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196 Cards in this Set
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A set of principles or values by which an individual guides his or her won behavior and judges that of others
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Ethics
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scruples
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The power of the state to pass laws, within lawful limits, that promote the order, safety, health, morals and general welfare of it citizens
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Police Power
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Bad Boys Bad Boys
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Someone licensed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people
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Real Estate Agent
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what I want to be
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Someone holding a broker license and permitted by law to employ those holding a salesperson license, who may negotiate sales for other people
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Real Estate Broker
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My boss
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The law that affects the licensing and conduct of the real estate agents
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Real Estate Law
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self named
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Someone holding a salesperson license who must be employed by a real estate broker, for pay, to perform any of the activities of real estate broker
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Real Estate Salesperson
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same as agent
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The same as real estate salesperson, holding a salesperson license, employed by a broker
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Real Estate Sales Agent
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not a agent or a salesperson but a ..... .........
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Recall and make void
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Revoke
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take away
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Temporarily make ineffective
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Suspend
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levitate
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A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress and enhance service
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Trade Organization
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National Assoc of Realitors
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Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily part of the actual property
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Appurtenance
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A survey line running east and west, used as a reference when mapping land
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Base Line
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A written agreement used to transfer ownership in personal property
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Bill of Sale
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An ownership concept describing all the legal rights that attach to the ownership of the real property
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Bundle of Rights
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Personal property
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Chattel
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An item of personal property which is connected to real estate; for example, a lease
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Chattel Real
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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
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Condition Precedent
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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
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Condition Subsequent
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Owner may use only a reasonable amount of the total underground water supply for his or her beneficial use
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Doctrine or Correlative User
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Annual crops produced for sale
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Emblements
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A legal interest in land; defines the nature, degree, extent and duration of a person's ownership in land
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Estate
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The most complete from of ownership of real property; a freehold estate that can be passed by descent or by will after the owners death; also known as estate of inheritance or fee simple estate
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Estate in Fee or Estate of Inheritance
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The largest, most complete ownership recognized by law' an estate in fee with no restrictions on its use
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Fee Simple Absolute
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Also known as fee simple qualified
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Fee Simple Defeasible
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An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs
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Fee Simple Qualified
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Personal property that has become affixed to real estate
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Fixture
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An estate in real property which continues for a indefinite period of time
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Freehold Estate
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A leasehold estate, considered to exist for a definite period of time or successive periods of time until termination
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Less Than-Freehold Estate
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An estate that is limited in duration to the life of its owner or the life of some other chosen person
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Life Estate
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A measurement meaning one foot or 12 inches in length as contrasted to a square foot or cubic foot
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Linear Foot
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Land bordering a lake, ocean or sea-as opposed to land bordering a stream or river (running water)
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Littoral
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A survey line running north and south, used as a reference when mapping land
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Meridian
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A method of land description in which the dimensions of the property are measured by distance and direction
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Metes and Bounds
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A fixed landmark used in a metes and bounds land description
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Monument
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Anything movable that is not real property
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Personal Property
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A map of a town or subdivision showing the location and boundaries of individual properties, used in the record tract system to descrive land
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Range
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American Land Title Association policy of extended title insurance policy, can be purchased by lender or buyer
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A.L.T.A.Owner's Policy
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A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate
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Abstract Title
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A person who, historically, searches out anything affecting the title to real property and summarizes the information in the findings
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Abstractor
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A formal declaration to a public official (notary) by a person who has signed an instrument which states that the signing was voluntary
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Acknowledgment
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Knowledge gained based on an actual observance, as opposed to Constructive Notice
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Actual Notice
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A trade association of the state's title companies
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California Land Title Association
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The recorded history of matters such as conveyances, liens and encumbrances affecting title to a parcel of real estate
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Chain of Title
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Recordation of deed or possession of property
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Constructive Notice
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The transfer of title to land from on person to another by use of a written instrument
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Conveyance
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The recorded document that protects a homeowner from foreclosure by certain judgment creditors
