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144 terms

RE Legal Definitions

Legal Definitions
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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