47
In a contract, this returns the parties to status quo; way they were before contract signed
RESCIND
48
A contract where one is given the first opportunity to buy if a property is put up for sale
RIGHT OF FIRST REFUSAL
49
A portion of ground measuring one mile square; also one square mile; contains 640 acres; every acre contains 43,560 square feet
SECTION
50
Required if one sells investments to the general public, such as REIT`s (Real Estate Investment Trust)
SECURITIES LICENSE
51
Amount of space between lot line and building line
SETBACK LINES
52
An essential element of a contract; must have signatures of all parties to contract
SIGNED
53
A simple business form under which a person can operate a business; it has no separate legal existence from the owner. Also, profits and losses flow through to the owner.
SOLE PROPRIETORSHIP
54
Court action to force completion of a contract
SPECIFIC PERFORMANCE SUIT
55
Length times width
SQUARE FOOTAGE
56
A law that requires certain documents to be in writing to be enforceable; e.g., real estate sales contracts, deeds, leases over 1 year
STATUTE OF FRAUDS
57
Directing people toward areas based upon their protected class
STEERING
58
Two or more people investing together
SYNDICATION
59
States that all terms of the contract must be completed in a timely manner
TIME IS OF THE ESSENCE CLAUSE
60
A portion of ground measuring 6miles square; also 36 square miles
TOWNSHIP
61
Separate account for holding other people`s money; usually held by broker; also referred to as escrow account
TRUST ACCOUNT
62
A contract that may not be enforceable in court; e.g., an oral contract
UNENFORCEABLE
63
A contract containing a promise for an action; e.g., a lease with an option to buy
UNI-LATERAL
64
A contract containing all the essential elements, including being in writing
VALID AND ENFORCEABLE
65
A contract with no legal effect; e.g., one of the parties not of sound mind
VOID
66
A contract that can be voided by one of the parties; e.g., contract signed by a minor, under duress, or due to misrepresentation
VOIDABLE
67
An essential element of a contract; contract doesn`t have to be in writing, but generally does to be enforceable (an oral contract generally cannot be enforced in court)
WRITING

Managing Broker (10 decks)

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