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Declaration of Homestead
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The property the benefits from an easement
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Dominant Tenement
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The right to use another's land for a specified purpose, sometimes known as a right-of-way
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Easement
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An easement that is not appurtenant to any one parcel; for example, public utilities
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Easement in Gross
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The placement of permanent improvements on adjacent property owned by another
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Encroachment
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Land grants recorded by the Mexican government in California
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Expedientes
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An extended title insurance policy
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Extended Policy
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An assurance of clear title
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Guarantee of Title
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A written legal document setting forth the rights and liabilities of the parties involved
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Instrument
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The final legal decision of a judge in a court of law regarding the legal rights of parties to disputes
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Judgment
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Permission to use a property, which may be revoked at any time
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License
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A claim of the property of another for the payment of a debt
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Lien
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A recorded notice that indicates pending litigation affecting title on a property, preventing a conveyance or any other transfer of ownership until the lawsuit is settled and the lis pendens removed
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Lis Pendens
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Good or clear saleable title reasonably free from risk of litigation over possible defects
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Marketable Title
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A court action to divide property held by co-owners
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Partition Action
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Deeds used by the U.S. Government when confirming or transferring ownership to private parties
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Patent Deed
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The property that is burdened by and easement
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Servient Tenement
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Ownership of real property by one person or entity
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Severalty
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A policy of title insurance covering only matters of record
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Standard Policy
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Evidence of land ownership
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Title
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An insurance policy that protects the insured against loss or damage due to defects in the property's title
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Title Insurance
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The storage facility of a title company in which it has accumulated complete title records of properties in its area
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Title Plant
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Ended the war with Mexico in 1848, and California became a possession of the United States
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Treaty of Guadalupe Hidalgo
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That interest a co-owner has in property, which carries with it the right to possession and use of the whole property, along with the co-owners
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Undivided Interest
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Owned by
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Vested
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An unqualified agreement to the terms of an offer
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Acceptance
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A lawsuit brought to court
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Action
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The person whom a claim, benefit or right in property is made
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Assignee
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The transfer of a claim, benefit or right in property from one person to another
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Assignment
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The person transferring a claim, benefit or right in property to another
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Assignor
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The person holding the power or attorney
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Attorney-in-Fact
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A contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party
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Bilateral Contract
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A failure to perform on part or all of the terms and conditions of a contract
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Breach of Contract
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Something of value-such as money, a promise, property or personal services
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Consideration
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An agreement to do or not to do a certain thing
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Contract
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Intention to be bound to an agreement, thus preventing jokes and jests from becoming valid contracts
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Contractual Intent
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The rejection of an original offer that becomes a new offer
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Counteroffer
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Precise acts to be performed are to be clearly stated
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Definate and Certain
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Also known as a sales contract; the primary document used to present an offer on real property
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Deposit Receipt
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The use of force to get agreement in accepting a contract
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Duress
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Someone who is legally set free from parental control/supervision
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Emancipated Minor
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To perform or complete;to sign
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Execute
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A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed
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Executed Contract
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A contract in which obligation to perform exists on one or both sides of the contract
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Executory Contract
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The parties declare the terms and put their intentions in words, either oral or written
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Express Contract
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Refraining from action by a creditor against the debt owned by a borrower after the debt has become due
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Forbearance
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An act meant to deceive in order to get someone to part with something of value
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Fraud
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Gifts such as real property based solely on love and affection
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Good Consideration
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Agreement is shown by acts and conduct rather than words
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Implied Contract
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Sets in advance a specified amount of money as a penalty in the event of a breach of contract
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Liquidated Damages
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A contract by which a principal employs an agent to do certain things for the principal
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Listing
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Using threat of violence to get agreement in accepting a contract
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Menace
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Someone under 18 years of age
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Minor
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An innocent or negligent misstatement of a material fact causing someone loss or harm
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Misrepresentation
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An error in misunderstanding
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Mistake
