Reading...
Play button
Play button
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;
76 Cards in this Set
- Front
- Back
|
Antitrust Laws
|
Laws that prohibit monopolies and any contracts, combinations, and conspiracies that unreasonably restrain trade—that is, behaviors that interfere with the free flow of goods and services in a competitive marketplace.
|
|
|
Brokerage
|
The business of bringing parties together. A real estate broker is defined as a person licensed to buy, sell exchange, or lease real property for others and to charge a fee for these services.
|
|
|
Commission
|
Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.
|
|
|
Disclaimers
|
A statement indicating no legal responsibility for information; no warranties or representation have been made.
|
|
|
Electronic Contracting
|
A process of integrating information electronically in a real estate transaction between clients, lender, and title and closing agents.
|
|
|
Electronic Signatures in Global and National Commerce Act (E-Sign)
|
An act that makes contracts (including signatures) and records legally enforceable regardless of the medium in which they are created.
|
|
|
Employee
|
Someone who works as a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Social Security taxes from the compensation of employees.
|
|
|
Independent contractor
|
Someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. Unlike an employee, an independent contractor pays for all expenses and social security and income taxes and receives no employee benefits. Most real estate salespeople are independent contractors.
|
|
|
Internet advertising
|
A powerful computer tool for providing information about properties, relocation services, and particular communities; however, state laws do apply.
|
|
|
Internet Listing Display Policy
|
A policy from the National Association of Realtors that allow all MLS members to have equal right to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish.
|
|
|
Minimum Level of Services
|
Some states are requiring that licensees perform some minimum level of service to clients
|
|
|
National Do Not Call Registry
|
A national registry, managed by the Federal Trade Commission, which lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.
|
|
|
Procuring Cause
|
The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.
|
|
|
Ready, Willing and Able Buyer
|
Person who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction.
|
|
|
Uniform Electronic Transactions Act (UETA)
|
Sets forth rules for entering into an enforceable contract using electronic means.
|
|
|
Buyer agency agreement
|
A principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.
|
|
|
Exclusive-right-to-sell listing
|
A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property on the owner’s stated terms and agrees to pay the broker a commission when the property is sold, whether by the broker, the owner, or another broker.
|
|
|
Exclusive-agency listing
|
A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property, on the owner’s stated terms, for a commission. The owner reserves the right to sell without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the broker.
|
|
|
Multiple Listing Service (MLS)
|
A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could on their own. Most multiple listing services accept exclusive –right-to-sell or exclusive-agency listings from their member brokers.
|
|
|
Net Listing
|
A listing based on the net price the seller will receive is the property is sold. Under a net listing, the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.
|
|
|
Open Listing
|
A listing contract under which the broker’s commission is contingent on the broker’s producing a ready, willing and able buyer before the property is sold by the seller or another broker.
|
|
|
Appurtenant easement
|
An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land
|
|
|
Avulsion
|
The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.
|
|
|
Condemnation
|
The process by which the government exercised the right of eminent domain, by either judicial or administrative proceedings.
|
|
|
Covenants, Conditions and Restrictions (CC&R’s)
|
Private agreements that affect land use. They may be enforced by an owner of real estate and included in the seller’s deed to the buyer.
|
|
|
Deed restrictions
|
Clauses in a deed limiting the future uses of property. Deed restrictions may impose a vast variety of limitations and conditions—for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes of even from being used at all.
|
|
|
Easement
|
A right to use land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land.
|
|
|
Easement by necessity
|
An easement allowed by law as necessary for the full enjoyment of a parcel of real estate (e.g., a right of ingress and egress over a grantor’s land)
|
|
|
Easement by prescription
|
An easement that is acquires when a claimant has used another’s land for 10 to 21 years. The use must be visible, open and notorious.
|
|
|
Easement in gross
|
An individual or company inters in or right to use another’s land
|
|
|
Eminent Domain
|
The government’s right to acquire privately owned real estate for a public or economically beneficial use through condemnation or just compensation
|
|
|
Encroachment
|
A building or some portion of it—a wall or fence, for instance—that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley.
