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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 |
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misfeasance |
The improper doing of an act |
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malfeasance |
the doing of an act that ought not be done at all |
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nonfeasance |
The failure to do an act that ought to be done |
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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 |
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Right of redemption |
The right to take property back. A statutory right to redeem the property even after a foreclosure sale |
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defeasance clause |
A clause in a mortgage providing that the mortgage deed shall be void on payment of the obligation |
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Graduated payment mortgage |
A mortgage under which payments increased gradually or the life of the loan |
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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 |
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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 |
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Reverse mortgage |
Mortgage in which a bank pays a homeowner the equity in the home in exchange for taking title to the home |
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Mortgage takeover |
An agreement by a new owner of real property to pay the former owners mortgage. Also called mortgage assumption |
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Junior mortgage |
A mortgage subject to prior mortgage |
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amortization |
Reducing or decreasing over time. In a loan, it shows how the loan balance is reduced until it is paid off. |
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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 |
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Uniform commercial code |
A uniform law, adopted in every state, that governs various commercial transactions. |
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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 |
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Dummy corporation |
A lawful corporation created to take title assets while safeguarding the corporation owner's identity and liability. |
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Fee tail estate |
Restricts ownership of real property to a particular family bloodline. |
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