RE Legal Definitions

144 terms by darrenrwong

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Legal Definitions

real estate salesperson

someone holding a real estate license and employed by a real estate broker, for pay, to perform any of the activities of a real estate broker

doctrine of correlative user

owners may use only a reasonable amount of the total water supply for beneficial use

less-than-freehold estate

a leasehold estae that is considered to exist for a definitive period of time or successive periods of time untilk termination

egress

a way to exit property

estate of inheritance

a freehold estate can be passed by descent or by will after the owner's death

littoral

land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)

real estate broker

someone permitted by law to employ persons holding a salesperson's license and who may also negotiate sales

chattel real

an item of personal property which is connected to real estate, for example a lease

fee simple

the largest, most complete ownership recognized by law; also known as a fee simple absolute, or fee

ethics

a set of principals or values by which an individual guides his or her own behavior and judges that of others

bill of sale

a written agreement used to transfer ownership in personal property

fee simple absolute

the most complete form of ownership of real property; also known as fee simple, or fee

suspend

temporarily make ineffective

estate

a legal interest in land that defines the nature, degree, extent, and duration of a person's ownership in land

linear foot

a measurement meaning 1 foot or 12 inches in length as contrasted to a square foot or a cubic foot

base line

a survey line running east to west (right to left), and used as a reference when mapping land

fee

the largest and most complete ownership recognized by law; an estate in fee with no restrictions on its use; also known as a fee simple

metes and bounds

a method of land description in which the dimensions of the property are measured by distance and direction

real estate sales associate

the same as a real estate salesperson, holding a real estate license, employed by a broker

conditions subsequent

a condition which. if it occurs at some point in the future, can cause a property to revert to the grantor (seller); for example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence

freehold estate

an estate in real property which continues for an indefinite period of time

real estate agent

someone licensed by the department of real estate, holding either a broker or salesperson license, who negotiates sales for other people

chattel

personal property

fee simple qualified

an estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

revoke

recall and make void

emblements

annual crops produced for sale, by a tenant using or occupying the property

life estate

an estate that is limited in duration to life of its owner or the life of some other chosen person

appurtenance

those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property

estate in fee

the most complete form of ownership of real property; also known as an estate of inheritance

meridian

a survey line running north and south (up and down), used as a mapping reference when mapping land

real estate law

the law that affects the licensing and conduct of real estate agents

condition precedent

a condition which requires something to occur before a transaction becomes absolute and enforceable; for example, a sale that is contingent on the buyer obtaining financing

fixture

personal property that has become affixed to real estate

police power

the power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens

bundle of rights

an ownership concept describing all the legal rights that attach to the ownership of real property

fee simple defeasible

an estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs; also known as fee simple qualified

undue influence

using unfair advantage to get agreement in accepting a contract

assignee

a person to whom a claim, benefit, or right in property is made

trade fixture

an article of personal property affixed to leased propert by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of the lease

attorney-in fact

a competent and disinterested person who is authorized by another person to act in his or her place in legal matters

counteroffer

the rejection of an original offer that becomes a new offer

action

a lawsuit brought to court

easement

the right to use another's land for a specified purpose; sometimes known as right-of-way

offeror

the party making the offer

rescission

legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract

parole evidence

oral or written negotiations made prior to a dispute about an executed contract

riparian rights

the rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property

emancipated minor

someone who is legally set free from parental control/supervision

contractual intent

intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts

forbearance

refraining from action by a creditor against the debt owed by a borrower after the debt has become due

property

the rights or interest an owner has in something owned

unenforceable

a contract that was valid when made but either cannot be proved or will not be enforced by a court

timely manner

an act must be performed within certain time limits as described in a contract

novation

the substitution by agreement of a new obligation for an existing one

lis pendens

a recorded notice indicating pending litigation on a propert that prevents a conveyance or any other transfer of ownership until the lawsuit is settled

revocation

the canceling of an offer to contract by the person making the original offer

duress

the use of force to get agreement in accepting a contract

assignment

the transfer of a claim, benefit, or right in property from one person to another person

section

an area of land, used in the government survey method of land description: a land area of 1 square mile, or 640 acres; 1/36 of a township

ratified

approved

fraud

an act meant to deceive in order to get someone to part with something of value

valuable consideration

each party to a contract must give up something to make the agreement binding

range

a land description used in the US government survey system consisting of a strip of land located every 6 miles east of each principal meridian

valid

legally binding

offeree

the part receiving an offer

mutual consent

agreement to the provisions of a contract by the parties involved;a mutual willingness to enter into a contract

monument

a fixed landmark used in a metes and bounds land description

void

an agreement which is totally absent of legal effect

acceptance

an unqualified agreement to the terms of an offer

statute of limitations

a statute limiting the period of time during which legal action may be taken on a certain issue

conveyances

the transfer of title to land from 1 person to another by use of a written instrument

