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Managing Broker > CONTRACTS > Flashcards

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
Q

An essential element of a contract; must be for a lawful purpose

A

LEGAL OBJECT

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26
Q

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

A

LIMITED LIABILITY COMPANY (LLC)

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27
Q

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

A

LIMITED PARTNERSHIP

28
Q

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

A

LIQUIDATED DAMAGES

29
Q

A form of legal description which lists a lot #, block#, subdivision, county and state; recorded on a plat map; used primarily for new subdivisions

A

LOT AND BLOCK SYSTEM

30
Q

Length measurements in a Metes and Bounds description; e.g., feet and inches

A

METES

31
Q

A form of legal description that gives a physical description of the property

A

METES AND BOUNDS

32
Q

False statement of a material fact

A

MISREPRESENTATION

33
Q

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

A

MORTGAGE CONTINGENCY CLAUSE

34
Q

In a real estate transaction, the buyer makes the first offer

A

OFFER

35
Q

An essential element of a contract; the parties must agree on the exact same terms

A

OFFER AND ACCEPTANCE

36
Q

A possibility contract where one party is bound to perform but the other party is not

A

OPTION

37
Q

Receiver of option (possible buyer)

A

OPTIONEE

38
Q

Giver of option (seller)

A

OPTIONOR

39
Q

A type of syndication where the partners have unlimited liability and generally share in profits, losses, taxes, etc.

A

PARTNERSHIP

40
Q

A non-assignable contract; e.g., listing contracts

A

PERSONAL SERVICES CONTRACT

41
Q

Used with the Lot and Block System, this map is a diagram of a subdivision

A

PLAT MAP

42
Q

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

A

PRE-ARRANGED DAMAGES

43
Q

Subjective opinion; e.g., this home has a beautiful view; not a law violation

A

PUFFING

44
Q

(REIT) A type of syndication that is basically a giant mutual fund for real estate investments

A

REAL ESTATE INVESTMENT TRUST

45
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 government survey system

A

RECTANGULAR SURVEY SYSTEM

46
Q

Lenders refusing to loan in certain areas based upon protected classes

A

REDLINING

47
Q

In a contract, this returns the parties to status quo; way they were before contract signed

A

RESCIND

48
Q

A contract where one is given the first opportunity to buy if a property is put up for sale

A

RIGHT OF FIRST REFUSAL

49
Q

A portion of ground measuring one mile square; also one square mile; contains 640 acres; every acre contains 43,560 square feet

A

SECTION

50
Q

Required if one sells investments to the general public, such as REIT`s (Real Estate Investment Trust)

A

SECURITIES LICENSE

51
Q

Amount of space between lot line and building line

A

SETBACK LINES

52
Q

An essential element of a contract; must have signatures of all parties to contract

A

SIGNED

53
Q

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.

A

SOLE PROPRIETORSHIP

54
Q

Court action to force completion of a contract

A

SPECIFIC PERFORMANCE SUIT

55
Q

Length times width

A

SQUARE FOOTAGE

56
Q

A law that requires certain documents to be in writing to be enforceable; e.g., real estate sales contracts, deeds, leases over 1 year

A

STATUTE OF FRAUDS

57
Q

Directing people toward areas based upon their protected class

A

STEERING

58
Q

Two or more people investing together

A

SYNDICATION

59
Q

States that all terms of the contract must be completed in a timely manner

A

TIME IS OF THE ESSENCE CLAUSE

60
Q

A portion of ground measuring 6miles square; also 36 square miles

A

TOWNSHIP

61
Q

Separate account for holding other people`s money; usually held by broker; also referred to as escrow account

A

TRUST ACCOUNT

62
Q

A contract that may not be enforceable in court; e.g., an oral contract

A

UNENFORCEABLE

63
Q

A contract containing a promise for an action; e.g., a lease with an option to buy

A

UNI-LATERAL

64
Q

A contract containing all the essential elements, including being in writing

A

VALID AND ENFORCEABLE

65
Q

A contract with no legal effect; e.g., one of the parties not of sound mind

A

VOID

66
Q

A contract that can be voided by one of the parties; e.g., contract signed by a minor, under duress, or due to misrepresentation

A

VOIDABLE

67
Q

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)

A

WRITING

Managing Broker (10 decks)

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