Vocabulary

Question 1

One who represents the principal in dealings with third parties.

Answer 1

Agent

Question 2

The _______ agent represents a principal in a particular business or specified range of ongoing business matters.

Answer 2

general

Question 3

The ________ agent represents a principal in all matters that can be delegated by a principal to an agent.

Answer 3

universal

Question 4

The _________ agent has limited and specific authority, usually to represent a principal in a single transaction.

Answer 4

special

Question 5

Another method used to appoint an agent is a legal document known as a

Answer 5

Power of Attorney

Question 6

A ___-_____ is an agent of the agent for the principal.

Answer 6

sub-agent

Question 7

A ____ _____ _____ is an agent of their principal broker and a sub-agent of the principal broker’s client.

Answer 7

real estate broker

Question 8

A ____ party is a person an agent deals with as a representative of the principal.

Answer 8

third

Question 9

An _________ agency can be created by either intentional or unintentional implication. Implication means that the parties act as if they are in an agency agreement.

Answer 9

Implied

Question 10

What is a document guaranteeing the payment of money, such as a promissory note given by a borrower to a lender to guarantee the repayment of a home loan?

Answer 10

A negotiable Instrument

Question 11

______ ____is the body of rules consisting of common law and statutory law that regulate the formation, interpretation, and enforcement of promises.

Answer 11

Contract Law

Question 12

______ ____ is the term used to define written laws, usually enacted by a legislative body.

Answer 12

Statutory Law

Question 13

______ ______ ___ is the collection of legal concepts that the colonists brought with them to North America from England.

Answer 13

English common law

Question 14

_________ _________ is demonstrated by the offeror making the offer and the offeree accepting the offer; it’s a clear and unequivocal offer and acceptance with an underlying meeting of the minds.

Answer 14

Mutual assent

Question 15

________ must be present in every contract and can be an exchange of money, services, promises, negotiable instruments, personal property, the grants of rights, or the forbearance to act.

Answer 15

Consideration

Question 16

a purposeful misstatement of a material fact that is designed intentionally to deceive.

Answer 16

Intentional Misrepresentation

Question 17

a purposeful concealment of a material fact.

Answer 17

Intentional Concealment

Question 18

an unintended misstatement that the agent should have known to be a misstatement.

Answer 18

Negligent Misrepresentation

Question 19

an unintended omission that the agent should have known not to omit.

Answer 19

Negligent Omission

Question 20

licensee boasting about property’s benefits

Answer 20

Puffing

Question 21

misstatement or concealment of fact.

Answer 21

Misrepresentation

Question 22

is the act of hiding something. In general, concealment of a material fact is actionable against the concealing party.

Answer 22

Concealment

Question 23

is the threat of economic or physical harm leading a person to enter into a contract. The threat of harm may be against the contracting party or against a third party.

Answer 23

Duress

Question 24

______ is a contract (or another thing) that is legally void.

Answer 24

Nullity

Question 25

A ______ contract is a contract that never existed as a valid contract; it is a nullity.

Answer 25

void

Question 26

A ________ is an event that is uncertain to happen.

Answer 26

contingency

Question 27

_________: The party attempting to assign rights to another.

Answer 27

Assignor

Question 28

__________: The party to whom the rights are assigned.

Answer 28

Assignee

Question 29

_______: The party attempting to transfer duties to another.

Answer 29

Delegor

Question 30

__________: The party to whom the duties to perform are transferred.

Answer 30

Delegee

Question 31

continue with....

Answer 31

affirm

Question 32

void

Answer 32

disaffirm

Question 33

________ refers to something that belongs to, goes with, something else. For example, "the easement of right of way goes with the land."

Answer 33

Appurtenant

Question 34

Realty, real estate, land, and immovable property all mean...

Answer 34

"real property."

Question 35

An item permanently attached to the land is called an...

Answer 35

appurtenance

Question 36

A _______ appurtenance can be seen, felt, and touched.

Answer 36

tangible

Question 37

Tangible appurtenances that have a physical, material existence, such as a house, are known as .....

Answer 37

corporeal.

Question 38

Appurtenances that do not have a physical, material existence, such as an easement, are known as.....

Answer 38

incorporeal.

Question 39

_______are property other than real estate; trade fixtures (used to conduct business); emblements (plants and crops); lease agreements.

Answer 39

Chattels

Question 40

Chattel ______ is an interest in real property where there is no ownership interest, like a lease.

Answer 40

real

Question 41

Chattel _______ is property that is movable, like a car or a cow.

Answer 41

personal

Question 42

Personal property is also referred to as personalty or ______

Answer 42

chattel.

Question 43

_____ property is any property that is owned by a private entity for the owner's exclusive use; property that is not public property.

Answer 43

Private

Question 44

_______ Property is any property owned by a local, state, or federal government and includes property owned by a quasi-governmental agency, such as governmental corporations.

Answer 44

Public