Real Estate Flashcards
(20 cards)
Civil Law
The system of law concerned with private relations between members of a community rather than criminal, military, or religious affairs.
Criminal Law
A system of law concerned with the punishment of those who commit crimes.
Power of Attorney
– The authority to act for another person in specified or all legal or financial matter
Probate
The official proving of a will.
Testate
Having made a valid will before one dies.
Intestate
Not having made a will before one dies.
Executor
A person or institution appointed by a testator to carry out the terms of their will.
Administrator
A person appointed by a court to administer the estate of a one who has died intestate.
Civil Rights Act of 1866
A federal law that prohibits all discrimination on the basis of race.
Civil Rights Act of 1964
A law that prohibited discrimination on the basis of race, color, national origin, or gender in any housing program receiving federal money.
Department of Housing and Urban Development (HUD)
A federal agency that administers funding for projects related to housing.
Blockbusting
The use of prejudice to instill fear, or panic (also known as panic selling), in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class.
Redlining
The refusal to lend money within a specific area for various reasons.
Steering
Using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling.
Americans with Disabilities Act (ADA)
A federal law protecting the rights of individuals with physical or mental impairments.
Fraud
The intentional and successful employment of any cunning , deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury.
Deceit
Making a statement of fact that you know not to be true. Making a statement of fact in which no one has the grounds to believe it is true, or failing to disclose a “material fact”.
Material Fact
Any fact that would influence the decision of a reasonably prudent person.
Trust Funds
Funds held by a real estate broker, in trust, for clients and/or customers.
Commingling
o mingle or mix, for example, a client’s funds in the broker’s personal or general account.
