unit 6 unit test

Question 1

Fee simple

Answer 1

most common real estate
the absolute owner of the land
comes with bundle of rights (possession,use,enjoyment)

Question 2

Leasehold

Answer 2

Agreement between owner and other party, grants interest in the land. Has right of possession and enjoyment but not the rights of control

Question 3

Life estate

Answer 3

less common

interest in land for the duration of their lifetime

Question 4

Spouse who has lived on the property during marriage but is not listed on title as owner

Answer 4

dower act

Question 5

Binding promise made by one party to another , which courts will enforce.
May exist in verbal, exchanging letters

Answer 5

contract

Question 6

bilateral contract

Answer 6

Parties to the contract are bound by their exchange of mutual promises.

Question 7

unilateral contract

Answer 7

One party makes an obligation to perform an act or promise without receiving in return any express promise

Question 8

excretory contract

Answer 8

Agreement where one or more obligations by the parties has yet to be completed or performed

Question 9

executed contract

Answer 9

Agreement which all obligation that were required by the parties have been fulfilled

Question 10

Offering party ——>

Accepting party—–>

Answer 10

offeror

offeree

Question 11

Common mistake

Answer 11

All parties hold the same errors regarding a fact of the contract

Question 12

Mutal mistake

Answer 12

Each party makes mistake, but mistake are different

Question 13

Unilateral mistake

Answer 13

one party holds an error and other party knows but does not correct it

Question 14

Absence of free will and at least one party is being pressured by threat or violence or force to enter into a contract

Answer 14

duress

Question 15

valid
void
voidable

Answer 15

all essential elements are present
one or more of elements are not present
lack of elements

Question 16

Conditions are presumed to be met by the deadline If no notice is provided to the contrary

Answer 16

conditions subsequent

Question 17

Party needs to waive or remove conditions before timeline in order for contract to proceed

Answer 17

conditions precedent

Question 18

Contract establishes the relationship between the parties as to the services & obligations to be performed by an industry member

Answer 18

brokerage service agreement

Question 19

Real estate purchase contracts

Answer 19

creates legal binding obligation for the purchase and sale of Real property

Question 20

what are the 5 p’s

Answer 20

property, parties,price, payment, possession date

Question 21

Agreement formed between parties without the necessity of legal consideration

Answer 21

contract under seal

Question 22

Agreement between a brokerage and a new hired real estate prof that specifies the duties and responsibilities of each party

Answer 22

brokerage employment contract

Question 23

Listing agreement

Answer 23

service agreement between seller of real property and brokerage

Question 24

Power of attorney

Answer 24

written, signed, dated and witnessed document that allows another person to act on their behalf on financial and legal affairs

Question 25

The person who appoints another to act on their behalf

Answer 25

donor

Question 26

General power of attorney

Answer 26

has no limits on the power of attorney to make decisions about the financial and legal affairs of donor.

Question 27

Special power of attorney

Answer 27

grants specific or limited powers to the attorney to make certain decisions or act on behalf of donor

Question 28

Immediate power of attorney

Answer 28

appoints an attorney to make fianical/legal decisions on behalf of donor

Question 29

Power to make non-finical decisions for the adult. | Court appointed individual for a represented adult

Answer 29

guardians

Question 30

Person who is appointed by legal agreement. | Hold assest such as cash, investments, or real property

Answer 30

trustee

Question 31

Executors

Answer 31

appointed to administer the distribution of the estate of a DECEASED individual

Question 32

Legal sales transaction where original buyer or property sells and transfers their interest & obligations under original contract to a new buyer

Answer 32

Assignment

Question 33

Corporate seal

Answer 33

official mark or signature of a corporation

Question 34

If corporate seal is not being used, it says what ?

Answer 34

"I have the authority to bind the corporation"

Question 35

protocol for mutual agreement

Answer 35

offer, acceptance, communication

Question 36

terms

Answer 36

essential details of the contract, can also specify work needs to be done

Question 37

certain contracts be in writing, and that such contracts be signed by all of the parties who will be bound by that contract

Answer 37

statute of fraud

Question 38

the nature, degree, extent and duration of a persons interest In land

Answer 38

estate

Question 39

bundle of rights

Answer 39

includes possession, use and enjoyment and sale of land

Question 40

regulations enacted by the various levels of government

Answer 40

statute law

Question 41

T/F a condition is an impediment to the complete of a contract and has a specified time line after which it expires, in ab we use conditions precedent

Answer 41

TRUE

Question 42

a contract that establishes the relationship between the parties as to the services and obligations to be performed by an industry member

Answer 42

service agreement

Question 43

appendices

Answer 43

most contracts lack space for all details, therefore forms are completed and included with a contract

Question 44

addenda

Answer 44

correct method used to modify, supplement, or add elements, avoids the need to rewrite contract

Question 45

person name in a will, appointed to administer the distribution of the estate of a deceased individual

Answer 45

executors

Question 46

real estate makes changes to a contract, specifies the changes, , add/remove any info

Answer 46

amendments

Question 47

Power of attorney (POA)

Answer 47

written, signed, dated and witnessed document that enables an individual to appoint another person to act on their behalf

Question 48

donor | attorney

Answer 48

- person who appoints another to act on their behalf | - individual appointed to act on donors behalf

Question 49

court appointed individual for a represented adult , power to make non-financial personal decisions

Answer 49

guardian

Question 50

person appointed by a legal agreement to hold assets such cash, investments or real property.

Answer 50

trustee

Question 51

Under the land titles act the trustee is shown up as what?

Answer 51

absolute owner of the land, and shown on certificate of title.

Question 52

assignee

Answer 52

interest or right in real property is legally transferred

Question 53

assignor

Answer 53

person who transferred a right or interest in real property

Question 54

legal sales transaction whereby the original buyer of a property sells, transfers their interest/obligations under the original contract to a new buyer

Answer 54

assignment

Question 55

court prohibits certain acts to be carries out by one of the parties

Answer 55

injunction

Question 56

court compels the party that breached to still carry out the contract

Answer 56

specific performance

Question 57

an amount awarded by the courts for the contractual work done to date

Answer 57

quantum meruit

Question 58

compensation granted by the courts for damages caused by the breach

Answer 58

monetary damages