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Real Estate Exam Prep > Contracts and Agency > Flashcards

Contracts and Agency Flashcards

1
Q

Agent

A

One who acts for another

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2
Q

Assignment

A

Transfer of one’s rights under contract to an individual not in the original contract

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3
Q

Attorney-in-fact

A

(Power of Attorney) An individual with written authority to act for another

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4
Q

Bilateral contract

A

A contract where both parties are obligated to perform

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5
Q

Blockbusting

A

The illegal practice of inducing panic selling in a neighborhood for financial gain

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6
Q

Caveat emptor

A

Buyer Beware

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7
Q

Commingle (funds)

A

To combine escrow funds in the same account with personal or business funds

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8
Q

Covenant

A

A promise of legal validity

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9
Q

Covenant of quiet enjoyment

A

Grantor’s assurance that the grantee shall enjoy possession of the property in peace and without disturbance by hostile claimants

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10
Q

Dual agency

A

Representation of two or more parties in a transaction by the same agent

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11
Q

Duress

A

The use of threats or physical harm to force a person to do something against his will

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12
Q

Earnest money

A

A deposit to show good faith; a down payment

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13
Q

Escalation clause

A

Clause in a lease for the adjustment of rent based on specified indexes or circumstances

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14
Q

Escrow

A

Funds, property, or other things of value left in trust to a neutral third party and released upon fulfillment of certain conditions, or by agreement of the parties

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15
Q

Estoppel

A

A legal bar to a person alleging or denying a fact when his own previous actions have conclusively indicated the contrary

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16
Q

Eviction

A

The act of expelling a person from property in his possession; may be actual or constructive

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17
Q

Exclusive listing (Exclusive agency)

A

Single broker, but client call sell themselves and not pay commission

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18
Q

Executory contract

A

A contract where something remains to be done; performance not completed

19
Q

Express contract

A

One where all terms and conditions are openly and explicitly stated and agreed upon

20
Q

Fiduciary

A

A position of trust and confidence

21
Q

Fraud

A

Willful deception or misrepresentation of facts

22
Q

Gross lease

A

Most common type of lease whereby landlords pay the expenses of ownership

23
Q

Implied contract

A

A contract that is not expressed, rather it can be inferred by the actions of the parties

24
Q

Installment sales method

A

Method of reporting gains on sale of property to spread out payment of taxes

25
Q

Misrepresentation

A

A false representation of the facts

26
Q

Net lease

A

A lease whereby the tenant pays most of the expenses of ownership (repairs, taxes, maintenance)

27
Q

Net listing

A

A listing where the net amount due to the seller is specified, rather than the selling price

28
Q

Novation

A

The substitution of a new contract or new party for an old one

29
Q

Open listing (general listing)

A

A listing made available to more than one broker

30
Q

Option

A

A binding promise to sell or lease property until a specified future date for a specified price and specified terms

31
Q

Percentage lease

A

A lease where the rental payments are based on the volume of gross sales

32
Q

Power of attorney

A

The written instrument appointing one to act as an Attorney in Fact

33
Q

Proprietary lease

A

Lease that gives a tenant/shareholder the right to occupy a particular unit in a cooperative development

34
Q

Puffing

A

Nonfactual or extravagant statements a reasonable person would recognize as such

35
Q

Redlining

A

The practice of refusing to make loans in certain neighborhoods

36
Q

Sales-leaseback

A

An agreement whereby the seller simultaneously leases the property from the buyer, usually on a long-term lease

37
Q

Statute of frauds

A

An early English statute, enacted in 1677, that requires certain types of transactions be evidenced in writing in order to be binding and enforceable

38
Q

Statute of limitations

A

A statute that restricts the period of time within which legal action may be brought

39
Q

Steering

A

The illegal practice of directing minority members to or away from certain neighborhoods

40
Q

Subordination

A

A process in which the holder of a superior mortgage agrees to give up his priority position

41
Q

Undue influence

A

Unfair advantage to obtaining a contract

42
Q

Unilateral contract

A

A contract where only one party is obligated to perform

43
Q

Void

A

Of no legal force or effect; not binding. Also, to nullify or remove legal force from

44
Q

Voidable

A

That which is capable of being adjudged void, but not void unless action is taken by one of the parties.

Real Estate Exam Prep (4 decks)

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