RE - Set 13 Flashcards Preview

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Flashcards in RE - Set 13 Deck (26)
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1

LOVE AND AFFECTION

The consideration used in a gift deed.

2

BENEFICIARY STATEMENT

A statement of the unpaid balance of a loan and the condition of the debt.

3

QUITCLAIM DEED

Transfers any interest the grantor may have at the time the deed is signed, with no warranties of clear title.

4

GRANTEE

The person receiving the property or to whom it is being conveyed.

5

FUNCTIONAL UTILITY

The combined factors of usefulness with desirability.

6

ACCEPTANCE

An unqualified agreement to the terms of an offer.

7

MIS-REPRESENTATION

An innocent or negligent mis-statement of a material fact which causes someone loss or harm.

8

DEFINITE AND CERTAIN

Precise acts to be performed are to be clearly stated.

9

OFFEREE

The party receiving an offer.

10

FRAUD

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

11

DURESS

The use of force to get agreement in accepting a contract.

12

TIMELY MANNER

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

13

DIVIDED INTEREST

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage.

14

STEERING

The illegal practice of only showing clients property in certain areas.

15

COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs)

Restrictions are placed on certain types of real property and limit the activities of owners.

16

ALTA

American Land Title Association

17

GOODWILL

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage.

18

PROBATE SALE

A court approved sale of the property of a deceased person.

19

BROKERAGE

The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for commission.

20

WORKING CAPITAL

Liquid assets available for the conduct of daily business.

21

ACKNOWLEDGEMENT

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will.

22

ACTUAL NOTICE

Notice given by possession of property.

23

ABSTRACT OF TITLE

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate.

24

USURY

The act of charging a rate of interest in excess of that permitted by law.

25

MENACE

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

26

PRINCIPAL

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller.