Shared Flashcard Set

Details

RE LEGAL TERMS
RE Legal Unit Terms
310
Real Estate & Planning
Professional
06/23/2017

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
answer
Definition
Explains the position of the defendant and his or her view on the plaintiff’s allegations
Term
arbitration
Definition
Process in which the parties (and/or their attorneys) present their cases to an arbitrator, who renders a decision
Term
black letter law
Definition
Words committed to paper that govern
Term
civil law
Definition
Body of law imposed by the state or government for its citizens
Term
codify
Definition
Compile, arrange, systemize, and write the laws of a given region into a code
Term
common law
Definition
Body of law based on custom and judicial precedent rather than on codified statutes
Term
compensatory damage
Definition
Damages designed to compensate the injured party for the injury that was sustained
Term
complaint
Definition
Summarizes the plaintiff’s case against the defendant including the actual harm done and the demand for compensation for damages incurred
Term
criminal law
Definition
Law that concerns wrongs against persons or society.
Term
defendant
Definition
Person who is being sued
Term
default judgment
Definition
Occurs when a defendant in a lawsuit fails to respond to a complaint and the court then rules in favor of the plaintiff by default
Term
deposition
Definition
Live, oral testimony under oath
Term
law
Definition
Body of rules and principles that every member of society must follow
Term
litigation
Definition
Process of bringing a lawsuit against someone.
Term
mediation
Definition
Process in which a neutral, uninterested third party helps the parties involved in a dispute to negotiate a settlement or other resolution
Term
plaintiff
Definition
Person filing the civil suit in a court of law
Term
precedent
Definition
Concept of looking back at cases previously decided and following those decisions for the sake of consistency and fairness.
Term
remedy
Definition
Compensating the plaintiff for any injuries incurred
Term
summons
Definition
Written request that establishes the plaintiff’s position in filing a complaint and calls for the defendant to answer or appear in court
Term
tort
Definition
Legal wrong for which civil remedies for injuries or damages are provided
Term
air rights
Definition
Rights to the air space above the property
Term
appropriative water rights
Definition
Right to take riparian surface water for a beneficial use on non-adjacent property
Term
appurtenances
Definition
All rights, privileges, and improvements that belong to and pass with the transfer of the property, but that are not necessarily a part of the actual property
Term
benchmark
Definition
Survey reference mark made on a monument indicating a known location and elevation
Term
block
Definition
Contiguous group of lots generally bounded by man-made features, such as streets or natural features, such as creeks
Term
bundle of rights
Definition
All legal rights attached to the ownership of property
Term
emblements
Definition
Annual crops cultivated by tenant farmers and sharecroppers
Term
fixture
Definition
Anything permanently attached to real property
Term
fructus industriales
Definition
Annual crops produced by human labor, such as fruits, nuts, vegetables, and grains
Term
fructus naturales
Definition
Naturally occurring plant growth, such as grasses, trees, and shrubs as part of the real property
Term
groundwater
Definition
Water beneath the surface of the land filling the spaces and cavities between the rocks and soil
Term
lateral support
Definition
Landowners’ right to have their land in its natural condition held in place from the sides by adjoining land so that it will not fall away
Term
legal description
Definition
Written description of a particular parcel of land identifying it as precisely as possible
Term
lot
Definition
Single parcel of land within a subdivision
Term
metes and bounds
Definition
Oldest method used to describe real property
Term
personal property
Definition
Moveable items not permanently attached to land
Term
plat
Definition
Subdivision map showing the location and boundaries of lots, street rights-of-way, project name, and easements
Term
point of beginning
Definition
Point from which a metes and bounds survey begins
Term
real property
Definition
Land, anything permanently attached to the land, anything appurtenant to the land, or anything immovable by law
Term
riparian rights
Definition
Right of an owner of property bordering a surface water source to use the water
Term
subjacent support
Definition
Absolute right of the property owner to have his or her land supported from beneath its surface
Term
subsurface rights
Definition
Rights to the natural resources, such as minerals, oil, and gas below the surface
Term
survey
Definition
Professional measurement of a tract of land with its boundaries, contents, and location relative to other property
Term
township
Definition
Grid of square, each six miles by six miles (36 square miles)
Term
usufructuary rights
Definition
Rights limited to reasonable and beneficial use
Term
interest
Definition
