Term
|
Definition
| Explains the position of the defendant and his or her view on the plaintiff’s allegations |
|
|
Term
|
Definition
| Process in which the parties (and/or their attorneys) present their cases to an arbitrator, who renders a decision |
|
|
Term
|
Definition
| Words committed to paper that govern |
|
|
Term
|
Definition
| Body of law imposed by the state or government for its citizens |
|
|
Term
|
Definition
| Compile, arrange, systemize, and write the laws of a given region into a code |
|
|
Term
|
Definition
| Body of law based on custom and judicial precedent rather than on codified statutes |
|
|
Term
|
Definition
| Damages designed to compensate the injured party for the injury that was sustained |
|
|
Term
|
Definition
| Summarizes the plaintiff’s case against the defendant including the actual harm done and the demand for compensation for damages incurred |
|
|
Term
|
Definition
| Law that concerns wrongs against persons or society. |
|
|
Term
|
Definition
|
|
Term
|
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
|
Definition
| Live, oral testimony under oath |
|
|
Term
|
Definition
| Body of rules and principles that every member of society must follow |
|
|
Term
|
Definition
| Process of bringing a lawsuit against someone. |
|
|
Term
|
Definition
| Process in which a neutral, uninterested third party helps the parties involved in a dispute to negotiate a settlement or other resolution |
|
|
Term
|
Definition
| Person filing the civil suit in a court of law |
|
|
Term
|
Definition
| Concept of looking back at cases previously decided and following those decisions for the sake of consistency and fairness. |
|
|
Term
|
Definition
| Compensating the plaintiff for any injuries incurred |
|
|
Term
|
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
|
Definition
| Legal wrong for which civil remedies for injuries or damages are provided |
|
|
Term
|
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
|
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
|
Definition
| Survey reference mark made on a monument indicating a known location and elevation |
|
|
Term
|
Definition
| Contiguous group of lots generally bounded by man-made features, such as streets or natural features, such as creeks |
|
|
Term
|
Definition
| All legal rights attached to the ownership of property |
|
|
Term
|
Definition
| Annual crops cultivated by tenant farmers and sharecroppers |
|
|
Term
|
Definition
| Anything permanently attached to real property |
|
|
Term
|
Definition
| Annual crops produced by human labor, such as fruits, nuts, vegetables, and grains |
|
|
Term
|
Definition
| Naturally occurring plant growth, such as grasses, trees, and shrubs as part of the real property |
|
|
Term
|
Definition
| Water beneath the surface of the land filling the spaces and cavities between the rocks and soil |
|
|
Term
|
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
|
Definition
| Written description of a particular parcel of land identifying it as precisely as possible |
|
|
Term
|
Definition
| Single parcel of land within a subdivision |
|
|
Term
|
Definition
| Oldest method used to describe real property |
|
|
Term
|
Definition
| Moveable items not permanently attached to land |
|
|
Term
|
Definition
| Subdivision map showing the location and boundaries of lots, street rights-of-way, project name, and easements |
|
|
Term
|
Definition
| Point from which a metes and bounds survey begins |
|
|
Term
|
Definition
| Land, anything permanently attached to the land, anything appurtenant to the land, or anything immovable by law |
|
|
Term
|
Definition
| Right of an owner of property bordering a surface water source to use the water |
|
|
Term
|
Definition
| Absolute right of the property owner to have his or her land supported from beneath its surface |
|
|
Term
|
Definition
| Rights to the natural resources, such as minerals, oil, and gas below the surface |
|
|
Term
|
Definition
| Professional measurement of a tract of land with its boundaries, contents, and location relative to other property |
|
|
Term
|
Definition
| Grid of square, each six miles by six miles (36 square miles) |
|
|
Term
|
Definition
| Rights limited to reasonable and beneficial use |
|
|
Term
|
Definition
| Various rights, privileges, powers, and immunities with respect to real property |
|
|
Term
|
Definition
| Present right to physically occupy land and to exclude others from that same land |
|
|
Term
|
Definition
| Interest in land that can be exercised by the owner today |
|
|
Term
|
Definition
