Barney Fletcher Pre - Licensing Vocabulary Exam with 1005 Correct Answers 2023 Open Listing - Correct Answer -a listing made available to more than one broker Novation - Correct Answer -substitution of a new contract for an old one Net Listing - Correct Answer -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 - Correct Answer -a lease whereby the tenant pays most of the expenses o f ownership Misrepresentation - Correct Answer -a false presentation of facts Installment sales method - Correct Answer -Method of reporting gains on sale of property to spread out payment of taxes. Implied Contract - Correct Answer -a contract that is not expressed, rather it can be inferred from the actions of the parties Gross Lease - Correct Answer -Most common type of lease whereby the landlord pays the expenses of ownership Fraud - Correct Answer -willful deception or misrepresentation of facts Fiduc iary - Correct Answer -A position of trust and confidence Express Contract - Correct Answer -One where all terms and conditions are openly and explicitly stated and agreed upon executory contract - Correct Answer -A contract that has not yet been fully performed. exclusive listing - Correct Answer -A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time. Eviction - Correct Answer -The legal process of removing a tenant from rental property estoppel - Correct Answer -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 - Correct Answer -Funds, property, or other things of value left in trust to a neutral third par ty and released upon fulfillment of certain conditions, or by agreement of the parties. escalation clause - Correct Answer -clause in a lease providing for the adjustment of rent based on specified indexes or circumstances Earnest Money - Correct Answer -A deposit made to a seller showing the buyer's good faith in a transaction. Duress - Correct Answer -the use of threats or physical harm to force a person to do something against his will Dual Agency - Correct Answer -representation of two or more parties i n a transaction by the same agent covenant - Correct Answer -a promise to legal validity Commingle - Correct Answer -to combine escrow funds in the same account with personal or business funds Caveat Emptor - Correct Answer -let the buyer beware Assignmen t - Correct Answer -The act of transferring to another all or part of one's rights arising under a contract. Attorney -In-Fact - Correct Answer -the person receiving the power of attorney Bilateral Contract - Correct Answer -a contract where both parties are obligated to perform blockbusting - Correct Answer -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 - Correct Answer -a person who acts or does business for another Addendum - Correct Answer -added to a contract before the contract is binding Dower and Curtesy - Correct Answer -The legal right or interest that one spouse has in the property of the other spouse. Downzoning - Correct Answer -Rezoning of land from a higher -density use to a lower -
density use
density use
