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Real Estate Exam

Real Estate Agent Quiz Cards

Answer
Unilateral Rescission Legal action taken to repeal a contract by one party when the other party has breached a contract
Alluvium Soil that builds up s a result of accretion
Land Grant A grant of public lands by the government usually for roads, railroads, or agricultural colleges
Option A right, given for consideration, to a party (optionee) by a property owner (optionor)
Specific Performance An action brought in a court to compel a party to carry out the terms of a contract
Tender An offer by one of the parties to a contract to carry out his or her part of the contract
Puffing Exaggerated comment or opinions not made as representations of facts and thus not grounds for misrepresentations
Ratified Approved
Revocation The canceling of an offer to contract by the person making the original offer
Valid Legally binding
Void An agreement which is totally absent of legal effect
Voidable An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties
Minor Someone under 18 years of age
Power of Attorney A written instrument giving a person legal authority to act on behalf of another person
Offer A presentation or proposal for acceptance to form a contract
Unenforceable A contract that was valid when made but either cannot be proved or will not be enforced by a court
Emancipated Minor Someone who is legally set free from parental control/supervision
Attorney-In-Fact A competent and disinterested person who is authorized by another person to act in his or her place in legal matters
Offeror The party making an offer
Lis Pendens A recorded notice indicating pending litigation on a property that prevents a conveyance or any other transfer of ownership util the lawsuit is settled
Section An area of land, used in the government survey method of land description: a land area of one square mile, or 640 acres; 1/36 of a township
Range A land description used in the U.S. Government survey system consisting of a strip of land located every six miles east of each principle meridian
Monument
Created by: mdaughe