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39 Cards in this Set
- Front
- Back
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type of agency practiced in which there is only ever one client |
single agency |
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the law of agency |
the rules of law that apply to the responsibilities of a person who acts as an agent for another |
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a broker's salesperson lists a condo for sale. in this transaction, the salesperson |
acts on behalf of her broker |
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liz pendens |
a pending legal action pendens - pending such as a pending foreclosure may still be before the court, undecided as yet |
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equalization factor |
used to equalize assessment rates between different jurisdictions in a county multiply the assessed amount by the equalization factor to get the equalized assessed value |
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ad valorum |
the levying of tax or customs duties in proportion to the estimated value of the goods or transaction concerned. general real estate taxes |
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MD law states that 1st time home buyers will not pay the State Transfer Tax. |
state transfer tax is reduced from .50% to .25% the seller must pay his portion of the state transfer tax 1st time buyers are purchasers who have never owned property in MD |
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"time is of the essence" means |
that dates are binding and enforceable |
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When contract rights are assigned, |
the original party remains liable for performance |
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a contract for purchase of real estate on an installment basis can be called |
a land contract |
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a contract based upon fraud |
is voidable by the party upon whom the fraud was committed |
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A ratified contract of sale is |
an executory contract |
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Buyer A has stated that his offer will be open for 3 days and decides to cancel it after one day. Is that legal? |
The offer may be withdrawn without penalty. |
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Equitable title |
the interest held by the vendee (buyer) when legal title is held in another's name. |
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Executory |
A contract under which something remains to be done by one or more of the parties - not yet executed B it already ratified |
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voidable |
that which is capable of being adjudged void, but is not void unless action is taken to void it. |
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offer |
A promise by one party to act in a certain manner, provided the other party will act in the manner requested |
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assignment |
a transfer to another of rights, interest, or claim, in or to real or personal property. |
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breach |
the violation of a duty, obligation, or engagement |
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duress |
forcing action or inaction against a person's will |
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consideration |
one of the essential elements of a contract; bargained for and received in return for a promise |
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unilateral contract |
one sided agreement, one party makes a promis to induce a second party to do something with the second party under no obligation to act. |
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property rights of a cooperative ownership are considered |
personal |
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two joint tenants own a building. One dies. the other now owns the building. . . |
in severalty |
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Severalty means |
Ownership in severalty means one person owns the property. Think of the word "severed," separated from, rather than the word "several," meaning more than one. To sever from others |
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In joint tenancy |
you may not pass your interest on to your heirs |
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three people are joint tenants owning real estate. one conveys his interest to his friend. After the conveyance, the first two are. . . . |
joint tenants owning a two thirds interest. The new tenant becomes a tenant in common. |
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tenants by the entirity requires that. . . |
the co-tenants must be husband and wife (or spouses) |
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cooperative |
land and buildings owned by a corporation, which in turn leases space to its shareholders |
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condominiums |
are a system of fee ownership of units in a multi unit structure |
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limited common elements |
are common elements in a condo sub-division, which are limited to certain owners |
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tenancy in common |
a type of co-ownership of real property, held by two or more persons where there is no right of survivorship The ownership can be willed to heirs |
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severalty |
sole ownership - think "severed", not several |
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proprietary lease |
In a cooperative, a lease given by a corporation to its stockholders, to use and enjoy certain units or portions of the property |
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tenancy by the entirety |
an estate held by husband and wife, limited to them by virtue of title acquired jointly after marriage with rights of survivorship |
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time-sharing |
a system of part ownership of real property rights, coupled with a right of exclusive use of the property at specified intervals. |
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joint tenancy |
a type of co-ownership of real property, held by two or more persons, with all co-owners being equally entitled to the use of the land and with the right of survivorship |
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the right of survivorship means |
the surviving owner automatically absorbs a dying owner's share of the property. No owner can leave the estate to an heir
found in joint tenancy and tenancy by entirety |
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community property |
property accumulated through joint efforts of husband and wife |