| Interest that cannot be exercised today, but which might be exercised in the future |
|
|
Term
|
Definition
| The quantity, quality, degree, and nature of a person’s interest in real property that may become possessory |
|
|
Term
|
Definition
| Estate with indefinite duration or that is measured by the length of someone’s life |
|
|
Term
|
Definition
| Estate with a fixed or determinable duration |
|
|
Term
|
Definition
| Freehold estate that includes all rights to sell, exclude others, finance, and do any other thing with real property allowed by law |
|
|
Term
|
Definition
| Freehold estate with present possessory interest in a grantee with a reversionary interest in the grantor |
|
|
Term
|
Definition
| Freehold interest that allows the owner to live on a parcel until death, but that cannot be bequeathed via a will |
|
|
Term
|
Definition
| Leasehold interest for an indefinite period of time |
|
|
Term
|
Definition
| Leasehold interest with a fixed term and definite end date |
|
|
Term
|
Definition
| Interest in real property that is held by someone who is not the owner |
|
|
Term
|
Definition
| Encumbrance that affects title to property |
|
|
Term
|
Definition
| Party to a lawsuit who obtains a money judgment against the other party |
|
|
Term
|
Definition
| One-page, recordable document that contains information about a court judgment |
|
|
Term
|
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
|
Definition
| Interest for use owned by one person in the land of another person |
|
|
Term
|
Definition
| Land benefiting from an easement |
|
|
Term
|
Definition
| Land burdened by an easement |
|
|
Term
|
Definition
| Permissive use of land that is freely revocable by the grantor |
|
|
Term
|
Definition
| Easement that “runs with the land |
|
|
Term
|
Definition
| Easement that is a personal right of one person to use land owned by another |
|
|
Term
|
Definition
| Right to enter another’s land to remove soil, substances of the soil, or other resource |
|
|
Term
|
Definition
| Rules and regulations established for a parcel of land and accepted by the owner when the property is purchased or transferred |
|
|
Term
|
Definition
| Promise that a certain act will, or will not, be performed |
|
|
Term
|
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
|
Definition
| Home, occupied by a family, exempt from the claims of unsecured creditors |
|
|
Term
|
Definition
| Recorded notice to protect the equity in a home from forced sale by unsecured creditors |
|
|
Term
|
Definition
| Legal process used to remove nuisances and code violations |
|
|
Term
|
Definition
| Activities permitted within a zoning district as a matter of right |
|
|
Term
|
Definition
| Statutory exemption under the NEPA process given to small projects having no impact on the environment |
|
|
Term
|
Definition
| California law providing a three-tiered environmental analysis of all projects subject to its application |
|
|
Term
|
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
|
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
|
Definition
| Projects a decision-maker has the authority to approve, to approve with conditions, or to deny |
|
|
Term
|
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
|
Definition
| Map recorded in the county where the property is located |
|
|
Term
|
Definition
| The constitution for land use in each city and county in California |
|
|
Term
|
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
|
Definition
| Permits or entitlements an applicant has an absolute right to receive |
|
|
Term
|
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
|
Definition
| Federal law requiring federal agencies to consider the environmental effects of their decisions |
|
|
Term
|
Definition
| Government’s authority to regulate the health, safety, welfare, and morals of its citizens |
|
|
Term
|
Definition
| Any uses not listed as either allowed or conditional |
|
|
Term
|
Definition
| Limitations on use of real property associated with government intervention |
|
|
Term
|
Definition
| Limit on how close a structure can be built to neighboring property lines |
|
|
Term
|
Definition
| Zoning changed for a single parcel without considering the larger planning context |
|
|
Term
|
Definition
| Map showing the conceptual design of the proposed subdivision and the improvements that will go along with it |
|
|
Term
|
Definition
| Allowing a use not strictly in compliance with local zoning or building regulations |
|
|
Term
|
Definition
