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