Various rights, privileges, powers, and immunities with respect to real property
Term
possessory interest
Definition
Present right to physically occupy land and to exclude others from that same land
Term
present interest
Definition
Interest in land that can be exercised by the owner today
Term
future interest
Definition
Interest that cannot be exercised today, but which might be exercised in the future
Term
estate
Definition
The quantity, quality, degree, and nature of a person’s interest in real property that may become possessory
Term
freehold estate
Definition
Estate with indefinite duration or that is measured by the length of someone’s life
Term
nonfreehold estate
Definition
Estate with a fixed or determinable duration
Term
fee simple absolute
Definition
Freehold estate that includes all rights to sell, exclude others, finance, and do any other thing with real property allowed by law
Term
fee simple determinable
Definition
Freehold estate with present possessory interest in a grantee with a reversionary interest in the grantor
Term
life estate
Definition
Freehold interest that allows the owner to live on a parcel until death, but that cannot be bequeathed via a will
Term
periodic tenancy
Definition
Leasehold interest for an indefinite period of time
Term
tenancy for years
Definition
Leasehold interest with a fixed term and definite end date
Term
encumbrance
Definition
Interest in real property that is held by someone who is not the owner
Term
financial encumbrances
Definition
Encumbrance that affects title to property
Term
judgment creditor
Definition
Party to a lawsuit who obtains a money judgment against the other party
Term
abstract of judgment
Definition
One-page, recordable document that contains information about a court judgment
Term
writ of execution
Definition
Document directing the sheriff to commence a lien-sale of a parcel of real property
Term
non-financial encumbrance
Definition
Encumbrance that affects the physical use or condition of the property
Term
easement
Definition
Interest for use owned by one person in the land of another person
Term
dominant tenement
Definition
Land benefiting from an easement
Term
servient tenement
Definition
Land burdened by an easement
Term
license
Definition
Permissive use of land that is freely revocable by the grantor
Term
appurtenant easement
Definition
Easement that “runs with the land
Term
easement in gross
Definition
Easement that is a personal right of one person to use land owned by another
Term
profit-à-prendre
Definition
Right to enter another’s land to remove soil, substances of the soil, or other resource
Term
CC&Rs
Definition
Rules and regulations established for a parcel of land and accepted by the owner when the property is purchased or transferred
Term
covenant
Definition
Promise that a certain act will, or will not, be performed
Term
condition
Definition
Limitation imposed by a grantor in a deed that can cause the ownership of the property to revert to the grantor who imposes the condition if the condition is not satisfied
Term
homestead property
Definition
Home, occupied by a family, exempt from the claims of unsecured creditors
Term
Declaration of Homestead
Definition
Recorded notice to protect the equity in a home from forced sale by unsecured creditors
Term
abatement
Definition
Legal process used to remove nuisances and code violations
Term
allowed uses
Definition
Activities permitted within a zoning district as a matter of right
Term
categorical exclusion
Definition
Statutory exemption under the NEPA process given to small projects having no impact on the environment
Term
CEQA
Definition
California law providing a three-tiered environmental analysis of all projects subject to its application
Term
coastal zone
Definition
Area of land that reaches from three miles at sea to an inland boundary varying from a few blocks in urban areas to about five miles in less- developed areas
Term
conditional uses
Definition
Activities not allowed in a zoning district as a matter of right, but that can be allowed if the owner gets a special permit
Term
discretionary projects
Definition
Projects a decision-maker has the authority to approve, to approve with conditions, or to deny
Term
eminent domain
Definition
Power given government agencies to take private property for public use or purpose
Term
environmental impact report
Definition
Report required by CEQA regarding projects potentially having significant environmental impacts
Term
environmental impact statement
Definition
Detailed evaluation required by NEPA regarding the environmental impact of a proposed development
Term
final map
Definition
Map recorded in the county where the property is located
Term
general plan
Definition
The constitution for land use in each city and county in California
Term
height limits
Definition
How tall buildings can be above the average grade
Term
legally nonconforming use
Definition
An existing activity allowed to continue despite a change in the zoning of a parcel
Term
ministerial projects
Definition
Permits or entitlements an applicant has an absolute right to receive
Term
negative declaration
