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REAL ESTATE > Legal Aspects > Flashcards

Legal Aspects Flashcards

1
Q

Emblements

A

Annual crops produced for sale by a tenant using or occupying the property

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2
Q

Fiduciary

A

A relationship that implies a position of trust and confidence

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3
Q

Instrument

A

A written legal document setting forth the rights and liabilities of the parties involved

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4
Q

Bilateral Contract

A

A contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party

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5
Q

Easement in Gross

A

An easement that is not appurtenant to any one parcel, for example, public utilities

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6
Q

Power of Attorney

A

A written instrument giving a person legal authority to act on behalf of another person

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7
Q

Subagent

A

An agent of a person who is already acting as an agent for a principal

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8
Q

Ethics

A

A set of principles or values by which an individual guides his or her own behavior and judges that of others

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9
Q

Customer

A

A prospective buyer of real estate

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10
Q

Adverse Possession

A

Acquiring title to property by continued possession and payment of taxes

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11
Q

Less-Than-Freehold Estate

A

A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination

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12
Q

Dual Agent

A

An agent who represents both parties in a transaction

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13
Q

Agent

A

A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons

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14
Q

Attorney-In-Fact

A

A competent and disinterested person who is authorized by another person to act in his or her place in legal matters

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15
Q

Statute of Frauds

A

A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable 

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16
Q

Express Contract

A

The parties declare the terms and out their intentions in words, either oral or written

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17
Q

Fixture

A

Personal property that has become affixed to real estate

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18
Q

Property

A

The rights or interests an owner has in something owned

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19
Q

Meridian

A

A survey line running north and south, used as a reference when mapping land

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20
Q

License

A

Permission to use a property which may be revoked at any time

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21
Q

Timely Manner

A

An act must be performed within certain time limits as described in a contract

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22
Q

Contract

A

An agreement to do or not do a certain thing

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23
Q

Parol Evidence

A

Oral or written negotiations made prior to a dispute about an executed contract

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24
Q

Mutual Consent

A

Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract

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25
Q

Void

A

An agreement which is totally absent of legal effect

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26
Q

Sales Contract

A

Primary document used to present an offer on real property; also known as a purchase offer

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27
Q

Suspend

A

Temporarily make ineffective

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28
Q

Definite and Certain

A

Precise acts to be performed are to be clearly stated

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29
Q

Abrogation

A

The revocation, rescission, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract

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30
Q

Erosion

A

The gradual wearing away of land by natural process

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31
Q

Bill of Sale

A

A written agreement used to transfer ownership in personal property

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32
Q

Present Interest

A

An interest in real property that can be exercised today

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33
Q

Real Estate Salesperson

A

Someone holding a real estate license and employed by a licensed real estate broker. In some states, the salesperson is called a sales agent or sales associate

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34
Q

Revocation

A

The canceling of an offer to contract by the person making the original offer

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35
Q

Accession

A

The 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

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36
Q

Chattel Real

A

An item of personal property which is connected to real estate, for example, a lease

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37
Q

Acceptance

A

An unqualified agreement to the terms of an offer

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38
Q

Avulsion

A

The sudden washing or tearing away of the land by action of water

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39
Q

Rescission

A

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

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40
Q

Homestead

A

Status provided to a homeowner’s principal residence that protects the home against judgments 

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41
Q

Monument

A

A fixed landmark used in a metes and bounds land description

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42
Q

Public Dedication

A

When private property is intended for public use, it may be acquired in this manner

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43
Q

Ratification

A

The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding

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44
Q

Revoke

A

Recall and make void

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45
Q

Linear Foot

A

A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot

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46
Q

Land Grant

A

A grant of public lands by the government usually for roads, railroads, or agricultural colleges

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47
Q

Executed Contract

A

A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed

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48
Q

Reliction

A

Occurs when land that has been covered by water is exposed by the receding of the water

