Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Real Estate Study
Real Property - Contracts
| Question | Answer |
|---|---|
| Option Agreement | Owner agrees to keep an offer open to sell or lease real property for a specified time and may receive money to hold it |
| Option Contract | Example of Unilateral contract |
| Land Contract | Seller is vendor and buyer is vendee |
| Contract for deed | Also knows as land contract, installment contract. Seller retails legal title to property until final payment made |
| Contingencies | These require the completion of a certain act or promise before contract is binding |
| Liquidated Damages | Clause that requires compensation be paid if one party breaches contract |
| Forfeiture clause | Under certain circumstances one party must forfeit or give something to other part. |
| Caveat Venditor | Seller Beware |
| Exculpatory Clause | found in a contract relieving a party from liability for injuries to other party. |
| Indemnification Clause | found in contract. One party agrees to compensate other for a loss or damage that is sustained. |
| Liquidated | Pre-authorized by the contract |
| Actual Damages | Those that compensate for the cost of that which has been lost |
| Punitive damages | Unrelated to the cost of the lost but only punishes the wrong-doer |
| Independant Contractor | Status of person's employment where broker can regulate working hours, office routine, attendance at meeting and may without Social Security, FICA. |
| Real Estate | Land and all attachments to land |
| Real Property | Land, all attachments, plus bundle of rights |
| Fructus Naturales | Fruits of nature, do not require annual cultivation and considered real property |
| Emblements | Crops that do require annual cultivation and are personal property |
| Riparian Rights | Granted to owners of land along a river, stream or lake. |
| Littoral Rights | Granted to owners of land that borders on large water, oceans. Ownership is to mean high water mark. |
| Accretion | Land increases by deposit of soil by waters action. |
| Reliction | When water recedes and new land is acquired. |
| Avulsion | Sudden loss of land, usually happens from natural disasters |
| Erosion | Gradual wearing away of land. |
| Intention, Method of annexation, Adaptation to real estate, agreement | What the court uses to determine if something is real or personal property. |
Created by:
stephavery
Popular Real Estate sets