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Real Estate Exam
Real Estate Agent Quiz Cards
Answer | |
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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 |