Liens

Question 1

Liens

Answer 1

Money owed

Question 2

General Lien

Answer 2

Lien against ALL person property

Question 3

Specific Lien

Answer 3

Money owed on single property

Ex- mechanics lien

Question 4

Voluntary Lien

Answer 4

Exists because of an action taken by a debtor

Ex - car loans, mortgages

Question 5

Involuntary Lien

Answer 5

Liens imposed on a person

Ex - taxes

Question 6

Mechanics Lien

Answer 6

Lien on behalf of someone who supplied labor and materials to improve property

Question 7

Judgement Lien

Answer 7

Lien placed by the court

Question 8

Lid Pendis

Answer 8

Lawsuit pending, involves either the title to a property or a claim ownership interest in it

Question 9

Injunction

Answer 9

Court order that stops someone from doing something.

Question 10

Escrow

Answer 10

Neutral third party holds money

Question 11

Debit

Answer 11

Money owed

Question 12

Credit

Answer 12

Money received

Question 13

RESPA

Answer 13

Eliminating kickbacks and referral fees

Question 14

TILA

Answer 14

“Truth in lending Act”

Protects you against inaccurate and unfair credit billing an credit card practices

Question 15

Fair housing act

Answer 15

1968, act banning refusal to sell or rent due to a persons race, color, religion, sex or national origin

Question 16

Jones vs mayer

Answer 16

Court case bared all racial discrimination, private as well as public in the sale or rental of property

Question 17

Sherman anti-trust act

Answer 17

Bans anti competing discrimination

Ex - price fixing

Question 18

Americans with disabilities act

Answer 18

Prohibiting discrimination against people with disabilities in employment, transportation, public accommodation, communications and governmental activities

Question 19

Material fact

Answer 19

Something that if known may have caused a buyer or seller to make a different choice

Question 20

Steering

Answer 20

Buyers, influencing a buyer to choice a property based on info of the protected classes

Question 21

Blockbusting

Answer 21

Sellers, trying to force a sell because of one of the protected classes, race, religion, sex

Question 22

Redlining

Answer 22

Denying service such as a loan because of race

Question 23

Actual fraud

Answer 23

Fraud committed with actual intent to deceive an thereby injure another

Question 24

Constructive fraud

Answer 24

Person gained an unfair advantage over another, intent doesn’t need to be shown

Question 25

Caveat emptor

Answer 25

Buyer beware

Question 26

Commingling

Answer 26

Mixing funds

Question 27

Essentials of valid contract

Answer 27

Mutual consent, lawful object, consideration, capable parties

Question 28

Void contract

Answer 28

Lacks one of the 4 essential elements

Question 29

Voidable contract

Answer 29

Options to rescind

Question 30

Bilateral contract

Answer 30

Promise for a promise | Ex - exclusive listing

Question 31

Unilateral contract

Answer 31

Promise for an act | Ex - open listing it option contract

Question 32

Executed contract

Answer 32

Contract fully performed

Question 33

Executory contract

Answer 33

Contract not yet fully performed

Question 34

Statue of frauds

Answer 34

Contracts must be in writing

Question 35

Novation

Answer 35

New contract

Question 36

Fiduciary

Answer 36

Position of trust, good faith; and honesty

Question 37

Dual agent

Answer 37

Buyer an seller have the same broker

Question 38

General agent

Answer 38

Authorized to perform any an all acts associated with the job Ex - a real estate licensee acting in the capacity of a property manger

Question 39

Special agent

Answer 39

Hired to perform one specific duty for a client

Question 40

Estoppel

Answer 40

Prevents asserting something contrary to what is implied by previous actions or statements

Question 41

Exclusive listing

Answer 41

One broker gets paid, don’t need to be procuring cause to be paid