Definition
A finding by state or local agency that a proposed project will not have the potential to cause significant impacts to the environment
Term
NEPA
Definition
Federal law requiring federal agencies to consider the environmental effects of their decisions
Term
police power
Definition
Government’s authority to regulate the health, safety, welfare, and morals of its citizens
Term
prohibited use
Definition
Any uses not listed as either allowed or conditional
Term
public restrictions
Definition
Limitations on use of real property associated with government intervention
Term
setbacks
Definition
Limit on how close a structure can be built to neighboring property lines
Term
spot zoning
Definition
Zoning changed for a single parcel without considering the larger planning context
Term
tentative map
Definition
Map showing the conceptual design of the proposed subdivision and the improvements that will go along with it
Term
variance
Definition
Allowing a use not strictly in compliance with local zoning or building regulations
Term
zoning
Definition
Ordinance dividing a city or county into different districts, identifying what uses can and cannot be made on each parcel
Term
zoning districts
Definition
Areas showing all of the possible classifications that might be given to any particular parcel of land
Term
adjoining landowners
Definition
Persons owning lands that share common boundaries and therefore have mutual rights, duties, and liabilities
Term
agreed boundary line
Definition
Adjoining owners of property with an uncertain boundary set a new boundary line
Term
boundary line
Definition
Artificial or natural perimeter of a parcel of land, separating it from adjacent parcels of land
Term
continuing trespass
Definition
Permanent invasion on another’s rights
Term
division fence
Definition
Fence lying exactly on the boundary line separating two properties
Term
light, air, and view easement
Definition
Negative easement created by grant preventing servient landowner from building a structure or planting trees that would prevent sunlight or air from reaching the dominant estate
Term
line trees
Definition
Trees or hedges whose trunks grow on the boundary line
Term
nuisance
Definition
Activity remaining outside the property that substantially interferes with a person’s reasonable use and enjoyment of his or her property
Term
nuisance per se
Definition
Nuisance by statute or based on case law
Term
party wall
Definition
Partition erected on a property boundary providing common support to the structures on both sides of the boundary
Term
private nuisance
Definition
Nuisance affecting only a few people
Term
public nuisance
Definition
Nuisance annoying the whole community in general
Term
solar easement
Definition
Easement for the purpose of receiving sunlight across real property of another for any solar energy system
Term
spite fence
Definition
Fence exceeding 10 feet in height erected for the purpose of annoying a neighbor
Term
trespass
Definition
Intentional and unauthorized entry upon another’s real property
Term
CID
Definition
Project combining individual ownership of private dwellings with an interest in common with other owners
Term
community property
Definition
Form of concurrent property ownership that exists only between spouses
Term
condominium
Definition
Undivided interest in common in a portion of real property coupled with a separate interest in space called a unit
Term
cooperative
Definition
Form of CID in which a corporation holds title to all of the real property and owners purchase shares of stock in that corporation
Term
corporation
Definition
Legal entity viewed as a legal person (has rights) but not a natural person (has body)
Term
general partnership
Definition
Business entity established by two or more individuals or businesses, which join to operate a business for profit
Term
interval ownership
Definition
Timeshare ownerships
Term
joint tenancy
Definition
Form of concurrent ownership providing for automatic survivorship to the other cotenants upon death
Term
PD
Definition
Community of clustered single-family detached residences, townhouses, garden apartments, and other types of residences, with ample open space, community recreational facilities, and sometimes local shopping and employment centers
Term
quasi-community property
Definition
Property acquired outside of California that would be community property if acquired in California
Term
severalty
Definition
Ownership of a parcel of real property by only one person or entity
Term
tenancy
Definition
Mode or method of ownership or holding title to property
Term
tenancy in common
Definition
Ownership by two or more persons, whose interests are not necessarily equal, in a single estate
Term
title vesting
Definition
Evidence that the owner of land is in lawful possession; it is the proof of ownership
Term
undivided interest
Definition
Interest held under the same title by two or more people or entities, whether their rights are equal or unequal in value or quantity
Term
alienation
Definition
Voluntarily or involuntarily transferring or conveying property to another
Term
deed
Definition
