Real Estate Law Chapter 6
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Created by:
KIMBERSCAT21 on April 17, 2012
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19 terms
Terms | Definitions |
|---|---|
 "as is clause | a provision in a purchase agreement stating that the buyer accepts the property in its present condition. |
| Actionable Fraud | Fraud meeting certain criteria, so a victim can successfully sue. Victim/plaintiff must prove the defendant concealed material facts or made false statements (intentionally or negligently) with intent to induce the victim to enter a transaction, and that the victim was harmed by relying on these misrepresentations. |
| Acutal Fraud | Includes intentional misrepresentation, concealment, and negligent misrepresentation |
| Caveat Emptor | a latin phrase meaning" let the buyer beware". It expresses the common law rule that abuyer is expected to examine the property carefully, instead of relying on the seller to disclose problems. The rule has lost most of its strength, particularly in residential transactions. |
| Code of Ethics | is a system of moral standards and rules of conduct |
| Compensatory (actual) Damages | where the injured party is compensated for any monetary loss resulting from the breach of duty. |
| restriced license | A license with restrictions attached. |
| Constructive fraud | comprises any act, omission, or concealment involving a breach of legal or equitable duty, trust or confidence that results in damage to another even though the conduct is not otherwise fraudulent. |
| desist and refrain order | An order that the Real Estate Commissioner is empowered by law and refrain from committing an act in violation of the Real Estate Law |
| dual agency | when an agent represents both parties in a transaction, as when a broker represents both buyer and seller |
| fiduciary | a relationship of trust and confidence, where one party owes the other (or both partiesowe each other) loyalty and a higher standard of good faith than they owe to third parties. FOR EXAMPLE an agent is a fiduciary in relation to the principal; husband and wife are fiduciaries in relation to each other |
| misrepresentation | a flase or misleading statement |
| negligence | conduct that falls below the standard of care that a reasonable person would exercise under the circmstances; carelessness or recklessness. negligence that causes harm is a tort. |
| puffing | superlative statements about a property that shouldn't be considered assertions of fact. " the best buy in town" or "it's a fabulous location" are examples of puffing |
| punitive (exemplary) damages | unlike compensatory damages, are intended to punish the wrongdoer and deter others from similar acts |
| secret profits | is any profit or financial benefit the agent obtains without the principal's authorization. |
| self- dealings | occurs for example, when the agent has his sisters buy the property for him, and then sells it again for profit. |
| seller property questionaire | CAR FORM is to provide additional information when a TRANSFER DISCLOUSURE STATEMENT is completed. It is not a substitute for the TRANSFER DISCLOUSURE STATEMENT |
| summary suspension | -Used when continued practice presents an imminent threat to the public health, safety, and welfare. -Bypasses the informal hearing process and proceeds directly to formal hearing. -Licensee may request a dissolution hearing to determine if suspension should be dissolved. |
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