| Ordinance dividing a city or county into different districts, identifying what uses can and cannot be made on each parcel |
|
|
Term
|
Definition
| Areas showing all of the possible classifications that might be given to any particular parcel of land |
|
|
Term
|
Definition
| Persons owning lands that share common boundaries and therefore have mutual rights, duties, and liabilities |
|
|
Term
|
Definition
| Adjoining owners of property with an uncertain boundary set a new boundary line |
|
|
Term
|
Definition
| Artificial or natural perimeter of a parcel of land, separating it from adjacent parcels of land |
|
|
Term
|
Definition
| Permanent invasion on another’s rights |
|
|
Term
|
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
|
Definition
| Trees or hedges whose trunks grow on the boundary line |
|
|
Term
|
Definition
| Activity remaining outside the property that substantially interferes with a person’s reasonable use and enjoyment of his or her property |
|
|
Term
|
Definition
| Nuisance by statute or based on case law |
|
|
Term
|
Definition
| Partition erected on a property boundary providing common support to the structures on both sides of the boundary |
|
|
Term
|
Definition
| Nuisance affecting only a few people |
|
|
Term
|
Definition
| Nuisance annoying the whole community in general |
|
|
Term
|
Definition
| Easement for the purpose of receiving sunlight across real property of another for any solar energy system |
|
|
Term
|
Definition
| Fence exceeding 10 feet in height erected for the purpose of annoying a neighbor |
|
|
Term
|
Definition
| Intentional and unauthorized entry upon another’s real property |
|
|
Term
|
Definition
| Project combining individual ownership of private dwellings with an interest in common with other owners |
|
|
Term
|
Definition
| Form of concurrent property ownership that exists only between spouses |
|
|
Term
|
Definition
| Undivided interest in common in a portion of real property coupled with a separate interest in space called a unit |
|
|
Term
|
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
|
Definition
| Legal entity viewed as a legal person (has rights) but not a natural person (has body) |
|
|
Term
|
Definition
| Business entity established by two or more individuals or businesses, which join to operate a business for profit |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Form of concurrent ownership providing for automatic survivorship to the other cotenants upon death |
|
|
Term
|
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
|
Definition
| Property acquired outside of California that would be community property if acquired in California |
|
|
Term
|
Definition
| Ownership of a parcel of real property by only one person or entity |
|
|
Term
|
Definition
| Mode or method of ownership or holding title to property |
|
|
Term
|
Definition
| Ownership by two or more persons, whose interests are not necessarily equal, in a single estate |
|
|
Term
|
Definition
| Evidence that the owner of land is in lawful possession; it is the proof of ownership |
|
|
Term
|
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
|
Definition
| Voluntarily or involuntarily transferring or conveying property to another |
|
|
Term
|
Definition
| Written instrument used to immediately transfer title to real property from one person to another |
|
|
Term
|
Definition
| Words of purchase, such as grants, conveys, transfers, or sells Deed with no warranties |
|
|
Term
|
Definition
| Deed whose consideration is love and affection |
|
|
Term
|
Definition
| Transfer of property against the wishes of the owner |
|
|
Term
|
Definition
| Legal procedure lenders use to terminate the trustor’s or mortgagor’s rights in real property to satisfy their liens |
|
|
Term
|
Definition
| Foreclosure method taking approximately four months |
|
|
Term
|
Definition
| Procedure lender uses to sell a mortgaged property with the involvement of a court |
|
|
Term
|
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
|
Definition
| Court proceeding to settle a dispute between co-owners by dividing their interests in real property |
|
|
Term
|
Definition
| Court proceeding to establish an individual’s right to ownership of real property against one or more adverse claimants |
|
|
Term
|
Definition
| Forced sale of real property by the county to satisfy delinquent taxes |
|
|
Term
|
Definition
| Forced sale of property to satisfy a money judgment |
|
|
Term
|
Definition
| Power of the government to take private property for public use |
|
|
Term
|
Definition