Written instrument used to immediately transfer title to real property from one person to another
Term
granting clause
Definition
Words of purchase, such as grants, conveys, transfers, or sells Deed with no warranties
Term
gift deed
Definition
Deed whose consideration is love and affection
Term
involuntary alienation
Definition
Transfer of property against the wishes of the owner
Term
foreclosure
Definition
Legal procedure lenders use to terminate the trustor’s or mortgagor’s rights in real property to satisfy their liens
Term
trustee’s sale
Definition
Foreclosure method taking approximately four months
Term
judicial foreclosure
Definition
Procedure lender uses to sell a mortgaged property with the involvement of a court
Term
deficiency judgment
Definition
Personal judgment against a borrower for the balance of a debt owed when the security for the loan is insufficient to pay the debt
Term
partition action
Definition
Court proceeding to settle a dispute between co-owners by dividing their interests in real property
Term
quiet title action
Definition
Court proceeding to establish an individual’s right to ownership of real property against one or more adverse claimants
Term
tax sale
Definition
Forced sale of real property by the county to satisfy delinquent taxes
Term
execution sale
Definition
Forced sale of property to satisfy a money judgment
Term
eminent domain
Definition
Power of the government to take private property for public use
Term
escheat
Definition
Property reverts to the state because the deceased owner left no will and has no legal heirs
Term
holographic will
Definition
Will entirely in the handwriting of the testator
Term
codicil
Definition
Later testamentary instrument that supplements validity or disposition of an earlier will
Term
probate
Definition
Legal process to prove that a will is valid
Term
executor
Definition
Person named in a will to administer it
Term
settlor
Definition
Person who sets up a trust on behalf of a beneficiary
Term
inter vivos
Definition
Trust in which the settlor is still alive when the trust is established
Term
intestate
Definition
Term describing a person who dies without leaving a valid will issue Descendants of the testator
Term
per stirpes
Definition
Method of dividing property among the descendants of someone who has died intestate
Term
adverse possession
Definition
Obtaining title by occupying land for a statutory time period without the permission of the owner
Term
accretion
Definition
Gradual enlargement of land through the accumulation of sediment
Term
avulsion
Definition
Sudden, perceptible loss of land
Term
constructive notice
Definition
Notice given by recording a document
Term
priority
Definition
Order in which deeds are recorded
Term
Business & Professions Code
Definition
Portion of codified California law covering real estate professionals
Term
Real Estate Law
Definition
Law that affects the licensing and conduct of real estate brokers and salespeople
Term
Real Estate Commissioner
Definition
Head of the Bureau of Real Estate
Term
payment of child support
Definition
If not paid by an obligor, his or her license will be suspended
Term
Recovery Account
Definition
Account to pay otherwise uncollectible court judgments against licensees who have committed fraud or misrepresentation in a real estate transaction
Term
real estate broker
Definition
Person with a real estate license who can employ someone who holds a salesperson or a broker license
Term
agent
Definition
Role of a broker to his or her client
Term
branch office
Definition
Any business location other than the main office
Term
DBA
Definition
Acronym for a fictitious business name
Term
restricted license
Definition
Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing
Term
eLicensing Interactive
Definition
online system used for license renewal and change transactions
Term
Order to Desist and Refrain
Definition
Court-ordered demand that prohibits a business or individual from carrying on a particular activity
Term
Administrative Law Judge
Definition
Person who makes recommendations to the Commissioner concerning discipline, after a formal hearing
Term
commingling
Definition
Mixing of the principal’s funds with the broker’s own
Term
secret profits
Definition
Money obtained by buying property from a client and reselling it quickly to someone else, rather than allowing the client to reap the benefits of the greater sale
Term
moral turpitude
Definition
Conduct considered contrary to community standards of justice, honesty, or good morals
Term
false advertising
Definition
Promoting sales with inaccurate information
Term
blockbusting
Definition
Term for inducing panic sales
Term
referral fees
Definition
Money paid illegally in exchange for generation of business
Term
solicitation materials
Definition
Business cards, stationery, advertising fliers, and other materials designed to solicit a professional relationship between the licensee and a consumer
Term
agency
Definition
Legal relationship in which a principal authorizes an agent to act as the principal’s representative when dealing with third parties
Term
fiduciary
Definition
