Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Bailment |
The relationship that exists from possession (but not ownership) of personal property is transferred to another for specific purpose |
Occurs when someone leaves a car with an auto repair shop to be fixed |
|
|
misfeasance |
The improper doing of an act |
|
|
|
malfeasance |
the doing of an act that ought not be done at all |
|
|
|
nonfeasance |
The failure to do an act that ought to be done |
|
|
|
demurrer |
A pleading used by the defendant to attack the plaintiff's complaint by raising a point of law such as the failure of the complaint state of cause of action |
|
|
|
Right of redemption |
The right to take property back. A statutory right to redeem the property even after a foreclosure sale |
|
|
|
defeasance clause |
A clause in a mortgage providing that the mortgage deed shall be void on payment of the obligation |
|
|
|
Graduated payment mortgage |
A mortgage under which payments increased gradually or the life of the loan |
|
|
|
Equity of redemption |
The right of a mortgagor to redeem the property at any time before the completion of a foreclosure proceeding by paying the amount of the debt interest and costs |
|
|
|
power of sale clause |
A clause in a mortgage allowing the mortgagee to hold a foreclosure cell without involving the court when a default in payment of the mortgage occurs |
|
|
|
Reverse mortgage |
Mortgage in which a bank pays a homeowner the equity in the home in exchange for taking title to the home |
|
|
|
Mortgage takeover |
An agreement by a new owner of real property to pay the former owners mortgage. Also called mortgage assumption |
|
|
|
Junior mortgage |
A mortgage subject to prior mortgage |
|
|
|
amortization |
Reducing or decreasing over time. In a loan, it shows how the loan balance is reduced until it is paid off. |
|
|
|
Retaliatory eviction |
The eviction of a tenant for reporting sanitary or building code violations to the authority |
This type of eviction is illegal in most States today |
|
|
Uniform commercial code |
A uniform law, adopted in every state, that governs various commercial transactions. |
|
|
|
Agent by estoppel |
Authority that comes about when a principal, through some act, makes it appear that an agent has authority when none actually exist. Also called apparent authority |
|
|
|
Dummy corporation |
A lawful corporation created to take title assets while safeguarding the corporation owner's identity and liability. |
|
|
|
Fee tail estate |
Restricts ownership of real property to a particular family bloodline. |
|