| Property reverts to the state because the deceased owner left no will and has no legal heirs |
|
|
Term
|
Definition
| Will entirely in the handwriting of the testator |
|
|
Term
|
Definition
| Later testamentary instrument that supplements validity or disposition of an earlier will |
|
|
Term
|
Definition
| Legal process to prove that a will is valid |
|
|
Term
|
Definition
| Person named in a will to administer it |
|
|
Term
|
Definition
| Person who sets up a trust on behalf of a beneficiary |
|
|
Term
|
Definition
| Trust in which the settlor is still alive when the trust is established |
|
|
Term
|
Definition
| Term describing a person who dies without leaving a valid will issue Descendants of the testator |
|
|
Term
|
Definition
| Method of dividing property among the descendants of someone who has died intestate |
|
|
Term
|
Definition
| Obtaining title by occupying land for a statutory time period without the permission of the owner |
|
|
Term
|
Definition
| Gradual enlargement of land through the accumulation of sediment |
|
|
Term
|
Definition
| Sudden, perceptible loss of land |
|
|
Term
|
Definition
| Notice given by recording a document |
|
|
Term
|
Definition
| Order in which deeds are recorded |
|
|
Term
| Business & Professions Code |
|
Definition
| Portion of codified California law covering real estate professionals |
|
|
Term
|
Definition
| Law that affects the licensing and conduct of real estate brokers and salespeople |
|
|
Term
|
Definition
| Head of the Bureau of Real Estate |
|
|
Term
|
Definition
| If not paid by an obligor, his or her license will be suspended |
|
|
Term
|
Definition
| Account to pay otherwise uncollectible court judgments against licensees who have committed fraud or misrepresentation in a real estate transaction |
|
|
Term
|
Definition
| Person with a real estate license who can employ someone who holds a salesperson or a broker license |
|
|
Term
|
Definition
| Role of a broker to his or her client |
|
|
Term
|
Definition
| Any business location other than the main office |
|
|
Term
|
Definition
| Acronym for a fictitious business name |
|
|
Term
|
Definition
| Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing |
|
|
Term
|
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
|
Definition
| Person who makes recommendations to the Commissioner concerning discipline, after a formal hearing |
|
|
Term
|
Definition
| Mixing of the principal’s funds with the broker’s own |
|
|
Term
|
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
|
Definition
| Conduct considered contrary to community standards of justice, honesty, or good morals |
|
|
Term
|
Definition
| Promoting sales with inaccurate information |
|
|
Term
|
Definition
| Term for inducing panic sales |
|
|
Term
|
Definition
| Money paid illegally in exchange for generation of business |
|
|
Term
|
Definition
| Business cards, stationery, advertising fliers, and other materials designed to solicit a professional relationship between the licensee and a consumer |
|
|
Term
|
Definition
| Legal relationship in which a principal authorizes an agent to act as the principal’s representative when dealing with third parties |
|
|
Term
|
Definition
| relationship Implies a position of trust and confidence |
|
|
Term
|
Definition
| Person who has the authority to act on the behalf of another, representing the business interests of that person |
|
|
Term
|
Definition
| Client who gives authority to an agent to represent his or her interests in dealing with third parties |
|
|
Term
|
Definition
| Customer who may be affected by the terms of an agreement but who is not a part of the agreement |
|
|
Term
|
Definition
| Relationship in which a principal delegates ongoing tasks or duties to an agent under his or her employ |
|
|
Term
|
Definition
| Relationship in which a principal delegates limited tasks or specific duties to an agent under his or her employ |
|
|
Term
|
Definition
| Selling agent who assists another broker by finding a buyer |
|
|
Term
|
Definition
| Broker acting as agent for both the seller and the buyer in the same transaction |
|
|
Term
|
Definition
| Licensed real estate salesperson or broker whose license is held by an employing licensed broker |
|
|
Term
|
Definition
| How much direction the broker exercises over the person the broker has hired |
|
|
Term
|
Definition
| Written document that gives a person legal authority to act on behalf of another person |
|
|
Term
|
Definition
| Acceptance of an act already performed |
|
|
Term
|
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