relationship Implies a position of trust and confidence
Term
agent
Definition
Person who has the authority to act on the behalf of another, representing the business interests of that person
Term
principal
Definition
Client who gives authority to an agent to represent his or her interests in dealing with third parties
Term
third party
Definition
Customer who may be affected by the terms of an agreement but who is not a part of the agreement
Term
general agency
Definition
Relationship in which a principal delegates ongoing tasks or duties to an agent under his or her employ
Term
special agency
Definition
Relationship in which a principal delegates limited tasks or specific duties to an agent under his or her employ
Term
cooperating broker
Definition
Selling agent who assists another broker by finding a buyer
Term
dual agent
Definition
Broker acting as agent for both the seller and the buyer in the same transaction
Term
sales associate
Definition
Licensed real estate salesperson or broker whose license is held by an employing licensed broker
Term
right to control
Definition
How much direction the broker exercises over the person the broker has hired
Term
power of attorney
Definition
Written document that gives a person legal authority to act on behalf of another person
Term
ratification
Definition
Acceptance of an act already performed
Term
estoppel
Definition
Legal bar that prevents a person from asserting facts or rights that are not consistent with what was implied by the person’s previous behavior
Term
obedience
Definition
Willingness to follow the orders of others
Term
confidentiality
Definition
Discretion in holding privileged information
Term
material fact
Definition
Any fact that would seem likely to affect the judgment of the principal in giving consent to the agent to enter into the particular transaction on the specified terms
Term
misrepresentation
Definition
Making a false statement or concealing a material fact
Term
respondeat superior
Definition
“Let the superior answer.”
Term
Indemnification Protect
Definition
against damage, loss, or injury, or to make compensation for damage, loss, or injury
Term
Civil Rights Act of 1866
Definition
First federal law outlawing discrimination on the basis of race
Term
Thirteenth Amendment
Definition
Part of the Constitution that outlawed slavery and allows Congress to pass laws prohibiting private acts of race discrimination
Term
restrictive covenant
Definition
Clauses in deeds that prohibited the sale of real property to members of certain races or religious groups
Term
Fourteenth Amendment
Definition
Part of the Constitution that includes the Due Process Clause and the Equal Protection Clause
Term
Commerce Clause
Definition
Provision of the Constitution giving Congress the authority to regulate commerce among the several states
Term
Jones v. Mayer
Definition
Court case that upheld the 1866 Civil Rights Act
Term
Civil Rights Act of 1968
Definition
Act that expanded protected classes to include not only race, but also color, religion, sex, and national origin
Term
protected class
Definition
Group that is guarded from discrimination under federal or state law
Term
Fair Housing Act
Definition
Title VIII of the Civil Rights Act of 1968 and the Fair Housing Amendments Act of 1988, taken together
Term
familial status
Definition
Relationship of people in a family
Term
redlining
Definition
Practice of not making loans for property in certain neighborhoods, or to members of certain minority groups
Term
steering
Definition
Practice of directing members of certain racial or ethnic groups to certain neighborhoods
Term
Equal Housing Opportunity Poster
Definition
Document that displays the equal housing logo
Term
Americans with Disabilities Act
Definition
Federal law requiring that persons with handicaps be given equal access to goods and services
Term
public accommodation
Definition
Any private entity that owns, operates, or leases a place open to the public if the operation of that place affects commerce
Term
reasonable accommodation
Definition
Change in a business’ policies, practices, or procedures if necessary to afford persons with disabilities the enjoyment of goods, services, or accommodations
Term
Fair Employment and Housing Act
Definition
California law that prohibits discrimination by employers and in real estate sales and rentals
Term
police power
Definition
California Legislature’s authority to pass any law that it believes is necessary to protect its citizens’ health, safety, welfare, or morals
Term
Unruh Civil Rights Act California
Definition
law providing that all persons in California are free and equal and entitled to the full and equal accommodations by all business establishments
Term
Regulation 2780
Definition
Commissioner’s Regulation prohibiting licensees to violate fair housing laws
Term
monopoly
Definition
Person or group with exclusive control over a product or service within a given region
Term
horizontal arrangements
Definition
Business agreements between competitors
Term
price fixing
Definition
Agreement of one or more persons to set prices for goods or services
Term
group boycotting
Definition
