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40 Cards in this Set

  • Front
  • Back
Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract.
The relationship of trust in which one person (the agent) represents another (the principal) in dealing with third parties, as authorized by the principal.
An opinion of value based upon a factual analysis. Note: An appraisal is an estimate, not a determination of value.
One who is authorized to perform certain acts for another under a power of attorney. Power of attorney may be limited to a specific act or acts, or be general.
Buyer's Agent
An agent representing a buyer in a home purchase, either as a single agent or as an exclusive buyer's broker.
Closing Statement
The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. A separate statement for buyer and seller is sometimes prepared.
An amount, usually a percentage paid to a real estate broker (normally by seller), for services rendered in connection with the sale or exchange of real property.
A legally enforceable agreement between two or more competent parties or entities who agree to perform, or refrain from performing, certain acts for a consideration. A contract is an enforceable promise.
Counter Offer
An offer (instead of acceptance) in response to an offer. For example: A offers to buy Bs house for X dollars. B" in response offers to sell to A at a higher price. B""s offer to A is a counter offer. """
Discount Points
A loan fee charged by a lender when accepting an FHA or VA loan, to increase the yield on the investment (also known in the trade as Points), to offset the lower interest received in comparison with conventional loan interest rates.
Dual Agency
An agent, who by agreement, represents both parties in a real estate transaction. Each party gives up some loyalty and confidentiality they are owed by the agent. Illegal in many states.
Earnest Money
The cash deposit paid by a prospective buyer of real estate as evidence of intention to complete the transaction.
Exclusive Agency Listing
A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission.
Fiar Housing Act
Landmark federal law that makes it illegal to refuse to rent or sell to anyone based on race, color, religion, sex, or national origin. The 1988 amendments to the act expanded the protections to include family status and disability.
person holding a position of trust for another. Agents, trustees, executors, administrators and attorneys-in-fact are fiduciaries.
The relinquishing of property rights by a delinquent borrower.
An intentional false representation or concealment of material fact, which is used to induce another person to act, which act causes a loss of property or legal rights.
Granting Clause
clause wherein the grantor(giver) transfers an interest in the property to the grantee(receiver) by deed
A legal proceeding that allows an escrow holder of funds to ask the court to decide who gets what, when ownership of said funds is in dispute.
Legal Title
Usually, title without ownership rights, such as the title placed in a trustee under a deed of trust, or the title of a vendor under a land contract.
An authorization, by law, to do some specific thing.
Liquidate Damages
A sum of money specified in the purchase contract to be paid by one party to the other in the event of a breach of contract.
A presentation or proposal for acceptance to form a contract. An offer must be definite as to price and terms.
Offer Policy
Written procedures for all office personnel to adhere to. Required for real estate ofices in many states.
Open Listing
A property given to a number of brokers to market at the same time.
Origination Fee
fee charged by a lender for making a loan. Usually, covers cost of document preparation. Generally, is between 1% and 2% of loan amount.
The actual possession of the property, either physically or constructively.
Property Management
The branch of the real estate business dealing with the management of property. The duties may range from merely collecting rents, to complete management of all maintenance, and may also include being leasing agent.
To divide equally or proportionately, according to time or use.
Quitclaim Deed
A deed used to transfer any interest in real property which the grantor may have. It contains no warranties of any kind. Used for corrections, quiet title, etc.
Real Estate Commission
A state agency charged with the obligation of enforcing real estate license laws.
Recovery Fund
A special state fund to provide financial relief to persons who have suffered damages that are uncollectible, caused by the fraudulent practices of a licensee.
Security Interest
A term designating the interest of the creditor in the property of the debtor in all types of credit transactions. It thus replaces such terms as the following: chattel mortgage
Statue of Frauds
Law which requires certain contracts to be in writing to be enforceable.
An agent who assists another agent in representing a principal, or party, in a transaction. A seller's subagent who writes the buyer's offer owes loyalty to the seller, though many states presume any agent working with a buyer is the buyer's agent.
Time is of the Essence
One of the essential requirements to the formation of a binding contract
Transaction Broker
A licensee who assists the buyer or seller or both in a real estate transaction, without being an agent or advocate for either one of them, thereby relieving them of any liability they would have had for the acts of an agent (same as Facilitator).
Trust Account
A special account, where money is deposited by an agent for the account of a principal, and is to be kept. Also referred to as escrow or trustee account.
Vacarious Liability
To be responsible for the acts of another, such as a principal for the acts his agent.
Limited Agent
An agent whose duties and obligations to a principal are only those set forth in C.R.S. 12-61-804 or 12-61-805, with any additional duties and obligations agreed to pursuant to section 12-61-803(5).