|
Definition
| Willingness to follow the orders of others |
|
|
Term
|
Definition
| Discretion in holding privileged information |
|
|
Term
|
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
|
Definition
| Making a false statement or concealing a material fact |
|
|
Term
|
Definition
| “Let the superior answer.” |
|
|
Term
|
Definition
| against damage, loss, or injury, or to make compensation for damage, loss, or injury |
|
|
Term
|
Definition
| First federal law outlawing discrimination on the basis of race |
|
|
Term
|
Definition
| Part of the Constitution that outlawed slavery and allows Congress to pass laws prohibiting private acts of race discrimination |
|
|
Term
|
Definition
| Clauses in deeds that prohibited the sale of real property to members of certain races or religious groups |
|
|
Term
|
Definition
| Part of the Constitution that includes the Due Process Clause and the Equal Protection Clause |
|
|
Term
|
Definition
| Provision of the Constitution giving Congress the authority to regulate commerce among the several states |
|
|
Term
|
Definition
| Court case that upheld the 1866 Civil Rights Act |
|
|
Term
|
Definition
| Act that expanded protected classes to include not only race, but also color, religion, sex, and national origin |
|
|
Term
|
Definition
| Group that is guarded from discrimination under federal or state law |
|
|
Term
|
Definition
| Title VIII of the Civil Rights Act of 1968 and the Fair Housing Amendments Act of 1988, taken together |
|
|
Term
|
Definition
| Relationship of people in a family |
|
|
Term
|
Definition
| Practice of not making loans for property in certain neighborhoods, or to members of certain minority groups |
|
|
Term
|
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
|
Definition
| Any private entity that owns, operates, or leases a place open to the public if the operation of that place affects commerce |
|
|
Term
|
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
|
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
|
Definition
| Commissioner’s Regulation prohibiting licensees to violate fair housing laws |
|
|
Term
|
Definition
| Person or group with exclusive control over a product or service within a given region |
|
|
Term
|
Definition
| Business agreements between competitors |
|
|
Term
|
Definition
| Agreement of one or more persons to set prices for goods or services |
|
|
Term
|
Definition
| Deliberate exclusion of a particular business or group from the benefits of competition |
|
|
Term
|
Definition
| Two or more competing businesses agree to allocate the market among themselves |
|
|
Term
|
Definition
| Illegal action requiring buyers to purchase one product or service in order to obtain another product or service |
|
|
Term
|
Definition
| Basic federal antitrust statute |
|
|
Term
|
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
|
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
|
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
|
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
|
Definition
| Federal law requiring consumer loan agreements in which a security interest is acquired by the lender to contain certain disclosures |
|
|
Term
|
Definition
| Regulation that implements the Truth in Lending Act |
|
|
Term
|
Definition
| Lender who regularly makes real estate loans secured by a dwelling and whose loans are subject to a finance charge |
|
|
Term
|
Definition
| Amount charged to the consumer for the credit |
|
|
Term
|
Definition
| Relative cost of credit expressed as a yearly rate |
|
|
Term
|
Definition
| Right to cancel a real estate loan |
|
|
Term
|
Definition
| California law referred to as the “fair lending law” |
|
|
Term
|
Definition
| Illegal use of a property location to deny financing or insurance |
|
|
Term
|
Definition
| Process by which ownership of real property or title to the property is passed from seller to buyer |
|
|
Term
|
Definition
| Agreement to do or not to do a certain thing |
|
|
Term
|
Definition
| Contract in which the offeror bargains for the performance of an act as the acceptance of the offer |
|
|
Term
|
Definition
| Contract in which the promises mutually exchanged by each party constitute the consideration for the contract |
|
|
Term
|
Definition
| Element of all valid contracts that requires the parties to be over 18, of sound mind, and not deprived of civil rights |
|
|
Term
|
Definition
|
|
Term
|
Definition
| indicating a present intent by the person making the proposal to be bound by a contract |
|
|