Deliberate exclusion of a particular business or group from the benefits of competition
Term
market division
Definition
Two or more competing businesses agree to allocate the market among themselves
Term
tying
Definition
Illegal action requiring buyers to purchase one product or service in order to obtain another product or service
Term
Sherman Antitrust Act
Definition
Basic federal antitrust statute
Term
Clayton Antitrust Act
Definition
Antitrust act enacted to supplement the Sherman Antitrust Act
Term
Federal Trade Commission Act
Definition
Federal law enacted to protect the public from anti-competitive acts
Term
Unfair Competition Law
Definition
California’s most frequently used consumer protection statute found in the B&P Code, Section 16720 established business relationship Caller had a transaction with the receiver within the last 18 months; or the customer has made an inquiry with the caller’s firm in the last 3 months
Term
commercial email message
Definition
Any electronic mail message with the primary purpose of which is the commercial advertisement or promotion of a commercial product or service
Term
transactional email messages
Definition
Emails sent as part of an ongoing commercial transaction
Term
Equal Credit Opportunity Act
Definition
Act ensuring that consumers have an equal chance to obtain credit
Term
Regulation B
Definition
Regulation that implements the provisions of the Equal Credit Opportunity Act
Term
Fair Credit Reporting Act
Definition
Act promoting the accuracy of information collected by credit reporting agencies
Term
Truth in Lending Act
Definition
Federal law requiring consumer loan agreements in which a security interest is acquired by the lender to contain certain disclosures
Term
Regulation Z
Definition
Regulation that implements the Truth in Lending Act
Term
creditor
Definition
Lender who regularly makes real estate loans secured by a dwelling and whose loans are subject to a finance charge
Term
finance charge
Definition
Amount charged to the consumer for the credit
Term
annual percentage rate
Definition
Relative cost of credit expressed as a yearly rate
Term
right to rescind
Definition
Right to cancel a real estate loan
Term
Holden Act
Definition
California law referred to as the “fair lending law”
Term
redlining
Definition
Illegal use of a property location to deny financing or insurance
Term
settlement
Definition
Process by which ownership of real property or title to the property is passed from seller to buyer
Term
contract
Definition
Agreement to do or not to do a certain thing
Term
unilateral contract
Definition
Contract in which the offeror bargains for the performance of an act as the acceptance of the offer
Term
bilateral contract
Definition
Contract in which the promises mutually exchanged by each party constitute the consideration for the contract
Term
competence
Definition
Element of all valid contracts that requires the parties to be over 18, of sound mind, and not deprived of civil rights
Term
minor Person
Definition
under the age of 18
Term
offer Proposal
Definition
indicating a present intent by the person making the proposal to be bound by a contract
Term
lapse of time
Definition
Way an offer is deemed to be terminated because the offeree failed to respond within a reasonable period after the offer
Term
acceptance
Definition
Manifestation on the part of the offeree to agree to the terms of an offer unconditionally
Term
counteroffer
Definition
Response to an offer that changes some term of the offer
Term
mailbox rule
Definition
Exception to the rule that an offer must be communicated to an offeree, making an acceptance binding upon deposit in the U.S. Mail
Term
consideration
Definition
Any benefit conferred upon the promisor in a contract that will support the formation of a contract
Term
valid contract
Definition
Contract with all required elements and is therefore binding and enforceable
Term
parol evidence
Definition
Oral statements made during the negotiation of a contract that are “merged” into a written agreement upon its execution
Term
condition precedent
Definition
Event, which if it occurs, excuses one party from further obligations to perform under a contract
Term
condition subsequent
Definition
Something that must happen before one party to a contract is obligated to perform
Term
liquidated damages
Definition
Term in a contract by which the parties agree that if one party breaches the agreement, their liability is limited to a specific amount
Term
mutual rescission
Definition
All parties to a contract agree to cancel the agreement and put themselves back where they started
Term
breach
Definition
Failure by one party to comply with his or her obligations under a contract
Term
statute of limitations
Definition
Time limit for someone to file a lawsuit or be forever barred from enforcing a legal right in court
Term
laches
Definition
Flexible time limit within which someone must seek an equitable remedy from a court
Term
unauthorized practice of law
Definition
Misdemeanor under Business and Professions Code §6125
Term
contra proferentem
Definition