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49
Q

Real Estate Law

A

The law that affects the licensing and conduct of real estate agents

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50
Q

Valuable Consideration

A

Each party to a contract must give up something to make the agreement binding

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51
Q

Fee Simple Qualified

A

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

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52
Q

Tender

A

An offer by one of the parties to a contract to carry out his or her part of the contract

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53
Q

Accretion

A

A build up of soil by natural causes on property bordering a river, lake, or ocean

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54
Q

Liquid Damages

A

Sets in advance a specified amount of money as a penalty in the event of a breach of contract

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55
Q

Undivided Interest

A

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

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56
Q

Baseline

A

A survey line running east to west, and used as a reference when mapping land

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57
Q

Estoppel

A

A 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

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58
Q

Assignor

A

The person transferring a claim, benefit, or right in property to another

59
Q

Fee Simple Defeasible

A

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs; also known as fee simple qualified

60
Q

Estate

A

A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land

61
Q

Novation

A

The substitution by agreement of a new obligation for an existing one

62
Q

Menace

A

Using a threat of violence to get agreement in accepting a contract

63
Q

Freehold Estate

A

An estate in real property which continues for an indefinite period of time

64
Q

Unilateral Contract

A

An agreement in which 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

65
Q

Forbearance

A

Refraining from action by a creditor against the debt owed by a borrower after the debt has become due

66
Q

Client

A

The person who employs an agent to perform a service for a fee

67
Q

Range

A

A land description used in the U.S. Public Land Survey System (PLSS) consisting of a strip of land located every 6 miles east of each principal meridian

68
Q

Grant Deed

A

A type of deed in which the grantor warrants that he or she has not previously conveyed the property being granted, that he or she has not encumbered the property except disclosed, and that he or she will convey to the grantee any title to the property acquired later

69
Q

Fraud

A

An act meant to deceive in order to get someone to part with something of value

70
Q

Alienate

A

Transfer ownership or sell

71
Q

Private Grant

A

The granting of private property to other private persons

72
Q

Conversion

A

The appropriation of property belonging to another

73
Q

Riparian Rights

A

The rights of a land owner whose land is next to a natural watercourse to reasonably use whatever water flows past the property

74
Q

Unilateral Recission

A

Legal action taken to repeal a contract by one party when the other party has breached a contract

75
Q

Statute of Limitations

A

A statute limiting the period of time during which legal action may be taken on a certain issue

76
Q

Emancipated Minor

A

Someone who is legally set free from parental control/supervision

77
Q

Puffing

A

Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations

78
Q

Natural Person

A

An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership

79
Q

Easement

A

The right to use another’s land for a specified purpose; sometimes known as right-of-way

80
Q

Section

A

An area of land, used in the US Public Land Survey method of land description; a land area of one square mile, or 640 acres; 1/36 of a Township

81
Q

Offer

A

A presentation or proposal for acceptance to form a contract

82
Q

Ratified

A

Approved

83
Q

Patent Deed

A

A deed given by the government to a private individual as evidence of a transfer of title from government to the public person

84
Q

Bundle of Rights

A

An ownership concept describing all the legal rights that attach to the ownership of real property

85
Q

Voidable

A

An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties

86
Q

Convey

A

To transfer ownership of title

87
Q

Consideration

A

Something of value, such as money, a promise, property, or personal services

88
Q

Encroachment

A

The placement of permanent improvements on adjacent property owned by another

89
Q

Unenforceable

A

A contract that was valid when made, but either cannot be proved or will not be enforced by a court

90
Q

Metes and Bounds

A

A method of land description in which the dimensions of the property are measured by distance and direction

91
Q

Succession

A

The legal transfer of a person’s interest in real property under the law of descent and distribution

92
Q

Breach of Contract

A

A failure to perform on part or all of the terms and conditions of a contract

93
Q

Police Power

A

The power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens

94
Q

Minor

A

Someone under 18 years of age

95
Q

Partition Action

A

A court action to divide a property held by co-owners

96
Q

Condition Subsequent

A

A condition in which, if it occurs at some point in the future, can cause a property to revert to the grantor: A requirement in a grant deed that a buyer must never use the property for anything other than a private residence