Term
|
Definition
| Way an offer is deemed to be terminated because the offeree failed to respond within a reasonable period after the offer |
|
|
Term
|
Definition
| Manifestation on the part of the offeree to agree to the terms of an offer unconditionally |
|
|
Term
|
Definition
| Response to an offer that changes some term of the offer |
|
|
Term
|
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
|
Definition
| Any benefit conferred upon the promisor in a contract that will support the formation of a contract |
|
|
Term
|
Definition
| Contract with all required elements and is therefore binding and enforceable |
|
|
Term
|
Definition
| Oral statements made during the negotiation of a contract that are “merged” into a written agreement upon its execution |
|
|
Term
|
Definition
| Event, which if it occurs, excuses one party from further obligations to perform under a contract |
|
|
Term
|
Definition
| Something that must happen before one party to a contract is obligated to perform |
|
|
Term
|
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
|
Definition
| All parties to a contract agree to cancel the agreement and put themselves back where they started |
|
|
Term
|
Definition
| Failure by one party to comply with his or her obligations under a contract |
|
|
Term
|
Definition
| Time limit for someone to file a lawsuit or be forever barred from enforcing a legal right in court |
|
|
Term
|
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
|
Definition
| Ambiguous terms in a contract should be interpreted against the party drafting the document |
|
|
Term
|
Definition
| Record created, generated, sent, communicated, received, or stored by electronic means |
|
|
Term
|
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
|
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
|
Definition
| Person responsible for the ultimate sale of real property so as to be entitled to a commission |
|
|
Term
|
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
|
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
|
Definition
| Listing, not exclusive to one broker |
|
|
Term
|
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
|
Definition
| Original purchase contract between the buyer and seller |
|
|
Term
|
Definition
| Contract to keep an offer open for a set period of tim |
|
|
Term
|
Definition
| Person who wants to purchase or lease property under an option |
|
|
Term
|
Definition
| Something that alerts a reasonably observant person of a potential problem |
|
|
Term
|
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
|
Definition
|
|
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
|
Definition
| Map indicating areas that may flood as the result of a dam failure |
|
|
Term
|
Definition
| Movement along an earthquake fault caused by stress and/or earthquake shaking |
|
|
Term
|
Definition
| Mineral fiber that causes lung and stomach cancer |
|
|
Term
|
Definition
| Colorless cancer-causing gas detected with a spectrometer |
|
|
Term
|
Definition
| Mineral that causes major health problems, especially learning disabilities |
|
|
Term
|
Definition
| Chemical organic compound found in building materials, which may be a carcinogen |
|
|
Term
|
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
|
Definition
| Fungus that reproduces by means of spores |
|
|
Term
|
Definition
| Military weapons and ammunition |
|
|
Term
|
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
|
Definition
|
|
Term
|
Definition
| Renter’s right to take exclusive possession and use of the owner’s rental unit in consideration for rent |
|
|
Term
|
Definition
| Owner’s house, duplex, condominium, or apartment made available to a renter |
|
|
Term
| periodic rental agreement |
|
Definition
| Month-to-month rental agreement |
|
|
Term
|
Definition
| Length of time (days, weeks, months) between the rent payments |
|
|
Term
|
Definition
| Rental agreement with a predetermined length of time |
|
|
Term
|
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
|
Definition
| Arrangement in which a lessee rents his or her leasehold interest to another party |
|
|
Term
|
Definition
| Transfer of the entire leasehold estate to a new person |
|
|
Term
|
Definition
| Notice instructing tenant to either leave the rental unit or comply with theterms of the rental agreement |
|
|
Term
|
Definition
| Lawsuit to remove a tenant and return the rental unit to its owner |
|
|
Term
|
Definition
| document issued by the court commanding the tenant to leave the premises within five days |
|
|