Ambiguous terms in a contract should be interpreted against the party drafting the document
Term
electronic record
Definition
Record created, generated, sent, communicated, received, or stored by electronic means
Term
electronic signature
Definition
Electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record
Term
listing agreement
Definition
Written contract by which a principal, or seller, employs a broker to sell real estate
Term
no deal, no commission clause
Definition
Clause expressly stating that no commissions are paid unless the property actually sells
Term
procuring cause
Definition
Person responsible for the ultimate sale of real property so as to be entitled to a commission
Term
safetyclause
Definition
Clause protecting listing broker’s commission, if the owner personally sellsthe property to someone who was shown the property or made an offerduring the term of the listing
Term
exclusive agency listing
Definition
Listing in which the broker is entitled to a fee only if the seller does not find a buyer on his or her own
Term
open listing
Definition
Listing, not exclusive to one broker
Term
net listing
Definition
Listing between a broker and a seller setting the broker’s fee above a certain minimum amount
Term
buyer representation agreement
Definition
Employment contract between a buyer and a broker
Term
purchase agreement
Definition
Original purchase contract between the buyer and seller
Term
option
Definition
Contract to keep an offer open for a set period of tim
Term
optionee
Definition
Person who wants to purchase or lease property under an option
Term
red flag
Definition
Something that alerts a reasonably observant person of a potential problem
Term
material facts
Definition
Items that would affect the value or desirability of the property
Term
Agency Relationship Disclosure Act
Definition
Act clarifying the relationships between sellers, brokers, and buyers
Term
caveat emptor
Definition
Let the buyer beware
Term
Real Estate Transfer Disclosure Statement
Definition
Detailed statement telling what the seller knows about the condition of the property
Term
Natural Hazard Disclosure Statement
Definition
Prescribed statement warning prospective buyers about 6 specific hazards that may limit the ability to develop the real property, to obtain insurance, or to receive assistance after a disaster
Term
flood hazard boundary maps
Definition
Maps identifying general flood hazards within a community
Term
inundation map
Definition
Map indicating areas that may flood as the result of a dam failure
Term
fault creep
Definition
Movement along an earthquake fault caused by stress and/or earthquake shaking
Term
asbestos
Definition
Mineral fiber that causes lung and stomach cancer
Term
radon
Definition
Colorless cancer-causing gas detected with a spectrometer
Term
lead
Definition
Mineral that causes major health problems, especially learning disabilities
Term
formaldehyde
Definition
Chemical organic compound found in building materials, which may be a carcinogen
Term
hazardous waste
Definition
Chemicals, explosives, radioactive, or biological materials whose disposal is regulated by the EPA
Term
household hazardous waste
Definition
Consumer products (paints, cleaners, stains, varnishes, car batteries, motor oil, and pesticides) containing hazardous components
Term
mold
Definition
Fungus that reproduces by means of spores
Term
ordnance
Definition
Military weapons and ammunition
Term
Mello-Roos District
Definition
Area with a special assessment imposed on real property owners within a Community Facilities District
Term
common interest development
Definition
Name for community apartment project, condominium project, planned development, or stock cooperative
Term
R-value
Definition
Resistance to heat loss
Term
tenancy
Definition
Renter’s right to take exclusive possession and use of the owner’s rental unit in consideration for rent
Term
rental unit
Definition
Owner’s house, duplex, condominium, or apartment made available to a renter
Term
periodic rental agreement
Definition
Month-to-month rental agreement
Term
rental period
Definition
Length of time (days, weeks, months) between the rent payments
Term
lease
Definition
Rental agreement with a predetermined length of time
Term
security deposit
Definition
Refundable deposit that the landlord requires the tenant to pay at the beginning of the tenancy
Term
implied warranty of habitability
Definition
Requirement of landlords to maintain their rental units in a condition that substantially complies with state and local building, health, and safety codes
Term
sublease
Definition
Arrangement in which a lessee rents his or her leasehold interest to another party
Term
assignment
Definition
Transfer of the entire leasehold estate to a new person
Term
three- day notice
Definition
Notice instructing tenant to either leave the rental unit or comply with theterms of the rental agreement
Term
unlawful detainer action
Definition
Lawsuit to remove a tenant and return the rental unit to its owner
Term
writ of possession
Definition
document issued by the court commanding the tenant to leave the premises within five days
Supporting users have an ad free experience!