Barney Fletcher Pre- Licensing Vocabulary:
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Terms in this set (217)
Open Listing a listing made available to more than one broker
Novation substitution of a new contract for an old one
Net Listing a listing where the net amount due to the seller us
specified, rather than the selling price. The broker's
commission would be any sale price above the
target's price
Net Lease a lease whereby the tenant pays most of the
expenses of ownership
Misrepresentation a false presentation of facts
Installment sales method Method of reporting gains on sale of property to
spread out payment of taxes.
Implied Contract a contract that is not expressed, rather it can be
inferred from the actions of the parties
Gross Lease Most common type of lease whereby the landlord
pays the expenses of ownership
Fraud willful deception or misrepresentation of facts
Fiduciary A position of trust and confidence
,Express Contract One where all terms and conditions are openly and
explicitly stated and agreed upon
executory contract A contract that has not yet been fully performed.
exclusive listing A written contract that gives a licensed real estate
agent the exclusive right to sell a property for a
specified time.
Eviction The legal process of removing a tenant from rental
property
estoppel A legal theory under which a person is barred from
asserting or denying a fact because of the person's
previous acts or words.
escrow Funds, property, or other things of value left in trust
to a neutral third party and released upon fulfillment
of certain conditions, or by agreement of the parties.
escalation clause clause in a lease providing for the adjustment of rent
based on specified indexes or circumstances
Earnest Money A deposit made to a seller showing the buyer's good
faith in a transaction.
Duress the use of threats or physical harm to force a person
to do something against his will
Dual Agency representation of two or more parties in a transaction
by the same agent
covenant a promise to legal validity
Commingle to combine escrow funds in the same account with
personal or business funds
Caveat Emptor let the buyer beware
, Assignment The act of transferring to another all or part of one's
rights arising under a contract.
Attorney-In-Fact the person receiving the power of attorney
Bilateral Contract a contract where both parties are obligated to
perform
blockbusting Illegal practice of inducing homeowners to sell their
properties by telling them that a certain people of a
certain race, national origin or religion are moving
into the area
Agent a person who acts or does business for another
Addendum added to a contract before the contract is binding
Dower and Curtesy The legal right or interest that one spouse has in the
property of the other spouse.
Downzoning Rezoning of land from a higher-density use to a
lower-density use
Easement the right to use land for a specific and limited
purpose
Eminent Domain the right of government to take private property for
public use
Enroachment intrusion on a person's territory, rights
Equitable Lien Arises out of an agreement that some particular
property shall be used as security for a debt or
obligation. Examples: vendee's lien, vendor's lien
Questions With Right Solutions
Save Groups
Terms in this set (217)
Open Listing a listing made available to more than one broker
Novation substitution of a new contract for an old one
Net Listing a listing where the net amount due to the seller us
specified, rather than the selling price. The broker's
commission would be any sale price above the
target's price
Net Lease a lease whereby the tenant pays most of the
expenses of ownership
Misrepresentation a false presentation of facts
Installment sales method Method of reporting gains on sale of property to
spread out payment of taxes.
Implied Contract a contract that is not expressed, rather it can be
inferred from the actions of the parties
Gross Lease Most common type of lease whereby the landlord
pays the expenses of ownership
Fraud willful deception or misrepresentation of facts
Fiduciary A position of trust and confidence
,Express Contract One where all terms and conditions are openly and
explicitly stated and agreed upon
executory contract A contract that has not yet been fully performed.
exclusive listing A written contract that gives a licensed real estate
agent the exclusive right to sell a property for a
specified time.
Eviction The legal process of removing a tenant from rental
property
estoppel A legal theory under which a person is barred from
asserting or denying a fact because of the person's
previous acts or words.
escrow Funds, property, or other things of value left in trust
to a neutral third party and released upon fulfillment
of certain conditions, or by agreement of the parties.
escalation clause clause in a lease providing for the adjustment of rent
based on specified indexes or circumstances
Earnest Money A deposit made to a seller showing the buyer's good
faith in a transaction.
Duress the use of threats or physical harm to force a person
to do something against his will
Dual Agency representation of two or more parties in a transaction
by the same agent
covenant a promise to legal validity
Commingle to combine escrow funds in the same account with
personal or business funds
Caveat Emptor let the buyer beware
, Assignment The act of transferring to another all or part of one's
rights arising under a contract.
Attorney-In-Fact the person receiving the power of attorney
Bilateral Contract a contract where both parties are obligated to
perform
blockbusting Illegal practice of inducing homeowners to sell their
properties by telling them that a certain people of a
certain race, national origin or religion are moving
into the area
Agent a person who acts or does business for another
Addendum added to a contract before the contract is binding
Dower and Curtesy The legal right or interest that one spouse has in the
property of the other spouse.
Downzoning Rezoning of land from a higher-density use to a
lower-density use
Easement the right to use land for a specific and limited
purpose
Eminent Domain the right of government to take private property for
public use
Enroachment intrusion on a person's territory, rights
Equitable Lien Arises out of an agreement that some particular
property shall be used as security for a debt or
obligation. Examples: vendee's lien, vendor's lien