97
Q

Appurtenance

A

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

98
Q

Execute

A

To perform or complete; to sign

99
Q

Duress

A

The use of force to get agreement in accepting a contract

100
Q

Doctrine of Correlative User

A

Owners may use only a reasonable amount of the total water supply for beneficial use

101
Q

Commingling

A

To deposit client funds in the broker’s personal account

102
Q

Ingress

A

A way to enter property; access

103
Q

Misrepresentation

A

An innocent or negligent misstatement of a material fact which causes someone loss or harm

104
Q

Assignment

A

The transfer of a claim, benefit, or right in property from one person to another person

105
Q

Real Estate Broker

A

A person licensed by the state to negotiate and arrange real estate transactions

106
Q

Counteroffer

A

The rejection of an original offer that becomes a new offer

107
Q

Egress

A

A way to exit property

108
Q

License holder

A

Someone who holds a real estate license issued by a state licensing agency

109
Q

Option

A

A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price in terms. An option is irrevocable by the optionor and will not be extinguished by death or insanity of either party

110
Q

Severalty

A

Ownership of real property by one person or entity

111
Q

Offeror

A

The party making an offer

112
Q

Contractual Intent

A

Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts

113
Q

Assignee

A

The person to whom a claim, benefit, or right in property is made

114
Q

Condition Precedent

A

A condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing

115
Q

Alluvium

A

Soil that builds up as a result of accretion

116
Q

Life Estate

A

An estate that is limited in duration to life of its owner or the life of some other chosen person

117
Q

Township

A

A land description used in the U.S Public Land Survey System consisting of a 6 x 6 mile area containing 36 sections, each 1 mile square

118
Q

Real Property

A

Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law

119
Q

Implied Contract

A

Agreement shown by acts and conduct rather than words

120
Q

Personal Property

A

Anything movable that is not real property

121
Q

Action

A

A lawsuit brought to court

122
Q

Judgment

A

The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute

123
Q

Agency

A

A relationship in which one party (principal) authorizes another party (agent) to act as the principal’s representative in dealing with third parties

124
Q

Chattel

A

Personal property

125
Q

Alluvial Deposit

A

Sand or mud carried by water and deposited on land

126
Q

Future Interest

A

An interest in real property that cannot be exercised today; but that might be exercised in the future

127
Q

Lis Pendens

A

A recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership

128
Q

Valid

A

Legally binding

129
Q

Possessory Interest

A

Present right to physically occupy land and to exclude others from that same land

130
Q

Patents

A

Deeds used by the U.S. government when confirming or transferring ownership to private parties

131
Q

Sublease

A

Transfer less than the entire leasehold, with the original lessee being primarily liable

132
Q

Undue Influence

A

Using unfair advantage to get agreement in accepting a contract

133
Q

Offeree

A

The party receiving an offer

134
Q

Specific Performance

A

An action brought in a court to compel a party to carry out the terms of a contract

135
Q

Life Tenant

A

A person to whom a life estate conveys

136
Q

Vested

A

Owned by

137
Q

Listing

A

A contract by which a principal employs an agent to do certain things for the principal

138
Q

Littoral

A

Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)

139
Q

Conveyance

A

The transfer of title to land from one person to another by use of a written instrument

140
Q

Executory Contract

A

A contract in which an obligation to perform exists on one or both sides of the contract

141
Q

Arm’s Length Transaction

A

A transaction, such 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

142
Q

Real Estate Associate Licensee

A

A person with a real estate license who is employed or sponsored by a real estate broker

143
Q

Trade Fixture

A

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 the lease

144
Q

Estate in Fee

A

A freehold estate that is the most complete form of ownership of real property; also known as a fee, fee simple, or fee simple absolute. It is an estate of inheritance

REAL ESTATE (5 decks)

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