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Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into contract
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Mutual Consent
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The substitution by agreement of a new obligation for an existing one
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Novation
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A presentation or proposal for acceptance to form a contract
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Offer
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The party receiving an offer
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Offeree
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The party making an offer
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Offeror
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A right-given for consideration-to a party(optionee) by a property owner (optionor)
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Option
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Oral or written negotiations made prior to a dispute about an executed contract
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Parol Evidence
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A written instrument giving a person legal authority to act on behalf of another person
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Power of Attorney
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Approved
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Ratified
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Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract
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Rescission
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The canceling of an offer to contract by the person making the original offer
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Revocation
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An action brought in a court to compel a party to carry out the terms of a contract
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Specific Performance
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A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable
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Statute of Frauds
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The period of time limited by statute within which certain court actions may be brought by one party against another
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Statute of Limitations
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An offer by one of the parties to contract to carry out his or her part of the contract
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Tender
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An act must be performed within certain time limits described in a contract
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Timely Manner
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Using unfair advantage to get agreement in accepting a contract
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Undue Influence
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A contract that was valid when made but either cannot be proved or will not be enforced by a court
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Unenforceable
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An agreement in which one party promised to pay consideration or to do something in return for the performance of an act by another party; the party making the promise is not legally obligated to act unless the other party performs (a promise for an act)
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Unilateral Contract
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Legal action taken to repeal a contract by one party when the other party has breached a contract
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Unilateral Recission
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Legally binding
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Valid
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Each party to a contract must give up something to make the agreement binding
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Valuable Consideration
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An agreement which is totally absent of legal effect
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Void
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An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties
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Voidable
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The acquisition of title to additional land or to improvements as a result of annexing fixtures or as a result of natural causes such as alluvial deposits along the banks of a stream by accretion
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Accession
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A buildup of soil by natural causes on property bordering a river, lake or ocean
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Accretion
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A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in a will to do so
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Administrator/Adimistratrix
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Acquiring title to property by continued possession and payment of taxes
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Adverse Possession
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Any benefits that come to a property after a sale must follow the sale and accrue to the new owner
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After Acquired Title
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Transfer ownership or sell
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Alienate
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Sand or mud, carried by water and deposited on land
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Alluvial Deposit
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Soil that builds up as a result of accretion
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Alluvium
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American Land Title Association
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A.L.T.A.
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The sudden washing or tearing away of land by the action of water
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Avulsion
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A statement of the unpaid balance of a loan and the condition of the debt, as it relates to a deed of trust
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Beneficiary Statement
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A gift of personal property by will
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Bequest
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California Land Title Association
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C.L.T.A.
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A change in a will before the maker's death
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Codicil
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To transfer ownership or title
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Convey
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A gift of real property by will
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Devise
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The gradual wearing away of land by natural processes
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Erosion
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The deposit of funds or document with a neurtral third party who is instructed to carry out the provisions of an agreement
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Escrow
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An independent third party legally bound to carry out the written provisions of the escrow agreement; a neutral, bonded third party who is a dual agent for the principals; sometimes called an escrow agent
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Escrow Holder
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Written directions, signed by a buyer and a seller, detailing the procedures necessary to close a transaction and directing the escrow agent how to proceed
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Escrow Instructions
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Completion of an act or process, such as an escrow
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Execution
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A person named in a will to handle the affairs of a deceased person
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Executor/Executrix
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Used to make a gift of property to a grantee, usually a close friend or relative
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Gift Deed
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A written instrument that transfers title to real property. Must contain a "granting clause".
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Grant Deed
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The person receiving the property, or the one to whom it is being conveyed
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Grantee
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The person conveying, or transferring, the property
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Grantor
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Written in the makers own handwriting, dated and signed by the maker
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Holographic Will
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A bank account established by a lender, in the name of the borrower, for the purpose of paying periodic expenses such as property taxes and property insurance. The borrower then makes pre-calculated monthly payments into the account. When the taxes or property insurance are due, the amount is paid from the impound account, usually by the lender.
