(Summary) Pearson Real Estate Exam, With Complete Solution
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Course
Pearson Real Estate
Institution
Pearson Real Estate
(Summary) Pearson Real Estate Exam, With Complete Solution
abatement
legal action to stop a nuisance. can also be a reduction of a property tax assessment
holographic will
a handwritten, signed, and dated will. No witnesses are needed.
inverse condemnation
an action by an owner to force a g...
(Summary) Pearson Real Estate Exam, With
Complete Solution
abatement
legal action to stop a nuisance. can also be a reduction of a property tax assessment
holographic will
a handwritten, signed, and dated will. No witnesses are needed.
inverse condemnation
an action by an owner to force a government unit to take property when, by its action,
the government has wrongfully restricted use.
laches
the doctrine that upholds the loss of the right to enforce an agreement or a restriction
because of the delay in bringing action worked to the detriment of the other party
lis pendens
a recorded notice of a pending lawsuit concerning a property. Though not a lien, this
provides a constructive notice that an action is pending against the property
lien
a monetary encumbrance that is secured by real estate
liquidated damages
advance agreement as to the amount of damages for nonperformance when exact
damages may be difficult to ascertain. If so unreasonable that the court considers them
a penalty, they will not be enforced.
accretion
a gradual buildup of soil by action of water or wind
accession
obtaining title as a result of attaching or joining property to other property
attachment
the legal seizure of property under court order prior to judgement when there is belief
that the property will not be available after judgment
easement by implication
encumbrance
anything that affects title, such as liens, easements, or restrictions
easement by prescription
an easement created by open, notorious, and hostile use of property for a prescribed
period of time
tacking on
adding a previous owner's use to satisfy the statutory period of use for an easement by
prescription or a title by adverse possession
adverse possession
a means of obtaining title from another by open, hostile, and continuous use for a
statutory period of time. In some states, it requires payment of taxes.
cumulative zoning
zoning that allows the designation category of use as well as less restrictive uses
reliction/dereliction
, land that forms after water recedes (such land belongs to owners of waterfront property)
special warranty deed
a deed in which the seller warrants title only as to defects arising during the grantor's
ownership
injunction
a court action to cease and desist from a course of action
specific performance
the legal remedy of requiring a party to perform as agreed; ordinarily granted when
money damages are inadequate
devise
the passing of real property by will
legacy
a bequest of money by will
bequest (verb: bequeath)
personal property given by will
descent
hereditary succession by act of law when property does not pass by will
seisin
possession by one who claims rightful ownership
value=
net/rate
contract of adhesion
a one-sided "take it or leave it" contract
rescission of contract
setting aside the contract and placing the parties back in the conditions they were in
prior to the contract (as opposed to a waiver, which leaves them as they are)
reformation
a court action to rectify a mistake in a deed or contract so it reads as it was intended to
read
novation
the substitution of one agreement for another, or the substitution of parties to the
agreement
duty of care
reasonable or diligent care, in carrying out the duties of the agency
duty of obedience
obey the lawful instructions of the principal
duty of accounting
the agent must account for all funds received or disbursed on behalf of the principle
duty of loyalty
the agent must be loyal to the principal. Cannot disclose to 3rd party any fact about the
principal or agency that are not beneficial to the principal. Includes making a "secret
profit"
duty of disclosure
the agent has a duty of full disclosure and must inform the principal of any facts likely to
influence the principal's decision making process
nominal damages
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