HondrosOhio Real Estate Law Flashcards

Hondros/Ohio Real Estate/ Law Flashcards AgentA person licensed to represent another in a real estaet transaction; a person authorized to represent the principal in dealings with third parties.Ownership inn SeveraltyOwnership by a single individual as opposed to a co-ownership.Title VIIIAnother name for the Federal Fair Housing Act, Which is Title VIII of the Civil Rights Act of 1968.Specific PerformanceA legal remedy in which a court orders the breaching party of a contract to perform as agreed, rather than simply paying monetary damages.Homestead Lawsgive owner-occupied residences some protection from lien foreclosure.ForeclosureWhen a lien holder causes property to be sold so unpaid debt secured by the lien can be satisfied from the sale proceeds.Exclusionary ZoningA zoning law that effectively prevents certain groups from living in a community.FiduciarySomeone in a position of trust and confidence, held by law to high standards of good faith and loyalty.Civil LitigationA lawsuit in which one individual sues another for compensation.Special assessment lientaxes used to pay for public improvements in a particular neighborhood.Pretrial DiscoveryUsing depositions and interrogatories to learn more about the disputed facts in a case from the opposing parties and reluctant witnesses.SuspensionAny licensed agent associated with a broker and, as such, may perform most acts of a broker on behalf of the broker.Donative IntentA grantor's intent to transfer title immediately and unconditionally.Case LawRules of law developed in court decisions, as opposed to constitutional law, statutory law, or administrative regulations.PrecedentA previously decided case concerning the same facts as a later case; a published judicial options that serves as authority for determining a similar issue in a later case.Material BreachAn unexcused failure to perform according to the terms of a contract, important enough that the nonbreaching party is not required to perform his contractual obligations.Fructus NaturalesNaturally occurring plants

Liquidated DamagesA sum of money agreed to in advance by parties to a contract, which will serve as compensation in the contract of contract breach.Disparate ImpactA law that is not discriminatory on face value, but has a greater impact on a minority group than on other groups.Criminal LitigationA lawsuit in which the government sues an individual to punish the wrongdoer and protect society.Dual AgentA licensee who enters into any of the dual agency relationships set forth in Ohio license law; when a licensee represents both the buyer and seller in the same transaction, and all management-level licensees at a brokerage. A management-level licensee is not a dual agent if there is more than one management-level licensee in the brokerage and that licensee either personally represents the buyer or seller or that licensee is the buyer or seller.DeedAn instrument that conveys the grantor's interest, if any, in the real property.Undivided InterestA co-tenant's interest, giving him the right to possession of the whole property rather than a fraction of it.Possessory InterestAn interest in property that includes that right to possess and occupy the property, either now or in the future.AdministratorA person appointed by the probate court to manage and distribute the estate of a deceased person when no executor is named in the will or there is no will.DowerIn Ohio, the interest held by a married person in the real property his or her spouse owns in fee simple during their marriage. (At common law, dower referred only to the wife's interest in her husband's property, while the husband's interest in his wife's property was called courtesy - also spelled curtesy. Now, dower refers to either spouse's interest int the other's property.) LienA nonpossessory interest in property, giving a lien holder the right to foreclose if the owner does not pay a debt owed the lien holder; a financial encumbrance on the owner's title.Foreign Real EstateAny real estate situated outside the state of Ohio Riparian RightsThe water rights of a landowner whose property is adjacent to, or crossed by, a river ( or more generally, any body of water).CourtesyThe dower's spouses interest in the other property.Split AgentA licensee assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation.

Familial Statusa protected class under the Federal Fair Housing Act and the Ohio Civil Rights Act, which make it illegal to discriminate against persons who are the parent or guardian of a child under 18 years of age.judgment liensinvoluntary, general liens that attach to a person's property as a result of court action Universal AgentAn agent authorized to do everything that can be lawfully delegated to a representative.Stare DecisisThe legal doctrine that requires a judge to follow precedent to make the law consistent and predictable.FixtureAn item of personal property that may or may not be attached to real property, but is closely associated with real property in such a way that it has legally, and is intended to, become part of real property.FraudIntentional or negligent misrepresentation or concealment of material facts; making statements that a person knows, or should realize, are false or misleading.Inquiry NoticeHaving notice of a problem because circumstances should have alerted a person to a problem that needed to be investigated further, even if actual knowledge of a particular fact does not exist.DamagesAn amount of money a defendant is ordered to pay to the plaintiff TitleThe actual lawful ownership of real property. This is not a document, but rather a concept or theory dealing with ownership.Constructive AnnexationPersonal property associated with real property in such a way that the law treats it as a fixture, even though it is not physically attached to the real property.Statute of FraudsA law that requires certain types of contracts to be in writing and signed in order to be enforceable.Freehold EstateAn ownership estate in real property; either a fee simple or life estate. The holder of a freehold estate has title.TortrtnershipA breach of the standards of reasonable conduct imposed by law (as opposed to a duty voluntarily taken on in a contract) that causes harm to another person, giving the injured person the right to sue the one who breach the duty.Inactive LicenseLicense status of any salesperson who returns his license to the division of real estate, or whose broker does not want to maintain sponsorship of licensee. A license may remain inactive indefinitely, as long as it is timely renewed and continuing education requirements are met.Management-level licenseeA licensee who is employed by or affiliated with a real estate broker and who has supervisory responsibility over

other licensees employed by or affiliated with that real estate broker.