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Impound Account
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A gift of personal property by will
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Legacy
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Consideration used in a gift deed
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Love and Affection
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An examination of the public land records to determine the extent to which someone has legal interest in a parcel; a report on the quality of the title that searches for encumbrances and liens or any other items of record that might effect ownership/ used as a basis for title insurance
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Preliminary Title Report
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Someone who directs or authorizes another to act in his or her place regarding relation with third persons; buyer or seller
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Principal
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A granting of private property to other private persons
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Private Grant
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The division and distribution of expenses and or income between the buyer and seller of property as of the date of closing or settlement
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Proration
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When private property is intended for public use, it may be acquired in this manner
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Public Dedication
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A transfer of title by the government to a private individual
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Public Grant
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Transfers any interest the grantor may have at the time the deed is signed with no warranties of clear title
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Quitclaim Deed
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Conveys title to property from a trustee back to the borrower (truster) upon payment in full of the debt secured by the trust deed
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Reconveyance Deed
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Occurs when land that has been covered by water is exposed by receding water
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Reliction
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A deed given to a buyer when property is sold through court action in order to satisfy a judgement for money or foreclouser of a mortgage
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Sheriff's Deed
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The legal transfer of a person's interest in real and personal property under the laws of descent
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Succession
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A perosn who has made a will
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Testator/Testatrix
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A security instrument that conveys title to land as security for the payment of a debt
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Trust Deed
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No longer used in California; a deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it
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Warranty Deed
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A written instrument whereby a person makes a disposition of his property to take effect after his death
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Will
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Will usually prepared by an attorney and signed by the maker and two witnesses
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Witnessed Will
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The amount of rental income due from the tenant as agreed in the lease agreement
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Contract Rent
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A conveyance of an estate in real property to someone for a certain length of time, as in a lease; to let
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Demise
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What a leased property would be expected to rent for under current market conditions if the property were vacant and available for rent
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Economic Rent
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A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal
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Estate in Sufferance
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The tenancy may be ended by the unilateral decision of either party; no agreed upon termination date, however, and either party must give 30 days notice before ending the tenancy
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Estate at Will
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A leasehold estate with a definite end date; must be renegotiated; a lease for some fixed period
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Estate for Years
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A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental
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Estate from Period to Period
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The legal process of removing a tenant from the premises for some breach of the lease
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Eviction
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A lease calling for periodic increases in the rental payments; sometimes called a stair-stepped-lease
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Graduated Payment Lease
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Landlord pays for most of the operating expenses, including property taxes, maintenance and repairs
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Gross Lease
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Lessor; property owner
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Landlord
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An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time
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Leasehold or Lease
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Tenant; renter
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Lessee
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Landlord; property owner
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Lessor
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A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent; a triple net lease is one where the tenant pays all expenses of operating the property as well as a set amount of rent
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Net Lease
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A lease where the landlord receives a percentage of the gross sales as part or all of the rental payment
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Percentage Lease
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Consideration paid for the use of a property
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Rent
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Property from which 80% or more of the gross rental income is from dwelling units
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Residental Rental Property
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An act whereby a landlord evicts a tenant in response to some complaint made by the tenant
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Retaliatory Eviction
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The lessor (landlord) grants the right of possession to the lessee(tenant), but retains the right to retake possession after the lease's term has expired
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Reversionary Right
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A lease agreement created when a tenant sub lets the property to another person, thus creating a sublessor-sublessee relationship. The person in the "sandwich" is a lessee to the owner and a lessor to the sub-lessee
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Sandwich Lease
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Transfers less than the entire leasehold, with the original lessee being primarily liable for the rental agreement
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Sublease
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The giving up of a lease, voluntarily
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Surrender
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A renter
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Tenant
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A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease
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Unlawful Detainer Action
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A court order directing the sheriff to remove the tenant and his or her possessions within five days
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Writ of Possession
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