offer

a presentation or proposal for acceptance to form a contract

menace

using a threat of violence to get agreement in accepting a contract

assignor

thw person transferring a claim, benefit, or right in property to another

township

a land description used in the US government survey system consisting of a 6 by 6 mile area containing 36 sections, each 1 miler per square

power of attorney

a written instrument giving a person legal authority to act on behalf of another person

misrepresentation

an innocent or negligent misstatement of a material fact which causes someone loss or harm

statute of frauds

a state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable

real property

land; anything affixed to the land; anything appurtenant to the land; anything immovable by law

minor

someone under 18 years of age

definite and certain

precise acts to be performed are to be clearly stated

consideration

something of value, such as money, a promise, property, or personal services

personal property

anything movable that is not real property

voidable

an agreement which is valid and enforceable on its face, but may be rejected by 1 or more of the parties

alluvium

soil that builds up as a result of accretion

customer

a prospective buyer of real estate

bilateral contract

a contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party

easement in gross

an easement that is not appurtenant to any 1 parcel, for example, public utilities

private grant

the granting of private property to other private persons

land grant

a grant of public lands by the government usually for roads, railroads, or agricultural colleges

fiduciary

a relationship that implies a position of trust or confidence

executed contract

a contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed

avulsion

the sudden washing or tearing away of the land by action of water

patent deed

a deed given by the government to a private individual as evidence of transfer of title from government to the public person

deposit receipt

primary document used to present an offer on real property; also known as a sales contract

sublease

transfer less than the entire leasehold, with the original lease primarily liable

contract

an agreement to do or not do a certain thing

patents

deeds used by the US government when confirming or transferring ownership to private parties

alienate

transfer ownership or sell

unilateral rescission

legal action taken to repeal a contract by 1 party when the other party has breached a contract

agent

a person who acts for and in the place of another, called principal, for the purpose if affecting the principal's legal relationship with third persons

treaty of guadalupe hidalgo

ended the war with mexico in 1848, and california became a possession of the US

instrument

a written legal document setting forth the rights and liabilities of the parties involved

alluvial deposit

sand or mud carried by water and deposited on land

tender

an offer by 1 of the parties to a contract to carry out his or her part of the contract

dual agent

an agent who represents both parties in a transaction

unilateral contract

an agreement in which 1 party promises to pay consideration for the performance of an act by another party. the party promising to pay consideration is not legally obligated to act unless the party promising to perform does so

accretion

a build-up of soil by natural causes on property bordering a river, lake, or ocean

ratification

the approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding

puffing

exaggerated comments or opinions not made a representations of facts and this not grounds for misrepresentations

expedientes

land grants recorded by the mexican governemnt in california

execute

to perform or complete; to sign

reliction

occurs when land that has been covered by water is exposed by the receding of the water

adverse possession

acquiring title to property by continued possession and payment of taxes

option

a right, given for consideration, to a party (optionee) by a property owner (optioner)

commingling

to deposit client funds in the broker's personal account

express contract

the parties declare the terms and put their intentions in words, either oral or written

severalty

ownership of real party by one party or entity

convey

to transfer ownership of title

specific performance

an action brought in a court to compel a party to carry out the terms of a contract

arm's length transaction

a transaction, such as a sale of property, in which all parties involved are acting in their own self-interest and are under no undue influence or pressure from the other parties

undivided interest

that interest a co-owner has in property, which carries with it the right to possession and use of the whole property, along with the co-owners

judgement

the final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute

grant deed

a type of deed in which the grantor warrants that he or she has not previously conveyed the property being granted, that he or she has not encumbered the property except disclosed, and that he or she will convey to the grantee any title to the property acquired later

listing

a contract by which a principal employs an agent to do certain things for the principal

conversion

the appropriation of property belonging to another

implied contract

agreement shown by acts and conduct rather than words

declaration of homestead

the recorded document that protects a homeowner from foreclosure by certain judgement creditors

ingress

a way to enter property; acces

natural person

an individual; a private person, as distinguished from an artificial entity such as a corporation or partnership

estoppel

a legal doctrine which prevents a person from denying something to be true or a fact, if the denial is contrary to previous statements or actions made by the same person

executory contract

a contract in which an obligation to perform exists on 1 or bother sides of the contract

erosion

the gradual wearing away of land by natural process

subagent

an agent of a person who is already acting as an agent for a principal

liquidated damages

sets in advance a specified amount of money as a penalty in the event of a breach of contract

client

the person who employs an agent to perform a service for a fee

vested

owned by

partition action

a court action to divide a property held by co-owners

succession

the legal transfer of a person's interest in real property under the law of descent and distribution

breach of contract

a failure to perform on part or all of the terms and conditions of a contract

agency

a relationship in which 1 party (principal) authorizes another party (agent) to act as the principal's representative in dealing with third parties

encroachment

the placement of permanent improvements on adjacent property owned by another

license

permission to use a property which may be revoked at any time

accession

the acquisition of title to additional land or to improvements as a result of the annexation of fixtures or as a result of alluvial deposits along the banks of streams by accretion

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