|
|
|
Encumbrance
|
A claim, charge or liability that attaches to real estate. Liens and CC&R’s are two types of encumbrances.
|
|
|
Escheat
|
The reversion of property to the state or country, as provided by state law, in cases where a descendent dies interstate without heirs capable of inheriting, or when the property is abandoned
|
|
|
Estate in land
|
The degree, quantity, nature and extent of interest a person has in real property.
|
|
|
Fee simple
|
The highest estate recognized by law
|
|
|
Fee simple absolute
|
The maximum possible estate or right of ownership of real property, continuing forever
|
|
|
Fee simple defeasible
|
A qualified estate subject to occurrence or nonoccurrence of some specified event
|
|
|
Fee simple determinable
|
A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during.
|
|
|
Fee simple subject to a condition subsequent
|
If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.
|
|
|
Freehold estate
|
An estate in land in which ownership is for an intermediate length of time, in contrast to a leasehold estate.
|
|
|
Future Interest
|
A person’s present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right of re-entry.
|
|
|
Homestead
|
Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgments for debts.
|
|
|
Legal life estate
|
A form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur such as Dower and Curtest and homestead (in some states)
|
|
|
License
|
A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. The revocable permission for a temporary use of land—a personal right that cannot be sold.
|
|
|
Lien
|
A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually through means of a court sale.
|
|
|
Life Estate
|
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
|
|
|
Littoral Rights
|
(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.
|
|
|
Police power
|
The government’s right to impose laws, statutes and ordinances, including zoning ordinances and building codes, to protect the public health, safety and welfare.
|
|
|
Prior Appropriation
|
A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.
|
|
|
Pur autre vie
|
Means “For the life of another” in French. A life estate measured by the life of a person other than the grantee.
|
|
|
Remainder Interest
|
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
|
|
|
Reversionary Interest
|
The remnant of an estate that the grantor holds after granting to the lessor at the expiration of a lease.
|
|
|
Riparian Rights
|
An owner’s rights in land that borders on or includes a stream, river or lake. These rights include access to and use of the water.
|
|
|
Taxation
|
The process by which a government or municipal quasi-public body raises monies to fund its operation.
|
|
|
Common Elements
|
Parts of property that are necessary of convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
|
|
|
Community Property
|
A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in the western U.S. states; the system was unknown under English common law.
|
|
|
Condominium
|
The absolute ownership of a unit in a multiunit building based on a legal description of the air-space the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.
|
|
|
Cooperative
|
A residential multiunit building whose title is held by a trust or corporation that is owned that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease.
|
|
|
Co-ownership
|
Title ownership held by two or more persons.
|
|
|
Corporation
|
An entity or organization, created by operation of law, whose rights of doing business is essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.
|
|
|
General Partnership
|
A typical form of joint venture in which each general partner share in the administration, profits, and losses of the operation.
|
|
|
Joint Tenancy
|
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the descendant’s interest passes to the surviving joint tenant or tenants by the right of survivorship.
|
|
|
Limited Liability Company (LLC)
|
A form of business organization that combines the most attractive features of limited partnerships and corporations.
|
|
|
Limited Partnership
|
A business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments.
|
|
|
Partition
|
The division of cotenants’ interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through court procedures.
|
|
|
Partnership
|
An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law, a partnership is regarded as a group of individuals rather than as a single entity.
|
|
|
PITT
|
Joint tenancy, where tenants enjoy the four unities: possession, interest, time and title.
|
|
|
Right of Survivorship
|
Joint tenancy is the right of survivorship. Upon the death of a joint tenant, the deceased’s interest transfers directly to the surviving joint tenant or tenants.
|
|
|
Separate Property
|
Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage.
|
|
|
Severalty
|
Ownership of real property by one person only; also called sole ownership.
|
|
|
Tenancy by the Entirety
|
The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.
|
|
|
Tenancy in Common
|
A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have rights of inheritance.
|
|
|
Time-share
|
A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.
|
|
|
Town house
|
A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall or walls. Title to the unit and lot vest in the owner who shares a fractional interest with other owners for the common areas.
|
|
|
Trust
|
A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.
|
