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Flashcards in RE - Set 01 Deck (25)
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1

STATUTE OF FRAUDS

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

2

ASSIGNEE

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

3

ACTION

A lawsuit brought to court.

4

PAROLE EVIDENCE

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

5

FORBEARANCE

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

6

BILL OF SALE

A written agreement used to transfer ownership in personal property.

7

CHATTEL REAL

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

8

DOCTRINE OF CORRELATIVE USER

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

9

ESTATE OF INHERITANCE

A freehold estate can be passed by descent or by will after the owner's death.

10

ESTATE

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

11

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.

12

CHATTEL

Personal property.

13

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.

14

FEE

The largest and most complete ownership recognized by law; an estate in fee with no restrictions on its use; also known as a fee simple.

15

ALLUVIUM

Soil that builds up as a result of accretion.

16

PUFFING

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

17

TENDER

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

18

JUDICIAL FORECLOSURE

Foreclosure by court action.

19

SPECIFIC PERFORMANCE

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

20

BENEFICIARY

The lender under a deed of trust.

21

APPRAISAL REPORT

A written report setting forth an appraiser's estimates of value of a subject property.

22

SECOND TRUST DEED

The evidence of a debt that is recorded after a first trust deed; a junior trust deed.

23

PRICE

What is paid for something.

24

ADJUSTABLE-RATE MORTGAGE

A note whose interest rate is tied to a flexible index.

25

FAIR MARKET VALUE

The price the property would bring if freely offered on the open market with both a willing buyer and willing seller.