Louisiana Real Estate Terms
absolutely null - ANS-the contract violates a rule of public order, in other words, it is not legal to
have this contract in the first place; called void in common law
abusus - ANS-involves the right of the owner to the proceeds from sale or mortgage
acquisitive prescription - ANS-the means of acquiring title to land against the real owner, where
possession has been actual, open, hostile, exclusive, continuous, and under claim of right for
the statutory period of 30 years if in "bad faith" or 10 year if under color of title
Act under private signature - ANS-an act signed by each party and two witnesses before a
notary public
after-acquired doctrine - ANS-louisiana law states that if you acquire assets after a general lien,
the lien affects the after acquired assets
agency - ANS-the legal relationship resulting from an agreement that the agent is authorized by
a principal to perform certain acts on behalf of the principal in dealing with a third party
aleatory - ANS-contract in which the performance of either party's obligation depends on an
uncertain event
arpent - ANS-a measurement of land in Louisiana based upon an old french measure generally
.84 of an acre or approx. 192 linear feet.
assumption - ANS-the buyer takes over payment but both seller and buyer are liable for
repayment
authentic act - ANS-an act executed and signed by each party and two witness before a notary
public
bond for deed - ANS-an instrument use in conveying Louisiana properties whereby the seller
retains title after execution until such time as a designated amount has been paid in by the
buyer (demand the bond) at which time title passes and the seller assumes the position of a
mortgagee with a security interest and the buyer-mortgagor assumes the title
Brokerage agreement - ANS-an agreement for brokerage services to be provided to a person in
return for compensation or the right to receive compensation from another
collation - ANS-the return and counting as part of the state that which was received in advance
, community of gains - ANS-assets acquired of the marriage through the efforts of both partners
co-ownership - ANS-the only method by which more than one party can own Louisiana real
estate, it involves undivided fractional interest of ownership, not necessarily in equal portions
commutative - ANS-a contract when the performance of the obligation of each party is
correlative to the performance of the other
confidential information - ANS-information obtained by a licensee from a client during the term
of a brokerage agreement that was made confidential by the written request or written
instruction of the client or is information the disclosure of which could materially harm the
position of the client
corporeal - ANS-pertaining to a right or group of rights of a visible and tangible nature
counteroffer - ANS-a response to a contract offer, changing some of the terms of the original
offer; it operates as a rejection of the original offer(not as an acceptance)
customer - ANS-a person who is not being represented by a licensee but for whom the licensee
is performing ministerial acts
designated agency - ANS-a contractual relationship between a broker and a client under which
one or more licensees affiliated with the broker are designated as agents of the client
designated agent - ANS-a license named by a broker as the agent of the client
disinheritance - ANS-a parent may disinherit a child under condition prescribed by law
disposable portion - ANS-portion of your estate that the deceased may leave in a will to anyone
he or she chooses
donation mortis causa - ANS-the donation of property because of death
dual agency - ANS-when an agent represents both parties to a transaction, as when a broker
represents both the buyer and the seller
expropriate - ANS-to take private property for public use
forced heirship - ANS-Louisiana descendants are requires to inherit certain portions of their
deceased parents property
fructus - ANS-portion of the bundle of right regarding the fruits or incomes from Louisiana real
estate
absolutely null - ANS-the contract violates a rule of public order, in other words, it is not legal to
have this contract in the first place; called void in common law
abusus - ANS-involves the right of the owner to the proceeds from sale or mortgage
acquisitive prescription - ANS-the means of acquiring title to land against the real owner, where
possession has been actual, open, hostile, exclusive, continuous, and under claim of right for
the statutory period of 30 years if in "bad faith" or 10 year if under color of title
Act under private signature - ANS-an act signed by each party and two witnesses before a
notary public
after-acquired doctrine - ANS-louisiana law states that if you acquire assets after a general lien,
the lien affects the after acquired assets
agency - ANS-the legal relationship resulting from an agreement that the agent is authorized by
a principal to perform certain acts on behalf of the principal in dealing with a third party
aleatory - ANS-contract in which the performance of either party's obligation depends on an
uncertain event
arpent - ANS-a measurement of land in Louisiana based upon an old french measure generally
.84 of an acre or approx. 192 linear feet.
assumption - ANS-the buyer takes over payment but both seller and buyer are liable for
repayment
authentic act - ANS-an act executed and signed by each party and two witness before a notary
public
bond for deed - ANS-an instrument use in conveying Louisiana properties whereby the seller
retains title after execution until such time as a designated amount has been paid in by the
buyer (demand the bond) at which time title passes and the seller assumes the position of a
mortgagee with a security interest and the buyer-mortgagor assumes the title
Brokerage agreement - ANS-an agreement for brokerage services to be provided to a person in
return for compensation or the right to receive compensation from another
collation - ANS-the return and counting as part of the state that which was received in advance
, community of gains - ANS-assets acquired of the marriage through the efforts of both partners
co-ownership - ANS-the only method by which more than one party can own Louisiana real
estate, it involves undivided fractional interest of ownership, not necessarily in equal portions
commutative - ANS-a contract when the performance of the obligation of each party is
correlative to the performance of the other
confidential information - ANS-information obtained by a licensee from a client during the term
of a brokerage agreement that was made confidential by the written request or written
instruction of the client or is information the disclosure of which could materially harm the
position of the client
corporeal - ANS-pertaining to a right or group of rights of a visible and tangible nature
counteroffer - ANS-a response to a contract offer, changing some of the terms of the original
offer; it operates as a rejection of the original offer(not as an acceptance)
customer - ANS-a person who is not being represented by a licensee but for whom the licensee
is performing ministerial acts
designated agency - ANS-a contractual relationship between a broker and a client under which
one or more licensees affiliated with the broker are designated as agents of the client
designated agent - ANS-a license named by a broker as the agent of the client
disinheritance - ANS-a parent may disinherit a child under condition prescribed by law
disposable portion - ANS-portion of your estate that the deceased may leave in a will to anyone
he or she chooses
donation mortis causa - ANS-the donation of property because of death
dual agency - ANS-when an agent represents both parties to a transaction, as when a broker
represents both the buyer and the seller
expropriate - ANS-to take private property for public use
forced heirship - ANS-Louisiana descendants are requires to inherit certain portions of their
deceased parents property
fructus - ANS-portion of the bundle of right regarding the fruits or incomes from Louisiana real
estate
